Lauren Stephanian @lstephanian Twitter profile | Pikagi

Pikagi

Lauren Stephanian

@lstephanian

12,760

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793

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GP @PanteraCapital | solidity tinkerer | prev: @BankofAmerica @Fidessa @Columbia CS 💻🇦🇲

https://t.co/7Gdj617DMi

Joined February 2017

Don't wanna be here? Send us removal request.

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@lstephanian

Lauren Stephanian

6 months

Token distribution is a critical part of community building and adoption within crypto. It’s important to get it right. We’ve taken a look at a decade of data, reverse engineered token launches, and interviewed founders to find the optimal distribution. This is the result 👩🏻‍💻

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@lstephanian

Lauren Stephanian

3 years

A sweet little life update, I’m now a partner at Pantera 🍰 😌

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@lstephanian

Lauren Stephanian

2 years

Token lockups are a fundamental part of venture funding in crypto. We took a look at token vesting trends over the last few years in an attempt to find an optimal vesting schedule for founders. Read on below 👇

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@lstephanian

Lauren Stephanian

4 years

Been getting deeper into cybersecurity lately and wanted to get certified. In case anyone on here finds it helpful, I documented my OSCP study process as well as the important commands, tools, guides, and courses that I’ve found helpful:

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Lauren's OSCP Study Guide | Notion

Chapters and Exercises

titanium-cabin-8d1.notion.site

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@lstephanian

Lauren Stephanian

3 years

Easing back into solidity programming and just built a cute lil multisig wallet. Now onto harder stuff 🙃 I cannot stress ENOUGH how powerful I feel right now lol

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@lstephanian

Lauren Stephanian

2 years

recently moved to la + looking to meet new people - who's in crypto out here + wants to hang?

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@lstephanian

Lauren Stephanian

3 years

So psyched for this post! We combed through tons of data to help founders determine the optimal distribution. Read on below ⬇️

@Cooopahtroopa

Coop 🔥_🔥

3 years

The core tenant of any web3 project is a token. @lstephanian and I explored key trends to find the optimal distribution. Here’s what we found 📊

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@lstephanian

Lauren Stephanian

4 years

I’m super happy to unveil , a website @tcburning , @caseykcaruso , and I developed to showcase something we’ve been working on for the past year. In January we decided to team up and make a number of angel investments together.

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@lstephanian

Lauren Stephanian

6 years

The beginning of @PanteraCapital ’s lightning node ⚡️ #lightningnetwork #LND

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@lstephanian

Lauren Stephanian

3 years

Recently built a DAO for the solana hackathon with some friends but was frustrated by a lack of tooling. A quick search on shows very few DAOs being built on sol, probably for this reason. @grapeprotocol is great but they have a MASSIVE backlog of requests

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@lstephanian

Lauren Stephanian

3 years

Thank you @DannyCrichton for writing our story. @caseykcaruso , @tcburning and I couldn’t be more proud of our TLC fam 😍 HUGE callout to the entire crew:

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These three investors think founders need some TLC (Collective funds) | TechCrunch

Venture capital is a networks business — from networks of founders to the web of investors and angels and gossamer threads of potential customers, talent

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@lstephanian

Lauren Stephanian

2 months

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@lstephanian

Lauren Stephanian

4 years

Who are top angels in the payments/fintech space?

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@lstephanian

Lauren Stephanian

3 years

A junior full stack engineer I know is looking for a new role at an exciting fast-paced firm. She’s collaborative, a skilled engineer, and really funny. Anyone looking to add to their team?

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@lstephanian

Lauren Stephanian

3 years

Pantera is hiring a full time analyst/associate to support our early stage investment strategies 🥳 The person in this role will work alongside me, @joeykrug , @veradittakit and the rest of the @PanteraCapital team Get in touch or apply here:

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@lstephanian

Lauren Stephanian

3 years

For all those looking for ambitious, hungry, and diverse jr talent, there are SO many students getting involved in this space via DAOs. Just onboarded someone @PanteraCapital via @indexcoop 🤩

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@lstephanian

Lauren Stephanian

2 years

You can read the full post here:

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The Optimal Token Vest Schedule

This post explores token vesting trends over time and takes a look at optimal vesting structures that don't impact token price.

lstephanian.mirror.xyz

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@lstephanian

Lauren Stephanian

3 years

Headed to nyc after an incredible week of meeting fellow dao members at mcon🌶 hmu if you’re in nyc + wanna hang!

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@lstephanian

Lauren Stephanian

2 years

One of the leading NFT distribution platforms, @pinatacloud provides essential media infrastructure for the vast majority of the NFT space, supporting marketplaces, DApps, metaverses, and NFT projects alike across L1s.

@pinatacloud

Pinata

2 years

HUGE NEWS 🚨 We are thrilled to announce our $21.5M raise co-led by @GreylockVC , @PanteraCapital , + @OfflineVC ! We’re about to start cranking things up. Read more in this great piece from @techcrunch ’s @jacqmelinek :

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@lstephanian

Lauren Stephanian

3 years

Thank you @veradittakit and @joeykrug for the cake! Grateful for the past 4 years working at @PanteraCapital and looking forward to what’s to come.

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@lstephanian

Lauren Stephanian

3 years

Therefore I'm open sourcing a simple discord bot I built to help my team out. This can be used by anyone looking to token-gate a discord with SPL tokens:

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GitHub - lstephanian/SPLdiscordbot_public: Token gate your discord with SPL tokens

Token gate your discord with SPL tokens. Contribute to lstephanian/SPLdiscordbot_public development by creating an account on GitHub.

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@lstephanian

Lauren Stephanian

10 months

In honor of our favorite celebrity’s birthday, @stephensonmatt , @sxysun1 and I are releasing SUIFT, the Simple Unified Inception for Ticketing auction, a concept for a working suApp. You can view the landing page here:

@PanteraCapital

Pantera Capital

@PanteraCapital

10 months

And so we’re releasing the concept of SUIFT, the Simple Unified Inception For Ticketing auction. SUIFT provides a fairer auction that ensures resellers cannot easily resell tickets:

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@lstephanian

Lauren Stephanian

3 years

what are the best grant programs in crypto?

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@lstephanian

Lauren Stephanian

2 years

If you are a founder looking for investment or would like to discuss a project you’ve been working on, my DMs are open!

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@lstephanian

Lauren Stephanian

2 years

Anyone else spend far too long designing presentation covers when it’s not needed?

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@lstephanian

Lauren Stephanian

4 years

. @QuaestorTech is game-changing. I think it's now my absolute favorite tool in the VC tech stack and I haven't even been fully onboarded yet

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@lstephanian

Lauren Stephanian

3 years

In nyc next week for work! Anyone else gonna be there who wants to hang?

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@lstephanian

Lauren Stephanian

3 years

Ok another one: who in crypto is looking for a marketing manager with several years of experience—incl experience in the space?

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@lstephanian

Lauren Stephanian

3 years

Looking forward to co-hosting a DeFi Investing AMA with my girl @_kinjalbshah hosted by @joinEVCA . It’s gonna be 🔥 @anildelphi @CL207 @anjan_vinod Sign up here:

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@lstephanian

Lauren Stephanian

4 years

So cool to see the SEC finally expand the definition of an accredited investor. This opens up so many doors by making investing more equitable!

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@lstephanian

Lauren Stephanian

3 years

Any crypto co's looking for an experienced PM? A good friend who's a PM at a well known traditional tech co with 3+ yrs payments experience is looking to finally make the jump to crypto

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@lstephanian

Lauren Stephanian

2 years

And of course, thanks also to @Cooopahtroopa for working with me on the original data exploration post, "Optimizing Your Token Distribution", which inspired me to continue exploring how data can help crypto founders

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Optimizing Your Token Distribution

Co-authored with Cooper Turley

lstephanian.mirror.xyz

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@lstephanian

Lauren Stephanian

6 months

🧑‍🌾 Airdrop In 2023 on average founders allocated 20% of the total distribution to airdrops. Airdrops have become an important part of community building and distribution strategy is critical.

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@lstephanian

Lauren Stephanian

10 months

. @matchaxyz has launched cross chain swaps, making it even easier to trade 🍵

@matchaxyz

matcha.base.eth ⌐◨-◨

10 months

Introducing: Cross Chain Swaps on Matcha Go where opportunity awaits: ✅ Swap directly for tokens across 7 chains ✅ Self custody the whole way ✅ Tap into Matcha’s aggregated liquidity across 100+ DEXs One trade. 7 chains. Try it now for zero fees:

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@lstephanian

Lauren Stephanian

2 years

To find the answer, we analyzed over 150 early stage token deals with lockups over the course of the last 5 years, thanks to data made available to me from @PanteraCapital , @Delphi_Digital , and @Arca .

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@lstephanian

Lauren Stephanian

2 months

Dev community growth and devrel has been hot topic on twitter and across many co’s we speak with. Second to building truly useful products, documentation is an infra business’ first opportunity to make a good impression. But standards often vary. Some useful frameworks below👇

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Lauren Stephanian

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@lstephanian

Lauren Stephanian

3 years

👀👀👀

@getchecksome

CHECKSOME

3 years

Hello, world! We're building a better experience for the modern investor. Here's why ⬇️

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@lstephanian

Lauren Stephanian

6 years

🆕🆕🆕 @PanteraCapital is hiring a Portfolio Associate! Apply here:

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@lstephanian

Lauren Stephanian

2 years

Since 2018, the average lockup length has increased by over 2x.

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@lstephanian

Lauren Stephanian

3 years

Happening tomorrow!!

@_kinjalbshah

Kinjal Shah

3 years

Excited to host a DeFi Investing AMA alongside @lstephanian , hosted by @joinEVCA , with a 🔥 lineup: @anildelphi @CL207 @anjan_vinod join us!

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@lstephanian

Lauren Stephanian

4 years

Just hired someone @PanteraCapital who reached out cold through . She's smart, thoughtful, and her background is incredibly strong. Social media really delivers sometimes 😌

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@lstephanian

Lauren Stephanian

2 years

2. Larger initial unlocks have less negative price impact than smaller initial unlocks 3. Longer gaps between unlocks (up to 6 months), larger unlocks, and shorter total lockup periods show better ‘worst returns’ than shorter gaps, smaller unlocks, and longer lockup periods

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@lstephanian

Lauren Stephanian

2 years

There were many more trigger-based vests than time-based vests.

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@lstephanian

Lauren Stephanian

2 years

Most crypto projects require high capex to achieve their vision and therefore many founders turn to venture funding. However, tokens are often more liquid than equity so founders use token lockups to align incentives. But how does one determine what lockup structure works best?

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@lstephanian

Lauren Stephanian

3 years

LFG 🎿🗻

@mtndao

mtndao 🗻

3 years

lfggg, @PanteraCapital has joined as a sponsor for the mtnDAO hacker house!!! this is going to be the most exciting solana hacker house to date are you paying attention yet anon?

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@lstephanian

Lauren Stephanian

10 months

Here @ the decentralized AI summit to hear from the builders on the forefront of decentralized compute, zk verifiability, and distributed inference

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@lstephanian

Lauren Stephanian

4 years

This is really cool - collecting MTLs across most of the US has historically been such a huge burden for startups focused on money services

@SHodyEsq

Sarah (Hody) Shtylman

4 years

V interesting and exciting development in money transmitter world! It will streamline the exam burden for nationwide MT licensees, and over time should create more uniformity among state exams since teams will pull examiners from various states. @CSBSNews

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@lstephanian

Lauren Stephanian

2 years

There was a lot of noise in this limited dataset. However, there were some interesting highlights: 1. For vesting schedules unlocking on specific dates (as opposed to unlocking linearly over time), 6-month cliffs are preferable to 1-year, or no cliffs

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@lstephanian

Lauren Stephanian

7 months

Congratulations to @sundeep and team on the acquisition of @DefinitiveIO by @GroqInc to expand its cloud offering! Grateful to have had the opportunity to work with you guys and looking forward to seeing your new chapter unfold alongside @JonathanRoss321 🔥

@sundeep

sunny madra

7 months

Some news! :)

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@lstephanian

Lauren Stephanian

2 years

Vesting schedules fall into one of two categories: 📆 time-based, when the vest begins at some agreed upon date 🔔 trigger-based, when the vest begins after some event occurs - often a mainnet launch or large exchange listing

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@lstephanian

Lauren Stephanian

4 years

Pretending I'm working out of my office next door to Philz this morning 💭😩

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@lstephanian

Lauren Stephanian

3 years

My friend @Leorzhang is finally out of stealth! He’s one of the brightest minds in mining + I’m excited for what he’s building @alkimiya_io ⛏⛏⛏

@Leozayaat

Leo ⌛

3 years

Incredibly excited to introduce @alkimiya_io , a permissionless protocol for hashpower contracts and hashpower-backed structured products.

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@lstephanian

Lauren Stephanian

4 years

TLC is one of my favorite things I’ve done this year and I’m excited for what’s to come! Hope you like what we’ve built 💫🌎

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@lstephanian

Lauren Stephanian

2 years

4. Linear vesting schedules have lower volatility over the vesting period than specific date vesting schedules 5. Linear vests also showed better impact on price following the initial unlock event than specific date vests

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@lstephanian

Lauren Stephanian

6 months

Many thanks to @ASvanevik at @nansen_ai , @Soona at @VoltCapital , and @geramiantweets at @anthemis for their helpful suggestions and review. An additional thank you to @nihal_maunder at @PanteraCapital for his analytical eye and @jonathchan at @wilsonsonsini for kindly providing

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@lstephanian

Lauren Stephanian

6 months

Token distributions can be broken down into 6 categories: • Core Team • Private Investors • Treasury • Ecosystem Incentives • Airdrop • Public Sale We aggregated distributions across 150+ projects and protocols to create a comprehensive analysis of notable trends.

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@lstephanian

Lauren Stephanian

6 years

Excited to be speaking at this event ⭐️ If you’ll be in NYC on Sept 17, come say hi!

@DavidNage

David Nage🎯

6 years

2 weeks ago I tweeted my disdain for the high price crypto conference model & began working with many of you here to fix it. Very proud the FO256 site is relaunched today w/amazing & diverse speakers added. It’s also FREE! Register here:

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@lstephanian

Lauren Stephanian

3 years

It takes a google sheet with columns discord_id and sol_address and checks addresses for a certain amount of SPL tokens. Fill in some of the vars with your discord and SPL token info. Hopefully someone out there finds this useful and it saves the hrs I spent googling + testing 🙂

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@lstephanian

Lauren Stephanian

2 years

Many thanks to the amazing @KryptoKaren_ESQ of @goodwinlaw for her contributions and @_will_reid at @panteracapital for providing essential analysis. Thank you also to @MikeDershewitz at @arca , and to @anildelphi + @rsarrow at @Delphi_Digital for kindly sharing their data with me

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@lstephanian

Lauren Stephanian

4 years

So excited for @lukethomas14 and everything he and his team are building. Asynchronous communication is and will continue to be more important than ever. I'm glad to have had the opportunity to invest alongside some of my absolute favorite people @caseykcaruso + @tcburning ☀️📅🧨

@TechCrunch

TechCrunch

4 years

Friday app, a remote work tool, raises $2.1 million led by Bessemer by @jordanrcrook

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@lstephanian

Lauren Stephanian

3 months

Some sage wisdom coming out of north bay today

@stephensonhmatt

Matt Stephenson

@stephensonhmatt

3 months

VC Futurism at @EdgeAGI Intelligence Summit

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@lstephanian

Lauren Stephanian

3 years

Update: the cybersec eng was my sister, @eMD5_hash , and she just accepted her new job in incident response @Spotify 🎶 couldn't be prouder!

@lstephanian

Lauren Stephanian

3 years

An experienced cybersec engineer with software dev background I know is looking for a new role at a fast growing firm. They're a talented eng, have an incredible personality, and are an all-around incredible person. Anyone looking to add to their security team? 🙂

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@lstephanian

Lauren Stephanian

3 years

outside of @OpenZeppelin webinars and docs, what are the best resources for minimizing smart contract vulnerabilities?

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@lstephanian

Lauren Stephanian

2 years

In a bear mkt where favor swings back to investors, this is meant to be an exploration of data in the hopes that this information can empower more founders. We still advise anyone launching a token to discuss their token vests with investors, industry experts, and legal counsel.

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@lstephanian

Lauren Stephanian

6 months

One thing is obvious however: A successful token launch involves allocating a large portion to builders and their active community members - as it should! You can read the post in full here:

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@lstephanian

Lauren Stephanian

2 years

lol I think I just spent 2 hours making crypto infra logos look like little pieces of candy

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@lstephanian

Lauren Stephanian

6 months

Each project requires a unique token distribution. This is how they stacked up across different categories:

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@lstephanian

Lauren Stephanian

2 years

Cliff lengths meanwhile have fluctuated over the years but are on average less than 1 year long in 2022. (The img below doesn’t reflect that there were many unrecorded “handshake” agreements in 2018 w/ 1+ yr cliffs).

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@lstephanian

Lauren Stephanian

3 years

An experienced cybersec engineer with software dev background I know is looking for a new role at a fast growing firm. They're a talented eng, have an incredible personality, and are an all-around incredible person. Anyone looking to add to their security team? 🙂

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@lstephanian

Lauren Stephanian

4 years

🔥 thread on Alipay’s bundling of services and why they’re a prime example of a digital wallet

@maxmhfriedrich

Maximilian Friedrich

@maxmhfriedrich

4 years

Payments is a low margins business everywhere in the world, but especially in China. Peer to peer (P2P) payments are free, while merchants pay significantly less for Alipay (mostly QR code) payments than cards. The majority of mobile payments in China are P2P, meaning free.

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@lstephanian

Lauren Stephanian

3 years

. @juliannaelamb @McStempel @anthony_j_zhang @cloudhead @lftherios @pdavison @rohanseth @shinjikim @estebancastano @rahulr0609 @aditishekar @IslamSharabash @lukethomas14

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@lstephanian

Lauren Stephanian

4 years

Congratulations, @shinjikim !! 🎉🥳 Data discovery has been a big pain point at almost every company I've worked for. TLC is super excited for @selectstarhq 's launch and looking forward to seeing them go after such a huge problem @tcburning @caseykcaruso

@TechCrunch

TechCrunch

4 years

Select Star raises seed to automatically document datasets for data scientists by @dannycrichton

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@lstephanian

Lauren Stephanian

6 years

Testing testing 0x0d606d4f8bc55b3b390cd5b4829b80310ff64a24

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@lstephanian

Lauren Stephanian

3 months

Which crypto infra protocol (or OSS!) has really well-written and thoughtful technical docs?

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@lstephanian

Lauren Stephanian

2 years

But what’s optimal? 🤔 We settled on defining an "optimal" vest schedule to mean one that has the least impact on token price.

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@lstephanian

Lauren Stephanian

6 months

💰Private Investors Last year on average private investors received 20% of the total distribution. I would have expected this to be inversely correlated with team, but lately that’s not been the case.

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@lstephanian

Lauren Stephanian

6 months

📢 Public Sale In 2023, public sales saw next to nothing in distribution.

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@lstephanian

Lauren Stephanian

6 months

Note: this is an update to a 2021 post co-authored with @Cooopahtroopa . View the original here

@Cooopahtroopa

Coop 🔥_🔥

3 years

The core tenant of any web3 project is a token. @lstephanian and I explored key trends to find the optimal distribution. Here’s what we found 📊

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Lauren Stephanian

4 years

We outlined theses, programmed together, and met some insanely talented founders along the way. I’m so thankful to have met these two incredible people.

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@lstephanian

Lauren Stephanian

4 years

Love the replies on this thread 📚

@eriktorenberg

Erik Torenberg

4 years

What's the best online course you've ever taken?

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@lstephanian

Lauren Stephanian

6 months

L2 example: Taking a look at @Optimism , they have a large fund specifically dedicated to retroactive funding, a new trend in incentivizing builders to engage with their platform. A typical amount was given to private investors and core contributors, while airdrops were also a

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@lstephanian

Lauren Stephanian

6 months

The first time we did this analysis we weren’t able to share underlying data (to protect founder confidentiality.) But there’s now enough public data for an open source repo! If you’d like to view, edit, or contribute you can do so here:

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GitHub - lstephanian/tokenDistributionData

Contribute to lstephanian/tokenDistributionData development by creating an account on GitHub.

@lstephanian

Lauren Stephanian

6 months

Token distribution is a critical part of community building and adoption within crypto. It’s important to get it right. We’ve taken a look at a decade of data, reverse engineered token launches, and interviewed founders to find the optimal distribution. This is the result 👩🏻‍💻

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@lstephanian

Lauren Stephanian

3 years

The biggest congratulations to @Tim_Ogilvie , @jonathanmarcus , Seth, and the rest of the @staked_us team who have always pushed through!! I’ve loved getting to know and work with this team over the last few years and am so unbelievably psyched for them 🍾🎊🥳

@krakenfx

Kraken Exchange

3 years

As we gear up for 2022, Kraken is celebrating its continued growth and success with the expansion of its ‘staking’ tentacle through an acquisition of Staked. 🥳 Check out our blog for more details about this exciting deal!

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@lstephanian

Lauren Stephanian

6 months

Taking a closer look at typical L1 distribution in 2022 (due to lack of 2023 data) we can see that ecosystem growth is a huge part of the total pie.

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@lstephanian

Lauren Stephanian

4 years

the digital TLC x FREIA nft collection, which TLC created in collaboration with our amazing friend @freialobo , is now live 😎 cc : @tcburning @caseykcaruso

@tcburning

Terri Burns

4 years

so, um 🦠NFT LAUNCH!🪐 when tlc (angel investing collective) launched last year, a ton of folks requested merch. so we've brought u ~~digital merch in nft form!~~ best part: we did it as a collab w/ @freialobo . bc.. it's freia.. 👽check it out🌀

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@lstephanian

Lauren Stephanian

4 years

Interesting—FedNow has confirmed that they are on track to launch as scheduled in 2023 or 2024 and will use ISO20022 to be interoperable with other RTP systems.

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@lstephanian

Lauren Stephanian

4 years

Great framework for categorizing fintech companies 👇

@arfrank

Aaron Frank

4 years

I’ve spent a lot of time thinking how to best advise and invest into fintech companies, and over time have come up with a few mental frameworks to assist myself. Here’s one of them:

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@lstephanian

Lauren Stephanian

2 years

Thank you to @soona at @VoltCapital and William Fan, @joeykrug , @KyleCanchola , and @rbarney11 at Pantera for their thoughtful suggestions and review.

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@lstephanian

Lauren Stephanian

4 years

Some good news in 2020!

@karine_hsu

Karine Hsu

4 years

probably one of the most exciting CPG moments!!!! 😍🍪

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@lstephanian

Lauren Stephanian

6 months

🏦 Treasury Last year on average founders allocated 28% of the total distribution to their treasury.

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@lstephanian

Lauren Stephanian

9 months

Congratulations to @PaulFrambot and the entire @morpholabs team on the launch of Morpho Blue! 🎆🟦🦋

@MorphoLabs

Morpho Labs 🦋

9 months

1/ Morpho Blue is officially live on Mainnet! 🟦🦋 Lend and borrow on the most efficient lending protocol on Ethereum.

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@lstephanian

Lauren Stephanian

3 years

Judging #HackMoney2021 @ETHGlobal today, starting in 25 mins. Don't miss it!

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@lstephanian

Lauren Stephanian

6 months

dApp distribution by cohort

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@lstephanian

Lauren Stephanian

7 years

#siliconbeach ☀️

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@lstephanian

Lauren Stephanian

2 years

We dug deeper into the data, normalizing it using the Bloomberg Galaxy Crypto Index (full methodology described in the post linked below) to account for different market conditions over time.

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@lstephanian

Lauren Stephanian

6 months

🪢Ecosystem Incentives Last year on average founders allocated 8% of the total distribution to ecosystem incentives.

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@lstephanian

Lauren Stephanian

6 months

To summarize, distribution data is constantly shifting. But over this past year we saw that: • Team and private investor allocations have increased • Airdrops have increased drastically • And allocations to treasury, ecosystem incentives, and partnerships have decreased

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@lstephanian

Lauren Stephanian

3 years

People from 55 different cos reached out 🤯 ended up making a ton of intros. The competition for eng talent is so real

@lstephanian

Lauren Stephanian

3 years

A junior full stack engineer I know is looking for a new role at an exciting fast-paced firm. She’s collaborative, a skilled engineer, and really funny. Anyone looking to add to their team?

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@lstephanian

Lauren Stephanian

6 months

dApp example: @GMX_IO being a DeFi dApp has a very different distribution breakdown, with a large portion going to requirements for the longevity of the dApp, especially as it pertains to keeping the product functioning well - i.e. liquidity reserves, etc.

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@lstephanian

Lauren Stephanian

6 months

L1 example: @CelestiaOrg is a modular blockchain network. They’ve dedicated a large portion of their token allocation to private investors and to their R&D ecosystem. Incentivizations together also make up a very large portion of distribution.

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