@andreapn.eth
In a market where price decides everything and product feels optional, we chose to keep building, even when nobody was watching.
The crypto market in general, and the Virtuals ecosystem in particular, moves insanely fast. It has been 9 months since I did the TGE for $CAP on Virtuals Genesis.
Back then, we spoke with several big KOLs who had strong influence in the ecosystem. I asked them a simple question: Have you actually used our product? Why did you rank us C ( maybe even D ), while other projects launched the same week has been ranked A/A+, only updated their genesis card and had a website with a single “Join waitlist” button?
The answer I got was clear. My dev profile reputation was low. Other teams came from big names, joined hackathons, had strong backgrounds, and so on. That was enough. It was fine. I understood.
At that moment, I realized something important. In this market, product is not the top priority. To be more honest, product is often the lowest priority. The highest priority is dev reputation, relationships, shared allocation, and who you know.
Now, 9 months later, I look back.
Most projects that launched around the same time as $CAP have stopped building (I'm not mentioning names here) . Their tokens are forgotten. Their X accounts stopped updating. Sometimes they come back when a narrative fits, just to catch some volume. The KOLs who once rated us are different now too. Some went offline. Some switched topics. Many no longer talk about Virtuals.
We are still here. Building every single day.
I am not saying we won. In fact, our total trading volume and fee generated over 9 months maybe not even equal what they made in 2 or 3 months during their big pump. But in the end, we still have a real product. We still have users. We still believe in what we are building. Many of them moved on, building new shiny cakes to sell to their audience.
It feels like a repeating cycle.
Teams with high dev reputation wait for a good story. Then they continue to sell a “join waitlist” page to retail. Retail keeps doing trenches.
Honestly, the word trenches sounds cool. I do not know who created it 😂 . It makes the people who wear trench coats feel "cool". But the truth is, 90% of trenches are liquidity. Maybe only 10% are real trenches.
Retail keeps flipping new projects, chasing the x100 dream in a few days. That dream has haunted them since the first time they entered this market.
Crypto is strange. Retail today is not like retail in 2021.
Five years ago, they were trained to look for hidden gems, good tech, good product, and hold to x100. In 2025, everything changed. Pumpfun trained retail to become gamblers. They are taught to create a Phantom wallet, listen to KOL calls, ape in, and expect x50 or x100 in a few days. If it does not pump, move to the next play.
If the token price goes up, it is a good project.
If the token price does not go up, it is a scam.
Product does not really matter. Price going up is enough.
That may sound negative. I actually tried to study and follow that path. But I could not do it.
Everyone likes money. I do too. But making money by building only a shiny shell, hiring KOLs to shill, selling tokens to the community, or creating hype just to farm trading fees does not feel good to me.
Building a real product feels different.
Shipping useful features. Watching real users use them. Seeing system logs update line by line. That feeling is something every true builder understands.
I will keep building based on my thesis for many more years. Together with my teammate. Maybe less money. But much more joy.