ian
@ianDAOs
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10 years in crypto. Co-Founder @syndicateio ✺. Prev led web3/crypto @IDEOVC @IDEO @CitiVentures @Citi .
web3
Joined April 2014
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2013: “Bitcoin is a scam”
2015: “Blockchains are a scam”
2016: “Crypto is a scam”
2017: “Tokens are a scam”
2017: “DAOs are a scam”
2018: “NFTs are a scam”
2019: “DeFi is a scam”
2021: “Web3 is a scam”
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How I learned Solidity programming in a month:
In April during lockdowns, I decided to invest in learning Solidity. Given that I haven't seriously coded beyond HTML in almost 20 years, it was daunting 😨
But it doesn't have to be hard or scary to get started.
Here's how 👇
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Web3 is making the internet creative and weird again, and I’m all for it.
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Blockchains = Web3 servers + DBs
Smart contracts = Web3 apps
Public keys = Web3 usernames
Private keys = Web3 passwords
Tokens = Web3 platform assets
Tokenomics = Web3 business models
x2E = Web3 user acquisition models
NFTs = Web3 media assets
DAOs = Web3 social networks
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1/ This week's events may become one of a few historic moments in crypto that not only ushers in a new protracted crypto bear market (12-18+ months)—but in time, leads to greater regulation, maturation, and ultimately the next (and even bigger) bull market.
Some insights...
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Venture capital is going to get decentralized and unbundled from almost every angle.
Rather than ignore it—let’s pioneer it.
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Everyday, I am more convinced that *design* is one of the biggest differentiators for startups.
For those who are trained in it, design is not an activity or output. Design is a mindset, process & rigorous methodology to learn what people want, what to build & how to build it.
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If web3 has only 2.5M active wallets, there are only 3 ways for a web3 project to be highly valued:
1/ onboards millions of new users
2/ used by a majority of the 2.5M wallets
3/ used by the most valuable segment of the 2.5M wallets
Many don't realize which bucket they're in.
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AI Agents That Can Bank Themselves Using Blockchains
Last night I created a GPT that can bank itself using blockchains.
The GPT autonomously manages USDC in its own
@safe
multisig wallet on
@BuildOnBase
. You can talk to it, give it suggestions on how to best use its resources,
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NFTs are like DeFi 2 yrs ago. DeFi was like ICOs 2 yrs before that.
95% is noise. But 5% is world changing.
Find the people who:
- Were in it before it became lucrative
- Are focused on impact, not $
- Have a clear mission
These ppl will create the 5% that changes the world.
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The next big things in crypto:
NFTs (2.0)
Social tokens (2.0)
DAOs (2.0)
Social graphs
Social networks
They're being built right now. Don't wait to get into them—by then it'll be late.
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Rise of the Founder-Investors.
The lines between investors & founders are blurring to the point where there will soon be no distinction between the two.
This will disrupt VC & startups alike—and it’ll be better, as founders will invest in, collaborate & help each other succeed.
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Ok, I'm calling it now:
2020: DeFi
2021: NFTs
2022: DAOs
2023: Web3 Social Graphs
2024: TCRs
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Meta will charge creators fees of up to 47.5%.
"If a creator sells an item for $1.00, then the Meta Quest Store fee would be $0.30 and the Horizon Platform fee would be $0.17, leaving $0.53 for the Creator before any applicable taxes.”
This is web2.
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I just paid $85 to my bank for 200 personal paper checks that will arrive in 7 days just so I can send some money via mail to someone to settle in their bank account in another 7 days. Or I could have just sent $USDC in seconds.
Are banks even trying to be helpful at this point?
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Things people don't yet understand about DAOs:
- There's a rich spectrum from fully decentralized to centralized
- They're not all autonomous
- They're not all organizations
- They're a social technology & create onchain social graphs + networks
- They're the next big thing
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When
@coinbase
offers checking, high interest savings, credit, bill pay, merchant processing, lending, and wealth management products, the crypto and traditional finance worlds will collide head on.
It is then that we will see a major bull run and great deal of M&A activity.
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I’m in many project Telegrams and Discords, and 90%+ of what I see are questions about “wen token,” airdrops, and liquidity mining.
That’s not a community that’ll help the protocol long term. We should should find ways to filter and optimize for users and developers only.
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DAOs are social networks.
People don’t understand how big of a deal this is and will be.
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I’ve learned the best strategy in life is an emergent one.
Don’t plan life in 5-10 year spans. Instead go all-in on what you have the most conviction, passion & excitement for in 12-18 month increments.
You’ll learn more, grow faster & outperform others not as into it as you.
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It is quite clear to me that people can now build a NFT-native YouTube, Instagram, TikTok, Twitter, Substack, LinkedIn, Spotify, and Amazon.
If talented teams are working on this, reach out. I will back you.
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Please stop with the weak hands, stay poor, Bitcoin citadel stuff.
Bitcoin is supposed to be inclusive. It’s supposed to be for everyone.
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Bitcoin is crypto’s first killer app.
DeFi is the second.
Cryptomedia + Cryptosocial will be it’s third.
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DAOs will be one of the most exciting and transformational technologies to emerge from Web3 because they are a 1000x improvement to how financial *and* human capital can come together, coordinate, and accomplish incredible things natively on the internet in a peer-to-peer way.
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The most important problems in society relate to the centralization of power, money, work & tech.
I wish ppl would see how crypto represents one of humanity’s best hopes at solving all of them in an integrated way.
Speculation in crypto, if anything, is a bet that this is true.
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The next big thing in crypto after DAOs to come back from the past will be TCRs. In about a year.
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People will soon realize that crypto is just the next evolution of computing and software.
People will then realize that the most disruptive aspect of crypto is not the tech but the ownership-based, cooperative business model that it enables.
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NFTs are memberships into digital communities.
Social tokens are currencies that help digital communities economically coordinate.
DAOs are fully or partially automated entities that help digital communities get specific jobs done.
Everything is connected. But they’re not yet.
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24/ The knowledge, expertise, capabilities, talent, partnerships, and funding to do these all well will be hard to learn, acquire, build.
But they will be learned and built in the next 18 months. Some of already are, and it's going to be amazing.
Brick by brick.
LFG.
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“Crypto will turn everyone into investors.” -
@balajis
Should everyone become investors?
I’d argue it’s imperative that everyone becomes investors, because for far too long, that power and wealth rests in the hands of too few.
We’ll democratize investing for all. Together.
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Not going full-time into crypto/Web3 is soon going to become a career limiting move.
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Who are the best NFT investors in the world right now?
Tag them here. I have an incredible opportunity for them.
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AI Agents That Can Transact
Most people still view AI and crypto/web3 as separate things, but they address different layers of the stack and can be integrated in powerful ways.
Last night I created a GPT that can make crypto/web3 transactions in just a few lines of code.
Read
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Hearing from multiple sources that sentiment and activity in crypto in Asia have decoupled from the U.S.
The levels of excitement and development are at all time highs in Asia—particularly Hong Kong—while things in the U.S. are low right now post FTX.
Keep an eye on this.
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People don’t fully get that crypto is where the future of tech is headed & that crypto can do things 1000x better.
TransferWise just gifted 0.006% of the company to 2,000 users.
Crypto startups are giving 30-70%+ of the network to users.
User-owned tech will win long-term.
1/ It occurred to us recently that as a VC backed tech company, we don’t have any customers as shareholders. It’s weird. 🤯
About time to change it 👇🏼
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The future of fintech and crypto is to build a DeFi protocol then build a CeFi fintech on top of it that leverages the protocol’s structural unfair advantages and further reinforces its network effects.
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$SUSHI & many others rn are merely v1 of fast follower forks and fair launches. The drama is exciting but also instructive.
Get ready for v2s:
- Better teams
- More fair
- Stronger tech
- Audited code
- Purer intent & integrity
- Positive sum
- Aligned w/ right community day 1
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The next phase for DeFi is about to begin:
- UX over tech
- social
- cross-chain
- DeFi platform + CeFi UX
- non trading use cases
- composability with cryptomedia
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9/ Both crypto bear markets also had a similar cycle:
Months 1-3: unwinding and stabilizing
Months 4-9: restructuring, refocusing, collaboration
Months 10-12: breakthrough discoveries
Months 13-18: new building and growth
Months 18+: new bull market (bigger than previous)
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2/
@udemy
Solidity Course
For me this was really great and fun. Starts from first principles and teaches via real smart contract examples. It cost only $14.99 and I did it in 3 weeks very casually. You could do it in less than a week (I have a day job!).
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New blog post: "Fair Launches Will Disrupt Crypto VC"
"How $YFI, $YAM and
@fairlaunchcap
point towards a future where pure-play crypto VCs become less relevant."
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1/ Very excited to share that
@WillPapper
& I are launching
@SyndicateDAO
, a protocol & social network to democratize investing for all.
I will continue to be investing
@IDEOVC
(which led Syndicate's round) & am excited to continue to work with founders in my new combined role.
We're excited to introduce Syndicate & its mission to democratize investing for all.
More than ever, we need to empower more people to invest in world-changing technologies & enable new models for investing that are fundamentally more open, free & fair.
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To empower more people, we must decentralize power.
To decentralize power, we must decentralize capital.
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Predictions on tokens & DAOs:
- Current governance tokens are trying to bake too much into a single token. Every DAO in the future will have multiple tokens—at least 3
- A DAO or protocol’s NFTs & social tokens will be more valuable than its governance tokens in the future
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"I am more confident in
#Bitcoin
than I am about Facebook, as an investment." - John Burbank of Passport Capital at
#SFBW18
@SFBWofficial
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“Crypto is eating VC.”
Soon, every VC will need to become a crypto VC.
Not long from now, every crypto VC will become a investing DAO.
And then, every investing DAO will be socially networked.
This is where the world is going. This is what we are building
@SyndicateDAO
We have joked
@a16z
crypto that not only is software eating the world, but crypto is eating VC. Every day it feels more real. Proud of the team we’re building to support the crypto ecosystem!
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12 months ago I started learning Solidity in the second month of lockdowns.
By Summer 2020, I had discovered a new primitive.
By Fall 2020, v1 was architected.
In January 2021,
@SyndicateDAO
was formed.
12 months later, we are on the verge of launch.
How I learned Solidity programming in a month:
In April during lockdowns, I decided to invest in learning Solidity. Given that I haven't seriously coded beyond HTML in almost 20 years, it was daunting 😨
But it doesn't have to be hard or scary to get started.
Here's how 👇
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Web3 is a user-owned internet. The world wants & now needs this.
Crypto & NFTs are digital assets that enable Web3 to be user-owned.
Smart contracts are Web3 software applications that are user-owned.
Blockchain is the tech that enables crypto, NFTs & smart contracts.
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Crypto will not just bring a decentralized internet—it’ll bring a new financial internet where the combination of finance with digital media, social networks, remote work, digital communications, and more create profound new services & experiences that are hard to imagine today.
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Emerging Thesis:
Crypto NFT art looks like a toy
But cryptomedia is a revolutionary primitive
Cryptomedia will enable user-owned, composable internet media
User-owned internet media will create a user-owned, composable internet
This will change the internet
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Airlines now want a $50 billion taxpayer bailout, but over the last decade they spent 96% of free cash flow on stock buybacks
This is how financial crises, QE & bailouts lead to greater inequality as wealth transfers from the public to private investors
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8/ Long held beliefs and assumptions were reevaluated. There was less dogmatism and fighting.
People became more open minded, humble, inclusive, creative, kind, caring, and helpful.
We focused on positive-sum outcomes for the industry, not just ourselves. wagmi was real.
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People underestimate the power of building a DeFi protocol AND a CeFi fintech (or fintechs) on top at the same time.
This is going to be the most common way to build a crypto company in the future.
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*Millions* of DAOs will be fully autonomous, decentralized, trustless & void of human connections.
*Billions* of DAOs will be semi automated, decentralized, rely on existing trust networks & deepen human connections.
This is the big idea that most people are still missing.
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10/ What's non-obvious however is that knowledge and learning compounded continuously through the bear markets—and the people who exited in the first 3 months and came back in the next bull market missed out on 15 months of "earned secrets" that future unicorns were built around.
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The killer app that’ll bring crypto to the mainstream at scale has been sitting under our nose this entire time: investing.
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Crypto is going to enable the middle class of the Creator Economy.
Most people don’t yet realize this, but the Creator Economy is the future of work as traditional forms of employment go away as they have been over the last decade.
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Crypto founders, especially today, should pick investors who:
- Are patient & long term
- Don't just write checks
- Know wtf crypto is for (vs not)
- Can design/build/run networks
- Create community
- Obsess over your vision & mission as much as you
- Care about you, as a human
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Take a step back and think about what’s happening in crypto rn:
Valuable tech platforms are giving away ownership to their early users who helped them get to where they are & where they’re going.
That doesn’t happen anywhere else. Not Uber, Airbnb, Facebook, Google, Apple, etc.
1/ Delighted to announce that 1INCH Token is LIVE! 🌟
Learn more about the governance/utility token and the token architecture:
⬇️
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Bitcoin introduced money primitives.
Ethereum introduced software primitives.
DeFi introduced finance primitives.
Crypto Punks introduced culture primitives.
@lootproject
has introduced a primitive for story, narrative, and world building.
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DAOs are underrated. People have dismissed them, but they are highly disruptive technological, financial, and organizational structures for radical collaboration, coordination, and execution.
Just wait. The killer applications of DAOs are coming.
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Who are rockstar women looking for roles in crypto/Web3—technical and non-technical?
I'm proud how we're building a diverse organization
@SyndicateDAO
, with many incredible women leaders & stars.
We're hiring
@SyndicateDAO
, and there are others I can connect you with. DM me.
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DAOs are going to unbundle the firm.
Phase 1: governance mgmt
Phase 2: treasury mgmt
Phase 3: inter-DAO workflow mgmt
Phase 4: inter-DAO ERP systems
Phase 5: inter-DAO service markets
If anyone is building something in phases 2-3, DM me.
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1/ Crypto’s biggest potential impact to society is in sustainably distributing wealth, capital & ownership to a larger % of the world.
This is also its biggest risk: crypto can exacerbate inequality if it is not made accessible to everyone—especially those who need it most.
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7/ But it was also in those times that our industry actually came back together, to work with and support one another, learn from each other, co-create, co-innovate, and ultimately grow up and succeed together.
The bear markets were some of my favorite years.
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2020: DeFi
2021: NFTs
2022: DAOs
2023: Web3 social networks
2024: TCRs
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3/
@OpenZeppelin
Github of audited Solidity contract templates
Fully audited, battle tested, and well documented. ERC20 and ERC721 (NFT) token contracts and more. Because they're so well explained, it's very easy follow once you understand the basics!
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1/ Why crypto is in a bear market: people are losing faith that decentralized services will be adopted and valuable to people or the world anytime soon.
While there are many other short-term drivers, this is the fundamental, long-term problem that we need to solve.
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15/ There aren't many of us, but it grows with each bear.
Bull markets bring in incredible new talent—but it's the bear markets that show us who's in it for the right reasons and forge lasting relationships with the people who stick around.
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NFT art & gifs are nowhere near the end state. They’re just the beginning and may not ultimately last.
The future of NFTs:
- Experiences
- Memories
- Self-expression
- Personality
- Intelligence (human, AI)
- Identity
- Stories
- Narratives
- Memes
- Culture
- Metaverse
99% of the long term value, engagement, and utility from an NFT comes *after* it is sold.
NFTs should be designed as experiences, not just products.
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16/ Adversity and bear markets are where you get to show the world who you really are. They're an opportunity for you to shine and grow.
It's a gift to take a stand, fight for something, and build what you believe in against the odds.
“You make money when markets are good and reputations when markets are bad” - Ron Conway, probably.
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99% of the long term value, engagement, and utility from an NFT comes *after* it is sold.
NFTs should be designed as experiences, not just products.
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18/ If you're a designer, engineer, lawyer, marketer, or builder in web3, join people, teams, projects, and companies who are in it for the right reasons, have deep conviction in their missions, and are working on hard problems.
The only way out is through. No shortcuts.
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We are witnessing something even bigger. Due to
@AndreCronjeTech
’s build & ship speed, $YFI is the fastest evolving self improving / innovating asset, period.
Then when put in context of crypto & DeFi’s market growth, $YFI could reach $100B+ market cap in 5 yrs (1 YFI = $3M+).
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NFTs are quickly evolving from creator and brand drops to digital community memberships and pieces of internet culture.
We’re seeing the emergence of crypto-native subreddits organically emerge now—and it’ll ultimately construct Web3 social graphs.
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Only 3 use cases where
#blockchain
makes sense according to
@naval
at
#SFBW18
:
- Censorship resistance
- Permissionless programmability
- Schelling point to coordinate an industry
My reframe:
- Permissionless system states
- Permissionless programs
- Permissionless markets
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$FIL's recent $228B fully diluted valuation ATH vs. other companies & networks' valuations:
76x UNI
5.5x ETH
95% of BTC
33% of FB
24% of GOOG
14% of AMZN
11% of AAPL
Can someone explain this please 🧐
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After DeFi, the next big thing in crypto will be social.
Social gaming.
Social media.
Social networks.
If you're working on a project in this space, reach out. Our team
@IDEOVC
is investing in early-stage teams in these spaces and will be launching a new program for them soon.
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19/ For investors, bears are the best time to invest.
Lower valuations, less noise, more time to think, more time to work with founders, and more breakthrough innovations if you can find it.
Smart contracts, ERC-20, ERC-721, DAOs, and DeFi were all discovered during bears.
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In work and in life, help as many people as you can, and everything else will follow.
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17/ If you're an entrepreneur, think longer-term, have deep conviction, cut out the noise, attack hard problems, focus on the right markets, and be principled, pragmatic, and efficient.
And stay well capitalized, ideally with investors who have built through the bears before.
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Most people still think of crypto as this weird, isolated thing on the side from everything else—when in reality, it's where the entire world is headed:
- digital money
- digital finance
- digital equity
- digital content
- distributed web
- community-owned software
Because all value becomes digital, the entire economy will eventually become the cryptoeconomy.
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2/ As a builder (
@SyndicateDAO
) and investor (
@IDEOVC
,
@CitiVentures
), I've been in crypto full-time for the last 8 years, since 2014.
To me, this is starting to have a very similar feeling to the breadth, scale, and impact that Mt Gox (2014) and ICOs (2017) had on the industry.
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Crypto is going to democratize finance. Crypto is going to democratize investing.
And when you democratize investing, you democratize capital formation, wealth building, and opportunity.
The world needs this.
Over the coming months, I will be tweeting (and more) about this.
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The main reason Web2 companies won’t be able to compete against Web3 startups long run is because the tech enables a fundamentally different—and therefore disruptive—business model.
Web2 companies will build on the tech. But they won’t disrupt their core business models.
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Today
@SyndicateDAO
launched its first DAO-powered investing tool built on Syndicate Protocol 🚀
Web3 Investment Clubs enable friends, investors, builders, and creators to come together natively on the internet and support the projects and communities they care about most.
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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11/ For example,
@ethereum
@ledger
@chainalysis
@MakerDAO
@Uniswap
@opensea
@falconxnetwork
were founded during the 2014 and 2018 bear markets, and so many more were hard built through them.
And when the next bull market came, those teams had substantial capabilities and leads.
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The irony is that crypto projects are decentralized, but the capital investing in them is not.
We’re going to fix this.
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