Bear Market Is An Opportunity For Blockchain Developers, Says Polygon Co-Founder

Blockchain developers have a chance focus on building there ecosystems, while there is no “noise.”

Bear Market Is An Opportunity For Blockchain Developers, Says Polygon Co-founder

During a panel at ‘Korea Blockchain Week 2022‘, Polygon Co-Founder Sandeep Nailwal opined that the current bear market is an opportunity for blockchain developers to focus on building their ecosystems.

More Opportunities to Develop Blockchain Ecosystems

Korea Blockchain Week 2022 is taking place in Seoul, spanning one week, from August 7th to 14th. The event is co-hosted by FactBlock and Hashed, putting the spotlight on crypto and blockchain professionals, along with the industry at large.

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“In the bear market, the best part is that there [are] no buyers. The bear market is the cheapest to hire, it is also in the bear market that it’s very good to do marketing, because nobody else is spending that much money,” Nailwal said, speaking at the event virtually.

Reports show that global demand for blockchain engineers is up 517%. According to LinkedIn, blockchain expertise is one of the fastest-growing skill sets. A report made by Upwork, a freelance job platform, states that blockchain development is one of the most in-demand skills among freelancers, with growth that exceeded 2,000% for three quarters in a row, and 6,000% in terms of year-over-year growth.

Polygon Has Its Moment

Polygon (MATIC) is an Ethereum Layer-2 scaling network that recently launched its testnet for zero-knowledge (ZK) rollup Polygon zkEVM, which promises fee reductions of 90%.

Polygon was founded in late 2017 as the Matic Network. After the initial coin offering (ICO) meltdown of 2018, the network spent much of its early years of development trudging through the gruelling “crypto winter.”

In November 2021, the market value of cryptocurrencies reached a height of approximately $3 trillion USD, but since the arrival of the so-called “new crypto winter,” that valuation has plunged to just $1 trillion.

On the Flipside

As seen throughout the past couple of months, the bear market can be devastating to crypto projects and businesses, so it remains unclear whether investing in the creation of the technical architecture of a project and its marketing will result in tangible future returns.

Why You Should Care

Polygon is gaining its hard-fought recognition. The project was selected as one of the 2022 participants for Disney’s ‘accelerator program’ on Wednesday, which triggered a rally for the project’s native cryptocurrency token MATIC, seeing it rise by more than 22%. Furthermore, Polygon recently closed deals with Coca-Cola & Reddit. Following its implosion, many Terra Luna-based projects elected to migrate to the Polygon ecosystem.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Paulina Okunyte

Paulina is a writer, reporter, and digital craftswoman. Her educational background extends from anthropology to IT & multimedia. She has experience working with tech startups, as well as mastering the craft of journalism. At DailyCoin, Paulina focuses on the world of metaverses, NFT marketplaces, NFT art, and blockchains backing NFT technology.