14. Ivaylo - Product Manager @ Bitfinex

Welcome to product3 - where web3 product builders share their stories and insights.

Meet Ivaylo, Product Manager at Bitfinex and someone I've had the privilege of knowing since our high school days. Watching his journey from those early conversations about technology to now tackling complex product challenges in web3 has been inspiring.

What I've always admired about Ivaylo is his relentless work ethic and thoughtful approach to every challenge. He's someone who digs deep into problems, thinks through all the angles, and isn't afraid to put in the work to get things right - which makes his insights incredibly valuable.

In about 700 words, he shares:

• What a marketplace flop taught him

• Why finding your own lane matters

• How to deal with impostor syndrome as a PM

What did your biggest product failure teach you?

I was working on a P2P marketplace to add to the Bitfinex product portfolio. We launched an MVP and initially it flopped. Despite the OG brand behind it, it didn’t resonate with users and we had underestimated how critical network effects are. 

We figured out users didn't see much of a point moving from whatever's working for them to a marketplace that’s new, has liquidity challenges and puts burden on market makers to bootstrap activity. Furthermore there were no distinctive selling points. 

What did this teach me? First of all, that it's okay to fail and one failure does not mean you're on the wrong track. Second - don’t build features because others have them. Find your own lane, thread your own path. We went back to the drawing board and focused on what matters - solving real pain points like price sensitivity and secure trade execution. 

We focused on delivering real-world value by engaging directly with regional market makers to understand use cases like large-scale international P2P trading. This approach paid off. v2 achieved significant organic growth and users loved it.

Although that marketplace got decommissioned later on the lessons remain. Use PRDs religiously. Not as a tool for tedious administrative documentation, but as a check in with your own goals, your north star. And be brutally honest with yourself when building roadmaps and deciding on features.

In your opinion, what are the most exciting or influential trends shaping the future of web3 at the moment?

Web3 and AI, the Exodia of buzz words. I'll be keeping an eye on the intersection of AI and Web3 - AI can give web3 intelligence and usability, web3 can give AI identity, ownership, and coordination.

We’re starting to see autonomous AI agents that can hold wallets, execute transactions, and participate in governance. Platforms can reward AI models based on how useful they are to a network. Meanwhile, I generally believe AI is boosting adoption as it simply helps users navigate and understand Web3.

In the near future, I see agent economies forming — networks of AI agents that earn, spend, negotiate, and govern autonomously. On-chain identity and reputation systems will help us trust these agents, while decentralised governance will give communities a say in how AI models are trained and deployed.

AI and web3 can enable something new: intelligent, decentralised systems that can act on behalf of users — or even themselves — in transparent and programmable ways. Or robots will create their own economy and wipe us out, who knows. ¯\_(ツ)_/¯

What's one personal challenge you've faced as a web3 PM that you think other product people can relate to?

This one's personal and I wanted to talk about it for all the PMs out there that might sometimes feel lost or even unworthy for the job. That persistent feeling that you’re not as competent as others think or expect is surprisingly common in product management. It makes sense - PMs are responsible for outcomes, but don’t directly control design, code, or operations. You’re often the least technical or knowledgeable person in the room, yet are expected to drive decisions across multiple disciplines.

To make it harder, the job is vaguely defined. There’s rarely a clear win condition, and when things go well, the credit is diffuse. But when something slips, you’re in the spotlight. Major self-doubt vibes.

So, what might help? Make sure you have a mentor. You'll quickly realise others, even if more experienced, struggle with the same unknowns. Remember - you’re not supposed to be the expert in everything, your job is to connect dots, cut through the noise, drive clarity, and keep momentum. Document your wins and make sure to note them to the team, create a culture of celebrating more.

But mostly, don't forget - feeling the impostor syndrome isn’t proof you’re failing, it’s a sign you’re growing!

What would you advise your younger self?

To my younger and even current self—build more and act more. Your ego is obsessed with your potential and what you could accomplish, but building means failing and shattering this perfect version of yourself. Therefore your ego will naturally work against it. You'll think you need to learn more before you're ready to act, but learning and planning are just convenient escapes. Learn as you go, but always make sure you go.

If you’ve enjoyed this micro interview share it with fellow web3 product people and give Ivaylo a follow on LinkedIn.

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See you in the next edition!