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State of Crypto: Trends, Data, More

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The Importance of Winter in the Product Cycle

The innovation indicators are much more steady, a lot less volatile than what we're seeing on the adoption side. And it's a function of everything that we've been talking about, right? The fact that builders tend to stick around, builders keep building in the bear market. All of that stuff, I think, is really quantified by that trend that we're seeing. It's funny that we might be in a winter, and yet in terms of the product cycle, things are going pretty well.

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