Every act of creation is first an act of destruction

The digital asset ecosystem as a whole has retreated from all-time highs of over US$3 trillion in November 2021. Now sitting just below US$1 trillion in mid-July 20221, the drawdown of -73% has been vertiginous for the recently initiated. However, this is not the first time that such drawdowns have occurred in the digital asset ecosystem. In fact, it is fairly common to see boom and bust cycles in the adoption of new technologies.