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Polygon co-founder says bear market is opportunity for blockchain builders

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Polygon co-founder says bear market is opportunity for blockchain builders

The current bear market is an opportunity for blockchain developers to focus on building while there is no “noise”, Polygon co-founder Sandeep Nailwal said during a panel at Korea Blockchain Week 2022 Monday.

See related article: MATIC Crypto Skyrockets as Polygon Joins Disney Accelerator

Fast facts

  • “In the bear market, the best part is that there is [are] no buyers,” said Nailwal, who spoke virtually. “The bear market is the cheapest to hire, it’s also in the bear market that it’s very good to do marketing, because no one else is spending so much money.”
  • Polygon is an Ethereum Layer 2 scaling network that recently launched the Polygon zkEVM zero-knowledge (ZK) deployment testnet, which promises a 90% reduction in fees.
  • Polygon was founded in late 2017 as Matic Network and spent its early development years in the “crypto winter” after the initial coin offering (ICO) crash of 2018.
  • Cryptocurrency market capitalization peaked in November 2021 at around US$3 trillion, but has since fallen to around US$1 trillion, in what has been dubbed another “crypto winter”.

See related article: What is Polygon (MATIC) – “Ethereum’s Internet of Blockchains”?

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