There are many more things that can be built within the blockchain space, and the good news is that members of the community know what they are, said Tegan Kline, the co-founder at Edge & Node, the initial team behind The Graph (GRT).
In a Cointelegraph interview, Kline discussed the crypto winter and made suggestions on what the community members should focus on while the markets are down. According to the Web3 executive, the community should stick to its core values and stay determined to deliver real solutions. Kline explained that:
“We all go through the downturn together and we all come out of it stronger. We all support each other’s projects, and there’s a virtuous cycle there that continues to nurture the ecosystem.”
The Web3 executive also highlighted that the crypto winter provides an opportunity for builders. This is because there is less noise during the bear market, making it what Kline describes as a “builder’s paradise.” Kline also said that:
“The community will hunker down and focus on building. Only the committed founders and community members stick around, and this ends up being a great filter. Some even welcome the bear market for this reason.”
Following this, Kline underscored that there are still many things that need to be built in the space, mentioning layer 2s, multi-chain aggregation, bridge technology, custody and decentralized autonomous organizations (DAOs) as some of the things that are on the way.
Apart from these, Kline also mentioned that blockchain can affect social media. “As the social networks of web3 come to fruition, they will be a game changer,” said Kline. In addition to that, the executive also believes that decentralized exchanges (DEXs) will eventually surpass the volume of centralized exchanges.
Related: Crypto winter survival guide: Community shares game plan for the bear market
When asked what blockchain community members should keep in mind during the crypto winter, Kline said that some of the greatest companies and technologies were born out of recessions. The executive urged the community to keep building. Klined highlighted:
“Don’t wait around for the recovery to happen: keep building, focus on the core mission and remember that we are laying the foundation for the next recovery now.”
Lastly, the Web3 executive mentioned that the blockchain ecosystem can expect a wave of more resilient decentralized technologies to rise out of the crypto winter. Kline also said that it may be wise to focus on self-custody, decentralization, and understanding counterparty risk.