Debugging
Hacks and failures are common right now. And I guess every hack is a failure when code is law. If that is so then all these failures are a debugging of the system. It's all necessary, all done open source, and often done with real financial stakes. This then is the era of debugging, where these web3 networks become so solid that only the rarest, most intelligent, most long term con can succeed. And I would argue, this is where many of the second rate networks die off and the most secure and well designed, well developed networks survive.
Combined with failures is the wider macro economic context all industries are facing right now. Almost everything is getting turned down, deflated, consolidated - call it what you will. Paul Tudor Jones recently stated most of what he is doing is an inflation trade, investing in order to preserve capital. Within the crypto macro domain there are assets that better preserve capital, that better manage risk, that have fundamentals that will mean they are better positioned to weather this storm.
You could argue being in all but a few crypto assets is a mistake. Bitcoin, Ethereum, Solana, and maybe a few other profitable defi and alt layer 1's are the blue chips and if there is any crypto assets to hold, these are it. Consolidation. Having USDC ready to buy dips - or crashes. Really taking a look at what you own and asking yourself "Do I really believe in this project?". There are many I have that I simply do not believe in but have invested in and held in the hope of some moon shot.
I think there is a strong argument that moon shots will be few and far between now, and picking them in this climate is a full time job for gamblers and savants. Safety, security, as much assurance as one can get. This is a very different outlook for most of the crypto community where aping into some coin is par for the course and half the fun. This is where many people lose as they continue to operate on a philosophy that no longer applies. Many people give up as the whole thing becomes boring, slow, steady and mature - less a game show and more a job.
I think that crypto becomes mature and respected when things get bad and those still playing get steady and intelligent.