Derek Hsue
@derek_hsue
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Last Seen Profiles
You haven't really worked for a DAO until you've spent a week begging people to sign a multi-sig tx.
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Sushiswap's struggle to retain a core team is a foreshadowing for many DeFi teams in 2-3 years.
- team allocations will run out, core teams will fully vest, employees will leave to work on new things with greater upside
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There's 4+ NYC crypto coworking spaces / offices being planned rn.
Bullish
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All my local Williamsburg establishments (gym, coffee shop, etc) are doing their own NFT mints.
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1) The bet on bitcoin is a macro play - that decades of cheap credit and out of control central bank policies necessitates the existence of a scarce, self-sovereign asset.
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Harsh Truth:
As long as protocols are issuing more in incentives than they're making in revenue (aka turn profit), token price will go down (over a long enough time horizon).
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Wrote a piece analyzing
@monerocurrency
governance - includes a section on founder and CEO
@fluffypony
!
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Excited to announce a new project
@lsukernik
and I have been working on - "I Pledge Allegiance", a podcast about interesting discussions/proposals happening in crypto governance.
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I just published “An Analysis of Zcash Governance”
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Excited to formally reveal what I’m finally working on!
@hi_Reverie
is a new kind of company, dedicated to contributing to DAOs in various ways.
People love to hate announcement tweets.
But announcements are a necessary thing. You have to tell people what you're up to.
Last year,
@derek_hsue
and I left our jobs to work on DAOs full time.
And we liked working on DAOs so much we started
@hi_Reverie
.
What's Reverie?
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I just published “Is The War Against ASICs Worth Fighting?”
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Being an expert in cryptography or distributed systems is one small aspect of building a long term public blockchain. The most important thing for teams is understanding how to build long term dank memes.
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Without community contributors to take the reins from the core team, many projects will slowly fade
What are the solutions?
- Directing new inflation towards the existing dev team (e.g. YIP-57)
- robust network of community contributors who can pick up the reins (much harder)
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If one accepts that all cryptocurrencies are competing to become the dominant non-sovereign monetary store of value, developers trying to build the winner should mentally reserve a decade of their life to achieve this. Trust takes time to build.
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1) Community Grants programs are large enough now where startups have a real non-dilutive alternative to pre-seed funding.
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Really excited about how this episode of I Pledge Allegiance came out.
We spoke about all things treasuries, featuring
@hasufl
,
@monetsupply
, and
@lsukernik
.
It’s a must-listen for anyone managing/running a treasury.
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New podcast episode out with
@hasufl
!
There's a ton of confusion around what DAO governance is, and good models for it.
@lsukernik
,
@hasufl
and I have an unfiltered, first principles discussion around the current flaws and what we'd change.
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Things in DAOs that have no "obvious, quantifiable" value, but are essential:
- general strategy / vision setting
- auditing existing contributors/DAO members
- funneling "generalized contributors" into focused areas where they are most valuable
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Most DAOs over-index on process and making sure everyone feels included.
Setting long-term precedents is important, but sometimes you just gotta do things.
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1) Projects like Ethereum, Tezos, and EOS have raised massive amounts of money, and are also facing public scrutiny from angsty investors. Both are undesirable when the product is so immature (true for all 3). h/t
@lsukernik
@anderslarson11
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For the past week, I've started by mornings by feeding chickens through lightning -->
This is the killer use case for Bitcoin.
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2) Raising lots of money messes with incentives and focus. Capital Allocation is a hugely underrated skill set with CEOs and a key indicator of success. Hard to do that effectively with some massive warchests. (The Outsiders)
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Grin has experienced a huge growth in hash rate, and price in the past week.
I did some analysis on Grin hash rate vs other GPU mined networks (ETH, XMR, Beam)
Source:
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One of the most important podcasts
@lsukernik
and I have done!
Latest episode brings on
@boironattorney
and
@jchervinsky
who share thoughts on how to navigate the Legal Landscape in Crypto.
If you're a founder or DAO operator, this is a must-listen!
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pros of working for a DAO:
- greater flexibility
- interesting, meaningful work
- potential upside
- contributing to multiple projects
- more meritocratic + greater upward mobility (sometimes)
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I'm super bullish on
@element_fi
.
Aside from building some amazing tools for variable/fixed rates, they've designed a new governance system that tackles the question:
"How do you scale a DAO's decision-making while maintaining checks and balances?"
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3) Additionally, public investors are a whole new group of stakeholders, and hugely complicate the governance and decision making process. It makes rapid iteration and agility much harder. Ethereum's transition to PoS would be much easier in a small, contained environment.
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"Creating the technology needed to establish life on Mars is and always has been the fundamental goal of SpaceX. If being a public company diminishes that likelihood, then we should not do so until Mars is secure." -
@elonmusk
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5) I really like the
@nntaleb
's analogy of bitcoin as a form of insurance against Orwellian governments. But..how many people proactively buy insurance, especially against a threat that that is so abstract, and while everything is going so well?
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5) The complications and scrutiny involved with having public shareholders is also why companies take so long to go public (uber, spacex, Palantir, etc.) "
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4) real world parallels in equity markets: size of Hedge Funds "They find a negative relationship between fund size and return, except in the case of smaller funds (20th percentile and below)"
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TIL in the late 70s the NSA tried to restrict research in the nascent field of cryptography, by warning foundations not to fund research related to it.
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The momentum for Lightning is real - and it’s been incredible to see.
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Bridge Selection is one of the most interesting, relevant topics atm.
@osmosiszone
chose a unique approach, picking a single provider through on-chain governance.
Check out the latest episode of I Pledge Allegiance featuring
@sergey_nog
and
@sunnya97
!
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might be useful to create honest org maps for DAOs
would cause controversy, but forces clarity and accountability
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90/1 rule:
90% of the output of a sufficiently scaled DAO are done by the top 1% of contributors.
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50 BTC donation from an address that hasn't been active since 2010 .. wonder who this might be.
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Really like
@zooko
's example of SSL to show how privacy can be compatible with regulations.
Early Cryptography like PGP or RSA was classified as munitions. RSA Security fought a long battle to fix this, and now we've come full circle.
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The most attractive DAOs to work for are ones that have genuine social/upward mobility for new entrants.
Too much bureaucracy leads to stagnation.
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There's 10-20 high profile protocols launching in the next 12-18 months. How many of these will have real, organic communities develop? Only a handful of projects currently have meaningful # of people attend meetups or a healthy online community at all.
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I feel like meditation is especially crucial if you work in crypto. There's so much noise (distractions), and we see so many questionable/unethical things around us. True of most new technologies, but it's exacerbated here.
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The main reason B2DAO has not taken off at scale is the overhead involved in creating a governance proposal.
Specifically, the challenge of selling to many stakeholders (as opposed to 1 decision-maker), and operating with unclear scope and unclear accountability.
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If you have trouble keeping up with
@MakerDAO
governance, you should check out this episode with
@MonetSupply
.
He does a wonderful job breaking down complex issues and proposals into simple, digestible takeaways.
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An absolute epic from
@chrisdannen
,
@Leorzhang
, and the folks at Iterative Capital -
It's a long read, but probably the most thorough deconstruction of this movement I've seen.
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Pro tip: If you start off a call with me saying you're a listener of the podcast, I'll agree to anything
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Storytelling and narrative-building is a superpower that's amplified 10x in crypto.
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If lightning apps had tokens magically attached to them, VCs would be shilling them way harder so they can dump on retail.
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1) I wasn't into crypto until early 2017, but reading about crypto "history" has been immensely helpful in understanding current trends and phenomenons, and how they might play out in the future.
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DAO sizes have outgrown the tooling, infrastructure, and best practices that aid their deployment.
Now's the time for the latter to catch up for the former.
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Excited to co-author this piece with
@ljxie
on some of the most interesting proposals and experiments in DAOs today!
Some of the most fascinating areas in crypto are experiments happening in DAO governance.
@derek_hsue
& I wrote a post covering interesting cases such as Optimism, Gitcoin, Nouns, Lido. It's early days but hope it can be a resource & help spark discussion!
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New research from
@yassineARK
and myself on Bitcoin mining!
We analyze the complete supply chain from design --> deployment, and discuss some important themes (mining attacks, centralization, and future dynamics).
Eleven years later, Bitcoin mining is *still* massively underappreciated (... and massively misunderstood).
Just published:
@derek_hsue
and I discuss the importance of PoW mining, how it has evolved, and what it means for Bitcoin.
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Feels like Crypto Twitter / Telegram is developing into factions that are getting more and more entrenched in their views.
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Should
@Uniswap
turn on its protocol fee?
Dive into the latest episode of I Pledge Allegiance to hear
@lsukernik
and I discuss the arguments FOR and AGAINST with
@getty_hill
!
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Billion dollar protocols shouldn't be having protocol-wide governance votes on small governance spends.
Proponents of this approach are probably also big fans of holding heavily attended, time-consuming meetings frequently.
The biggest challenge for me as a DAO delegate is the constant review & rejection of many proposals requesting funding. Not fun for either side but needed to protect funds. I'm a huge fan of a grants/budget committee dedicated to this with delegates focused on broader decisions
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Important to revisit DAO governance from first principles.
I'm deeply bearish on DAO governance.
Thinking there may be an efficient frontier here for complexity + centralization
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1) Doing a deeper dive on Decred, it really is one of the most fascinating projects today. It has 3 very important innovations that other projects are implementing: hybrid consensus, On-chain governance and DAO treasury model.
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The shift in popular narrative against Eth in the past 12 months has been quite stunning - the barrage continues:
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We’re excited to release the second episode of I pledge allegiance!
This time I chat about
@FireblocksHQ
's recent Aave Arc proposal, with Michael Shaulov, CEO of Fireblocks, and
@roshunpatel
.
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7
40
Latest episode of
@ReveriePod
is out.
This time
@StaniKulechov
came on to chat about
@AaveAave
.
We have an unfiltered conversation about Aave's strategy and execution since inception, and where it goes from here.
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Recently spoke with
@trent_vanepps
and
@TimBeiko
about the
@ProtocolGuild
and its mission to sustainably fund core Ethereum development.
We chat about the inspiration behind launching the PG, historical funding approaches, and the EF's role.
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Initial distribution is the most critical part of token design - why?
Whereas other tokenomics can be amended and upgraded over time. (Initial) Distribution is one-time and irreversible.
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2) It's no surprise that most professional investors don't pay close attention or think much about cryptocurrencies - how many can count monetary policy + macro trends as part of their core competencies?
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Controversial governance decisions are a good thing.
Similar to an immune response, they show that tokenholders are getting involved, learning, and working to create healthier decision-making processes.
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DAO thought leadership = most competitive, crowded market in crypto
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4) Bitcoin is a new technology, has no cash flows, and a macro driven bet. Not many professional investors feel comfortable with this.
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Building something on top of Lightning? ⚡️⚡️
Apply to the Lightning Pitch Competition (also featuring panel + project demos) on June 24th, cohosted by
@blockchaincap
and
@radar_ion
! 👇👇
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Latest episode of
@ReveriePod
covers
@LidoFinance
governance.
@hasufl
and
@_skozin
eloquently break down the Lido Governance roadmap and the LDO <> stETH proposal.
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@nounsdao
is an amazing case study of what DAOs should aspire to be.
In this latest episode, you'll hear directly from
@punk4156
@hongkim__
@undeadnoun22
about all things past, present, and future with Nouns.
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The latest episode of
@ReveriePod
is with
@smsunarto
, the founder of
@ArgusLabs_
!
It's the longest episode we've ever recorded, and also one of the spiciest, touching on crypto gaming, rollups, and more!
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You might have heard about B2DAO recently... now's your chance to learn about it!
Pleased to announce a new episode of "I Pledge Allegiance" on B2DAO with some of the pioneers behind it -
@jmo_mx
@gauntletnetwork
and
@lsukernik
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DAO decision-making timelines are like internal engineering timelines.
Always expect it to take 2-3x as long as you think.
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How can zero-knowledge tech improve DAOs?
@lakshmansankar
and I dive into this question (and many more) in the latest episode of
@ReveriePod
.
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Just relistened to the Osmosis <> Axelar bridging proposal podcast I did with
@sunnya97
and
@sergey_nog
probably the most interesting gov proposals in recent memory - 5 bridging providers in a bake-off to be the canonical provider
ya'll are in for a treat when it's out (soon)
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Cryptocurrencies encompass such a wide variety of skillsets - it can be daunting to learn. Best to get a high level understanding of the ecosystem/different layers, and double down on what comes part comes naturally and what you enjoy.
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