Building in bear markets means shipping when nobody is watching, when your metrics are invisible, when capital is scarce. Ethereum's 2018-2019 bear saw teams like Consensys cut 13% of staff yet ship Eth2 research that defined the next cycle. The builders who survived 2022 didn't accumulate—they rebuilt infrastructure, rewrote contracts, and fixed what bull markets hid. That unglamorous work, done in silence while prices crater, is what separates cycles.
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