Bear markets are the true test of a project.

In a bull market, rising prices can hide a lot of problems.

As long as market sentiment is hot enough—share a roadmap, roll out a new narrative, announce a few partnerships—once the price goes up, everyone will think the project team is taking things seriously.

But when you reach a bear market, as the tide goes out, the real differences truly show.

Some projects begin to reduce updates, development stalls, the community falls silent, and the roadmap they once promised keeps getting pushed back.

It’s not that the market is bad—it's that without price increases, they no longer know what else they can say.

And projects that genuinely want long-term development, even without hype, will still:

Continue developing products;

Optimize technology and user experience;

Maintain community operations;

Control capital burn;

Advance the ecosystem according to the roadmap.

Because they know a bear market isn’t for manufacturing hype—it’s for solving problems.

A bull market looks at whose voice is loud.

A bear market looks at who is still doing the work.

But don’t think too simply that:

If a project is still developing during a bear market, it will definitely make a comeback in the next round.

Doing the work is only the baseline.

Whether the direction is correct, whether the product has real demand, and how long the funding can last are just as important.

After all, some projects really are working hard—it's just that the market simply doesn’t need what they’re building.

So when filtering projects in a bear market, I’d rather look at three things:

Is the project still continuously developing?

Does the product have real users?

Without a token price rally, is the team still willing to make long-term investment?

A bull market can bring many projects to the table.

But only a bear market makes it clear who is building—and who is only waiting for the next batch of sentiment. #特朗普宣布美伊停火结束