This one hits home. Turns out the moments one tend to remember are the paths not taken:
- Out of college my friend/ roommate ask me to join him as cofounder of a new lending solution. I passed wanting to hold on to my banking job. It’s now one of the largest in this space.
- During my second gig on WS, a good friend of mine is heading back to China to join some news tech company startup and asked if I want to join him via referral. I had a decent HF job at the time and was like nahhhh. That business was called Bytedance.
- and this one is even more recent. I remember learning about Delphi working on some “axey” thing in their WS WeWork and had sushi with another Chad in Taipei as recent as jan 20 about this Dee-Fi stuff. Was like hmmm but I’m still sceptical. You all know what happened next.
My point is, I wish I explored more and took more risk. One’s ability to do so after even 30 diminishes drastically as responsibility really piles up.
They say do not go gentle into that good night. Why not go balls to the wall when it’s gm?
Ape responsibly :)
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(0) Since our last report on Dec 17th, 2020, the Web3 narrative had moved far beyond single-chain #DeFi to prompt another iteration – this time on where we are re: Web3, #DeFi, token gov & fundamentals, & new primitives.
(0.5) Quick side-note, you may notice the new primitive section being a bit barren – that’s because a single person can no longer cover the space by him/herself (aka me aka ngmi :/). Folius needs help and is hiring (more on this later), but plz do reach out if you are interested!
(1) A feature-complete Web3 to us is a friction-and-cost-minimized info & value transfer network, and while BTC is closer to early-adopter status, the broader Web3 with ~5-10 mm MAU is more like the internet in the mid-1990s.
0 - It’s been a long time coming. Today I am announcing @FoliusVentures / 一叶创投 dedicated to investing in, evangelizing, and buidling the Web3 future w/ a global mandate (APAC focus to start).Ping me on twitter / Telegram with the same handle if you wanna jam!
1 - By way of background, I graduated from CMU way back in 2012 and spent the past 8-9 years in NYC TradFi, first at DB, then at a family office doing mostly US equities investing, then at a global non-US Tiger grandcub focused on small-cap equities….
2 - …where I covered mainly China-related and software businesses. The deep dive into crypto didn't really start until early 2018 (later than a lot of you!) and MLC was really a spur-of-the-moment moniker which I will be keeping (but unfortunately I'm not Canadian =/)
(0) There aren’t that many apps that straddle multi-chain, multi-layer (“MCML”) yet, so this is an under-explored area, but I think teams should really start thinking about aggregating such data. Let’s take $SUSHI as an example.
(1) As for today, Sushi’s TVL on Matic makes up almost 30% of its overall TVL (from a standing start in early May). It’s not hard to imagine the same would apply to pending Arbitrum / Optimism roll-out also (and to the extent BSC returns).
(2) The utilization is actually remarkably good – as of today Sushi on Matic is doing similar volumes as it does on ETH, making on-chain TVL almost 2-3x more efficient on Matic. In aggregate $SUSHI is doing more volume now vs. Feb and April. Ignoring FTM given only 2-5 mm volume.
(0) I oft wonder if the way private-round token issuance mechanism we have today is the most elegant – yes there’s a simple vesting smart contract one can write, or one can stream via @sablier, but can we have a protocol that generalizes and tokenizes ERC20 vesting?
(1) The answer is most likely yes – and such tokenized “vesting schedule of ERC20” will also be tradeable on the likes of AMM platforms (if ERC20) or NFT platforms like OpenSea (if ERC721 + ERC1155). I would imagine this approach is superior to off-chain verbal / legal promises.
(2) To an extent, OTC trading of vesting tokens is already kind of happening but that involves a lot of trust (especially when it comes to swapping ETH private keys); perhaps another solution is have a platform for if [receive token] then [steam it to another address].
There's @SablierHQ and there's @Superfluid_HQ , but is there anyone else out there creating a product for tokenizing ERC20 vesting-schedule as a service? If you are working on it definitely let me know.
There's certainly a risk of if various classes of ERC20 vesting from pre-seed to Series-A are tradeable NFTs in market at the same time, what's going to happen to circulating spot ERC20 -- so adoption by projects could be an issue.
But such tokenization also seems inevitable?
As a follow-on point, I could see additional characteristics of the investment certificate also being non-transferrable over a period of time to mitigate such issue.
Personally I'm against this proposal. The additional 60 $RULER is added to the emission schedule alongside allowing the $RULER team + advisors (myself included) to stake $RULER for xRULER -- basically to help non-team xRuler stakers still get their emission.
Personally I don't see the need for additional 20 bps emission / month that adds to team's allocation given such additional emission doesn't really accrue value to the protocol (vs. LP liquidity or lending). Happy to debate here:
I do know Sifu as our strategic advisor who owns ~$1.5 mm USD worth of $RULER (who adds a ton of value!) would love to stake his tokens into xRuler. Perhaps we can have that occur eventually when the protocol actually generates fees. Inflation is precious today.