Graeme on Warpcast

Graeme pfp

The main reason that Stack had so much volume this week was that a lot of people came over from Solana, after Clout didn't work so well in practice. All of the analytics point to this. Our approach was very pro-social, because 1% of all volume is given automatically to the underlying account, as well as 30% of the tokens dripped over a year, without the underlying account needing to do anything. We did $8m on Base in one day without any technical issues, and we sent hundreds of thousands of dollars in value to Ethereum addresses this way. But something that I have to say, because it feels a bit alienating, is that a lot of people in the ETH community kinda had a go at dunking on us. People logged on, saw $80 in their portfolio, and said "meh, this is confusing" – even though no app in history has probably ever done that before for a new user. Kinda sad that after 8 years of building on Ethereum, it's harder than ever to feel motivated to build for its community members.

7 replies

11 recasts

55 reactions

Nick pfp

I hear where you are coming from. However, tokenizing people’s likeness without their consent is both a really bad anti pattern, and something we explicitly learned people felt bad about in the last n socialfi cycles. If you can ship an update that requires opt-in, I think I will make a world of difference

2 replies

0 recast

11 reactions

Graeme pfp

I get that it has a certain transgressive quality, mixing price and social intimacy, but crypto has always been transgressive in these ways. “Everything will be tokenized” was a motto for a long as I can remember. I didn’t think that tokenizing ethereum account addresses themselves is a particularly strange version, nor do I think we are, or will be the only product to do so. If crypto-social is to mean anything, it will likely entail a tight coupling of finance and social relationships. People will continue to build amazing apps around this idea, and some of them will not require every user to onboard in the old ways. I also think that the actual ethereum ecosystem is fairly small for this to be a main concern, as most people will need to onboard to an embedded wallet in any case, which will be de facto opt in. So I would rather encourage rallying around that as the end goal. Because at the end of the day, the protocol is extremely interesting use of crypto for social products.

1 reply

0 recast

1 reaction

Nick pfp

Reminds me a lot of meditations on moloch. “All the fisherman are going to eventually use big nets to catch the fish, even though we’re only suppose to use lines by hand right now, so might as well use a net now” I can see the logic but it feels wrong to me. Just because everything will be tokenized (I agree) doesn’t mean it won’t be tokenized consentfully How would you feel if I launched a memecoin of Stack?

1 reply

0 recast

2 reactions