Graham Novak (📜,📜)
@gnovak_
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building @mezzaninelabs | prev: Partner @ SALT's VC Fund, started @ConstitutionDAO , Investing @ 28th Street Ventures, cofounder @ NomadX
Joined July 2019
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@DavidSacks
Really weird that the teacher sent that to you with the email title "(nonprofit school example" 😬
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We've done a disservice by lazily calling
@TornadoCash
a "mixer" instead of an obfuscator. Mechanically, there's no mixing, no mingling. Just deposits and withdraws
As
@jchervinsky
points out on
@BanklessHQ
, this specific misunderstanding might be the reason why it was banned
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This has been the absolute craziest 24 hours of my life.
Kickoff meeting —> 2k members + ~$3m commitments
@ConstitutionDAO
wasn’t even an idea yesterday morning
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1/n THE PARADOX OF DAO GOVERNANCE
Let's be honest, anon. You're in too many discords. You own a lot of tokens. You can't keep up. You don't vote for most proposals. If you do, it's with little understanding of what you're voting for. Your friends are voting one way; you do too.
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a bachelorette party that accidentally planned their trip the same time as ETH denver just raised a $30m round for a bar-napkin sketch of their decentralized social club
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Good time to share that I'm working on something new 👀
Mezzanine is bringing corporate governance onchain. “We take the best of DAOs and the best of companies.”
@gnovak_
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DAOs are disorganized messes with minimal legal credibility. Companies are opaque bureaucratic messes with perverse incentive structures. Both have redeeming qualities, but neither of them, as they currently exist, will suit the needs of most organizations of the next decade
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i have ~120 pages written on (1) novel treasury mechanism design, (2) pragmatic governance, (3) novel compensation methods, and more. I'm getting ready to share and build more publicly
seeking recommendations:
1. mediums/methodology to share
2. people to talk to
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I may or may not have some very important news tomorrow
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just proposed to the love of my life this weekend
here are the top 8 things it taught me about the future of decentralized autonomous organizations 👇👇👇
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crypto projects nowadays are jokes, copycats, or cash grabs
in 2021, we launched
@ConstitutionDAO
in seven days
we raised over 12,000 ETH (~$45 million)
we returned 100% of capital in one month
there was no team allocation, 0 fees, zero cut, absolutely no pre sale
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@0xdownshift
@jpatten__
@Treasure_DAO
fun fact: ConstitutionDAO was briefly (<15 minutes) named Treasure DAO before we realized one existed lol
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Pipe might be one of the most brilliant financing concepts I’ve ever seen
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@micsolana
Opportunist companies be like “We stand up for LGBTQ rights!... Except for in the face of highly oppressive authoritarian regimes.”
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Just found this absolute gem— 10 minutes after
@ConstitutionDAO
went live on Nov 14, the value locked in the smart contract hit $250,000.
@j_austincain
and I celebrated from Atlanta
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The crypto industry has a trust problem.
We keep calling crypto trustless, but it isn't. Users just choose to trust smart contracts instead of humans. Objectively, the industry's track record isn't great.
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a little over two years ago, ConstitutionDAO literally changed the trajectory of DAOs
1/ DAO governance activity is exploding 💥. In the last year, we have seen:
• 8.8x in # of DAOs
• 8.5x in # of proposals
• 8.3x in # of votes
🧵 Here are 10+ key insights from
@SnapshotLabs
data on DAO governance
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The $PEOPLE token from
@ConstitutionDAO
is the 5th highest turnover on OKX. pretty wild tbh
If you're curious, here's how the story played out from the Core Team's eyes (and how we accidentally made a meme coin):
$TRX ranked only behind $BTC and $ETH with the third-largest turnover on
#OKX
spot trading in the last 24 hours 🔥
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It’s pretty easy to get caught up in clout chasing. A lot of my friends who took “prestigious” jobs aren’t sure what they want, so they took routes that preserve optionality. It’s sad to see some of them subconsciously shift to “this is what I wanted”
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@hollyherndon
This particular problem is not being addressed yet, but teams at
@OpenAccessDAO
@vita_dao
and
@ResearchHub
are all doing some amazing things to fund sconce and/or make their publications open/accessible
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@deanbphillips
could you publish an actual platform? Super disappointing to go to your website and see you're only asking for donations. I want to see CONTENT and PLATFORMS, not just platitudes and requests for money
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Ethereum hot take. 🔥 Burning is bad.
It is fairly basic economics: capital allocation.
The crypto world has had some TOUGH econ lessons. Under collateralization (Luna), leverage (3AC), fraudulence & rehypothecation (FTX) and now balance sheet & duration risks (SVB). 1/n
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this is even better prize than the constitution. look at the uptick of activity following the November 18th auction
@ConstitutionDAO
📜🤯
we literally changed the trajectory of DAOs
1/ DAO governance activity is exploding 💥. In the last year, we have seen:
• 8.8x in # of DAOs
• 8.5x in # of proposals
• 8.3x in # of votes
🧵 Here are 10+ key insights from
@SnapshotLabs
data on DAO governance
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I don’t tweet about my personal life much, but I did a thing
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Never forget the time that
@BrettHarrison88
helped
@ConstitutionDAO
the *day of* the auction when Sotheby's changed the terms of our participation and made us swap to fiat prior to the auction. Not all heroes wear capes. Thanks for coming in clutch and giving us a shot ✌️
1/ An announcement: I’m stepping down as President of
@FTX_Official
. Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company.
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it's been a wild ride, ya'll. thanks for the memes and mems. huge shoutouts to the incredible core team that made this possible and huge supporters like
@fenbushi
@standardcrypto
@Brett_FTXUS
@SyndicateDAO
@MorningBrew
@juiceboxETH
@packyM
@endaomentdotorg
and MANY others
hello frens! i’m back with a lil announcement :)
last night the multisig executed a transaction to "burn" the juicebox project NFT by sending it to the unowned ethereum address 0x00...1787. this means the multisig is no longer the juicebox project owner.
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To be 100% clear, refunding anyone who wants their money back is the TOP priority for
@ConstitutionDAO
. With that said, TONS of great things are happening and we’re excited to share once the messaging is clean and prepared. Great things in store for those who stick around 😎
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What did people mess up when they decided to pass on investing in Shopify?
"[VCs] thought the addressable market was too small for online stores."
Online --> Onchain
Right now, there is a small number of onchain organizations. The market is going to be enormous
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we're going to see way more than DAOs onchain. Onchain organizations are going to be a massive category with a huge amount of organizational diversity
public/private
Permissioned/permissionless
For profit/ not profit
tokenized / securitized
Regulated/unregulated
Flat /
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pay contributors/employees in all tokens while guaranteeing a USD-based salary.
Writeup coming soon. Currently revising with friends/advisors. Shoot me a DM if you wanna jam on it
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decentralization of ownership is good. decentralization of operations is bad.
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ACCOUNABLE.
If you don't like the actions of those you've delegated power to, revoke it. Give it to someone else. Use it yourself. The only way to maintain accountability is to retain the right to revoke the delegation of power.
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Current emphasis: "we're decentralizing organizations"
Real emphasis: "we've made organizations accountable"
Huh? Is that what DAOs are about?
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The overarching design of blockchains is arrogant: we assume that we're smart enough to write contracts that can't be exploited
"Code is law" is not only legally silly, it's practically silly... unless there's a way to resolve the errors of the "laws" when they're exploited
1/
@eulerfinance
was exploited in a flurry of txs on Ethereum (one hack tx: ), leading to the lost of ~$197m from the project.
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Washington and Lee University bears responsibility for the deification of a man who betrayed his country and fought to keep millions of black people enslaved.
It’s time to let him go.
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Headlines from
@nytimes
,
@Reuters
,
@TechCrunchit
, etc all get it wrong. Probably no malice. Just technological misunderstanding. If some of the best reporting got it wrong, should we be surprised that regulators did too?
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every time a high profile sport team, company, or museum artifact goes on sale, I’m added to a new group chat
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Can we do this again just for kicks
web2: what do you mean, "web3 is all about vibes?"
web3: [
@ConstitutionDAO
live reading of the US Constitution]
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we're also finding ourselves in lots of semantic arguments becuase
@VitalikButerin
coined "DAO" and now *every* organization is trying to fit a mold
Would dramatically increase innovation if he recognized there should be non-autonomous and non-decentralized orgs on-chain too
Wonder if we could have eschewed semantic arguments by using “community bound tokens” (CBTs) instead “soulbound tokens” (SBTs)?
CBTs better captures the starting point—communities—-and scale of n stakeholders, naturally differentiating from self-sovereign VCs & DiDs.
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I hope the world takes notice. This is much bigger than buying the Constitution. DAOs are a new way of coordinating people, building agile teams, and raising capital
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1. Alpha dropping soon 😈
2. Follow
@MezzanineLabs
3. Buckle up
Mezzanine is combining the benefits of companies with the best aspects of DAOs to bring corporate governance onchain.
@gnovak_
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still in awe thinking about the impact of internet access without the limitations of enormous local network infrastructure
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We've gotten obsessed with decentralization because it's *ABSURDLY* important for the base layer. But for unit-level organizations with high operational intensity, they still need hierarchy-- but most importantly, they need accountability, permissionlessness, and verifiability
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The hardest part of the last 12 months for people in crypto who are in it for the right reasons:
A genuine desire to be a part of the solution
Various anecdotes and criticisms that we are part of the problem (some fair, some unfair)
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some teams build apps, some build protocols... and some build cities. definitely excited and curious to see this evolve
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To be clear— it’s talent, not capital, that is the biggest constraint of building web3. Excess capital mostly accelerates what’s “priced in”. But we need more people to actually BUILD
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And now,this has been the absolute craziest week of my life.
17,107 discord members + $44M of real contributions
@ConstitutionDAO
wasn’t even an idea one week ago
This has been the absolute craziest 24 hours of my life.
Kickoff meeting —> 2k members + ~$3m commitments
@ConstitutionDAO
wasn’t even an idea yesterday morning
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Congrats to
@WillPapper
and the rest of the i creobke team at
@SyndicateDAO
! I fully expect this to be huge.
1/ Today, we're excited to introduce Web3 Investment Clubs, Syndicate’s first mainstream social investing tool built on Syndicate Protocol ✨
It transforms any Ethereum wallet into a powerful investing DAO in seconds for just the cost of gas.
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VERIFIABLE.
You no longer have to trust what an organization SAYS becuase you can be certain about what they DO. Don't just "trust" that you're being represented. See it on chain. See the results. It's transparent. It's verifiable.
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~24 hours, $4.5 million raised, 11144 people on Discord… this community is INCREDIBLE
Surreal to be a multi-sig with so many amazing people
On June 21st, 1788, the Constitution became the law of the land when it was ratified by the 9th of the 13 original states.
In keeping with this tradition, the Constitution DAO multi-sig wallet requires 9 out of 13 signatures to approve transactions.
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I don't feel particularly bad for crypto speculators, degenerates, or VCs (myself included). This is a volatile asset class and we have the privilege of participating.
I feel bad for people in El Salvador who adopted bitcoin as currency at substantially higher prices.
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Looking for:
Weird unicorn investors who know crypto SUPER well, but deeply skeptical and frustrated with much of the industry. Should be:
A. Pragmatic about regulation
B. Invest in business models that actually make money
C. Constructively critical of much of crypto
D. Like
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We lost the auction, but we have not lost purpose. The sentiment of these notes has not changed. These messages, and many like them, inspire the future of
@ConstitutionDAO
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We’re holding back an entire army of talented entrepreneurs who should be building on-chain organizations because they’re terrified of the seemingly impossible task of building a “Decentralized Autonomous” organization
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You can lie to yourself, you can lie to god. But you can’t lie to the TikTok algorithm
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with $COIN's big announcement, crypto bros can finally get to First Base
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PERMISSIONLESS.
When we say that DAOs are "permissionless" it means that anyone can submit proposals. That's novel. It means that anyone can gather support for their proposal. Thats novel.
It *doesn't* obligate anyone to support your proposal.
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Too many crypto projects blindly incorporate design patterns without considering if it actually makes sense *in that scenario*
I'd argue that many projects would be better without:
-Fixed token supply
-Automatic burn mechanisms
-Dual Equity/Token structures
-Tokens (at all)
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@JackLipstone
Nah, use L2s on the same L1– they don’t have the same security compromises. Consumers have to migrate off of mainnet sooner than later (due to gas fees)
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i hope "DAO" soon replaces "egg" on Google's autocomplete when i type "Big Green"
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We are so happy to have you be a part of the journey!!
Thanks for your email.
I may be slow to respond for the next few days as I am literally buying the United States Constitution with 5,840 people I met on the internet.
If it's urgent, hit up
@ConstitutionDAO
.
(📜,📜),
Packy
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as the guy who got called "constitutionDAO guy" today, i think i've got a pretty spicy take on DAOs:
the best DAOs will lean into oligarchy
don’t fight the iron law—create many small groups of locally capable elites to lead within the context of their strengths, checked by a more democratic superstructure that can evaluate and allocate resources based on results
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Really fun conversation with
@ericgoldenx
and
@m1guelpf
walking through the story of
@ConstitutionDAO
. We were so lucky to have an incredible core team and community that made it possible. Thanks for joining the adventure and can’t wait for the next one ✌️
My conversation with
@gnovak_
founder &
@m1guelpf
of
@ConstitutionDAO
.
The story of Constitution DAO is incredible. In less than a week, the team coordinated 17K strangers to bid $43M, showing the power of a DAO & inspiring so many, including myself.
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@ConstitutionDAO
worked closely with
@endaomentdotorg
and
@RobbieHeeger
. The team is full of upstanding humans and you can have confidence that the money will be used to support Ukraine
The official ukrainian donation page is down:
@endaomentdotorg
is a pretty large organization running a crowdfund for ukraine here, which at the moment seems to be the best option to contribute:
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Anon, you have three options to do with your token governance rights:
(1) Don't use your vote
(2) Vote
(3) Delegate
1 is dumb. 2 is usually difficult to do becuase you own tokens of 20+ DAOs. So you're eventually going to do 3, delegate.
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