The whole crypto market has been hit hard by the intense bear market. Most startups have been left to ashes because of the lost in marketcaps and valuations of their tokens. People have started moving away from crypto and startups related to crypto and blockchain with the plunge. Companies have scaled down and according to reports, a lot of companies have let their employees go as a result.
While some companies faced huge consequences of the bear market, some utilized it as a time to work on their research and bring their product stronger than ever. CyberMiles showed similar intent, the co-founder Dr. Michael Yuan seemed pretty positive about CyberMiles and how it is taking on the bear market. He stated,
The bear market has made it hard to invest new resources into R&D. But our MainNet is already online and stable. Our R&D focus is to bring e-commerce applications into our blockchain. We believe that the future of blockchain is not in legally questionable and easily hackable gambling applications, but in Internet scale e-commerce applications. That is what we intend to build during this bear market.
Michael also believed that the startups that suffered the bear market should wait for it to be over. According to him,
The current crypto bear market has left many potentially promising blockchain projects on the sidelines. As timing can be everything, there’s a wait-and-see effect at play.
Analysts have a mutual consensus on the fact that most projects would be left to ashes while those who survive are going to have great rewards once the bull run starts. Franklyn Richards, the director of Litecoin, had similar views. He stated,
Just survive the bear market, its always more painful that you can imagine be prepared for it to last twice as long. Once you come out on the other end and interest picks up you’ll be rewarded