Bear Market is an opportunity for Blockchain developers, says Polygon co-founder of DailyCoin

During a panel at ‘Korea Blockchain Week 2022’, Polygon co-founder Sandeep Nailwal opined that the current bear market is an opportunity for blockchain developers to focus on building their ecosystems.

More opportunities to develop blockchain ecosystems

Korea Blockchain Week 2022 will take place in Seoul, spanning one week, from August 7 to 14. Hosted by FactBlock and Hashed, the event spotlights crypto and blockchain experts, along with the industry at large.

“In the bear market, the best thing is that it’s there [are] no buyers. The bear market is the cheapest to hire, it is also in the bear market that it is very good to do marketing, because no one else is spending so much money, said Nailwal, giving a virtual speech at the event. Reports show that global demand for blockchain engineers is up 517%. According to LinkedIn, blockchain expertise is one of the fastest growing skill sets. A report made by Upwork (NASDAQ: ), a freelance job platform, states that blockchain development is one of the most in-demand skills among freelancers, with growth exceeding 2,000% for three consecutive quarters, and 6,000% year-over-year growth.

Polygon is having its moment

Polygon (MATIC) is a Layer-2 scaling network that recently launched its zero-knowledge (ZK) rollup testnet Polygon zkEVM, promising 90% fee reductions.

Polygon was founded in late 2017 as Matic Network. After the initial coin offering (ICO) meltdown in 2018, the network spent much of its early years of development trudging through the grueling “crypto winter.”

In November 2021, the market value of cryptocurrencies reached a height of approximately $3 trillion USD, but since the arrival of the so-called “new crypto winter”, this valuation has plunged to only $1 trillion.

On the other side

As seen over the last couple of months, the bear market can be devastating for crypto projects and businesses, so it remains unclear whether investment in establishing the technical architecture of a project and its marketing will result in concrete future returns.

Why you should care

Polygon gets its hard-fought recognition. The project was selected as one of the 2022 participants for Disney’s ‘accelerator program’ on Wednesday, sparking a rally for the project’s native cryptocurrency token MATIC, which saw it rise more than 22%. Furthermore, Polygon recently closed deals with Coca-Cola (NYSE: ) and Reddit. After the implosion, many Luna-based projects chose to migrate to the Polygon ecosystem.

Read about Polygon’s (MATIC) recent growth and development:

Polygon (MATIC) Records 22% Weekly Gains Despite Crypto Winter – Here’s Why

Sharp (OTC:) increase in whale activity detected on (DOGE) and polygon (MATIC)

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