A note from Daniel

My colleagues and I have studied the ups and downs of token markets, and we call the pattern we've observed the price-innovation cycle. New innovations kick off a period of interest and activity, which generates enthusiasm and price increases. This attracts more founders, developers, builders, and creators to the industry. If the market crashes because expectations overinflate, builders stick around and keep working on new ideas. Their efforts incubate further advances that eventually renew the cycle. As of the time of my writing, we've been through at least three cycles, and we expect the trend to continge.

Daniel Read Write Own, page 152 · March 12, 2024 Save to shelf
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