Key Lessons and Industry Knowledge

For Founders:
- Deeply understand decentralized finance (DeFi) as this is where blockchain technology found strong product-market fit.
- Finance principles: grasp basics like seed phrases, wallet ownership (custodial vs. non-custodial), layer 1 & 2 blockchains, stablecoins, decentralized exchanges (DEX), lending, collateralized stablecoins (CDPs), staking, bridges, and oracles.
- Business fundamentals: know your business model well—revenue minus cost—and avoid excessive cash burn. Redstone raised $7 million in seed and burned only $1.52 million before Series A.
- Network and leverage unfair advantages such as personal connections or unique skills to boost the startup.
- Work-life integration is key; expect high stress and time commitment in crypto and DeFi.

For Engineers:
- Build strong fundamentals in regular backend development before delving into crypto-specific development.
- Engage with experienced crypto developers to understand differences and nuances in blockchain development.
- Continuously educate yourself using platforms like Kito (analyzes crypto trends via Twitter) and follow educational content (e.g., DeFi Dad on YouTube).

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Team and Culture
- Build a cohesive, passionate team that enjoys working together; at Redstone, brand identity is strengthened through team gear and close-knit collaboration.
- Polish tech talent is a significant strength; the growing tech ecosystem and motivated workforce in Poland are promising.
- Founders should have a supportive partner to help manage personal and professional challenges during startup growth.

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Crypto Industry Specifics
- Understand critical concepts: seed phrases, smart contracts, Ethereum vs Bitcoin differences, decentralized exchanges, lending mechanisms, staking, bridges, oracles, market capitalization vs fully diluted valuation.
- Redstone’s Oracle Service: delivers any numeric data onto blockchains, primarily price feeds for financial markets but adaptable to other data like event attendance.

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Actionable Items / Tasks
- Founders & Entrepreneurs:
- Deepen knowledge of DeFi and blockchain fundamentals.
- Develop frugal cash management and clear business model awareness.
- Leverage personal and professional networks as unfair advantages.
- Build and nurture a strong, integrated team culture.
- Prepare for high-stress and intense work demands; seek partner support.

- Developers:
- Strengthen backend and web development fundamentals before crypto specialization.
- Engage with experienced crypto developers; participate in mentoring or Q&A sessions.
- Use trending data platforms (e.g., Kito) and educational channels (e.g., DeFi Dad) to stay updated.

- General:
- Attend industry conferences for feedback, networking, and exposure.
- Explore how oracles can deliver diverse real-world data onto blockchains.