During the peak of market sentiment, almost all projects talk about growth, expansion, and the next breakout point; however, what truly reveals the essence of a team is not the rapid progress in a bull market, but whether it can maintain judgment when the cycle cools, liquidity tightens, and industry expectations begin to be revised downwards. It’s about whether they know what to do and what not to do.
If a new round of bear market arrives in 2026, what will projects rely on to navigate the cycle? Will it be financing to survive, narrative support, or a truly clear product direction, organizational resilience, and execution efficiency? Whether it’s Aventus emphasizing 'agility, survival, and only addressing real needs,' or Mandala's judgment that 'bear markets are actually more suitable for building,' both point to the same fact — the industry is bidding farewell to the phase driven solely by imagination and entering a period that tests fundamental skills more rigorously.