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

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Fast facts

  • “In the bear market, the best part is that there [are] no buyers,” Nailwal said, who spoke virtually. “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.”
  • Polygon is an Ethereum layer-2 scaling network that recently launched the testnet of zero-knowledge (ZK) rollup Polygon zkEVM, which promises a 90% fee reduction.
  • Polygon was founded in late 2017 as Matic Network and spent its early years of development in “crypto winter” following the initial coin offerings (ICO) crash of 2018. 
  • The cryptocurrency market capitalization peaked in November 2021 at around US$3 trillion, but has since fallen to about US$1 trillion, in what has been labeled as the new “crypto winter.” 

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