Why the H3ll is Zelus Building in a Bear Market?
Building a product in a bear market can seem counterintuitive, as the overall sentiment in the market is negative, tech layoffs are happening left and right, and investment capital has pulled back. However, there are several reasons why we think it’s the absolute perfect time to build a product like Zelus.
Last Year Was “Not Great” for Many, But We’re Still Growing
It’s true that crypto did not have the best showing last year. However, despite some massive failures, it wasn’t all bad. Zelus launched in early 2022 and grew consistently throughout the year, meeting tens of thousands of interesting people and users along the way. We at Zelus HQ have a lot of optimism going into 2023, for just a sneak preview, check out more details of what we have in store for Zelus 2.0 here.
Only the Strong Survive 💪
As we’ve seen in the last couple of years, many teams raised excessive capital and overhired to materialize ideas that maybe didn’t have the best product-market fit. We won’t mention any names, but let’s say that some of them were not ready to build something useful, tangible, and sustainable for a better future.
Even when times are good, projects need to examine the fundamentals to survive in the long-term. During a bear market, this is especially true. Only the strongest and most focused teams and projects can persevere and continue to grow when industry growth is stalling.
At Zelus, we are primed for success and aren’t going anywhere. We are confident in our team and our product, and feel well prepared to weather the year ahead.
Web3 is in Its Infancy 👶
Even though we’ve already been through a couple market cycles, we are still in the very beginning of the Web3 world. Use cases are still being explored and not many have established their place in the market. Regulatory issues are still unsolved. Mobile still presents a challenge that has been largely unaddressed. The majority of this massive, life changing opportunity is still out there for the taking, and it’s no time to sit on our hands and wait for the perfect bull run.
More Time, Less Trend Chasing
The market being down leaves more time for rational thought. We have the time to step back to really see what is working, what needs improvement, and what we don’t need. When everything is growing at record rates, it’s tough to really say what is causing success. Just look at how highly people like Kevin O’Leary were blindly praising FTX in early 2022 (skip to minute 1:25 for the FTX shill).
Kevin O’Leary: 20% of my portfolio is in cryptocurrencies
When market conditions are tough, there is less pressure to generate fast and substantial short-term results; there is also much less FOMO and trend chasing. We have time to really innovate and differentiate ourselves from the competition. We can remained focused on building a strong product, building a loyal user base, and improving our true understanding of our user’s needs.
We’re Building Zelus Because We’re Building Something Great
Ultimately, we’re building Zelus because the process of setting up a crypto wallet (and more) is still a huge pain point for many. It’s a real need and if we don’t do it — someone else will. We’re building because our growing user base continues to fall in love with our product, and we have the vision of where we’re heading to make the web3 experience even better than it already is with Zelus.
Until next time, Z-fam✌🏽
