【8月社群之夜 - Base Summer 我來啦！】

Space Summary

The Twitter Space 【8月社群之夜 – Base Summer 我來啦！】 hosted by LootexIO. Experience the comprehensive world of Base Summer where the Metaverse converges with traditional and digital asset trading, offering unique collaboration opportunities through its Discord community. Dive into the future of finance and digital markets while exploring innovative ways to engage with NFTs and blockchain technology. Join a vibrant ecosystem that values inclusivity, growth, and continuous evolution within the Metaverse. Base Summer sets the stage for seamless trading experiences and impactful discussions that shape the landscape of digital assets.

For more spaces, visit the NFT page.

Questions

Q: What distinguishes Base Summer in the digital trading landscape?
A: Base Summer stands out by offering a one-stop solution for trading coins and NFTs within the Metaverse.

Q: How can Discord play a pivotal role in collaboration within Base Summer?
A: Discord serves as a hub for community engagement, partnerships, and networking opportunities.

Q: What advantages does Base Summer provide for users interested in diverse asset trading?
A: Base Summer simplifies the process by allowing users to trade both traditional coins and NFTs on a single platform.

Q: How does Base Summer contribute to the evolution of finance and digital markets?
A: Base Summer showcases the integration of traditional financial practices with the innovation of digital assets.

Q: What community initiatives are available for participants within Base Summer?
A: Base Summer offers collaborative spaces for individuals to share insights, ideas, and foster growth within the Metaverse.

Q: How does Base Summer foster innovation and advancement in the blockchain sector?
A: By providing a platform for trading and collaboration, Base Summer encourages creativity, exploration, and development within the blockchain space.

Q: What can users expect in terms of future opportunities within the Metaverse ecosystem through Base Summer?
A: Base Summer aims to continue expanding its offerings and creating new avenues for users to participate in the evolving digital asset landscape.

Q: How does Base Summer streamline the trading process for individuals interested in digital assets?
A: Base Summer simplifies trading by providing a comprehensive platform that caters to both traditional and digital asset traders.

Q: What key discussions are prevalent within the Base Summer community?
A: Conversations within the Base Summer community focus on the intersection of finance, technology, and innovation within the Metaverse.

Q: In what ways does Base Summer promote inclusivity and diversity within its community?
A: Base Summer encourages a diverse range of participants to engage, collaborate, and contribute to the collective growth of the community.

Highlights

Time: 00:12:45
Introduction to Base Summer Learn about the platform's vision to revolutionize digital asset trading within the Metaverse.

Time: 00:25:18
Discord Collaboration Discover the benefits of joining Discord for networking, collaboration, and partnership opportunities.

Time: 00:40:55
Digital Asset Trading Insights Gain valuable insights into the evolving landscape of digital asset trading and investment strategies.

Time: 00:55:30
Innovation and Growth Explore how Base Summer fosters innovation, creativity, and growth within the blockchain ecosystem.

Time: 01:10:22
Future of Finance Discuss the future implications of digital assets, NFTs, and blockchain technology on the financial sector.

Time: 01:25:15
Community Engagement Engage with a vibrant community focused on collaboration, diversity, and advancement in the Metaverse.

Time: 01:35:40
Trading Opportunities Discover unique trading opportunities and experiences for both traditional and digital assets.

Time: 01:45:03
Inclusive Space Join a welcoming and inclusive space that values diverse perspectives and contributions.

Time: 01:55:29
Blockchain Innovation Explore the latest trends and advancements in blockchain technology shaping the digital asset landscape.

Time: 02:05:17
Metaverse Integration Understand how Base Summer is at the forefront of integrating digital assets within the expanding Metaverse environment.

Key Takeaways

Base Summer offers a consolidated platform for trading both coins and NFTs.
Collaborate and engage through Discord for partnership opportunities.
The space emphasizes the convergence of traditional finance with the emerging digital markets.
Explore the potential of digital assets and blockchain technology in reshaping the financial landscape.
Stay informed about the latest developments and opportunities in the Metaverse.
Base Summer provides a holistic approach to navigating the complexities of digital asset trading.
Join a community focused on innovation and advancement in the blockchain space.
Discover unique opportunities for collaboration and growth within the Metaverse ecosystem.
Uncover the possibilities of seamless trading experiences for both traditional and digital assets.
Engage in discussions that highlight the transformative power of blockchain technology.

Behind the Mic

Introduction and Discussion on DAOs

Our channel subscribe. All right, GM Jam. Let's get this party started. This is David from Dexie Joint in Naomi. Always want to discuss crypto with you, and today we're going to talk about some Dao stuff. But before we get there, how are you, Naomi? What are you up to? I'm good, I'm good. I'm in my philosophy phase, so I'm reading a lot of whatever philosophers have written on the impact of tech, which can be pretty depressing. So anyway, I hope talking about Daos is going to be more exciting than that. I mean, it's a low bar, but. Daos are quite a bit philosophical because there's so many true about the human condition, but there's also a bunch of data and things that are more practical, I guess. So we'll cover both today, I think, to be determined. But since I mentioned data, let's go through that real quick first before we get to the bigger, more discussable things.

Data Overview

Just real quick overview. Just looking at deep down right now, we have total treasuries of just under 21 billion, down almost 6 billion from a month ago. Because, you know, when e drops, everything drops. But raising by half a billion over the past week about just under 9%. 115 daos have assets under management of at least 1 million, and only 30 daos have assets under management of over 100 million. Out of almost 11 million governance token holders, 3.2 million have voted at least once, and those numbers are growing. And as far as how many governance token holders Daos have, only 436 have over 100, and only 144 have over 10,000 governance token holders, which are numbers that I personally would love to see improve. These are, of course, very top level numbers, and they depend on which daos are being tracked and numbers that are a little more concrete for those keeping the score at home.

Top DAOs by Treasury

The top five daos by treasury optimism clear. Number one at 2.8 billion. Uniswap catching up somewhat with 2.5 billion. Arbitrum, they used to go neck and neck with optimism is down to 2.5 billion at this point. The artist formerly known as Biddao and currently known as mantle is at 2 billion. Sharp and gnosis Dao kind of wraps up the top five with 1.5 billion. We're going to be talking about some of these actually today, but that's just a bit of data. I don't really have much of an opinion on it. But now if you want to chime in on any thoughts, data related. Not that data related. I just made me think of this video that I saw today about how optimism is about upgrading capitalism. And I was like, man, that's ambitious. But yeah, I don't know if that's why they are on the top spot.

Philosophical Considerations of DAOs

So how we upgrading capitalism, I want to know, can I be part of it? Let me try and find. It was a tweet, so I'm going to try and find it and then I'll put it in here. But it was just like, I think they were talking about retro public goods funding. Oh, that is good stuff that I do like. Yeah. And then there's a lot of interesting stuff happening in there. But for another day, a couple quick updates about Dexy. It's been quite a couple of weeks because it seems hard at work on the product. And so nothing flashy, but behind the scenes, there's a lot going on. But if you are keep an eye on Dex, you'll want to be. There's an article about our CEO that actually relates a lot to what we talk about. The title is altruism isn't enough. Daos must incentivize active voter participation, which is a topic that I'm very interested in terms of aligning incentives. And Dexy has, of course, the tools for it.

Incentivizing Active Participation in DAOs

But on a philosophical side, there's a lot that daos really need to think about in terms of how to incentivize their community. And then the other one's just the transformative power of AI and decision making. So it's a case study of Dexe ourselves and basically. Oh, thank you for posting it. So now I just post it in the thread. So for anyone who wants to check out that tweet on capitalism, on optimism specifically. And yeah, so for Dexy. So AI and decision making, we are very big on using AIH models basically to make governance easier just by making information much more digestible and people much more aware of which votes are worthy of their attention and those kind of things. Not for AI to take over the world just yet. Anyway, that is the dexy part. But there is a world outside of Dexie.

Recent Developments in the DeFi Space

Is there anything that you wanted to bring up before I dive into the news that I dug up? No, not really. I think the only thing that caught my attention today, I think everybody probably saw this story protocol thing, who were bragging about their 140 million they raised, even though actually, I think their latest round was just, you know, just in quotation mark 80. And that has kind of kicked off a bit of a drama on my timeline and my own funny anecdote. I had to that was the first time I met them. I thought their story Dao, which I liked a lot, and I loved their idea of giving creators a way to use a Dao to make a joint movie or other creative works. And then I went up there and I was like, in Denver. And I was like, oh, wait, I. You guys are not storied out. And then I just left that booth.

Questions about StoryDAO and its Evolution

So, yeah, that was me. I wish I knew you were Denver because I was in Denver too, and also talking to them and I still don't quite understand what they do. Like, I even have to talk with them for a bit. I understand that they're trying to, you know, to kind of revolutionize the IP process, but. But there's a lot of confusing language there. So, yeah, I missed their story entirely about the race that they just did, to be honest. Yeah. And the only thing is there was a story dao. I don't know if they're there. I don't think they're still called that. I think they rebranded, but they were basically a dao of creative people who were trying to make some sort of creative project together, a movie or a big story. And that's why I was like, excited to see them.

DAOs and Their Project Viability

And then I realized it's the wrong. So, yeah, that would be, yeah. So cabin Dow started out by doing a lot of that kind of stuff. Then they pivoted now towards building local neighborhoods, which I'm a bit involved with. But yeah, we do need more story Dao type of things, like maybe friends with benefits is a bit like that, maybe others. Anyway, topic for another day. Right. But speaking of Dow news, so the first one I have on the radar is Hectordao. And I'm always a little cringed out, I guess, when I see anything regulatory related, because that original dream of crypto and Daos being a whole new system outside of the legacy ones. But reality is reality. And so Hector Dao became the first DAO recognized as a debtor under us bankruptcy law.

Regulatory Challenges Faced by DAOs

So, you know, they ran into trouble, they got mismanaged, and they were placed into receivership in British Virgin islands under their authority there. And the US court, under bankruptcy laws and something like that decided that they can't count as an actual legal debtor, meaning that they can be collected on they go to bankruptcy and all those other things. Not entirely sure which assets the British Virgin Islands Authority actually seized. And for me, more so than the specific piece of news I'm curious to discuss with you and the general idea of should daos be legally liable? Should DAos protect their assets in such a way that they can't be seized. What do you think about DAos in terms of falling within those legal frameworks that exist currently in the US and the rest of the world?

Responsibility of DAO Participants

I mean, I don't know too much about the legalities, but I do realize that everybody who tends to be involved in Dallas is also a human being living in a certain country and therefore probably somewhat responsible to be not doing too crazy shit. But yeah, I think there's this general tension since forever in crypto and let's say traditional world. And I mean, how do you resolve it? I don't know. If we eventually all live in the network state, maybe then Daoists don't have to be legally liable at all. But I think until that happens, there's always going to be the question of, okay, if I have a Dao and there's people from all over the world and they put their hard earned money, maybe sometimes not hard earned, into this, I think there should be some sort of protection in the case.

Self-Regulation Challenges in Crypto

Yeah, things are mismanaged, as in this, but I'm not sure how you would practically do that. And I don't know if the US law is the best one, because of course the daos tend to be everywhere. And I think the biggest problem we have in crypto is that the social layer is not good at, like, self regulation, which is why we often end up getting regulated by the others. Yeah, I don't know. Do you have any thoughts on the social layer, maybe how we can eventually not be regulated by whoever sits in the US? Yeah, no, I agree. It's not good. Right now. Dowser is still not at a level, or any project encrypt is still not at a level that it should be in terms of self regulating and really providing people with security and with the dispute resolution that's satisfactory to the kind of level that nation states are able to do.

Dispute Resolution and Reputable Solutions

So I agree with you that we need to get there before we can get away from nation states, if we ever can. I've been following kleros years ago, which has the whole system built for dispute resolution in a decentralized way by getting people to stake tokens and basically become jury for various disputes and get rewards if they vote with the majority, which has its own issues. But I haven't yet seen anything that's truly reputable. And Justin, there's always a question of qualifications, right. So if we're truly judged by our peers, it might be the most democratic way to do it. But is it actually going to be fair and wise and judicious? You know, our regular crypto people involved with some protocol gonna be as good as getting disputes as professional lawyers and judges and stuff.

Professionalizing Dispute Resolution in DAOs

And maybe we should get more professional lawyers and judges into dispute resolution within crypto, you know, the web three version of lawyers and judges, whatever that looks like. I don't know. Yeah, like lawyer doll maybe. Yeah, no, for sure. Like even like arbitration though, whenever you. Have a Dex actually has that. Like we have very strong believers in subdivisions or meta dows, depending how you look at it, of experts who get delegated and get more power and more rewards distributed based on making those decisions in the areas actually know and making proposals, then voting and all those things.

Expert DAO Subdivisions and Future Directions

But it's so young right now, it still needs to be tested. But I have a feeling there's something to it, you know, if you actually have a dao of experts or maybe multiple Dao's of experts competing against each other, you know, so, like, if one submits a legal opinion and the other's like, no, this is bullshit. Here's my legal opinion. And they all fight it out and clearly explain where they're coming from. Yeah, maybe there's something to it, I don't know, to be determined. So while we're on legal news, there's another doubt in the news about that, actually just saw an update on that today that it did pass.

Mango Markets DAO and Regulatory Settlements

So mango markets dow, they. I believe they were hacked. Yeah, not hacked. It was a highly sophisticated trading strategy. Oh, yeah, you're right. Highly profitable. Highly profitable. Avi Weinstein. Yeah. So it's Avi's thing, right? So, yeah, over 100 million. Well, good for him, but not for the rest of us. But yes, after all of that, they got into trouble and so they're trying to settle with SEC to make sure they don't get in jail, basically.

Legal Consequences and Market Impact

And the settlement that they're proposing is over 200k. Fine. But also it involves seizing all offer sales and resales of their token. Right. The MnGo mango tokenization in us, but also to destroy all the tokens in its possession and request the listing from exchanges. So it feels kind of like a self liquidation, though maybe not entirely, because it doesn't specifically say to self liquidate just to get rid of the token. So it's a little weird. It did pass. And, you know, for me, like, it's power to the people. If that's what they decided, that's their right. I have no idea the implications of this.

Reflections on Regulatory Actions

Obviously, Sec has a lot of power of jailing people and such. But I don't know. For me, it's just interesting to see how the Daos use the DAO process, even when interacting with regulators and lawmakers and things that are very serious. So I don't really have judgment whether it's right or wrong, but just interesting to see the process. But what do you think about all this? Any thoughts? Well, I mean, it's kind of, I guess, the better way out of this mess in a sense, because, I mean, the alternative, obviously, I think the guy who hacked them, Avi, went to jail.

DAO Downsizing and Project Viability

So there's already one person that got, I guess, their fair judgment. And, yeah, I mean, if the people say they want to cease, I mean, to me it sounds like afterwards they're basically shutting down the project, which maybe at this point isn't such a bad thing if you, I mean, they've been struggling, so, and I feel like in crypto, projects tend to stay alive for far longer than they would in maybe under real capitalism to maybe talk about that. So, yeah, I don't think it's such a bad thing if some dow decides to shut down and say, okay, we're going to move on, and if the code is open source, as I assume, maybe somebody else is going take it and make like, papaya markets or whatever.

Arbitrum DAO's New Initiatives

So I don't see it. I just don't know how it's going to reflect on other daos. Of course, in the future. I mean, it's definitely going to reflect on daos named at the tropical fruit, but beyond that, I have no idea. Regardless, you're right. I've seen so many ghost daos that just exist on paper, but don't really do anything at all. So sometimes it is better to kind of wrap up and try again or not try again. If I stole 100 million or drained 100 million, and I don't know if he was able to hide it or not, but I'm sure he has lots of company in that jail with SPF and others there.

Stakeholder Engagement and DAO Dynamics

But mostly I think it's just to get people more rewards and to give them more incentives to stake, to have ARB and for stake it. The interesting thing is that they didn't actually specify anything. So this is more of a temperature check. And it's interesting to see Dao's like arbitrum doing these things where they've seen we're trying to propose too much in one go, met with resistance, and now they're breaking it down into, do you want to stake ARP? How do you want to stake arp? How much are people on the stake? That kind of stuff.

Assessing DAO Proposals

So I don't know if that's a wise approach or it slows down everything necessarily. So I'm really curious to have your opinion on it because I really don't know. I saw Sim tweet today, the Daos are just trying to rebuild german bureaucracy. And I was like, man, that's good take there, hot take. But if you break everything down like that, it might actually get close to it. But yeah, I think generally if you ask something so simple, of course maybe the threshold to participate is a bit lower because you don't have to inform yourself.

Challenges in DAO Participation

All you need to know is, hey, of course I want a stake and I want to earn rewards. I think it's just a question of finding the right balance between, yeah, like how much do you break something down? And also maybe how many things can you actually put up for, let's say a week, a month and see meaningful participation? I mean, and since dowels are still kind of new ish, I guess that's just a question of collecting data. And every dow will be different, I assume, in that as well. I think it's a good experiment, and I'm sure they learn a lot from it.

Learning from DAO Experiments

I think the rest of us will as well, just seeing how that one goes. Yeah, exactly. And maybe more people will use their arp. Who knows? I don't know, though, because if you start staking it, that means you are not using arbitram. Yeah, it's interesting, all these l two s competing of can they incentivize their way into relevance for indefinite amount of time or at some point it's just gonna be upgrade?

Value Creation in DAOs

Like you're not really creating any more value, just trying to come up with new bullshit incentives. I don't know. It's interesting to see. Yeah. And also, are you relevant just because you have, let's say, a big amount of people staking, or aren't you actually relevant if you have people building apps that even non crypto users can use on top of it and are using on top of it. I think maybe looking at TVL and how much value is logged or staked is not always the best measure of success.

Assessing Success Through Utility

Yeah, it's very superficial and I like your of what's the actual build value created? Like what's actually being built? Is it just for show and for TVL and for, you know, imitation of activity? Or is it actually producing something that's going to be useful for a whole bunch of users in the ecosystem as a whole? And that the assessment might be pretty damning. I don't know. I mean, I haven't come across that many dapps yet that actually reach beyond the speculation audience.

Discussion on DApp Viability

Finally, I see Nathan here. Nathan, long time. Nice to see ma. Okay, there's a few things related to this I don't want to talk about, but before we get there's something very interesting that I already saw Vitalik talk against it, but I didn't include that in todaydeze. But I'm really curious to discuss it because it is a philosophical question, I think. So there's a DAO that by its creators being called the first fully anonymous DaO. And it's supposedly created to defend freedom, right?

The Notion of Anonymous DAOs

So a lot of really big slogan kind of things and supposedly everything about that DAO is designed to be completely anonymous and totally invisible on the blockchain, including of course the DAO itself. It's treasury transactions, membership, token ownership proposals, voting. Everything about it is so anonymous, so secret that no one can find out what's actually going on, but somehow it's supposed to function. On the one hand, it sounds cool because there's a lot of situations where censorship and persecution is real and it's a good idea to have some sort of privacy for various reasons, for, you know, peer retribution, for avoidance, to conflict or whatever. Right?

Questions on Anonymous DAOs

On the other hand, how functional is this? Or could this fully anonymous Dao be and is it really fully anonymous? It's such a weird thing for me with blockchain because most blockchains that we know are very much public.

Studio's Anarchist Manifesto

Yeah, that's true. I saw that as well. It's like darkfire or something. And they launched like. Yeah, and they have a pretty anarchist manifesto as far as I could read from the docs, which I think generally that's not a bad thing because I feel like we are lacking a bit of that spirit at times in crypto when everybody is so occupied with raising 140 million for their IP protocol or something. But yeah, I don't know how it's going to work. I would actually like to see it or try it just so I can figure out how it's supposed to work.

Voting Mechanisms Concerns

How can I vote? And I don't know how many other people vote it. Do I know how the decision is in the end? And how can I know that it is actually, well, correct. Right. Because if you can't see how many people voted on what you can't have know if whatever they tell you is the outcome, is the actual outcome. And I feel that's not so different from what we have at the moment in politics.

Concerns About Trusted Execution

But yeah, maybe. It sounds to me like it's basically a trusted execution environment this time. Like, except you are not sure what the trust mechanism is unless you. Yeah, I guess dig deeper into the docs, which I haven't. Yeah, me neither. I'm assuming it's some sort of ZK type of thing, you know, where they do verification in such a way that no one can get access to raw data. But that takes, as you said, a ton of trust.

Uncertainty in DAO Decision Making

And how do you even know if you're joining it, what you're joining, and whether the vote's actually a vote, or just somebody deciding and saying that's what the Dao decided. The DAO decided to give me all the money and for me to rug pull you know, who knows? Yeah. I don't even feel they are like nefarious actors. I mean, if they are actually believing all of the things they put in the dogs and the anarchists, then it totally makes sense to make everything private because those are the kind of people who will also be targeted by law enforcement.

Support for Privacy in DAO Activities

But yeah, I just don't know how it's going to work in practice. I think so. And I mean, in general, I do see the need for privacy for certain things. And if you are going to make something private, I also believe it should be default. Because if you don't have default privacy, then anybody who decides to opt in is automatically singled out. Okay, maybe they're doing suspicious stuff, but there's of course no such mechanism in this one.

Potential Risks and Theories

So we'll see. We'll see. At the end of the day, it might just be Robert Kennedy Junior running this down as a secret fundraising day. You never know. One of the famous whistleblowers maybe, because I guess this is. This would be a use case where you would definitely want rock hard privacy. Yeah. For whistleblowers, for journalists, for opposition. You don't know, repressive country, anything like that.

Speculations on the Darknet's Origins

There's a theory. And again, it's just a theory. Please don't arrest me or kill me or anything. There's a theory that the CIA created the darknet. Well there was a theory they created crypto so there's a theory the CIA created everything I guess, but the original theory that they created darknet and even tor because it allowed them to work with sources secretly. Right. So who knows? Again, just a theory.

Discussion on Internet Infrastructure

Don't shoot me this, I mean, to be fair, it's not that far fetched if you consider that like all of the Internet infrastructure we use today was publicly funded. So what fit the bill? It could, yeah, totally. Or not, again, comes to the messenger. Yeah. Okay, let's get to some proposals and they will not get us in trouble with secret agencies, hopefully. So decentraland, Dao.

Proposals from Decentraland and Sandbox

I, there's something, there's a proposal from each decentraland in sandbox, so I want to talk about each of those. But let's start with Decentraland. They been very active recently and they had several interesting proposals. But the one that caught my attention the most is that they want to create an incentive system and much like arbitrum is doing, but in a different way, they want to have some sort of incentive system that gets more builders and creators to build a crate.

Incentives for Both Users and Creators

Right. Basically. And they're insisted it's not about just pay to play kind of thing. It's not like Axio or anything like that, but it is trying to get active users to be even more incentivized and to be even more active. And they want to basically allocate 5% from their monthly vesting funds and they want to give 25% of that allocation to the Dao voters, not just 75% to creators, 25% to the Dow voters.

Positive Reception of Decentraland's Proposals

And the rationale there is that they want the voters to also be incentivized by this. So they're kind of bribing their voters to say, hey, let's all get the creatives happy, let's all get those active users happy so that Dao is happy because there's going to be more value in it. And so far it's almost unanimous. Hundred percent yes vote. And it's not super detailed plan, but it's interesting in that it gives money both to the creators and to the dev voters and that it's trying to get more activity into the game, into the world.

General Thoughts on Decentraland's Plans

Right. But that's just my take on it. Is there anything you notice there that I'm maybe missed? No, I mean generally it does seem to make sense. I recently watched one of those videos of, I guess it's like non creature people hanging out in the Metaverse games and the. Well, they didn't come to a positive conclusion, let's put it that way.

Integration Challenges in Metaverse Worlds

And of course, Decentraland was one of the featured ones, so it definitely seems they can need some more creators. I think the challenge generally with all of these is that even though we always say like, nfts and interoperability, it's not true. Right. If you build something in Decentraland, it's not like you can easily use it in any of the other worlds.

Opportunity Cost for Builders

So from a builder's perspective, right. If you are going to commit to one, then you always have that looming. So maybe there it helps to reduce the opportunity cost if you give them some tokens.

Comparison to Traditional Gaming

Yeah. For me personally, I try to hang around sandbox in Decentraland and it felt very crude and boring compared to traditional web two gaming that I'm used to. Right. Like with this incredibly rich worlds and storylines and all that here, it felt like kind of primitive, to be honest.

Roblox as a Benchmark

Yeah, I mean, they always say it's like Roblox, but I mean, if you look at how addicted my siblings are to Roblox, it's nowhere close to that. And Roblox has like eight year olds creating stuff, right? Like, yeah, exactly.

Revenue Models of Youth Gaming Platforms

For free. For free. Well, yeah, I mean, they're making money in weird ways, of course, but, yeah, that's the thing. If sandbox, Decentraland and, you know, crypto voxels and the like, can get eight year olds to make money doing cool shits in a way that's like a lot better than Roblox is doing, which is what they keep saying they want to do but haven't really delivered on. They can do that. I would be applauding them.

Perception of Current Projects

Honestly. That would be amazing. Yeah. I mean, at the moment it seems they are all rather dead. I mean, at least in terms of people hanging out in theme. Oh, it's like, yeah, why would I go through this ad box when I can? I don't know. Just call my friends, I guess.

Concerns Over Engagement Strategies

No, I mean, they're trying to like, have concerts and galleries and all those things. Yeah, I know. So forced. This just doesn't, at the same time, it would be really cool to have, like you said, like, you can't use stuff created there in other places.

The Future of NFT Usage Across Platforms

It'd be really cool if there's a lot more integration, which I heard being talked about since 2020, probably of your different NFTs and avatars and reputation, all those things across those different worlds and across different projects like your ape, you know, you bought ape being like a thing in sandbox, in Decentraland, in Axie and all kinds of games with actual attributes and things, you know, that'd be awesome.

Consistency of Ideas in the Industry

Yeah. I think that was an idea that they have been talking about since forever, especially in positioning against like the web two platforms. And I think it's not really like the web three features are always just leveraged in terms of we will give you coin, but never in terms of, okay, interoperability, you know.

Integration Difficulties

Yeah. Which of course, it's not necessarily in the interest of the platform. Right. That you can just go and do something somewhere else because you don't have the vendor lock in anymore.

Expectations vs. Reality in Web3

So in web two world, yes. In web three world, they keep saying that it would be, that we can. Yeah, I know, but I haven't seen it honestly, and I've seen a lot of people talk about it, but I haven't seen it actually implement it.

Exploration of NFT Utility

That would be nice. I would love to see that, especially because, I mean, we're getting fire off the topic of Daos, but just to kind of wrap this up, I remember so many NFTs that I bought that ended up being worthless but are kind of cool, like with their art and their story and everything.

Potential for Cross-Platform Value

And same with meme coins and other things. And maybe if there was actual lasting utility across all kinds of existing and new platforms, including, you know, using those characters to get a better rate, like lending on, you know, aave or something or to get more airdrops from new projects or to get whatever, like to really make each character and each attribute and each, like, item that you hold and whatever actually potentially valuable across the whole web three ecosystem.

Re-evaluating NFT Ownership

Wow. Can you imagine like how much more valuable it will be? Well, yeah, but you're supposed to buy the NFT for the art, not for the benefits. Oh, I missed the memo. So maybe your mindset is wrong.

Token Bound Accounts as a Concept

No, I mean, I agree. I also found token bound accounts a funny idea. And then I tried it with my own, like, NfT because they were one of the first to support it. And you can collect nfts with your NFT, but it could complicate it soon. And then I just stopped.

Potential Interaction with NFTs

But if you could use that would also be fun, right? In some way. If you could spin up your own gallery with the NFTs your own NFT owns in like Decentraland be, maybe I would give it a shot, even though I'm not usually hanging out there.

Optimistic Future for Virtual Worlds

So yeah, we're pretty stuck there for now. But let's see. I mean, I wish them much of luck because I like the idea of these rich virtual worlds. We could do a lot of things. I just want to see it executed someday, maybe this decade, I don't know.

Sandbox Academy Proposal

Anyway, before we move on from virtual worlds entirely, let's talk about sandboxes as well. The other big world that everyone talks about. They want to do something entirely different for their activation campaign.

Educational Initiative with Sandbox

They want to do an academy in the Philippines, basically taking university students in, I believe three different universities maybe, and they want 51,000 cents as a budget and basically have courses both on site at universities and virtually to teach them how to build shit specifically in the sandbox, but more generally how to have those kind of builder skills with programming and everything.

Budget Allocation Concerns

And what I found kind of interesting is that 10,000 sand is allowance for. I have no idea what transportation accommodation is. Also 10,000 sand laptop is 3000 sand, which I'm assuming a whole bunch of different laptops.

Skepticism About Budget Estimates

Or maybe it's just one laptop for the administration administrator, school assistant 7000 cent, 200 t shirts, 5000 cent posters, 1000 cent pizza and drinks 5000 cent, and GGA cent prices 10,320 cent and some other stuff as well. So whenever I see budgets or for Dow projects, it's usually one of the two things.

Critique of the Proposal's Feasibility

It's either this looks ridiculous, it just looks like numbers that they pulled out of their ass, or like, oh, I really appreciate how careful they were. To me this one specifically is a bit more on the ridiculous side. But I don't know, what do you think?

Budget Realism and Token Utilization

Like just hearing those numbers, I mean. I think it's very optimistic. They think that 200 people want to have their t shirt. I don't know.

Reusability of Resources

I feel like crypto already creates so much landfill merge that, you know, I don't need to force it anymore. But yeah, it does feel a bit more on the ridiculous side. In general, I appreciate the initiative itself, like educating people, especially if they teach them skills that they can use outside of sand as well.

Potential for Skepticism in Educational Approaches

I'm very forward. If it's just indoctrinating them in the world of sandbox then well, maybe I'd be a bit more critical. But yeah, I think it's also posters and other marketing materials.

Clarifications and Marketing Costs

I wonder what the other marketing materials are. How many posters can you print for 1000 sand? Yeah. And how much pizza can you buy? Right. And also like, is there anything besides pizza they might want to be eating?

Nutritional Implications of the Proposal

I mean, yeah, I think in general it's pretty unhealthy but if you just eat pizza for, like, four weeks, I don't think that's good for a young person brain, or any person's brain. But, yeah, it appears that 1000 sand are $260.

Cryptocurrency Value Estimations

Yeah, it's about, like $0.30 or $0.26. Right? Yeah. So it's not a lot of money by any means. So it's not like, a million dollars to do, of course.

International Budgeting Considerations

But maybe that's why they chose the Philippines. Right? Yeah. I mean, I recently learned the term crypto colonialism exists.

Concerns Over Labor Exploitation

And since my world has not been the same, you know, if you wanted to be evil, you could frame it as one of those initiatives. Farming cheap labor in cheap countries. Well, that's actually the thing that got me interested in this proposal in the first place, because we all remember, you know, a couple years ago, when Axie kind of became almost the top employer in the Philippines.

Sustainability Questions

Right. Not virtually speaking. And. And then it made a lot of people much better off there, but it also, once it crashed, it did some negative them, you know, stuff as well. So I'm wondering if this is, like, more of the same, or is this actually gonna create something more sustainable for these kids in the Philippines?

Assessing Value for Local Communities

Because that I'm all for. Right. Like, if you could take a country that's, you know, on global richness, poverty scale, whatever, is a bit towards the poverty side, and you can really train much young people in the kind of technology that could uplift them and their families, great.

Approaches to Educational Delivery

But if you're gonna just train them to farm sandbox like they were farming axie before then. No. Yeah.

Overall Value of Educational Programs

So I guess that's the key question here, right? What are they actually gonna teach them? Which they should probably put in the proposal in depth.

Curriculum Development Concerns

Yeah. And the thing is, I didn't mention it, but they did mention the proposal that only once it's approved, the first month or a couple months, they're going to look for the universities that they want to partner with.

Planning Educational Partnerships

They're going to, like, get those agreements done, and then they're going to draft a curriculum. So they don't even have a curriculum in mind at this point, at least according to what I read in the proposal, which is always disturbing to me, like, you know, put up a curriculum first.

Previous Initiatives and Similarities

And I've seen nouns do something similar, I believe, indonesia. So it's. It's not the first initiative of this kind to create this kind of crypto university based for a specific community.

Focus on Execution

But like you said, it's all about execution, that you're actually gonna get your money's worth. Bye. Getting a lot of kids to get good, usable skills in web three? Or is it just going to be kind of a PR stunt to get more people to use whatever your project is and, you know, run up the numbers on usage?

Educational Depth and Structure

Yeah, I mean, the fact that they don't have a curriculum at least. Like, even if it's just a rough outline. Right. Nothing in detail is a bit of a red flag for sure.

Technical Issues with Giveth

So this one, I just realized that my metamask is off. Let me turn it on to see, because next one's on giveth, and I actually have give deposited in the giveth forms.

Proposal for Inactive Allocations

I need to switch my work, but let's do that. So giveth is. Has a proposal for. Hey, where's my. It's not switching networks. Where's all my giveth?

Concerns About Lost Funds

Okay, well, I guess all my giveth is gone. But for those that isn't gone, they have a proposal about whether they should introduce a claim window for inactive give allocations.

Addressing Unclaimed Allocations

Apparently over 6 million in give has been allocated to wallets, to addresses that have not claimed them, and then no interaction with the token at all. And they want to take them back because this is give that can be used in ecosystem, it's debt tokens, and it's not helping anyone.

Support for Giveth Initiatives

Right. And I love giveth for their mission. I've always been a huge fan of giveth, same as Gitcoin, of course.

Reflections on Giving

And all the give that I have is practically worthless right now. And I hope they change it someday, but hopefully it is making a little bit of impact. And I love their mission. And if this is a sign that giveth will find a way to give actual value to the token, to the gift token, in addition to all the good work industrial ecosystem, then I'll be happy doubly because I might actually be able to sell my gift at some point and get some of my money back, you know?

Concerns About Value

And I think it makes sense, you know, like they do say if there's so much money there that's not claimed, yeah, it's just gonna sit there forever. That also doesn't help anybody. They make the window long enough. Yeah, it can be like a day or something. But they are very specific that it's for people who really haven't interacted or received in a while. Like they haven't seen anything in the last nine months or so. Also, gnosis sucks at connecting. Like, I'm in Metamask trying to, and I can't reach the network, but apparently I have 10,000 gift to claim, in addition to, like 46,000 already have stakes and boost and all that.

Metamask and Wallet Dynamics

Anyway, I mean, Metamask recently had issues with the RPC provider. Just a reminder how centralized all of this actually is, in case you didn't know. And, you know, to be realistic, like, Metamask has established such a first mover advantage that I'm still kind of hooked on it, even though there's so many other wallets that do exactly the same and sometimes better. Like, I have Ravi. I'm Rainbow now. Rainbow Maxi. Now you're rainbow Maxi. I do have rainbow, yeah. The problem is some apps, of course, they don't connect with rainbow because everybody else always integrates metabusk first.

Exploring Alternative Wallets

So. Yeah, and some networks. Yeah. So I do a rainbow. I haven't used it much. Terrified of moving my existing accounts. Maybe I'll create some new ones and just use rainbow more, because I do hear really good things about it. This is not sponsored by Rainbow or Manamask, by the way. It's not sponsored by anyone. Not yet. Good point. Wink, wink. Rainbow, if you're listening. Or Metamask, Kevin wants to throw more money away. We can have half of the show sponsored by Metamask and the other half by rainbow. You know, I can think we will. Donate it to give. Give it? Yeah, actually, most of it. Some to ourselves, but most of it, no.

The State of DAOs

Fine. We should donate to give. They're great. I do love them. All right, so while my gnosis still doesn't connect, let's talk about uniswap. This is a topic that I talked about before, and it's kind of near and dear to my heart because it's so important for Dow governance, and yet it still hasn't been figured out, to at least my knowledge. But maybe you've seen something better. So Uniswap has a temp check proposal for delegate reward initiative. The second cycle of it, the first one completed, and they're happy about it because it had 100% voter participation among delegates, both off chain and on chain.

Uniswap's Delegate Reward Initiatives

And so the requirements for cycle two is to maintain at least 80% on chain and off chain voting participation for the past three months, which will give them 3000. And then to write rationale for the voting in their delegate profile, and then to attend Uniswap community calls. And then for doing those two things, they would get an additional 3000. So delegates would be getting $6,000 worth of uni, apparently every month, for just voting all the time and in their profile, describing why they're doing it, and to me, it's not enough, honestly.

Evaluating Delegate Responsibilities

Like if I'm getting paid, what realistically is quite a good salary, right, especially in most of the world, and all I have to do is just show up and have one big explanation for how vote. Not even have an explanation for each particular vote or make proposals or whatever. It's kind of a low bar for me, but maybe I'm asking too much. Delegates, what do you think? Yeah, I mean, it's basically your bi. Well, I mean, okay, you have to make a bit of effort, but yeah, I think you could be a bit more ambitious in terms of what you ask of delegates, because of course there's not, everybody is a delegate, so you should have some more responsibility.

Challenges in Engaging Delegates

But yeah, I mean, that's a problem, right? Like there's so many things seeking our attention at all times that even just getting somebody to sit through a 1 hour call these days and pay attention, it's a big ask. So, yeah, I also understand, like why they are trying to keep the parlor. Well, to me it's the sign of the problem that there's not enough high quality delegates. So they kind of have to. But maybe there's other reasoning that I'm not seeing. Yeah, maybe that's also the problem that the delicates they have don't actually care enough to because I mean, of course, in an ideal world, people would be motivated purely because, hey, I get responsibility and I get a say and this is pretty awesome, so I should pay attention.

Proposed Solutions for Delegate Quality

But that's unfortunately not the world in the uniswap dao. So yeah, maybe that is the problem. But then the question is, how do you solve the quality delegates problem? It's probably a tough one. I agree. It's a really tough problem to solve. And you know, like I was talking earlier about expert delegates that have proven area of expertise, that have been voted in as expert delegates that have, you know, rewards through their voting. Not just a UPI for like, hey, thank you for being a delegate, here's extra money, but actually like have to get votes and care about the votes that they get and maybe compete with other delegates with the same expertise.

Looking Ahead in the DAO Space

Something that's a little more dynamic, I guess. I don't know, it just feels like the bar is unnecessarily low here and maybe that's where we're at with Dallas right now. But I would like to be a little more advanced than that, at least at this point. We're in 2024, not 2020. Yeah, it's been a while that we've been doing this right. So you would think we have a bit more success. Maybe it's also a scale problem, right? That. That people always try to go for big scale first.

Exploring the Delegate Structure

That's the thing. I think there's only ten delegates or something for uniswap and this is. Right. Well, ten is pretty low delegates. Twelve delegates for each month of the year. Yeah, that actually should be funny. There should be one delegate that only votes in January and then and so on. I mean, maybe that is the solution. Like, okay, you just have to work. Work. I mean, be very active for one month of the year, and then, you know, you can leave it to the February and march people.

Innovative Approaches to DAO Participation

Maybe that would be interesting. I haven't seen that yet, but, you know, you heard it here first. Maybe that's the way, one month, you like, the leader, you know, like in un, they have like the chairperson or I, European Union, whatever. They have, like, this one person carrying the thing, and then they rotate. Maybe that's the thing. Maybe that wouldn't even be bad, because then everybody has seen it. All right. And who knows? Yeah, who knows? But we'll see.

Future of Uniswap and Its Impact

But definitely something as big as Uniswap can do better, right? So I want to see them come up with better shit. And again, to self promote. Dexde has those mechanisms for expert daos as delegates. Have you trolled uniswap yet? We haven't. We should. Hey, Uniswap, do you hear this? You should slide in the DM. Sorry. Seriously, I need to remember, I have some friends that I need to talk to.

Meme Coin Dynamics

Offer them some dexy socks or something. Wait, do you actually own uni socks? No. They did have defi socks later, and I did buy those, but then I sold them for profit. And now I'm like, maybe I should have kept a pair because, you know, profits. Great. But I never got the unisocks. I was telling you. But status is greater. Yeah. Yeah. No, Unisox.

Reflections on Unisocks and Community Value

Oh, man. All the silly projects in crypto and history. I think unisocks was the best one ever. Props to them for that. Yeah, for sure. Okay, moving on. I found an interesting proposal. I never heard of this dow, by the way, but I love the name. It's called the vibe style. Spelled by BZ.

Vibe Style DAO Initiative

Yes, for that, I love them. But they have this interesting proposal to create open discussion between the council of the DAO and the DAO itself. And what they're trying to do is to have three sessions each week where DAO members can discuss with the council pretty much anything. Proposals, feedback, ideas, what they want to contribute what they can contribute anything. Right. And there's nothing formal as far as, you know, any sort of financial incentives or legal enforcement mechanisms or anything that is just.

The Importance of Council and Community Dialogue

We want to have this dialogue. We want to have it regularly. We want to make it clear communication is important because the DAO, of course, is the power of the people, but the council often is the actual executive branch of Dao. Right. So I found it interesting for daos to be conscious of this, and I haven't really seen much of that with other daos, with consoles and things like that.

Vibe DAO's Approach to Communication

I don't know if you have. Yeah, I like the idea. And if they're called the vibes, though, I guess it's important to have good vibes. So, yeah, if you can. If you can maintain those by having people talk to the council three times a week, then I think that's. That's great. Especially if you cater to different time zones. I mean, I'm sure they have an idea of who is in their dao.

Feedback Mechanisms in DAOs

So. Yeah, I think that's good. I think maybe Moy Daos should do that, especially those that have an actual community that's interested in what's happening. And it's maybe also a good way to surface any ways that maybe people in the community think things can be improved or what's not going great. What's going great? Like, I think that's one of the things in web three I always find funny is that there's not so much focus on user feedback, because I've seen it a lot and also comes up in conversations a lot that, okay, you have analytics tool, you see what the users do, you hear what they are asking, but then product does something completely different.

Bridging the Gap Between Council and Community

And maybe that's the way for Dao to just make sure that people don't get a. Yeah, don't have that gap between council things. This is happening in the community and community things. Yeah, I've seen that a lot, actually, where there's a bit of a disconnect and I get it. Of course you don't want to just create whatever the whim of the public says to create. Right. If it's completely different from what the Dow is about and I.

Finding Balance in Community Expectations

The devil's working on, you can't just turn on the dime and say, okay, we're a meme coin down now, you know, or like, you know, we're gonna buy the Louvre or something, you know? Yeah, but. But of course it's good to be aligned with what the community cares about because they put the money in it. Right. Usually that's how Dallas work. So it's interesting to have that kind of balance where the builders are building, but the community has some sort of voice, however it's expressed.

Challenges with Large DAOs

Yeah. I think the only thing, if the DAo gets too big, it might be a bit messy. If you have a session like that and there's like 500 people trying to talk. I mean, this would be absolute luxury if there was a DAO session and 500 people would be so interested to just speak at the same time. I would not attend, to be honest. Like, even with 100 people, like, some of the spaces I've been to, if there's more than, like, three or four speakers, it gets too much, you know?

Finding the Right Approach

Yeah, that's true, but. Yeah, that's what I'm saying. Maybe you would have to find something for that, but I don't think that's a problem. We have too much at the moment in the Dao space, and vive seems not that big either. So, yeah, I think it's going to have to happen in decentraland or sandbox. By the time people actually find where it's happening, you know, it's going to be over.

Engagement Through Modern Platforms

So it's going to be easy. It can be a live stream on unloadly and you can just, like, blast your opinion over the screen. Exactly. Right. But we'll see. It's definitely interesting. But moving on, Floki Dao, which is a fun one, right. The meme coin dao. Basically, they're thinking about whether to invest 200,000 from their treasury, 200,000 equivalent of USD into the Simons cat token.

Floki DAO's Strategic Considerations

So Simon's cat, of course, legendary meme, is creating its own token through the launchpad with partnership with Floki. So they have a stake in it just because of that. But they also have an opportunity to invest at a good valuation, at a discount, basically, into the token, which, of course is going to be called cat. And, you know, we're actually getting a lot into meme points lately, Dexy.

The Evolution of Meme Coins

Like, we launched some meme coin, like hot, for example, or like boxy. I mean, that became hot boxy. And it's interesting to see meme coin communities becoming more than just a single meme coin community in terms of actually forming daos, of actually trying to do other things, find utility for their token here, invest in another meme coin. It. It's kind of. It almost feels like meme coins are going up and it feels silly saying it, but it almost feels like it.

The Future of Meme Token Communities

I don't know. What do you think it's just another fad that you're trying to get as much money as they can. Or is there a new kind of stage to meme coin communities that's a little more sophisticated? I mean, I don't know the plan of Simon's cad meme coin. I'm more surprised that the cat ticker was still available. Like, surely somebody would have created, like, cad.

Skepticism Around Meme Coin Sophistication

Maybe they bought them out or something. But, yeah, I don't know if meme coins are getting more sophisticated. So far, I haven't seen much indication of it. I know that some of them are building their own chains. Like, I've seen it with Dejen. They now have an l three. But there was a major problem with people bridging and the funds disappearing and stuff like that.

Observations on Simon's Cat and Meme Currency

So it was very Dejin, as the name suggested. But, yeah, I don't know. I generally, I love Simon's cat, of course. I just don't know how it translates to a meme coin, because I could more see it. Like, if they did an NFT collection, you know, I would be like, okay, I get it. Because then people can mint the NFT.

Discussion about Meme Coins

I don't know, sticker. But, yeah, in terms of meme coin, I'm not so sure, because I remember the nyankat guy. He did, he did some sort of drop, and that was nfTs. And he had a really funny thing where every day I think of the week, he had, like, a n cat, but with a different color balloon. And then in the end, it turned out like, you could decide if you wanted to keep yours or you could upgrade to, like, a rainbow balloon or whatever. But it was like. And there was, of course, like, a certain window in which you could get either of the colors, right? So there was no way to get them all when you miss the winter so that I could see more with a meme. I'm not so sure about the meme coin. So, yeah, I don't know if Loki Dow should invest. I guess they can, because they are already.

Investment Considerations

They already have a stake in it anyway, right? So. And it might go up. I think the bigger question is then, when do we sell, right? Do we have to have a dow vote on this? Or can you just set a price at which the DAo is going to sell? Like, okay, if it hits this price, this is where our limit order is, and that's it. Like, I think that would be actually interesting discussion. That would be actually, now that you mentioned, they really should include. It's okay. Should we invest? And if we do, what should be our limit? Orders. What's, that where stop. Whatever orders. Like, when do. Should we actually sell this or should we huddle it? Or should we create some sort of, like, staking mechanism or, I don't know, some sort of thing. How much are we willing to lose?

Staking and NFT Integration

Yeah, you know, like if they stake their cat into maybe orbit room or something, you know, and then kind of merge those things and then also create a sandbox promotion and just kind of combine everything that's going on in one thing. But, yeah, this is just like, should we invest in this new meme coin and hopefully make some money? Yeah. Especially since they don't say, like, how much money they're looking to make. I think it would be more like, if you're supposed to make, like, a decision on it, right. This is. Maybe there would be some sort of indication, like, this is the timeframe we are looking to stay invested. Yeah. Or maybe it's just forever, right? And it's like 200,000 gone from the treasury forever. But even then, it should be in the proposal.

The Nature of Meme Coins

I mean, the one. And it's basically a donation, right? It is. Because, like, the one thing we know about meme coins is that they definitely keep their value forever and never run out of steam, you know? Of course. By the way, I looked up, just for fun, like, why cat ticker is available. So the ones that I found that could have taken it. There's cat in the dog's world, it's Ticker's mew or meow mew. There's cat dog. Which ticker? Cat dog. There's cat with hat, of course, with the ticker cwif. There's a billion dollar cat BTC. There's Ginnon Ginnin the cat ticker. Ginnin. And there's catgirl with the ticker. Catgirl, surprisingly, yeah.

Exploring Cryptocurrency Names

Not a single coin with a cat ticker. I'm amazed. Well, on ethereum, baby. Yeah. Maybe if you started looking on BNB. Chain and whatever, but yeah, I'm just looking at coingecko, so it's not very cheap, to be honest. Oh, sure. Wherever. I know. I once invested in a coin. It was called cake coin, so it was a cat coin. But they had an e in there, so yeah, it was not there. Ticker cat either. See, it's definitely missing out. But too late now. Too late for us. They grabbed it. We can still get the base name. Yeah. Right.

More on Currency Names

Or maybe sell it to them. Kitty or something. Right. Is this Kiribati? Let's see. Okay. Kitty. Yeah. Kitty's available. Oh, no, Kitty's not available. To spell the wrong, there's two different. No, three different kitty ones. Kitty inu kitty coin, solana and roaring kitty. There's a roaring kitty. Wow. Really? There's a roaring kitty coin? That's hilarious. I mean, there's a cool everything. Oh, my God. There's two of them. None of them actually affiliated with ornate kitty. But anyway, okay, to have all of this up, let's talk about gnosis, one of the earlier and more serious dials, of course.

Gnosis and Its Proposal

So this actually, I found really interesting. They have a proposal for gnosis pay rewards. So they have the app, gnosis pay. Right, which is payments app, of course. And they want to just put out ten k to know forward stairs anywhere from one to 4% based on the amount of node that they deposit in gnosis pay, kind of basically locking it there instead of staking it somewhere else. And they're trying to get more attention to the product gnosis pay and more people to come back to gnosis, because ever since, well, arbitrum and optimism and base and others, people kind of forgot about gnosis, not least of all because it's not connecting to metamask. So.

Incentives and User Retention

Well, for me, at least. But their logic is, which I find very interesting, is that their hypothesis is that these other l one s and l two s, again, mostly talking about the solanas and arbitrams and optimisms of this world, are throwing the buckshum incentives, like we saw earlier with arbitrum. And once those incentives end, their users will go away. So gnosis is saying, okay, well, they're going to go away to somewhere that's actually much more useful and beneficial long term. How can we be useful and beneficial long term? By making our actual products rewarding, which is interesting logic to me. But what do you think?

User Sentiment on Gnosis

Well, I actually don't forget about noises. I remember them. I was going to sign up for the card, and then the fractal thing happened, and then I was like, okay, I'm going to hold off for now because that's also their KYC provider. So. Yeah, but I think, in general, I understand the idea of making your product rewarding, and I think that's what a lot of these credit cards and whatnot. They are doing that. Right. They're saying, okay, you get, like, a 1%, 2% payback. It really, if you. If you put a lot of volume through your cart, then it makes sense for your 350 coffee.

Market Dynamics and User Priorities

It's not really much of a difference. But I do agree that at the moment, a lot of the traffic on these, especially newer chains and l two s and whatever is currently in Testnet, it's pretty incentive driven. I mean, we've seen it ourselves as well. Like we had a testnet and there was some sort of point program involved as well and lots of people there. But the second you actually turn it off and say, okay guys, we're actually now on Mainnet and you now have to provide real work into the network to get rewards, everybody disappears. So yeah, I think there's definitely something to that. And I do think generally they have a good product and also they have a great track record, right, unlike many others.

Attractiveness of Cashback Rewards

So yeah, if they could give like cashback rewards, I think that would make it pretty attractive. And who knows, maybe more people will start actually just using the pay app to begin with and then finding out about the rest. Right. Because especially if people get paid in crypto, it makes sense. That's what I like to see, that there's more focus on actual products and, you know, there's, I'm not a super technical expert, right. So I don't know how much better, worse. Let's say gnosis versus polygon versus arbitrum are in terms of tps and that kind of stuff.

Competition and Future Prospects

But essentially they all do the same thing, right? So once the incentives run out, I want to see which ones actually deliver, like really deliver. And gnosis obviously has been building and building hard for a while. So I hold some gnosis I have at stake and I keep an eye on it. I respect what they do. Yeah, I think I saw some discussion starting on that as well. Like all of these l two s, l one s. Eventually, you know, I think in terms of tech, we are all going to have stuff that is pretty similar, and then the real differentiator will be like, what products do you have?

Market Culture and User Experience

And the culture, which is both pieces where we are not really amazing yet in crypto. So. Yeah, and kenosis, they have a product. Everybody I know who uses kenosis pay is pretty happy with it. And now they're going to get some money back. Yeah, hopefully one to 4%. So I can ask them to pay my drinks. So, yeah, so you can earn more rewards. You know, the more you spend, the more rewards you make. This is girl math, as they say.

Future of Crypto Rewards

If you're listening to this, please sponsor us. Give us. But, yeah, no, but it's good. To see, especially since it makes inroads for crypto payments benefits, crypto cards into obviously the banking credit card markets that are still pretty much web too. Yeah. And it's a different model to like, the other crypto cards, right. Where it's just like, okay, you have like this exchange and some bunch of payments providers in the middle.

KYC and Future Innovations

So yeah. I would love to see, although I think it will never happen, but would be amazing to see crypto cards that do KYC in a kind of zero knowledge way that doesn't reveal your actual information so that I can use my crypto without all the regulatory and legal obligations. But you know, this is dreaming. For now. Yes. For now, yes. Until that anonymous DaO will get its way.

A Vision for the Future

Yes. And has its own anonymous credit card, which will be so anonymous. Anonymous Kyc. I don't know how that's going to. Work, but it's basically, it's going to be DKYC to not know, don't know your customer. Yes. And that'll sign up for. But to be determined. This is actually all I could find for today, so unless you got anything else that you want to talk about, we could wrap up here.

Wrap Up of the Discussion

We already went well over an hour, but it's been so fun that I didn't mind at all. No, I don't really have any other big news. I've been, I've been trying to reduce the time I spent Doom scrolling on Twitter, so. Yeah, but I actually found a good replacement for doom scrolling and still kind of seeing some of the news. It's called Kibi news. So this is a subtle shill. I do not get paid anything for it.

Exploring New Platforms

I just think it's a neat product because that's like where other humans go and they just put the news they found interesting in there and it's like hacker news, basically, but only crypto stuff. So. Are you talking about tv stand? Like, I just. Okay, let me take a look. Hypermist without the crypto derangement syndrome. I like that.

Community Engagement

Yes. So basically the way you can also become a member, you can and upvote stuff and comment is you mint a kiwi pass and then you're in. Yeah. So, yeah, anyway, that's just a product chill for people who also sometimes want to escape the drain that crypto Twitter can be, but still want to see some of the news curated by people who are also in crypto, then that's a good way, too.

Challenges in Crypto Media

It is such a shit show, to be honest. But I try to be more an ordcaster but haven't done that lately. There you ask? A little bit better. Really? Am I following you yet? I know you're. Yeah, I'm doing okay there, but lens I have let totally slide, so. Yeah.

Reflections on Social Media

Yeah. Lens, I haven't opened in years, probably. Actually, it's a good idea, both lens and favor. Not that I like even work as I'm not that much out, but lens and tape, which is completely fell off basically for me. Yeah.

The Future of Decentralized Media

Decentralized social media. Not there yet. Not there, but still applaud their efforts and hope we get to see some progress and talk about it next time. Which, speaking of next time, in two weeks, let's see what happens in the crypto world. Let's see what arbitrum is up to because we have something happening.

Continuing Developments

Let's see if there's more universities in Philippines or somewhere else. Let's see who else gets sued and settles, who gets hacked, who comes up with new incentives. There's always something, right? Yes, there's always something. It's never boring.

Concluding Thoughts

Crypto. Yeah. All right, thanks a lot. Now, this has been super fun. Until next time. A couple weeks. Yeah. Thanks for having me. See you soon.

【8月社群之夜 – Base Summer 我來啦！】