Planning & Sustaining our Runway | How LeoFinance Prepared for this Bear Market
In this week’s AMA, we talk about how we spent the last 12 months building LeoFinance's Runway and making sure that we had enough capital in stablecoins and fiat to onboard devs and continue building our codebases.
Bear markets are for buidlers... but you need to have the capital to build. Everyone loves when the money is flowing in the bull cycle but the bear cycle is when we really nail down and start working hard. Take profits in the bull and then store it away to develop in the bear.
We’ve recently heard some advice for startups during the past several months. People like the All-in Podcast have been giving advice to startups for over a decade. Their advice was to lean up the company and sharpen our pencils. Which basically means: look at expenses and cash flow and make sure you have enough runway for the next 2-4 years.
I took this advice very seriously while looking into LeoFinance’s runway. During the bull market, we started staking up our cash in order to have the runway to develop the whole platform for the next few years while also hiring on new devs and having the capacity to grow in a bear market.
Bear markets are the best time to hire devs. I've been saying that for years. During the bull cycle, everyone was going crazy over how much money they made. Devs got lazy... it became hard to manage our team... I decided that the moment to sell some crypto and stockpile cash for the next bear market had arrived.
Well, we're now seeing this all play out. Devs are coming out of the woodwork looking for jobs and LeoTeam has already onboarded several new devs.
Do you see all of the things that have suddenly launched and are ready to launch much sooner than before? Look to PolyCUB V2, vexPOLYCUB, LeoThreads, LeoMobile, CUB V2... Things have really started to heat up from a fundamental development perspective.
My favorite time to be in crypto is in the bear market. That's where fortunes are made and development progress is achieved.
This is an important time to build because now is the time to invest in development to make a killing during the next bull market.
We talk about this and more in this clip from the Weekly AMA!
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Our mission is to put Web3 in the palm of your hands.
Our Hive Applications
Join Web3: https://leofinance.io/
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LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
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Polygon HBD (pHBD): https://wleo.io/hbd
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Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps: