I notice something quite interesting about how new projects jump into the market. Most people know that PMF, revenue, and user retention are the decisive factors for any serious team. But if you pay attention to any current trend, you'll see dozens of projects competing to get listed, even when they don't have any actual product yet.

Maybe you've heard of the "kite" phenomenon in the crypto world – it's those sluggish projects that only promise but lack real substance. I'm not saying that token lock schedules or issuance are unimportant – they are very important. The problem is when maximizing profit becomes the top priority and product development is pushed to the back, you can see it from afar.

But here's the great part: truly building teams keep their heads down during a bear market. They focus on technological improvements, expanding integrations, and finding mechanisms to retain users. When conditions become tough, the standout players are those who have found a balance between PMF, revenue, and token supply strategy. The rest? They just repeat old scripts with a new ticker symbol, hoping you won't notice, or worse, get "recruited" into their game.

Honestly, this situation is pretty exhausting. But it also has a positive side: those who are genuinely building are now easier to recognize than ever before.