Reflections on Crypto Collapses: Terra Luna
May 23, 2022

‍🤝 Involved parties & tokens:

🧗‍♀️ What happened:

😔 Who lost:

📝 Our takes:

While this is a tragedy (there’s no way around that.. a lot of honest people lost a lot of money), we do think this will be net positive for the crypto industry long term. Why’s that? Well.. for one, this has happened before (really, multiple times on various levels), and the ramifications were net positive over-time as the dust settled and the industry focused in on building/innovating.

The 2017 ICO burst is the biggest market burst to point to, and an interesting comparison here. It was one of the greatest and fastest speculative runups + bubble-bursts in recent history, making headlines around the world, as the industry cast into flames. However, callosal developments were born out of those flames:

  1. Most of the fluffy, shouldn’t-have-been-funded-anyways projects died off
  2. The ‘smart’ projects knuckled-down, focused in on building & innovating, and fought through to survive the ‘crypto winter’
  3. Many major industry breakthroughs emanated from this focused period, including the NFT boom, DeFi, ‘Web 3’, the ‘GameFi’ we see today, and other amazing innovations.. the ‘survivors’ eventually thrived

We at Slope are taking a page out of this book, by 1) focusing on survival (focusing on profitability, being conservative where prudent, and living to fight another day), 2) focusing on building, innovating, product excellence, and continuing to come together as effective teams and user communities, and 3) helping continue to drive the space into its next phases of evolution

🌇 Looking ahead:

The industry is already moving on well from the Terra catastrophe; the crypto industry’s resolve is amazing.. after all, it’s been through a lot. For instance, we were at Permissionless last week and there were very few negative sentiments or mentions of the crisis, aside from constructive reflections on what to learn and how to do things differently going forward.

Blockworks noted about the conference: “If anything, there’s a sense of relief that things are getting less frothy and more build-y” in reference to the vibes in the wake of Terra. Winter is a great time to cozy-up, innovate, and build.

In the words of Marc Andreesen, Co-Founder of traditional + crypto venture megafund Andreesen Horowitz (‘a16z’), “it’s time to build.”

And, in the words of our Founder, “The cold winter will eventually pass, and we will usher in the next spring. The longest way must have its close, and the gloomiest night will wear on to a morning.” I personally like this one :)

Sincerely,
Slope Team

Slope.Finance | Twitter: @slope_finance | Instagram: @slope.finance.official

--

--

--

Slope Wallet — your web3 navigator. For the curious! The easiest way to discover web3 applications from one secure place.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

minerstat mining tutorial #18: Profit switch for ASICs

Introducing “The Wallet”

Development update — What’s next for the Event Marketplace

Digital Wallets: The Asset of Virtual World

Becaz Learning Co-Founder Tirkish Gurban Explains How They Are Reducing The Educational Inequality

Why Pancakeswap Is The Game Changer ?

BLOCKCHAIN REPORT

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Slope Finance

Slope Finance

Slope Wallet — your web3 navigator. For the curious! The easiest way to discover web3 applications from one secure place.

More from Medium

Is metis andromeda ($metis) the next big thing in crypto?

❇️❇️ The Weed3 Project — Best of WEB3 Project ❇️❇️

Nation3 DAO(NATION) — Tutorial on Staking and Getting the NFT Passport

How Crypto Could Spearhead Retail Payments in 2022