This episode is sponsored by Nexo.io, Chainalysis and FTX US.   Qiao Wang is a creator of and core contributor to Alliance DAO, an accelerator for Web3 companies in decentralized finance (DeFi), infrastructure, distributed autonomous organizations (DAO), non-fungible tokens (NFT) and more. In this episode, he and NLW discuss the macro landscape, how this bear market is different and what he’d like to see entrepreneurs build during this quieter period.    - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit:Westend61/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.