Building Cathedrals in DeFi

The Blockchain Sector @ 2023-11-24

James Bachini

Nov 24

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The architects who planned, designed, and initiated the construction of cathedrals around Europe embarked the challenge, knowing that they would not live to see the completion of their life's work.

This dedication towards a long-term mindset, spanning greater than a single lifetime, is rarely seen today. That's not to say we don't build beautiful things, but perhaps we don't share the same commitment towards the divinity that motivated the architects of previous generations.

The blockchain sector exhibits quite the opposite extreme, as attention can shift within seconds. Take a look at DEXtools.io to see the latest projects launching. Most have a market cycle lifespan of less than an hour. Very few people in this industry are building for the long term, as it's challenging to see past the next part of the market cycle. Thinking about where what you're building will be in 10, 20 or God forbid the code is still being used in 100 years.

Several people I have recently spoken to are delaying the release of their work, waiting for favorable market conditions. While this seems entirely reasonable as opportunities for investment and finding users is almost impossible currently. The window of opportunity can often be short lived within the bullish phase of a four year Bitcoin cycle.

“What happens next?” when markets crash back down, retail investors leave and users disappear.

Is the plan to continue working on the project for another three to four years? This is assuming the market cycle continues, which is not guaranteed. Or is there an exit plan aligning with the interests of the stakeholders accumulated during the bull run?

It's crucial to have real conviction in the things we are working on, with long-term goals and a belief in what we are doing. There is the potential to create real impact and positive change in web3.

As a community, the things we build today will, in some measure, dictate the direction the industry moves in and how the decentralized landscape evolves.