REDeFiNE TOMORROW 2022: The Silver Lining in a Bear Market
In this panel discussion, YGG co-founder Beryl Li joins other founders from Southeast Asia to speak about the upsides of being in a bear mark
REDeFiNe Tomorrow is an annual worldwide DeFi and Web3 virtual summit hosted by SCB 10X. Founded in 2020, SCB 10X is a holding company under Thailand’s first indigenous bank, SCB’s project, SCBX. It has a “Moonshot Mission” to create long-term value through venture capital and venture building. SCB 10X’s portfolio contains mostly blockchain, digital assets, Metaverse and Web3 companies.
YGG co-founder Beryl Li was joined by other experts in the industry to talk about DeFi and Web3 in Southeast Asia. The other panelists were Alpha Venture DAO CEO and co-founder, Tascha Punyaneramitdee, and Kyber Network CEO and co-founder, Loi Luu. The round table was moderated by Primitive Ventures founding partner, Dovey Wan.
The following is an excerpt from the discussion. Watch the full panel here.
Loi (26:25): I feel like this bear market is no different than the previous one. And from our experience, a bear market is the best climate for you to build and invest. People are more focused, people are more humble. Valuation is more reasonable and talents are not demanding a crazy amount of compensation.
Everyone expected this correction. Whether everyone can prepare for that is a different question. For example, for us, we are well-prepared for this bear market and we are deploying and getting more people onboard.
Tascha (27:24): One phrase that I like, which I also said to my team is, “This is our showtime.” Because it’s pretty much a showtime that really differentiates the ones that are in for the long term and the ones that can innovate as opposed to forking or other means of doing it.
I think product is one thing, but there are also a lot of other things behind the scenes and the infrastructure stuff — not the tech infrastructure but company project infrastructure — that will differentiate whether the project's going to make it or not. Hence, that's why it's “showtime.”
Project infrastructure, for example, how do you manage the treasury? How do you think of legal security? How do you think of financial accounting structure, given the ever-changing and unknown uncertainty in the future? All of these things are the ones that you pretty much have to go through but I think were misperceived before, that you don't actually have to get through this because money is just so easy to find.
So I think it kind of takes that position away from builders in general, and now people have to actually do the real thing. And I think when that comes to this time, then that means that the projects are more prepared. Hence, in order to be more prepared, then you have to be more long-term. You are going to have more chances of pulling it off and show the showtime that you're in for the long term.
Beryl (28:56): Totally agree to what Tascha and Loi just said. We always tell ourselves, “This is just one cycle and there are going to be more cycles in the future.” There have been a few cycles also in the past starting from Bitcoin in 2008. We've seen all these cycles. Once it actually goes down, it weeds out players that just want to cash out really quickly.
But then in the bear market, if you actually keep building and focusing, that's when real innovation really happens, and you actually innovate the first edition of your technology. Then, you start thinking about better models that would work better for 2.0. Right now that it’s a bear market, we're seeing those who are really serious about building something and growing their team, focusing and building right now.
You can watch the full panel on YouTube.
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