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Jason Choi Profile picture
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Jan 17,, 7 tweets, 5 min read
🤔 How should DAOs pay people?

@JacobPPhillips and I had an eye-opening chat on @theBlockcrunch.

Some highlights 👇

apple.co/3ny6Uy7
spoti.fi/3IbM0fZ
1/ DAOs today spend millions to pay apes in liquidity mining incentives...

But cringe when it comes to paying governance facilitators.

e.g. GFX's proposal to charge $3M for a multi-billion dollar FeiRari merger was struck down
2/ While tooling for rewarding freelancers and core contributors exist (@coordinape, @gitcoin)...

There's no clear standard on how contributors in DAOs should be compensated.

For example...
3/ Reverie was recently awarded $75K for helping onboard @compoundfinance's auditor.

But who's to say a $75K fee is enough for helping secure $8B in TVL?

finance.yahoo.com/news/compound-…
4/ Today, @MakerDAO pays out >$50M in compensation to its 18 core units that comprises the DAO.

Some senior devs receive 7 figures in compensation, which alarmed some $MKR holders.

But with $17B TVL at risk, are developers appropriately incentivized?
5/ As DAOs continue to grow, proper standards around governance comp will emerge.

@JacobPPhillips attempts to tackle some of the questions above, and drops a few examples of DAOs that are doing it well today:

apple.co/3ny6Uy7
spoti.fi/3IbM0fZ
Thank you to @NotionalFinance, @paraswap and @hedera for making Blockcrunch possible!

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More from @mrjasonchoi

Jason Choi Profile picture
Jan 18,
How to size bets

Some personal principles 👇
1/ Picking the right investments is half the game; sizing the bets is more important.
2/ A wrong bet sized right can be a valuable lesson; sized wrong it can spell absolute ruin.

A right bet sized wrong means you worked for nothing; sized right means victory.
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Jason Choi Profile picture
Jan 8,
Learning from my mistakes.

Here are some of the most embarrassing mistakes I made in my investing career.

Hopefully some can be cautionary tales.
1/ Confidence

Early in my career I placed much more emphasis on other people's views than my own analysis.

While triangulating views is useful, this leads to bad process and you end up being someone's exit liquidity, or missing fund-returning investments ( $FTT ).
2/ Hip firing

In 2020 I got carried away by the sheer euphoria of DeFi. I couldn't believe my thesis was finally playing out after a year.

I mistook beta for genius and started losing discipline. When things started unwinding I got hit bad.
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Jason Choi Profile picture
Jan 6,
Crypto market outlook, Jan 2022

Thought dump to look back on
1/ Caveat: these are my personal views.

I prefer to think on venture horizons (5-10 years) - it's more fulfilling and much more interesting.

I mostly only consider weeks - months timeframe when making high time preference decisions. This thread is about the latter!
2/ In November I shared what I thought the next bear market could look like.

TL;DR: extreme sector rotations, and fast(er) recovery for sector-agnostic sell-offs.

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Jason Choi Profile picture
Dec 31, 2021
Despite billions raised for crypto funds in the past 12 months, I don’t see it as particularly bullish $BTC

Short 4 am brain dump 🤔
1/ Managers in crypto are not paid to trade / long $BTC.

$BTC liquidity is high, accessibility to tradfi infra is massively improved since ‘17 - most allocators don’t need their GPs to charge 2/20 just to long corn
2/ Second 99.9% of new projects are building on $ETH, L1s, L2s - which can survive and thrive with or without the increasingly insular Bitcoin community.

$ETH functions better as beta for crypto funds thematically
Read 5 tweets
Jason Choi Profile picture
Dec 29, 2021
🚨 Last thread of 2021! 🚨

Why @TheOfficialA7X, a global chart-topping metal band, is going all in with NFTs.

bit.ly/blockcrunch_sy… Image
1/ For those uninitiated, @TheOfficialA7X is...pretty big

8M albums sold, 6M streams monthly, Grammy nom...

Even if you're not into the genre, if you're one of the 30M people who played @CallofDuty you've likely heard their music

2/ Interestingly, the metal community is similar to crypto:

> Niche sub-culture
> Ardent fans
> Anti-establishment

But like crypto maxis, the genre also has purists, which makes it hard for innovation to be accepted.

Read 11 tweets
Jason Choi Profile picture
Dec 13, 2021
Interesting thread, though I suspect most of these are already consensus

Agree with some…

But if I had to be contrarian…
1/ Alt L1s underperform $ETH

Alt L1s had a 10,000% year. Development will continue and LT bullish, but profits being distributed year end by funds means large overhang.

ZKR impact on ETH also seems overlooked, wouldn’t write off ETH/altL1 trade yet.
2/ DeFi catalysts

DeFi has already been through a full bear market, with most names down 70-80% against ETH. Who’s left to sell?

L2 proliferation, outside capital being onboarded via projects like @goldfinch_fi, sustainable yield products like @ribbonfinance hard to write off
Read 5 tweets

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