If you have a fragile ego crypto is probably not the place for you. No matter what you do and no matter what your intentions the market and its friendly participants are going to pillory you. The gold standard of not giving a fuck imo is @tayvano_.
Despite catching shit constantly for trying to save us from ourselves, including from me at times, she keeps running into burning buildings. You can’t do that if you are petrified of what people will say or think about you. It takes a lot of self-belief.
Communications for crypto projects is a hugely undervalued skill. You need to cultivate this and defensiveness is literally the worst thing you can do. My strong recommendation is to accept that everyone, including you, has no fucking clue what is going on, be humble, work hard.
If you start a project you immediately occupy a privileged position you arguably do not deserve. If you abuse this position you put the entire project at risk, communications may seem trivial at times but small things add up and can undermine confidence.
Communities hold their leaders to high standards because they intuitively feel this tension. Experiments like YFI are rapidly highlighting that having leaders, even temporarily, may be a false economy. You can cede almost all power and things still work, maybe more efficiently.
All authority should be challenged and at best should be a transitory and necessary evil on the path to decentralised governance. Thus any abuse of this power is rightly examined closely and can undermine the legitimacy of the entire project.
This is why open, clear and transparent communication is so important if you want to cultivate a community that is prepared and eager to take control of a project.
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A much needed shakeup in coming to @synthetix_io. A thread on how we got here and what comes next. 👇
The Synthetix project has many firsts to its name. The first yield farm, the first EIP style governance for DeFi. The first governance council. The first DeFi architecture to leverage proxies. The first to deploy to OP. Yet its relevance has declined over the years.
Synthetix was never great at marketing, it’s been good at memeing new narratives into existence though. But it’s been a while since it’s been at the start of a new wave.
doesn’t count as revenue because you basically have a cabal going around robbing small children of their lunch money at gunpoint.pump.fun
Ethena obviously doesn’t count, because it is basically Luna, except not in the way that Synthetix is basically Luna, it is like basically Luna in a different way, but worse. Also it is basically FTX because did you hear that they also uses CEXs, not even DeFi imo.
Breaking the meta is challenging, but there is nothing that excites a degen more than a new mechanism to try to game. This is why yield farming was so effective in creating DeFi summer. Pool 1, pool 2, pool 8?... shut up and take my money.
This is why the points meta created so much excitement, and for the projects that got in early it was extremely effective at driving awareness and attention. Unfortunately as we have recently realised it was not sustainable.
Points were a hybrid of airdrops and yield farming. The problem is that points, unlike tokens, could be infinitely inflated, this allowed projects to farm the farmers. It's not much, but it's honest work.
Man @LayerZero_Labs you’re really gonna make me write up another thread huh…
I had a call last night with one of my favourite projects, they are working on their governance framework. The word I kept coming back to was LEGITIMACY.
This is probably the single most important concept in crypto. This is one of the reasons why almost every points distribution recently has been a dumpster fire.
It’s been a while since I’ve put my theadoooooor hat on, so let’s have a little chat about capital formation incentives in crypto.
Yes there are many bad actors, but not everyone is a bad actor, never attribute to malice what can more easily be explained by misaligned incentives.
People do not realise how much pressure there is to conform to existing meta for new teams. Even, and maybe even especially, the most successful teams are constrained by the current meta if they want to raise big rounds.
This has gotten way out of hand 😂. is the new site for @KengLernitas. A 🧵 on what has happened so far.kenglernitas.wtf
I started playing around with memecoins a few weeks ago, bridged some USDC to Solana and started yoloing on @dexscreener. This was right around the launch of @bodensol. Despite what a lot of overly serious people are saying I find many of these memecoins to be utterly hilarious.
That said I am most definitely not a serious person. I’ve been a fan of @getbentsaggy for a long time, and many of the Dolan memes are incredible. There’s no accounting for taste tho…