Year-end: the deepest part of winter

Let’s first look at the industry’s annual bills: BTC fell from around 47,000 at the beginning of the year to around 16,500, about -64% for the whole year; ETH fell even more severely; NFT transactions shrank by 90% from the peak. The death list can be lined up in a column - Luna, Three Arrows, Celsius, Voyager, FTX, BlockFi - every name was still "too big to fail" at the beginning of the year. This was not a single collapse, but a series of collapses throughout the year.

Let’s look at the studio’s performance: “Mike Tyson’s Iron Pigeons” was released, the first out-of-circle product that sold out in the bear market; it survived three earthquakes without laying off anyone; the money on its books was burning, and the runway was being squeezed one after another, with only twenty months left; a channel fund was buried in FTX. But there is one more thing beyond the balance sheet - a more than 40-page pre-research report, two calls with Offchain Labs, a selection conclusion that favors the Arbitrum technology stack, and a chain-side team of five people.

The night watchman said in the New Year's Eve message: The biggest gain this year is knowing who is swimming naked and who is holding their breath while working.

Author's note: This year, the studio's ambition has completed a quiet upgrade - from "making games" to "making game consoles". In the depths of winter, no one is applauding or watching, so we are just immersed in making things. The chain doesn't have a name yet, but the drawings are already being laid out.