Clujso (David)

@d

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I tried out @tribedotrun. Here’s my notes on the user experience: - It’s the rebirth of the gated chat + token pioneered by friend tech - The retro design on desktop is nostalgic, easy to understand as a web3 user, but far too complex for a web2 user. Needs more design iterations to get to that point - My first task as a user was: “How do I join the tribes, which are the best ones? The most active ones?” - There’s no feature or easy way to find out, so I browsed through the top ones until I found one which looked interested and kind of active, it was @imran's for me. I decided to join and pay the price, it was a hefty 1.6 SOL to join. Topping up the wallet was fast and easy, as well as transacting within the app - I think it’d be a good idea to give users a “preview” of the tribe before paying up the hefty prices, and also emphasize that you can always sell back your membership, in my case, for 1.15 SOL.

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Following my series of content on token models. Today it’s the turn of Blackbird Early last year, the $FLY token model was being praised as the epitetome of consumer focused token models. Since then, they have learned a lot (after being sybil attacked), and late last year, they released an updated token model flypaper. Lot's to learn from them. Let’s break it down

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AI OR DIE The title might scare you, at least a little. Ravi Gupta dissects a key insight from these past years of AI acceleration. “In a decade, perhaps everyone on earth will be capable of accomplishing more than the most impactful person can today.” What does this mean for a founder TODAY? - Go deep into the AI capabilities now - Build an AI version of your product, with 100x less resources - Become the AI strategy for your customers, by becoming savvy in the space - Go role by role, and think about what augmentations can happen with AI, implement them TLDR; If you don’t do this ASAP, you’ll DIE. No matter the industry. Read more: https://www.rkg.blog/ai-or-die.php

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I read Duolingo’s Handbook so you don’t have to. Here’s the core principles, with crypto commentary: Take the long view “A 100 year brand”, if someone cloned Duolingo, they would come back for the characters. “We knew that building the best education app would be a multidecade effort”. Streaks has been years in the perfecting process They even built custom built a notification tool that PMs can use without engineering support to test them out They excel at high impact and low cost efforts,a a thoughtful balance of organic growth and marketing An early story was replacing the “tree” learning structure, with a “path”, even tough it was more restrictive, it helped lay the right foundations to users, and ended up being the right decision Few crypto companies build for the next 100 years

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When we ( @lata , @jakub ) met @steph and @vm from @receipts , we were blown away by their fitness story, and their passion to expand it to everyone. Great fitness is achieved through great incentives, Receipts is just that. Full story linked below. 🏃

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Gratefulness feels like a key trait to develop as an investor Sitting across experts to learn new concepts every week requires to step back, and be grateful that an expert is taking the time to teach you something new

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There’s a key question and mindset that crypto founders needs to answer. “Which ecosystem should I build on?” This is different than traditional web2 VCs. In web3, these decisions might make or break you in different angles. We try to keep minds open, and founders should be agnostic. Here’s some key questions: - Does it meet the tech requirements for the app? - How might this ecosystem support my growth efforts? - How many onchain high quality users are on the ecosystem? - Beyond the TVL, what are cultural launches that have chosen this ecosystem? - Which other reference projects are building in this ecosystem? - Which investors have invested in this ecosystem before?

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A key concept from Margin of Safety: Buffet’s “Don’t loose money” Let’s assume 2 investors. Investor A is charismatic, edgy, snappy. Investor B is thoughtful, slow, conservative. Over a 10 year timeframe, investor A has returned 15% on average for the first 9 years, followed by a -20% loss on a market drawdown in the final year. Investor B has been consistent, generating 12% returns on the first 9 years, followed by a 6% return on the market drawdown final year. Who ended up making more returns? And who had less risk along the way? The value of $100 invested in investor A would turn into $281, while, that same dollar in investor B would be $294. It’s hard to grapple with this, investor A was in magazine covers, raised more money more easily, racked in more fees, and even made his LPs happier for a longer time (the first 9 years). Investor B went against the current. Extrapolate over longer horizons and find this effect compounds further.

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My current book obsession is “Margin of Safety” by Seth Klarman. I’ll share some notes along. - Definition: ”A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility. The margin of safety is always dependent on the price paid. For any asset, it will be large at one price, small at some higher price, and non-existent at some still higher price” - The key is to pair the margin of safety with the “why” question. It’s critical to know this, and sell when the reason for owning does not apply anymore, or when the asset is priced closer to it’s underlying value. - In simple terms: Assets that trade at low earnings or cashflow multiples, even below cash - The margin of safety is dependent on market conditions. There are moments when even the cheapest asset is overvalued, and does not have a margin of safety. So the best is to be uninvested at those times.

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We (SGV) love @rodeodotclub It’s giving instagram/VSCO/tumblr vibes. Every post you see is beautiful, and creators love to monetize. Here’s a couple of product annotations of what I like about the experience the most: 1/ I can discover beautiful content, and collect 2/ (web2) Creators are earning real cash 3/ Only "true fans" can engage with the creator via comments 4/ I get paid when someone sees me collecting Posts are growing at a fast clip, and are generating over 300k in monthly protocol revenue.

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Wake up babe, new @receipts website just dropped: https://receipts.xyz/ 🏃 🏃‍♂️ 🏃‍♀️

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Our dealflow is based on our network of members. They are much more than normal LPs, and we’re much closer to a team. Folks from all over the ecosystem are invested in our vehicle, and incentivized to share the best deals they come across with. Operators like @abi , @pratik or @cryptso.eth Funds like @fabric, @1kxnetwork Networks like @masknetwork , @avalanche or @cyberconnect Our edge is our network. There’s definitely more, for a full list visit:

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Regardless of the @usual $USUAL forced peg fiasco, which is more of a hardcoded dev error than a protocol design. I think the token design is pretty elegant, and there’s a lot to learn from it. For those new to USUAL, it’s essentially a traditional “decentralized Circle”, but users become owners by holding and using both the stablecoin, and the yield bearing version of it. All protocol revenues are governed by tokenholders. - They’ve generated 11M in revenue so far. Going to the treasury governed by USUAL holders. - ~100k/day in Dec-Jan, up from 43k/day in Nov, and ~30k/day in Oct. - The growth has been inevitable. I wouldn’t be surprised to see the protocol on 100M+ revenue run rate for this year, and they are sitting at a 170M FDV. Let’s dissect Supply and Demand dynamics for the tokens:

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https://www.clout.me/ is the social fi app de jour. I just downloaded the app, with no major context. Here’s my thoughts and annotations: 1/ Overall app design is smooth, but too bland. I lacked the context to understand what was going on after I got to the home screen. 2/ At first I thought why would I launch a token with a ticker? Why else would they ask me? Am I really doing this? Feels wrong somehow and preempted in the experience 3/ The social share DURING the onboarding is genius worth of mouth 4/ I couldn’t ever understand why would I buy or participate in the presale of any of these tokens, no idea of the mechanics of them. Are they just memecoins? Do they have something else? Just unsure about everything, therefore won't ape Final thoughts: Interesting concept, reminds me of friend tech, a bit better designed. I really don’t like the opaqueness of the tokens. The questions that I have yet to answer is “why would I buy this?”

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This week our IC (socialgraph.vc) reflected on transparency and urgency during a fundraising process. Transparency is the willingness of the founder to answer questions during the process, and share all the information transparently. Questions around burn, revenue, growth, data, and status of the product are answered straightforward. Urgency is inherent to how founders treat the process, if the round is “hot”/oversubscribed, it’s more likely to be treated urgent. Urgency means that founders are less responsive. Founders can easily fake it and FOMO/strongarm investors to wire money even before the round is committed. Here’s how they interplay, and how we read it:

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Good Crypto Products vs. Bad Crypto Products Inspired by Ben Horowitz’s classic, here’s a breakdown of what separates good from bad 👇 Thread and full article below

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LUA (loo-ah) L for listen to the question U for understand the question A for answer the question Jensen Huang will stop employees and say LUA whenever a conversation is on a tangent Clear and concise communication is a key part of NVIDIAs culture h/t Founders Podcast

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A bit of a bull case for @proxystudio.eth’s @clanker 4.3x valuation / 30d fees vs. Pump’s 10-20x, or Virtuals 166x

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Hey @clanker How does the fee structure work when launching a token? I’d like to know how clanker the company generates revenue, how it is calculated, and what portion of it is shared with the creator of the token as well If you can provide formulas and an example that would be great!

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My Top 9 on @rodeodotclub featuring @degenveteran.eth, @nudoru, @ballzerino, @codycobb, @thepapercrane, @emps, @javiermontero, @meganmorrow, and others

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