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david phelps Profile picture
david phelps
@divine_economy
cofounder @jokerace_io @ecodao_ write on web3 @ https://t.co/SxoZmGBbo6 angel @thecowfund
Apr 29, 2024 • 16 tweets • 4 min read
if you thought you knew eigenlayer, that just changed.

to date, excitement was around major protocols using restaked eth to bootstrap more easily.

it turns out, it's way bigger than that.

it's a way for protocols to exist that couldn't otherwise.

1/15
restaked eth, we were told, was useful to secure objectively verifiable transactions like those we've had in blockchains for 15 years.

all good

but the eigenlayer tokenomics explains it can be used to verify something new in blockchains: *intersubjective* transactions

2/
Jan 11, 2024 • 13 tweets • 3 min read
tokenomics for chains have been plagued by two issues:

1. you can't stake your liquidity and use it too (thus rise of centralized staking protocols)

2. governance can be bought

@berachain just released their docs, and it solves both

it's the greatest tokenomics i've seen

1/ like any traditional chain, berachain has its own token, $BERA, for paying gas, trading, etc.

but it also has another token, $BGT, which you earn by staking $BERA

$BGT is *non-transferrable* and can be exchanged for $BERA—but there's no way to buy it

which means two things

2/
Dec 28, 2023 • 12 tweets • 2 min read
we’re officially living in the memeconomy

i don’t just mean that value in every sector is in the ability to become a meme

but that memes themselves are now money—and arguably the primary driver of blockchains, toys, etc

lemme repeat:

we’re officially living in the memeconomy the memeconomy is the natural culmination of a century of consumption that has seen the imploding of manufacturing jobs, rise of automation, and buying as a *hobby*

to invert marx, commodities are now definite quantities of congealed *attention-time* in place of labor-time
Oct 5, 2023 • 4 tweets • 1 min read
the hardest question in crypto consumer is whether you even *want* to build for mainstream adoption

@friendtech makes $1M a day from 15k users; @blur_io does $7M daily volume with about 1500 accounts

the reasons crypto is a pain at the bottom are why it's a goldmine at the top elasticity: being able to capture consumer surplus of the most people will pay for given items

financialization: everyone pays gas anyway, so 10xing that price tag is not a big ask

these are massive unlocks enabled by crypto *and* frontend barriers to entry

both can be true
Jul 27, 2023 • 4 tweets • 1 min read
nobody is admitting it, nobody wants to admit it, nobody should want to admit it, but i am so sorry to say that crypto is 100% the future of advertising sorry, but you think single accounts that are transparent and interoperable across services that incentivize them to take greater social actions than ever *won't* be a massive boon for consumer profiling?

advertising is one of crypto's *greatest* use cases
Apr 6, 2023 • 18 tweets • 9 min read
1/16

few realize it yet, but shared sequencers are one of the few genuinely great business opportunities in crypto right now.

here's why: Image 2/
shared sequencer fans tend to be excited for a simple reason: decentralization.

sequencers just order a chain's transactions—so letting rollups share a *decentralized* sequencer means better MEV protections and censorship-resistance, yes.

but that's not why i'm excited.
Mar 7, 2023 • 12 tweets • 3 min read
every crypto project has a choice right now:

go after the 1% of users who represent 99% of transaction volume.

or go after the 99% of users who represent the 1% of transaction volume.

some thoughts: this dune dashboard by @hildobby_ tells you everything you need to know about how fucked crypto is right now.

opensea still has 62% of users... but only 18% of transaction volume.

to capture money in crypto, you have to go after the rich.

because they have *all* the money. Image
Feb 15, 2023 • 12 tweets • 6 min read
1/12

there is one solution to the airdrop problem.

and it's to kill airdrops.

immediately. 2/
what is the airdrop problem?

well it's actually two problems.

problem one is airdrop-farming: people running bots to perform rote actions, clogging blockchains to mine and dump rewards.

these are blockchain squatters.

and *they're* the ppl protocols reward with tokens 😶
Jan 8, 2023 • 5 tweets • 1 min read
the best and worst thing about crypto right now is that it’s run by technical idealists who believe the best tech will win most crypto builders believe we’re building trustless systems in which better tech will win.

in fact, we’re building entirely new systems of social consensus—in which whoever gets buy-in from users will win.

tech and ideology matter here.

but so do incentives and BD.
Jan 7, 2023 • 4 tweets • 1 min read
sorry, but any company that lets their employees out of the office for even an hour during the week clearly doesn’t care about profit you want to build a successful startup? give your employees food, give them beds. they’ll be grateful because they no longer have those costs.

just whatever you do, make sure the beds and food are in the office.
Dec 28, 2022 • 4 tweets • 1 min read
nothing is more powerful in building a business than network effects, and no network effects are stronger than composability:

ie every crypto transaction is also an API for another service.

and yet, NFTs and DAOs have barely been composable.

so their blockchains have no moats. why is it so easy for degods to move from solana to polygon?

solana made the right bet—maximize composability.

but there's nothing inherently composable about NFT projects to date.

so there's nothing keeping them in an ecosystem.
Dec 28, 2022 • 5 tweets • 2 min read
the app-chain thesis’ wildest implication?

consumer crypto products will actually be *infrastructure* plays.

after all, amazon is actually a database and compute company.

tiktok is actually an AI company.

likewise, consumer crypto’s real projects will be their own chains. the app-chain thesis means that consumer apps will incentivize using tokens and their chain will incentivize staking them.

the ideal tokens will:

1) have utility on the consumer side
2) provide security to the chain
3) represent value from cheaper gas costs and mitigating mev
Dec 10, 2022 • 14 tweets • 3 min read
1/13

there are two opposite beliefs of next-generation DAO tools.

belief one: focus on communities hiring workers

belief two: focus on workers selling services to communities

nobody is talking about it.

not even the tools.

but it has massive implications for DAOs ahead. 2/
a good way to approach this problem?

think of monocellular organisms that "evolved" by banding together to protect themselves from predators.

likewise freelancers—with few protections—can band together as collectives and easily raise money as DAOs.
Nov 18, 2022 • 17 tweets • 5 min read
1/16

"if smart contracts are open-source, won't someone fork them with lower fees to win?"

it's web3's big question.

and web3 also provides the main answer:

tokens.

lemme explain Web3's Fee Issue: 2/
smart contracts' major innovation?

royalties.

now anyone can remix or distribute your work, and you'll get paid.

but that's threatened by smart contracts' *other* major innovation.

they're open-source—so anyone can copy them and change their fees.

Oct 21, 2022 • 19 tweets • 5 min read
1/18

last month @VitalikButerin gave a fairly technical talk on a fairly technical problem—democratizing MEV by decentralizing block builders.

but step back, and we can see vitalik is imagining a whole new era of crypto with

~ on-chain privacy
~ restaking
~ data blockchains
👇 2/
recap:

the topic is "proposer-builder separation" to separate roles for putting blocks of transactions on-chain.

"block builders" assemble transactions, earning MEV w/ frontrunning, arbitrage, etc.

and then pay "proposers" to include their blocks.
Sep 23, 2022 • 22 tweets • 8 min read
quotes from ledgerfest (updated throughout day): “cosmos is the place where interesting experiments in mev are happening” — @tarunchitra
Sep 10, 2022 • 4 tweets • 2 min read
the most exciting part of the ethereum roadmap is the implicit recognition that financial transactions will be a very, very small piece of the data conveyed on blockchains from @jon_charb (as usual) must-read piece joncharbonneau.substack.com/p/decentralizi…
Sep 9, 2022 • 13 tweets • 10 min read
1/
you just need three tools to start a DAO.

~ @guildxyz
~ @jokedao_
~ @juiceboxETH

here's how: 2/
DAOs just require three things to launch.

~ community (@guildxyz)
~ objectives (@jokedao_)
~ capital (@juiceboxETH)

let's break those down.
Jul 28, 2022 • 12 tweets • 3 min read
DAO governance is a pain, because we've been doing it the way we've always done governance—

taking time from our day to represent our opinion with votes that barely count.

but on-chain voting opens seven new types of governance: 1. Fork the Winners

who actually wins a vote?

depends on the metrics.

on-chain governance lets us retroactively reappoint winners based on new metrics: quadratic voting, vote decay, penalties for voting on multiple options, etc.

different winners emerge for the same contest.
Jul 8, 2022 • 11 tweets • 7 min read
yes yes, tokens are the atoms of crypto—the building blocks of a new economic, political, and social order.

the thing is, we haven't really built with them; we haven't turned those atoms into molecules.

the real unlock for tokens will be how we combine them (thread) this is the second of three threads on unleashing the opportunities for tokens.

part 1 (below): 7 types of non-financial tokens
part 2 (today): 7 ways we need to combine tokens and VCs
part 3: opportunities of token governance