I know Everstake company since it was created. I remember the first meetups in Kyiv, Ukraine. With this company, I'm staking Cardano and used to stake at different times Terra, Tezos, Cosmos, Polkadot, Mina, Harmony, EOS, Comdex, Near... This might look as a big list, but in fact, Everstake is present as validator/block producer/stake pool in 50+ blockchains.
So I know Everstake CEO Sergii Vasylchuk personally, a while back it was very easy to speak with him at one of the crypto-meetups in Kyiv. Since the full-scale attack of russia against Ukraine, Everstake started fundraising incentive to support Ukraine and Sergii promotes it personally at events such as Consensus and others
The following text Everstake CEO Sergii Vasylchuk wrote in his Twitter. I think these words will be interesting for my readers.
I’m very sorry to hear that lots of our fellow crypto companies are forced to lay people off or at least freeze their hiring as long as bears reign supreme on the market. Despite that, Everstake is not laying anyone off. And there’s a good reason for that.
An important part of doing business is assessing and addressing all potential risks. We couldn’t help but expect another market crash simply because risk management dictates that one must always expect things to go south. That’s Murphy’s law. Ignoring it may be too expensive.
The war in Ukraine is a good example. Before it broke out, it was a black swan, i.e. a highly unlikely event with severe consequences. But war can turn your business and yourself into a heap of ash. That’s why I decided to prepare for it, and, unfortunately, I was right.
The same goes for any endeavor. You either suffer risks, or you manage them. You can do everything right investing in a hotel and then get no guests because a global pandemic broke out. If you don’t prepare for the sudden lack of clients, you can go out of business.
In crypto, I must say everyone should have expected a bear market to come upon us. Sooner or later, it would happen, inevitable as winter. Those who were euphoric during the bull run and weren’t preparing paid a huge price for having their heads in the clouds.
We at Everstake were bracing ourselves in advance, though I must admit we underestimated the risks of Terra. We would have been much better off hadn’t it been for this whole story. But nonetheless, we have a special fund created to let us live through a bear market.
For that reason, Everstake is not firing anybody. In fact, we are hiring. To be precise, we have hired 30 new employees since the onset of the war and have over 10 openings in marketing and dev.
Any crisis is also an opportunity. Those who came to crypto for a quick buck usually leave disappointed. Only the best teams with real-life products that serve real-life purposes will survive. And the entire crypto market will be better off when the tides change again.