Written by: Keegan Xiaogang (originally published on June 30, 2025)
Preface
In the previous article (I decided to upgrade from 'writing tutorials' to 'doing projects'), I reviewed the technical content I had output over the past few years and clarified the direction for the next steps: no longer just focusing on 'clarifying the technology,' but hoping to share from the Builder's perspective, reflecting on the projects I had previously undertaken while also recording the new project processes I would personally attempt—focusing not just on 'how to write the code' but also on 'how to get things done or not done.'
This review begins with my earliest Web3 entrepreneurship in 2018. It was my first time as a Builder, fully dedicating myself to an on-chain project.
It was a period filled with hope but ultimately disappointment. From the peak of the bull market to the arrival of the bear market, from high team morale to a broken funding chain and project dissolution. Although it ultimately did not succeed, it allowed me to truly stand at the core of Web3 for the first time.
This article is a retrospective of that entrepreneurial experience. It is both the starting point of my 'project-driven content output' and aims to provide a real reference perspective for those of you who are venturing down the path of being a Web3 Builder.
Starting point
The starting point of this experience was a friend's recommendation.
In the first half of 2018, a friend who had previously been at 'Heima'—whom I had met during an offline technical sharing event—contacted me. At that time, I was still in Guangzhou, and he was in Shenzhen. He said he was involved in a decentralized exchange (DEX) project, developing a DApp based on the Loopring protocol, and wanted to recommend me to come over and chat to see if there was a possibility for collaboration.
What attracted me to this project was not just the 'blockchain' label. What truly moved me was its high alignment with three directions I was focused on at the time:
First, the direction is DEX, which belongs to one of the core tracks of blockchain;
Second, the underlying technology uses the Loopring protocol, which at that time was considered an advanced DEX technology solution;
Third, they wanted to find a technical leader who understands mobile development, is familiar with product implementation logic, and has full-stack App capabilities—this was exactly my skill set at that time.
At that time, I had already made up my mind to devote myself to Web3 and was looking for a suitable entry point. This project came at just the right time, giving me a sense of 'the moment has come.'
So I used my weekend to travel from Guangzhou to Shenzhen to meet the initiator of this project.
The founder is a post-90s individual who previously did Android development. After making a lot of money from cryptocurrency trading, he began planning his own blockchain project. He is very optimistic about Loopring, participated early in the token issuance, and holds a significant amount of tokens, making him a die-hard fan. Therefore, he wanted to create a DApp based on the Loopring protocol, even naming the product Loois.
Overall, I had a decent impression of him: he was quite down-to-earth, had a strong sense of determination, and some courage. Although he lacked management experience and did not have a product background, those were precisely areas I could compensate for.
Additionally, at that time it was still a bull market, and the company had a money-making business line, so there was no pressure for funding.
At that moment, I felt: the direction was right, the person was reliable, and the gap was precisely what I could fill. I was willing to try once and see if this idea could really be realized.
We talked all day, and in the end, I decided to join as the CTO and participate in the project, becoming a partner through technical equity.
Building the team
After formally joining, I did not give myself too much of a transition period but quickly entered the role of CTO and began building the product and technical team.
Before this project, I had led several small R&D teams and participated in the entire process of building systems from scratch. The challenge this time was that we not only had to start from 0 but also explore product landing in a completely new track—Web3. Time was tight, the tasks heavy, and there was almost no room for trial and error.
I spent a week setting up the basic technical direction and architecture plan, while also starting to recruit people to build the team. At that time, remote work had not yet become prevalent, and offline work was absolutely mainstream. To maximize commuting time savings, I directly rented an apartment in the community across from the company and brought my family and children over from Guangzhou. Life and work were almost 'zero commuting,' allowing me to devote myself fully to the project.
When building the team, I was well aware of the urgency of time and had to quickly establish an efficient and well-collaborating technical team. The core members mainly came from three sources:
Most of them are excellent subordinates I had previously led; they are familiar with my management and working style and can quickly get into the state;
Some are also excellent colleagues I have collaborated with before, with rich experience and capabilities;
Additionally, I selected some talented individuals from my WeChat public account followers, hoping they would bring fresh perspectives and vitality.
With these channels, I could quickly identify trustworthy and capable core team members, ensuring team quality and execution power.
My team-building strategy includes three key points:
First, quickly lock in core backbones to ensure the foundation of the team is solid;
Second, precise role matching and division of labor, clearly defining key positions such as product manager, mobile, front-end, back-end, smart contract development, testing, etc., according to project needs, and reasonably allocating responsibilities;
Third, create efficient collaboration processes, promote flat communication and agile development, and use project management tools to track tasks, ensuring transparency of information and rapid feedback.
Through these methods, we quickly built a team of over 20 people, covering key positions such as product management, UI design, mobile, front-end, back-end, smart contract development, testing, and operations. This speed is still considered very rapid in today's entrepreneurial environment.
The overall capability of the team is strong and full of energy. From day one, we established a clear collaborative rhythm: I led the product direction breakdown, the development process was divided by modules, project management was followed up using tower.im, with weekly synchronization and flat communication in between.
What satisfies me the most is that although the team had just been formed, the execution power was extremely strong, and the adjustment cost was very low.
In this state, we completed the first version of Loois’s development and launch in just one and a half months.
Looking back, this was the fastest-paced phase of the entire project with the best atmosphere.
Highlight moments
At the official launch of Loois, we also held a small launch event, inviting some friends and media from the circle. Although it was not large in scale, over 200 people showed up, nearly filling the venue. We also started an online live broadcast, with viewership exceeding ten thousand, which was considered a good level of enthusiasm for blockchain projects at that time.
As the CTO, I took the stage to give a presentation, providing a complete introduction from technical solutions, product positioning, protocol selection to future roadmaps. That was my first official appearance as a Builder in a Web3 project.
To explain our vision and mechanism more systematically, I personally wrote the project's white paper, covering Loois's business architecture, business model, economic model, and future development plan. At that time, we indeed painted a big picture: not only did we plan to integrate with Loopring, but we also planned to connect with various protocols like 0x and R1, aiming to realize cross-chain trading, targeting a decentralized trading aggregator—actually very close to the aggregation trading experience provided by today's OKX Web3 wallet.
But while dreams are dreams, our product iteration speed and quality are truly online. The team adopts a bi-weekly iteration rhythm, releasing progress updates every two weeks to ensure the community can continuously see the evolution of the project. Loois’s user interface and interaction experience stood out among similar products at that time, and many early users gave high praise.
The official Loopring team expressed recognition after seeing our product and invited us as ecological partners to participate in the 2018 Digital Economy Summit Forum they hosted, bringing us more industry exposure. Later, they also provided us with small investment support through project tokens. Although the amount was not large, for us, it was both a financial supplement and an 'official endorsement' from the upstream protocol.
Afterward, I was invited to several industry salons and private board meetings, starting to connect with more venture capitalists in the blockchain circle and thus expanding some early connections in the Web3 sphere.
One of the most impressive people was an investor known in the circle as 'Old Child' Jiang Haibing. He was the second employee of Alipay and later founded Duoniu Capital in 2014, focusing on early investments in the blockchain field. We had met with him several times, and he expressed great interest in Loois. Although we ultimately couldn't reach an investment agreement, we benefited greatly from those exchanges, which deepened our understanding of 'how to pitch a project for funding.'
This phase was the most hopeful for the project and the team had the most confidence. Although the shadow of the bear market was already faintly emerging, we still believed that as long as we produced a product, funding and growth were just a matter of time.
But soon, we would have to face the backlash of reality.
The backlash of reality
For a period after the launch event, team morale was high, product progress was smooth, and user feedback was also positive. From the outside, everything seemed to be 'on the rise.'
But we did not realize that we were actually at a critical point of a downward cycle.
Although Loois’s product has been launched and the experience is better than many similar products, the entire market is gradually cooling down. The bear market of 2018 is quietly approaching—the enthusiasm for on-chain projects is receding, and investors' enthusiasm is also rapidly cooling.
Initially, we were not anxious. After all, the company still had other business lines making money, and there was still funding on hand. The product had been launched, the feedback was decent, and everyone generally believed: 'as long as we continue to develop the product, funding and growth are just a matter of time.'
But soon, reality began to gradually tear apart our confidence.
The previously profitable business line suddenly 'lost blood'
That business line supporting the entire company's cash flow quickly encountered cooling at the onset of the bear market, with clients gradually dropping off and business revenue plummeting. Meanwhile, the salaries of our Loois team were dependent on the entire company system, meaning our wages were not supported by the Loois project itself but relied on other businesses for 'blood supply.'
Once the ability to provide funding weakens, the pressure immediately transfers to us.
Funding obstacles: ideals are full, but the market is getting colder
At that time, we officially started the fundraising process and began pitching externally. But reality quickly gave us a wake-up call.
Many investors lacked confidence in the DEX track and had limited understanding of the Loopring protocol; while our product was launched, the user base was still small, and the data was not persuasive; the backgrounds of the team members were not as glamorous as those of 'serial entrepreneurs' or 'star tech teams.'
Worse yet, the entire industry was entering a 'capital winter,' and investors became particularly cautious, requiring projects to be highly certain and resistant to cycles to gain favor.
After several rounds of roadshows, the reasons for rejection we received were highly similar: 'the project is good, but we don't dare to invest right now.'
Internal worries: invisible money and visible anxiety
As funds tightened, anxiety began to grow. Some members were those I had brought from Guangzhou, who originally viewed this as a long-term battle. At first, we could still comfort ourselves with 'the money is about to be raised,' but gradually, even I began to doubt that statement.
The founder also appeared to be overwhelmed. The wealth accumulated from early cryptocurrency trading had significantly depreciated due to the drop in coin prices. Under pressure, he began to become anxious, and internal communications gradually became chaotic.
The most typical symptom was: we were still frantically writing code and optimizing, but no one could answer whether we would be able to pay salaries next month.
That feeling is like driving a car with good performance, pressing the accelerator steadily, and the direction is correct—but you don’t know if there is a gas station ahead.
Things did not suddenly collapse at a certain moment, but quietly slid out of control step by step.
First, funds became tight and salaries were delayed; then team members quietly updated their resumes and looked for opportunities; later, communication became difficult, decision-making was delayed, and team morale visibly declined.
We tried to 'grit our teeth and persevere,' continuing to refine the product and seek funding, but at a certain point, we all knew: this car is really out of gas.
From the surface's brilliance to the backlash of reality, and then to truly realizing being trapped in a quagmire—this is the power of the bear market. It will not destroy you overnight but will gradually erode your confidence, resources, and endurance like a tide.
This is a harsh reality that many Web3 entrepreneurs will experience: it’s not the technical challenges that cause failure, but being defeated by cycles and confidence.
Ultimately, we announced the cessation of the Loois project and the dissolution of the team.
Fortunately, at that time, a partner was preparing to launch a centralized exchange (CEX) and highly recognized our team’s execution ability and collaboration, actively inviting us to participate in building its core system.
Although the shift from DEX to CEX had some idealistic gaps, we all knew: in that stage, staying in the industry and doing something substantial was more important than anything else.
I accepted this job and began a new journey as a Builder.
Gains and reflections
This failure experience brought me not only lessons but also many irreplaceable accumulations and insights.
First, my network of connections in the Web3 circle began to establish. In an emerging industry, this is very important. I began to integrate into the social circles of some core Builders, and these connections proved useful in various subsequent situations:
Information exchange and sharing have quickly expanded my perspective in the industry;
When I need to recruit talent, I can find trustworthy recommendations from within the circle;
When I want to find a new job or collaboration opportunities, I can directly find referral channels.
Second, it was a leap in professional ability. During that time, I not only improved my skills in Golang and Solidity but also began to understand the writing of white papers and the design thinking of economic models. More importantly, I truly participated for the first time in bridging 'on-chain products' and 'business logic.'
For the first time, I had the opportunity to participate in industry events as a Builder, communicate with experienced entrepreneurs and investors, and learn firsthand how they understand trends, assess risks, and judge timing. These processes quickly broadened my business vision.
Finally, it is my true understanding of this industry ecosystem. I started to gradually see through the ‘surface’ and ‘essence’ of the Web3 circle: blockchain, cryptocurrency, speculation, ICOs, scam coins, pyramid schemes—especially in Shenzhen, the entire industry ecosystem is much more chaotic than I imagined. Web3 has strong financial attributes; during periods of boom and bust, it attracts real Builders while also mixing in many who are just out to make quick money. This is a reality we must face in the industry.