Market downturns test more than portfolios—they test conviction. When trading volumes compress and volatility flattens, momentum dies. What keeps people grinding through the trenches then? Hope. It's that simple.

Without it, you get capitulation. With it, you get participation. And where there's genuine participation, capital follows naturally.

This is the mechanic behind ecosystem momentum. Projects that can sustain belief through bear phases attract both retail and institutional liquidity. You see it play out differently across ecosystems—some fade into irrelevance, others keep builders and traders engaged.

The USD1 ecosystem caught my attention precisely because of this. Over recent months, it's been one of the few that's managed to keep that energy alive. Not through hype cycles or empty promises, but by actually shipping updates and maintaining builder confidence. That matters. When hope stays real, liquidity stays real too.