In the world of crypto, where many people engage partially or completely anonymously, crises of confidence in a project can cascade quickly, which means it’s particularly important that the team communicate frequently and transparently about how they intend to evolve the project.

Uses Perez's Technological Surge Cycles, somewhere between financial bubble expanding and persisting before pops.

There are two things I want to point out about this feedback loop. First is how much of the initial growth is driven by speculation. Because most tokens are programmed to be scarce, as interest in the protocol grows so does the price per token and thus the market cap of the network. Sometimes interest grows a lot faster than the supply of tokens an... See more