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In 2018, I joined a DEX project developed based on the Loopring protocol as CTO. At that time, the entire team was highly motivated, and everyone believed we could achieve something significant. However, in the end, the project couldn't withstand the challenges, and the funding chain ultimately broke, leading to the team's dissolution.
Looking back, this experience actually reflects the common dilemma faced by many Web3 startups at that time. The market was highly overheated, and fundraising relied on stories, but very few projects managed to survive. During that period, similar DEX projects emerged endlessly, with competition becoming brutally fierce. We tried to innovate based on existing protocols like Loopring, aiming to leverage their infrastructure for rapid deployment, but ultimately, we couldn't find genuine market demand and had to withdraw quietly.
This failure taught me many lessons. Entrepreneurship can't rely solely on passion and technology; it's more important to understand the market, find a differentiated direction, and manage cost expectations. Especially in the crypto industry, where cycles fluctuate violently and fundraising is difficult, once funds become tight, there’s little room for maneuver. I hope this story can provide some inspiration for future entrepreneurs.
Once the funding chain was broken, there was really no way to play; only then did I realize that what was lacking back then wasn't technology.
No matter how awesome the Loopring protocol is, it can't save a project without demand.
This wave of failure can be considered tuition fees; Web3 is like that—only those with good luck survive.
Listening sounds like a lesson, but actually it's... luck + market intuition; technology might not be the bottleneck?
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To put it simply, it was about not finding PMF; no matter how strong the technology is, it's useless
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Loopring was full of stories back then, and now? That's the answer
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Breaking the capital chain means everything is over; that's a hard injury
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DEX was extremely competitive that year, to the point where survival was impossible
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Even a CTO can't save a project without demand, that's heart-wrenching
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Is enthusiasm valuable? The fundraising circle doesn't see it that way
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Lack of differentiation means death; early entry doesn't help either
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The cycle in the crypto world is basically a slaughter machine; even if you're optimistic, it doesn't matter
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Many teams haven't thought clearly about cost control
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The real lesson is: market demand > technology > fundraising stories
The saying "fundraising relies on storytelling" hit the mark. Many projects died just like that back then.
No matter how good the technology is, if there's no market demand, it's all for nothing. The wave in 2018 indeed claimed many lives.
During the peak of DEXs, new projects emerged almost every week. Few are still alive today.
Cost control is extremely important, especially when a bear market arrives. I've seen too many teams unable to hold on.
Relying on stories for fundraising haha, this hits home. How many projects back then failed this way
Loopring can't even save projects lacking demand, what does that say... no matter how strong the technology is, it's useless
Once the funding chain breaks, there's really no B plan. This is the cruelest part of Web3 entrepreneurship
Honestly, 2018 was even more surreal than now; so many teams ended up like this
This is the real startup story, much more interesting than those fundraising news
Not finding market demand is the original sin. No matter how fancy the protocol, it can't save this
Once the capital chain breaks, even the most advanced technology is useless; this is the reality of crypto.
Raising funds relies on storytelling, burning money depends on dreams, and in the end, everyone has to eat dirt.
Market demand is not what you imagine it to be.
No matter how good the Loopring protocol is, it can't save a project with no prospects.
So now I see entrepreneurs' drive, and it's somewhat superficial.
If you want to survive, you must first live "cheap."
This is the true secret of Web3 entrepreneurship, friends.
The capital chain is more valuable than technology; anyone can write code.
A broken funding chain is a nightmare, no room for negotiation.
That 2018 wave really saw a huge number of companies die; survivor bias makes us only remember the few successes.
Loopring's approach can't be saved either; no matter how good the protocol is, it still needs a market.
That's why now everyone talks about profitability instead of fundraising amounts.
Differentiation is really key; otherwise, you'll just get endlessly squeezed out.
Regarding cyclical fluctuations, indeed, when the bear market hits, all enthusiasm goes to waste.