The Ethereum developers conference in Denver showed that the cryptocurrency market is still active and growing, despite the bear market. The conference was filled with interest from enthusiasts of all levels of experience, who came to learn about new features and projects being developed for the Ethereum blockchain.
There is always a risk that the crypto market downturn will cause some projects to fail. However, many entrepreneurs and investors believe this is a necessary step in the long-term development of the web3 space. Projects are settling down into real value and foundation building, rather than pump-and-dump schemes and hyped up NFT sales. This slowdown has provided room for more organic growth, which is likely to result in increased stability and security for all participants in the crypto economy.
Many attendees at EthDenver agreed that Bitcoin’s price surge is a result of the hype around it and not because of any real value behind it. Many were doubtful that Bitcoin would be worth more than $8,000 by the end of the conference, but with its value reaching over $28,000 by the end of the day, many observers are starting to rethink their assumptions.
The quieter parties signaled to many developers and founders that the speculative bubble had burst, yielding better opportunities and a more reasonable market for startups. “Most of the speculators are gone,” one developer told me. “And this feels more serious.”
Applying the brakes
Despite the downturn in funding and the negativity of the overall space, there are some startups that have managed to thrive and find new ways to innovate. One such company is Republic Protocol, which is building a decentralized cryptocurrency exchange that does not rely on centralized exchanges. They boast excellent customer service and have been able to increase their user base so far despite market conditions.
