Sam Bankman-Fried has a knack for predicting the future through January tweets. In 2021, the world’s youngest billionaire called Solana’s meteoric rise with his proposition to buy all of a FUDster’s SOL for above market value (offered $3 at the time when it was $2).
In January of this year, SBF “wasn’t saying we were in a bear market” when he tweeted:
1) Things to do in a bear market:
Lo and behold, the market hasn’t been doing so well since these words had Crypto Twitter busting out the pitchforks, but we can’t blame FTX’s head honcho for the sideways market.
At Hubble Protocol, we’re not gazing into any crystal balls (don’t have the time!), but we’re bullish about the future. We’re bullishly heeding SBF’s advice for the bear, and our roadmap is jam-packed with things to build.
There’s a huge difference between launching a protocol during bear and bull markets, and we’re taking full advantage of the opportunities this timing affords us as we build through our roadmap.
Bears Create Breathing Room for Building Something Right
It might sound crazy, but we’re pretty lucky to have the breathing room and clarity that exists during bear market conditions. There’s less frenzy and more focus on creating a great product.
In the middle of a bull cycle, it’s difficult to gauge what works and what doesn’t. Everything seems to be going right at the height of market euphoria, and we’re all geniuses doing the right thing.
It’s what Alan Greenspan called irrational exuberance, and it can lead a project’s team and users to inflate the value of less important factors and ignore fundamentals all the while “numba goes up.” Then, the bubble bursts, and cracks in the system start to show.
If something doesn’t work, the community in a bear market will let you know. If you’re the kind of user who frequents project chats on Telegram or Discord, you know exactly what we mean. During a bull market, very few people join the chat just to say how much they dislike the protocol.
Total value locked (TVL) across the decentralized finance (DeFi) community has shrunk since last year’s highs, and shrinking liquidity mixed with fear means there are fewer users just trying things out with less capital than when the market was exploring new all-time highs.
Hubble is Forming a Stronger Community During the Bear
The community that is rallying around Hubble is far from a band of fair-weather friends. We’re lucky to have a core community of users who consistently chat in Discord, attend our open forum and AMAs, and send us feedback even while HBB’s price is taking a beating.
The people who are here right now really care about the welfare of the project. A lot of community members voiced their concerns about Hubble’s Recovery Mode and the redemptions mechanism, so we’re scrapping these features in favor of other designs.
We’re also adding tons of features that users have suggested over the last two months. As we keep building and tweaking, Hubble Protocol should be a user-friendly beast of a DeFi protocol by the time another bull cycle drives new users to our page.
Serious Funding Means Hubble Will Be Here to Stay
Hubble is very lucky to have the funding to withstand the brunt of a drawn-out bear market. We raised $10 million in private rounds of fundraising and around another $4 million in public sales of HBB.
This incredible level of support gives us a runway for years to figure out what we need to figure out–even if we don’t generate a nickel in revenue.
As mentioned before, a bear market is one of the best times for figuring out what works and what doesn’t.
At the end of the day, this means more than UX/UI. Hubble’s ability to sustain revenue during a bear market will be the ultimate indicator of our success as a DeFi protocol for the long haul.
The Goal is to Build No Matter What the Market Looks Like
A study performed in 2009 discovered that more than half of the companies listed in the Fortune 500 were founded during recessions or bear markets. A decade later, this was no longer the case when the study was replicated by another party.
There’s no magic recipe for success, and it seems like there’s some debate as to how market conditions really affect a project’s chances of making it.
Hubble should be in top form when the waves start pumping again, and we’ll be ready to help a whole new generation of users onboard into the DeFi community.
After all, the market isn’t the best indicator of a project’s quality or longevity. Look at the success of dog-themed coins if you want an example of how the market votes, and it’s not pretty.
Accordingly, the market is getting a lot less of Hubble’s attention while the community closest to us receives a lot more. If you join us on the Hubble Discord, your voice will be heard, and you’ll be part of building Hubble’s success.
Keep in Touch