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Investing your time wisely during a Bear Market

Time flies when you’re having fun, and bear markets embody the antithesis of that statement. Despite all the progress achieved in the previous bull run, all the announcements, the adoption, the updates… etc, this bear market seems to be persisting and dragging out regardless.

Some attribute this to external events taking place in the world today. From conflicts to global supply chain issues to inflation and interest rate hikes, the fears of a global recession are looming and causing worldwide panic and uncertainty. So if you thought that this bear market is strictly related to crypto, you can rest easy knowing that that’s not the case.

What is the case, however, is that this bear market may probably drag on for months — if not years — and may take its sweet time suppressing the potential of hundreds of projects, if not outright killing them. And so it begs the question: how does one make the time fly and open their eyes to a new and refreshing market?

It starts with utilizing your time cleverly.

These periods will likely not be rife with announcements and events, so why not turn your eyes away from charts and price actions to something a little more productive? For instance, how much do you know about blockchain technology? What do you understand about consensus mechanisms and decentralization? Do you have a good enough grasp of economics and project management?

There are a ton of resources out there for all things related to the blockchain industry, most of which are free to access and read to the public. Improving your understanding of the technology you are invested in and use will greatly improve your experience and decision-making when the use cases and implications of the tech expand.

Understanding coding basics can help you utilize smart contracts and Web3 protocols more effectively and efficiently, not to mention more safely. Setting up new wallets, minting NFTs, participating in consensus, analyzing on-chain data… etc, all help improve your experience in and perception of the decentralized web and its various protocols.

Take the time to engage with the community.

What better way to spend your time than to discuss current events and developments with like-minded people? Not only would it help you obtain more insight into a project or the industry, but discourse could also lead to new ideas and solutions previously unthought of.

A vibrant community forms the lifeblood of any project and serves to attract newcomers who wouldn’t be interested in an otherwise dead or unwelcoming userbase. Projects with unique ideas and legitimate use-cases will find no trouble in garnering new users, and even those that do struggle to grow their community can find the right tools to do so.

Participate in different DAOs.

DAOs are popular for a reason; they’re not only effective at achieving decentralization but also serve to collect, manage, and utilize the resources provided by the community. A group of proactive participants who share similar interests and goals will find themselves working on a common goal — the survival and prosperity of the project — and, in turn, observe themselves being lifted by each others’ efforts.

So users must partake in this decision-making process, as it not only pushes forth good ideas that serve the project well but also strikes down the bad ones that work to the detriment of everyone involved. It is not only a noble and fulfilling purpose but also a great way to utilize your time productively.

Remember to stick to the fundamentals.

While bear markets are harsh, they’re also fair to a certain extent. When you take a look at all the projects that have endured various cycles of red, you’ll find that the vast majority of them are fundamentally sound projects with real use cases. This then paves the way for a new cycle of growth and innovation in a new and improved Web3 ecosystem. If you’ve paid attention to all the properties that make these projects work, you’ll most certainly find yourself there celebrating among the rest of the community.

This is why projects turn to ReBaked, a multi-purpose Web3 protocol focused on enabling projects and ecosystems in the decentralized web!

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Nikos reBaked

Building reBaked- Exploring DEFI & researching incentive mechanisms to grow #DAOs | I help #BUIDL startups & grow organizations | ✍️ about #Crypto & Blockchain