Jesse Walden pfp

Jesse Walden

@jesse

275 Following
38374 Followers


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Variant Thesis: Ownership as keystone of user experience, bootstraps networks bigger faster. Works best when: 1) There is a moral/normative imperative—a movement that people want to participate in. Skin in the game enhances belief, resulting in a more exciting/engaged experience. Examples: “chancellor on brink,” “world computer”, “open finance/internet capital markets”, “actually open AI” etc. 2) There is a product that people love and intuitively want to own, where skin in the game of investment enhances the experience of using the product, sometimes with additional utility. Examples (fewer come to mind because regulatory red tape has made it difficult to distribute ownership to product users, as compared with protocols): Digital Art (NFTs), Tesla, Uniswap, Hyperliquid, etc. If you’re not leaning into one of these two things, ownership may be a really expensive/ineffective way to scale network effects. Thoughts?
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Imagine, these types of tokens in a galaxy not far away: - onchain content is a growing asset class, with the zero-sum memecoin lottery we have today being only a fraction of this total growing market cap - a new asset class ill call "onchain securities" are bringin silicon valley startups onchain thanks to a lighter compliance framework (open source code, open source cash flows, open governance processes, tokenholder recourse, and accompanying lightweight disclosure requirements) - this asset class enables founders to make true economic ownership a keystone of user experience in products pepople use every day - sufficiently decentralized protocols enter their prime as clear definition enables more efficient governance -- the best version of this will "DAOs 2.0," or organizations that minimize governance overhead via automation (AI) and with active founders/contributors/humans at the edges who contribute the value that can't be automated.
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