Roll-up of
@ChainLinkGod
’s discussion on $LINK with
@investrly
today. Topics covered:
@chainlink
’s ten year plan, the team’s token selling, SmartCon, NFTs, Staking, CCIP, Bancor, and more.
1/ At
@a16zcrypto
, we firmly believe that token delegation is a powerful mechanism to increase the long-term quality of a protocol's governing body. Accordingly, we are proud to announce our first cohort of
@optimismFND
delegates:
Roll-up of
@SergeyNazarov
’s podcast with
@HenriArslanian
, released earlier today. Talking Sergey's background, what
@chainlink
does, Web2->Web3, near-term outlook, CCIP, recent bridge hacks, Sergey’s personal advice to new grads, and more.
@a16zcrypto
is thrilled to support Aptos by running validator nodes continually since mainnet launch. We're proud to back the network incepted by
@moshaikhs
,
@AveryChing
& the entire
@AptosFoundation
team. Here's why we're excited & how we'll continue to support Aptos on-chain:👇
1/ At
@a16zcrypto
, we currently delegate tokens to 33 unique delegates across five distinct protocols. 16 of those delegates are university-affiliated student organizations. Why so many student orgs? 👇
Application tokens — which correspond to smart contract protocols deploying services on top of blockchains that relay rights in “distributed businesses” — have historically lacked economic models connecting the tokens to the cash flows of the underlying businesses they are
To support
@UniswapFND
's 1st delegate race,
@a16zcrypto
is delegating up to 3,000,000 UNI.
This delegate race provides a great opportunity to reallocate underutilized power to high-quality new & existing delegates, ultimately strengthening the Uniswap DAO. Check it out below 👇
Listen up, Uniswap community!
Today we have TWO exciting governance announcements for you.
We are launching Uniswap Agora - and celebrating that launch with Uniswap’s first Delegate Race! 🏃🏃🏃
Exciting news! a16z is expanding across the pond 🇬🇧
Looking forward to growing our relationships with the many talented university blockchain clubs in the UK. If you're a UK university student in a blockchain club or a student looking to start one, reach out and let's chat!
Big news to share:
@a16z
is expanding to the UK 🇬🇧
We plan to open our first international office in London later this year, and will host the next Crypto Startup School there in 2024.
Why the UK? 👇
This is huge news for DAOs.
Registering as a DUNA legal entity will enable DAOs to engage in legal contracts with other entities and provide legal protection to individual DAO members. Other legal entities available to DAOs fall short on these metrics.
Learn more from
🚨Big News🚨Wyoming just enacted a game-changing law for web3.
It creates a new entity for DAOs – the Decentralized Unincorporated Nonprofit Association (DUNA) – that’s been years in the making.
@CowrieLLC
and I provide everything you need to know below:
Thanks for taking the time to speak today
@ChainLinkGod
. Please let me know if I’ve misconstrued / left out any of your points. For those that want to listen to the convo,
@investrly
will post the talk as a podcast in the near future.
@0xHamz
@TaschaLabs
Your first 4 KPIs are transient and aligned w/ the broader macro environment. Zooming out makes those irrelevant to valuing ETH long-term.
I disagree w/ Tascha’s argument on L2 cannibalization. L2s are better described as symbiotic rather than parasitic.
1. Governance Challenges:
For DAOs with significant U.S. operations, risks may arise if the DAO has control over protocol revenue or intermediates the economic activity of the protocol. To avoid these risks, projects can eliminate the control a DAO has by minimizing governance
On
@compoundfinance
Proposal 304,
@a16zcrypto
voted YES. Given the current threat model facing the Compound DAO, adding a proposal guardian with veto power is appropriate until longer-term changes are made to Compound governance.
2. Value Distribution Challenges:
Combining voting and economic rights may raise concerns under U.S. securities laws, particularly with simple and direct mechanisms like pro rata distributions and token buy-and-burns. These mechanisms look similar to dividends and stock buybacks,
Next time your well-intended mother asks how working for Bitcoin is going, hand her this book.
Looking forward to seeing how many different audiences this book reaches.
For the last 12 months I’ve been working on a book. I’m excited to talk about it for the first time today. 📘
Read Write Own: Building the Next Era of the Internet (March 2024, publisher: Random House)
Pre-order here:
Why don’t we see more app tokens?
There are three main issues that projects run into:
(1) Governance - governance rights can introduce legal risks (and governance should be minimized anyway)
(2) Value distribution - giving economic rights may raise concerns under US laws
(3)
3. Regulated Activity Challenges:
Protocols and users profiting from activity that is illegal in their respective jurisdictions creates regulatory and legal risk. This is a particularly challenging problem given the open, permissionless nature of crypto.
We have designed a
6/ The Bedrock upgrade also lays the groundwork for the Superchain vision. OP chains with shared infrastructure will inherit stronger security assumptions, better tooling, and new sequencing models that open up a massive design space for innovation.
In addition to our ongoing token delegation program, today
@a16zcrypto
is identifying the wallets from which we will be directly voting on select
@Optimism
governance proposals going forward.
As a reminder, we have previously delegated to a wide set of Optimism delegates. Today
2/ Our first Optimism delegate cohort consists of seven total delegates who bring a wide range of perspectives and significant technical competence to the Optimism protocol. In addition to
@labsGFX
, there are six student clubs/groups from the following universities:
Sharing a bit more about Reflect Orbital today.
@4TristanS
and I are developing a constellation of revolutionary satellites to sell sunlight to thousands of solar farms after dark.
We think sunlight is the new oil and space is ready to support energy infrastructure. This
9/ Want to be in a16z's second Optimism delegate cohort? Here's how to get started:
1. Get involved! Join the Optimism forums & start contributing in meaningful ways. The best way to become a delegate is to contribute like one.
2. Fill out the form below
5/ How does
@a16z
select its delegates?
For every potential delegate, we assess them against 9 key criteria to identify candidates who will (1) strengthen the governing body of the protocol in some meaningful way and (2) become long-term leaders for the protocol. Ex:
Roll-up of
@SergeyNazarov
’s podcast with
@HenriArslanian
, released earlier today. Talking Sergey's background, what
@chainlink
does, Web2->Web3, near-term outlook, CCIP, recent bridge hacks, Sergey’s personal advice to new grads, and more.
4/ As more developers introduce modified deployments of the OP stack via their own chains, further cohorts of developers will be inspired and incentivized to deploy their chain using the OP stack. This cyclical feedback will feed a flywheel effect:
5/ Developers launch their chain based on the OP stack & contribute to the codebase & surrounding tooling → the OP stack’s codebase & developer experience matures and improves over time → more developers launch their chains using the OP stack and contribute to the ecosystem.
@adamscochran
@milesjennings
@a16zcrypto
@optimismFND
Hey Adam, thanks for the question. (1) Our 2nd cohort will be heavy on professional delegates to balance this 1st cohort (2) We consider impacts on decentralization when delegating i.e. we're less inclined to choose a great delegate that already has a huge share of voting power
Securing your X account is important, but also remember to secure your iCloud account.
We're seeing a rash of remote takeover attacks targeting Apple IDs.
Here's how to help defend against these hacks.
2/ The introduction of the OP stack untethers users from the bootstrapping and technical requirements typically necessary to stand up a chain and allows for experimentation via its highly modular design.
How to Become an a16z Delegate in Cohort IV
1. Start contributing to your favorite protocol, regardless of your voting power. We currently delegate to
@Uniswap
,
@optimismFND
,
@dYdX
and
@compoundfinance
. Develop proposal ideas, provide feedback in the forums, or help build a
6/ Does
@a16zcrypto
control how delegates vote or otherwise influence them?
Never. Every delegate signs a brief legal agreement that explicitly spells out their independence. We also commit to maintain our delegations for a minimum of 6 months, absent rare legal exceptions.
4/ Each delegate in our first cohort will receive a delegation of 1,000,000 OP. Delegations are currently ongoing on a rolling basis, with our first cohort expected to be fully delegated by the end of March.
3/ We foresee this framework of open experimentation and rapid iteration resulting in the proliferation of novel L2 deployments, such as
@BuildOnBase
.
Uniswap
As a reminder, the
@UniswapFND
held their first delegate race starting in early May. Thanks to the delegate race, we discovered seven highly-qualified delegates in addition to two delegates we have previously existing relationships with via other protocols. This cohort of
1/ At
@a16zcrypto
, we firmly believe that token delegation is a powerful mechanism to increase the long-term quality of a protocol's governing body. Accordingly, we are proud to announce our first cohort of
@optimismFND
delegates:
In the words of Tim Berners-Lee, "The future is still so much bigger than the past."
@a16z
is a special place because, amongst many reasons, everyone here believes the future will be radically better than the past.
Our descendants will live amongst the stars.
Optimism
For Cohort III's Optimism delegates, we indexed heavily on community leaders, startups and professional delegates to balance the university club concentration in our previous cohort. Within this cohort, five of the eight Optimism delegates are brand new
@a16zcrypto
The Aptos blockchain is designed with scalability, reliability, and upgradeability as key principles. It offers new and novel innovations in consensus, smart contract design, system security, performance, and decentralization.
2/ Aptos Labs has closed a $200M funding round to build the world’s safest, scalable L1 for the next billion users! The funding round includes
@a16z
,
@multicoincap
,
@katie_haun
, 3 Arrows Capital,
@paraficapital
, continued…
If your mom still thinks you work for Bitcoin...
Or your friend in Web2 tech just doesn't get crypto...
Or your college buddy in tradfi doesn't think blockchains solve anything...
Send them this book. 🟧
My new book is finally here -- published today in the U.S.! 🟧
I hope you pick it up, share it, debate it with me.
Looking forward to your feedback.
More editions in more languages coming soon.
Roll-up of
@el33th4xor
and
@stablekwon
’s talk about strategic alignment of the $AVAX and $LUNA ecosystems and their bold vision for a joint future. Thanks to
@terraspacesorg
for recording the talk - I’ll link it at the bottom for anyone that missed the live spaces yesterday.
As always, we seek to provide transparency into why
@a16zcrypto
delegates tokens and how we go about selecting delegates. Our delegates maintain complete autonomy to vote however they choose.
8/ Are you a university student or a professional delegate? We are currently looking for our next cohort of
@optimismFND
delegates! Fill out the application below and let us know why you would make a great Optimism delegate.
Applications are open for Crypto Startup School Spring 2024! Want to learn from the best mentors in crypto and build amongst other incredible founders?
Check out the application process below 👇 and come join us in London 🇬🇧
1/ We’ve got some exciting news to share!
Applications for Crypto Startup School (CSS) Spring 2024 in London are now OPEN!
Ready to fast-track your crypto startup journey?
Apply here:
Learn more👇
5/ This diversity of perspectives meaningfully improves the governing body, increasing the number of potential solutions to problems & hedging against existing group biases.
And this absolute gem: “It might have been said in 1948 that you either grasped the immense importance of the transistor or you did not. Usually an understanding of the device took time, since there were no tangible products–no proof–to demonstrate how it might someday alter...
This cohort consists of 17 total delegations. 8M total OP have been delegated across eight
@optimismFND
delegates.
In support of the
@UniswapFND
's first delegate race, we have also delegated 2.5M UNI to nine
@Uniswap
delegates.
3/ They are crypto-native. They just "get it." Today’s
@a16zcrypto
university delegates will be building tomorrow’s protocols that facilitate governance debates. They are driven and capable – they just want to finish their CS degrees first.
FIGHTING
At a private conference this week, I was asked what I think of Mark Zuckerberg’s recent Mixed Martial Arts (MMA) training, Elon Musk’s challenge to a cage fight, and public reports that a Zuckerberg/Musk MMA fight may well happen later this year, perhaps in the actual
6/ Since delegation requires little or no upfront cost on the delegate's end, token delegation provides an invaluable foot-in-the-door to student groups, allowing them to immediately start materially contributing.
@a16zcrypto
will contribute to Aptos' decentralization via 3 primary on-chain avenues:
1. Staking via
@a16zcrypto
validator nodes
2. Directly participating in the entire governance lifecycle
3. Delegation of APT via our token delegation program
7/ Over the last few years, we've watched numerous student organizations emerge as leaders in their respective governance ecosystems after receiving a token delegation from
@a16zcrypto
.
Truly brilliant writing. This is *the* deep dive you need to understand Ethereum’s roadmap. It’s simultaneously nuanced and accessible to completely non-technical folks.
Well done,
@jon_charb
This is THE definitive deep dive on Ethereum’s ambitious roadmap.
Special thanks to
@dankrad
for your insights and review!
AND we made an exception to open-source this
Give me an hour of your time, and I’ll save you months of work
Enjoy
@anchor_protocol
's $UST earn rate will drop below 19.5% for the first time when semi-dynamic rates take effect on May 1st.
This rate drop will have huge impacts on demand for $UST and the long-term viability of
@terra_money
🌕.
My assessment, informed by data:
🧵/n
"I think we are at the intersection of a variety of technologies that are happening in time and space, all about the same time, that are going to have a fundamental change or result in fundamental change to the character of warfare." -General Mark Milley, 2017
Six years later,
New collaborative piece out with
@davidu
and the American Dynamism team on how we can apply computing design principles, from decentralization to hardware commoditization, to rewire the Pentagon for the modern era.
We assess each potential delegate against 9 key criteria to identify candidates who will (1) strengthen the governing body of the protocol in some meaningful way and (2) become long-term leaders for the protocol.
Here's an example matrix used to evaluate potential delegates: