Ten Protocol’s Rosie Sargsian argues the tendency for projects to shift with new narratives and crypto’s shrinking product cycles makes building anything of lasting value impossible.
Shrinking product cycles and constant pivoting mean nobody in crypto stays with anything long enough to know if it works, argues Ten Protocol’s Rosie Sargsian.Most crypto projects will struggle to build anything long-term as they are forced to constantly chase new narratives to attract investors, according to Ten Protocol’s head of growth, Rosie Sargsian.
on X titled “Why Crypto Can’t Build Anything Long-Term,” Sargsiai suggested many crypto founders have paper hands, switching gears at the first sight of trouble. “Traditional business advice: don’t fall for sunk cost fallacy. If something isn’t working, pivot. Crypto took that and did sunk-cost-maxxing,” she wrote, adding: “Now nobody stays with anything long enough to know if it works. First sign of resistance: pivot. Slow user growth: pivot. Fundraising getting hard: pivot.” Sargsian argued that there is now an 18-month product cycle in crypto, in which a new narrative emerges, funding and capital start flowing in, and everybody pivots amid the hype. “This cycle used to be 3-4 years . Then 2 years. Now it’s 18 months if you’re lucky. Crypto venture funding dropped nearly 60% in just one quarter , squeezing the time and money founders have to build before the next trend forces another pivot,” she said. Sargsian didn’t necessarily blame the crypto project founders, as she acknowledged they are playing “the game correctly,” but the “game itself” almost makes it impossible for projects to see their ideas through to the long term.The problem is, you can’t build anything meaningful in 18 months. Real infrastructure takes at least 3-5 years. Real product-market fit requires iteration over years, not quarters,” she said, adding: “But if you are still working on last year’s narrative, you’re dead money. Investors ghost you. Users leave. Some investors even force you to catch the current narrative. And your team starts interviewing at whatever project just raised on this quarter’s hot narrative.”One key issue has been how projects incentivize people to adopt the platforms and stick around long-term when the hype dies down.similar sentiments, but went to claim that some founders or investors don’t want solutions that promote broader long-term thinking.“A group of investors + operators + DC influencers looked at me like I was crazy at a recent industry dinner when I said I supported A16z’s 5+ year vesting on tokens as part of new market structure legislation,” he said, adding that it's “insanity how many founders I’ve seen get rich that have built nothing of longevity in crypto.”Bitcoin may drop 70% before $1M, MEXC’s ‘white whale’ apology: Hodler’s Digest, Oct. 26 – Nov. 1
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