HashKey Open Letter: Focus on Products, Stay Away from Noise, and Even the Darkest Night Will Greet the Dawn
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HashKey Open Letter: Focus on Products, Stay Away from Noise, and Even the Darkest Night Will Greet the Dawn
During this global cryptocurrency downturn, it's normal for people to lose confidence and feel panicked about upcoming cryptocurrencies. However, we still encourage you to objectively rethink alongside us.
Navigating Web3 tides with focused insightsA letter to our portfolio families, investors, and friends in the crypto community during this challenging time — we stand together, and we continue to believe in a better future.
Amid the ripple effects of UST's recent de-peg from the dollar, the cryptocurrency market has experienced significant volatility over the past few days. It could be said that the era of "too big to fail" may be gone forever — now, anything is possible.
In this global crypto downturn, it’s natural for people to lose confidence and feel panic about what lies ahead. However, we still encourage you to stay objective and rethink alongside us.
First, market sentiment is exaggerated. If there are no further declines in the secondary market, the damage will not exceed the impact of the March 12 crash in 2020.
From a market perspective, this event has somewhat cooled excessive market enthusiasm and even speculative behavior. Many projects have accumulated sufficient resources through multiple funding rounds, so strong companies will survive.
Second, from a long-term view, similar market collapses have occurred several times in the crypto industry. Such events happen periodically, especially during bear markets, when hidden problems always surface. The only difference lies in the extent of impact. Luna's market cap grew too fast, reaching top ten last year, which masked various structural issues, resulting in the largest negative impact today.
Therefore, here are some practical suggestions for the brave ones in the crypto space:
1. Focus on your product, not the noise in the market.
2. Projects affected by Terra should reposition themselves — beyond Terra, there are many more options.
3. Capital markets have also been impacted. Adjust your mindset when fundraising — instead of chasing high valuations, aim for fair terms and focus on the resources investors can bring to your project.
HashKey Capital has always been an ecosystem investor since day one. We are here to support all communities, developers, and teams building the future of crypto and blockchain.
If you still believe in your project, or if you have ideas to contribute to this industry, we are ready to help — including but not limited to advice, investment, or even direct funding.
Remember: “No matter how long the road, it has an end; no matter how dark the night, dawn will come.” We will always be your loyal friends and long-term supporters. If you believe in yourself, time will prove it right.
— The HashKey Team
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