Ryan Sean Adams (rsa.eth)
@rsa.eth
People are way too glum about lack of crypto adoption. We've actually come a long way in a short time. Let me share our story. We're a media company with a simple business model - subscriptions and sponsorships. We now run 70% of Bankless onchain and i actually love it. That's up from probably 20% when we started. THINGS WE DO IN CRYPTO Ethereum is our primary bank. Safe is our bank vault - access controls, limits. I can't understate how much safe has improved over the past few years - 10x better than any bank interface. Etherscan for bank statements - all our balances - all our transactions - I can't understate the value of etherscan - we've been DAUs since forever Metamask, Rabby, Uniswap wallet as our checkbooks - our finance ppl use these to sign transactions from our vault or make payments USDC for cash - we pay salaries, bills, and taxes in fiat so keep short-term treasury in stablecoins [Continued in thread]
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Ryan Sean Adams (rsa.eth)
@rsa.eth
sDAI from Maker for CDs/Treasuries - we use Cowswap for this - any cash that's medium-term treasury generates yield in DeFi ETH as our S&P500 index - we are long ethereum - why wouldn't we be...everything above is built on ethereum ETH is our store of value. RocketPool for ETH yield - if we're bullish ETH, why not stake it - sometimes Morpho for a lil extra juice. Cryptio as our quickbooks - it just beams in all our onchain transactions for our bookkeepers Uniswap for currency swaps - when we get paid in tokens and need to swap them for USDC or ETH CryptoTaxCalculator as our turbotax - @trustlessstate and I are partners in this biz and this just spits out our personal taxes. Kraken and Coinbase as our crypto banks - fiat onramps - these two have never failed us. [Continued in Thread]
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Ryan Sean Adams (rsa.eth)
@rsa.eth
PARTIALLY IN CRYPTO Our sponsors mostly pay us using crypto (ETH/USDC) - it's probably 60/40 now - of course...our sponsors are crypto companies so you'd expect that. About 10% of our subscribers pay us using crypto - we have Coinbase Commerce for our subscription payments and we use Stripe for the rest - people still prefer to pay with credit cards. THINGS WE DON'T DO IN CRYPTO We still have Chase and Mercury for credit cards, and a small town credit union who took us in after Bank of America kicked us out. Payroll is still too complicated to do in crypto - we use Gusto for that and it pulls from our fiat accounts. We pay some of our contractors in crypto but others prefer fiat, i'd say it's close to 50/50. [Continued in thread]
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Ryan Sean Adams (rsa.eth)
@rsa.eth
CRYPTO IS READY All in all - Bankless is a small business in America that's mostly...bankless. And having straddled both systems for years I can say crypto is now a *better* banking system for many of the things a small business in America needs to do. Yes, we're crypto native - so this stuff comes more naturally to us - we're the alpha testers. But here's the thing. UX in crypto is getting roughly 2-3x better each year. It's already better than banks for crypto natives. At this rate crypto will be better UX than banks for normal people in maybe...3-5 years. And outside the U.S...in countries with an underdeveloped financial system? Ethereum will be the default bank. Truly democratizing finance. I think people looking at price all the time are missing this part of the story. The tools to go bankless are actually great now - and getting better. You can run a business on Ethereum now. DeFi is awesome. Crypto is great. We've come a long way and we're just getting started. [End of Thread]
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Devin Baker
@devinbaker.eth
This is so helpful As someone at the start of their building journey, I’ve been thinking of ways to truly build on web3 Bookmarking this a million times to refer to as a model 🫡 Grateful to you guys for leading us out to the frontier
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bradq
@bradq
Fascinating. People need to hear this story widely. Have you laid this out before in blog or podcast or is this the first time?
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JR ↑
@juli
Appreciate the thread. Reminded me of the good old bankless days where you unpacked money legos on your Substack. 420 $degen
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madlog↑c
@madlog1c.eth
nice thread, excited for the day you (and the rest of us) can go 100% onchain
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J Milles 🎩
@jmilles
This is awesome. Thanks for some of these recs.
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