Setting and Navigating Expectations in Cryptocurrency Development

Setting and Navigating Expectations in Cryptocurrency Development

Travis Price

Travis Price

MELD Ambassador

February 8, 2022

The cryptocurrency community can be a fickle monster. Between maximalist behavior and crypto Twitter, it can be incredibly difficult for projects to set realistic expectations without participants getting upset that they’re either moving too fast or too slow. 

As MELD’s resident finger-waggler, I wanted to take an opportunity to talk about a few topics:

  1. Amara’s Law
  2. Examples of “no-win” situations in Cryptocurrency Releases
  3. Why patience pays off
  4. Expectations of MELD’s Release

Amara’s Law

Amara’s law was developed by Futurist and Researcher Roy Amara. If you’ve never heard of it, it’s pretty simple:

“We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” - Roy Amara

We see this every day in the cryptocurrency space. This is especially true when we have new products coming out. In Cardano’s ecosystem, the world is moving very fast; but the expectations of many projects at day 1 launch are overambitious by our community. 

Examples of “No-Win” Situations in Token Releases

Let’s talk about it, okay?

Recently SundaeSwap released a Medium article (which I’ll link below) that talked about setting expectations for initial launch congestion. You can read more of this article here, but the TL;DR is, hype from the MainNet launch will congest the system, orders may be processed much slower than normal. Hype will die down and normalize over time. One kind of response to Sundae's announcement was actually to suggest postponing the launch further if the team suspected issues with delays and the network.

In my opinion, and others may vary, waiting to launch when your product is ready, but the network is still scaling, is a losing proposition. Waiting for 6-12 months for Hydra (which is Cardano’s scaling solution) does not make good business sense.

The best way to show IOHK that scaling is a priority is for the community to show it’s a priority. Do I expect them to slap something together? Absolutely not. However, if a chain is being used and they believe they can safely increase the speed to support the traffic, without hurting First Principles, it will.

On the flip side, this was another set of arguments that were posted, equally as unhelpful, Many responses were simply exclamations of frustration and impatience, the classic ‘WeN LaUnCh’ attitude with a move fast and break things mentality.

Another perspective, just to stop and think about… Every single one of these projects is backed by real-world money. When you use it, you pay fees. The time you buy and the time the transaction goes through costs money. When the project has a hack or exploit, it puts money at risk.

If you really want a project to fail quickly, shove it out when it isn’t ready and let it fail.

The Bottom Line: When a project is ready to launch, but the network has speed issues… that’s okay. If the project isn’t ready to launch, AND the network has speed issues… that’s a recipe for disaster.

Why Patience Pays Off

Crypto is a 2 trillion dollar asset. Most financial assets markets range in the 100 Trillion to 200 Trillion dollar total cap. What does this all mean?

You don’t need everything to do everything today. You’re already in. Your job, should you choose to accept it, is to bring other people into the life-changing opportunity that is happening in cryptocurrency RIGHT NOW!

Charles Robertstand, a fellow MELD Ambassador, recently wrote an article about Maximalism and using the MELD network.

“The danger of a maximalist approach is that you limit your resources to what you already know and risk missing out on new opportunities. Reality shows us that we can move forward much faster when we take a mediated approach.”

The point is that we’re all here together. We all want things to succeed. However, always remember that you’re incredibly early and we should find a balance between trying to rush projects to launch and making sure they’re safe, secure, and functional so that new users don’t get burned and run away.

Expectations of MELD’s Release

Let's talk about what you can do with the MELD token currently. You can stake the MELD token and start earning sweet, sweet yield. Soon, you’ll be able to use the MELD token to pay for ADAmatic Bridge fees and vote on MIPs. In line with MELD’s last roadmap update, the utility of the MELD token will expand as more functions of the protocol go live.

As with SundaeSwap, I’m sure you’re going to hear both sides of the argument that was presented in the above section, but it’s always a good idea to remember that YOU ARE EARLY. We don’t need to roll out a project from zero to 100 MPH.

Take a breath and enjoy the ride. That’s the only way you’re going to make it.

Disclaimer

The opinions shared within this article are those solely of the MELD Ambassador. Note that the content within should not be considered financial, legal, or tax advice. Neither the author nor MELD Labs PTE Ltd. are financial, legal or tax advisors. None of this content should be used to make any form of financial, tax, or legal decisions. Do your own research and consult professionals as needed for official policies, restrictions, and requirements in your jurisdiction.

If you believe in the MELD vision, want to support this initiative, and want to help promote the future of finance then we want you to join the MELD Ambassador Program!

Tags
crypto
Maximalism

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