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Hey Fam, welcome to the Issue 83!
▹ Team updates
▹ $SOCIAL Index closer to Launch
▹ Miles Jennings on Web3
▹ Meta Creator Coins Plans
▹ 1kx on Service DAOs
▹ WJS on 'Gm'
▹ ... much more
PS: We’ll be experimenting with some new formats and content types in the newsletter over the next few weeks. If you have any ideas or feedback on how we can improve the newsletter, let us know!
Let’s get into it.
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Decentralization for Web3 Builders: Principles, Models, How. We talk a lot about decentralization in web3, but what does it really mean? What does it refer to? How do we get there? Miles Jennings lays out the technical, legal, and economic definitions of decentralization, how different web3 projects and orgs should be thinking about each, and a path to getting there that takes into account the realities of the world we live in. This is a must-read for anyone working in the space.
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Meta targets finance with ‘Zuck Bucks’ and creator coins. Facebook’s financial arm has been exploring the creation of a virtual currency for the metaverse, which employees internally have dubbed “Zuck Bucks.” This is much better than the project actually being called Zuck Bucks, but it remains to be seen how much better, and whether Facebook will be able to get a cryptocurrency off the ground after the demise of Libra. Regardless, Zuck does not seem to be taking his foot off the gas when it comes to his dive into crypto and the “metaverse.”
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Service DAOs - Landscape, Challenges, and Solutions. As the DAO ecosystem matures, it will become more and more necessary to define and examine different types of organizations independently, rather than discussing “DAOs” as a collective. Service DAOs are a segment of the market that has gained traction quickly given their relatively straightforward incentives and value propositions to service providers. The team at 1kx laid out the reasons to start a Service DAO, the challenges they face, and the road ahead. Great piece if you’re interested in learning more about a tangible DAO use case.
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Web3 is yet to take off despite the hype. This piece from the FT argues that web3 has yet to find “truly useful applications,” yet fails to explain why existing applications aren’t useful. For example, NFTs as collectibles are mentioned in the piece as “hype,” which may be true for the majority of projects – but are we going to ignore the potential of decentralized media, and the creativity it is already unlocking? Worth a read to see what folks outside of the space are thinking, but a disingenuous take nonetheless.
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Token Compensation for Web3 Startups. This is an extremely practical essay for any web3 startup founders or employees thinking through token compensation strategy at the pre-token launch stage. The research team argues that “Without a solid strategy, founders and hiring managers risk over-diluting tokens in the long-term, losing out on critical hires, upsetting or being unfair to employees, and ultimately, failing to build a healthy, efficient team/company.” Extremely fair take, and they manage to provide some useful insights across the board to help alleviate those concerns.
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Zora and the Rise of Cryptomedia. Rex Woodbury, investor and writer of Digital Native, wrote this deep dive on Zora that is definitely worth a read. The piece refers heavily to Zora co-founder Jacob Horne’s piece on “cryptomedia.” Rex paints the bull case for Zora as well as anyone: “We’re all participants in culture, yet we don’t have an economic stake and we lack agency. Zora aims to fix that. Zora’s mission is to make the market of culture more efficient. Zora aspires to make culture liquid.”
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How DAOs Could Change the Way We Work. This piece from HBR explores some of the promises of DAOs from a “future of work” perspective. The essay explores employee autonomy, global workforces, work flexibility (i.e. working for multiple DAOs), more decision making power, compensation structures, and more. When broken down in this way, DAOs don’t seem to offer any one unique benefit to contributors. Rather, the combination of all of these benefits creates a uniquely intriguing experience for some folks looking for change.
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Enjoy our weekly bi-weekly podcast roundup of the latest & greatest in social tokens, DAOs and more.
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Market data on the last 7 days.
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Updates from the FF DAO
— The Token Community Hackathon was a success! Thank you to everyone who participated – it was a great experience, and we’re excited to continue to improve and grow our programming at Forefront and Coinvise alike. We’ll be announcing results soon!
— Our new curation incentive program is live! In addition to revamping the #curation channel, we’ve introduced #high-signal for media around novel use cases and frameworks for tokenized communities and web3 more broadly. FF Signal and other curation channels will now be token-gated by 100 $FF.
— Forefront’s social token index with Index Coop, $SOCIAL, has PASSED! This is a long time coming, and we could not be more excited to put this out into the world. Stay tuned for more updates and reach out to the team if you’d like to get involved in $SOCIAL’s GTM strategy and execution.
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◎ Access FF Signal for daily Web3 headlines
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