Today, we’re excited to profile Zach Davidson, growth & partnerships at Rabbithole. Enjoy!

First, some context: what did you used to do, and what are you doing now?

I'm Zach and I'm a web3 operator + investor. I started my career two years ago as Erik Torenberg's Chief of Staff at Village Global, where I focused on investing + operations. While working with Erik I also spent time helping scale On Deck from ~5-200 employees, spinning up new fellowships, and supporting the broader team across hiring, fundraising, and more. Today I lead all things community at RabbitHole, a learn & earn platform with a vision of becoming the best place to find work based on verifiable crypto-credentials.  As we transition from a centralized company to a DAO, I oversee contributor acquisition + engagement, new workstream development, and go-to-market for special projects in our ecosystem. You could think of me kinda like the mayor of a small town — I oversee our community's efforts + empower the right people to make our ecosystem the best it could be. 

What was your first exposure to crypto/web3?

I first learned about crypto in 2016 during a freshman year internship. One of my teammates, Brock, was raising a small crypto hedge fund at the time + opened my eyes to the world of Ethereum. To be honest, I didn't understand much of the technical stuff back then, but I found the concept of decentralized technology interesting from a philosophical POV, and I kept it in the back of my mind for the next few years.

What was your “aha” moment / why did you decide to go FT into web3?

Fast forward to 2020/21 — while working with Erik I saw the power of what online communities could accomplish if you put the right people in the room. But while web2 communities did a great job of aligning their members' shared values + sense of purpose, they lacked a value transfer network where members should share value with one another, or earn economic upside in the success of their community at large. I started thinking about how I wanted to spend my time and with DAOs finally coming into public discourse I knew it was my chance to take the leap + lead a community of my own. 

Any learnings from the process / since joining web3 full-time?

I think the best advice I could give someone about going full-time DAOs or web3 in general is to put yourself out there. Or put differently — "do the job before you have the job." Since crypto levels the playing field + opens up a truly global workforce, those that succeed are the ones who are unafraid to speak up, prove their worth, and contribute to the causes they care about in a legible way. The last part is especially important, since there is virtually no hiring process for truly web3 native roles — you gotta learn to build in public + get comfortable throwing half-baked ideas out there to see what sticks. The most interesting connections I've made + opportunities I've been given have come from being public with my thoughts and my work. Do the job before you have the job, and the right doors will open.

Thanks Zach for joining us, and let us know who you’d like to see next!

Today, we’re excited to profile Mene Mazarakis, investor at Chapter One. Enjoy!

First, some context: what did you used to do, and what are you doing now?

I was previously at Meta (fka Facebook) where I worked across a few teams. I started as an early PM on the crypto team, part of a small team building out FB’s digital wallet called Novi. Then I led civic products at Instagram working on helping people register to vote for the US2020 election.

I’m now an investor at Chapter One, an early-stage crypto fund focused on product & design and making web3 accessible to all.

What was your first exposure to crypto/web3?

My first exposure to crypto was in 2013 when I was at debate camp in high school. One of the kids at camp showed me a gold coin that had a string of numbers on the back of it and told me that this was a bitcoin and that it would be really valuable in the future. At the time I thought it was a token you’d use in an arcade…

What was your “aha” moment / why did you decide to go FT into web3?

My aha moment was working at Novi at Meta. In college I traveled to Kenya and did research on the impact of mobile and cross-border payments for remittances and thought it was an incredibly fascinating and impactful area to dive deeper into. A lot of the aspects of my research we were trying to build that at Novi while adding a blockchain-based digital currency and wallet that was interoperable with all of your Meta experiences. Playing around internally with our MVP and seeing that we could move money at the speed of a text message and the cost of a fraction of a percentage point made me feel we were on to something. 

What was the most surprising thing about entering web3 full-time?

I’m most surprised at the creativity in the space, especially for thinking from first principles to problems in a novel way.

Working in web3 full-time also reminds me that the only constant in our world is change. Learning to adapt and grow is one of the most important things we can learn.

Finally - what is your favorite part about being in web3?

It has to be the people. I'm reminded daily about the diversity and inclusion of communities in web3. Not all systems are perfect but the current (rapidly evolving) state of web3 feels like an improvement in people coming together to push the bounds of existing tech. 

I’ve also never had more fun on the internet. 

Thanks Mene for joining us, and let us know who you’d like to see next!

Today, we’re excited to profile Christina Beltramini, Head of Growth + Partnerships at Aave. Enjoy!

What attracted you to web3? Did you have any "aha" moments?

It all started in 2017 after picking up “Blockchain Revolution” by Alex Tapscott and Don Tapscott. My curiosity peaked and I have been down the crypto rabbit hole ever since. There wasn’t an exact “aha” moment, more so the build up of my genuine passion about the types of innovation that Web3 can open-up to create a new and fairer decentralized world order. Most recently working in both the creator economy and music streaming, I saw first-hand the growing pains emerging from the current digital ecosystem. Misaligned incentives from incumbent middle-men and monetization data hungry Web2 companies. Putting the power back in the hands of those who are creating the actual value, instead of having them as just an input in the value chain (and most often last) is what drives me.

Why did you join Aave?

Over the last 18 months, we've seen Web3 concepts which solve core problems going from ideation to production and adoption. Part of my previous role at TikTok I was responsible for putting together a skunk work team focused on exploring how these innovations such as NFTs could reshape economics and control for creators. That’s when the lines between my crypto hobby and work started to merge. It’s also when I decided I finally needed to jump in to play a part in driving this innovation forward rather than just participating on the sidelines.

What’s important for me in any role and company is continuous and rapid learning in an entrepreneurial environment on the bleeding edge of innovation. It can be hard to find this perfect formula as I did when I joined in the early days at TikTok. What drew me to Aave is it’s focus on impact, building together and being bold in its mission to be a web3 leader. Someone at our company aptly put it this way “we're a band of passionate multidisciplinary tinkers, makers and hackers”. For those looking at roles in Web3, look for the right signals and track record especially in a bull market where there can be a lot of noise. For me it’s the fact that Aave continues to launch the latest leading products in their respective fields and was able to build a successful DeFi product throughout the 2017-2020 bear market.

What were your biggest learnings from the process?

For anyone looking to get into the space, my suggestion would be to ensure that you build your Web3 resume. We are at a unique inflection point where never working in crypto won't hold you back as it's an industry emerging real time and there are so many ways to level up getting involved on the side. It’s very easy to tell those who have a genuine interest in the space apart from those looking to follow the hype.

While I had never worked directly in crypto, I was avidly building my Web3 knowledge base investing and advising in various projects, engaging in community discords, yield farming, testing DAOs etc. These experiences not only inspired me further, but helped me connect with some of the brightest minds in the space who taught and guided me as I thought about making the jump. It’s an incredibly open industry and you’ll be surprised who you meet and what you learn when you dive in online. But it does take commitment and time, especially if you have a full-time job. Can’t say I sleep too much, but it did allow me to strike when the iron was hot at TikTok and assert myself to bring my hobby learnings to my day job. Now the rest is history!

Thanks to Christina for joining us :) P.S. Aave is hiring - check out roles here.

If you have suggestions on who you’d like to see, don’t hesitate to reach out. You can also find previous editions with Katie (Coinbase Ventures) and Brandon (Layer3).

Today, we’re excited to profile Katie Chiou, investor at Coinbase Ventures.

First, some context: what did you used to do, and what are you doing now?

I graduated from UC Berkeley in 2020, prepared to go back to investment banking -- instead I joined FirstMark, a New York VC firm, to help lead content and community. While I was very interested in startups in college, FirstMark was my first formal intro to the VC/startup ecosystem. I am currently an investor at Coinbase Ventures.

What was your first exposure to crypto/web3?

My first exposure to crypto/web3 was through my own friends/community. I remember vividly having roundtable discussions around crypto (notably one about Positive Sum Worlds: Remaking Public Goods s/o Other Internet), as well as helping a few crypto founder friends navigate fundraising and roadmaps. 

I'd say my first "formal"/large scale exposure to crypto was through joining Gitcoin's KERNEL fellowship (s/o KB4), where I met more incredible thinkers/leaders in the space.

What was your “aha” moment / why did you decide to go FT into web3?

My silly answer is that I saw a tweet that said "DAOs are just Model UN for adults" and then I was instantly cryptopilled. At a higher level, I think we are at a transformative moment in time where society's most intellectually curious and community-minded individuals are working together to build new worlds (s/o https://pluriverse.world/), and I'd be remiss to not contribute in any way I can.

Most surprising thing about entering web3 full-time?

No one has all the answers. The nascency, fluidity, and freedom of crypto are all its strong points, but they also make it incredibly difficult to create shared norms and build in the space.

Any learnings from the process?

Your community is everything, and you find community by asking intentional questions and following those answers down the rabbithole. :)

Kicking it off, we’re excited to profile Brandon Kumar, the co-founder of Layer3, a talent marketplace for DAOs.

First, some context: what did you used to do, and what are you doing now?

I spent the first 6 years of my career at Accolade Partners, a $4 billion alternative asset manager. We invested across asset classes (venture, growth equity, buyout) and sectors (enterprise software, crypto, life sciences, healthcare services, etc).

Earlier last year, I left Accolade to co-found Layer3, a talent marketplace for DAOs.

What was your first exposure to crypto/web3?

I was first introduced to crypto in 2017 when Accolade invested in a16z’s first crypto fund. From there, I independently followed the space on nights and weekends until 2019 when we decided to launch a dedicated crypto fund of funds. Our thesis was simple - institutional investors (E&Fs, Pension Funds, Family Offices, etc) want crypto exposure but don’t want to make single fund investments given how nascent the asset class is. That product was impeccably timed as we made our first few commitments right before DeFi summer. As that fund grew, I began spending more time on our crypto effort and less time on other strategies/sectors.

What was your “aha” moment / why did you decide to go FT into web3?

I was in a privileged seat at Accolade because I got to interact with the sharpest minds in the space. Naturally, if you spend your day talking to the best investors and entrepreneurs, then you get curious. Although I had already been full time web3 at Accolade, I wanted to help build and contribute in a more meaningful way.

I was introduced to my co-founder, Dariya Khojasteh, by Jai Bhavnani (Rari Capital) mid last year. At the time, he was building a growth marketing platform for DAOs. After a few months of getting to know each other, and iterating on the concept, we agreed to change course to a talent marketplace and pursue this together.

The problem itself was very clear. Everyone loves saying “go contribute to a DAO,” but no one has a clear response for how you actually do that. I had tried a few times myself, only to be shocked at how these orgs are managed. I genuinely believe that DAOs have the potential to re-frame how talent and labor intersect but am also realistic that a lot needs to change for that to be true.

What is the most unexpected thing you’ve discovered after entering web3 full-time?

I’ve been amazed at how proactive the community is. Not only are users incredibly excited to use the product, but many of them also want to help build it. Almost every morning I wake up to a DM from someone in the community who completed work for us of their own volition.

More broadly, building in web3 is very different than in any other industry. From the way you approach talent (via twitter) to how you make strategic decisions (in public).

Any learnings from the process?

As a general life principle, intellectual curiosity tends to yield tremendous opportunity. This is even more true in web3.

Thank you Brandon for sharing your experiences with us, and stay tuned for the next edition of GM, web3! Let us know @Sarah or @Vedika what/who you’d like to see next.

Communities are the lifeblood of web3. So how do you build a strong web3 community?

Crypto investor Peter Pan has shared great insights on this topic. Below, I share key takeaways on 1) how to build the trust you need to build a strong community, 2) the three roles you need, and 3) the three phases you must go through.

How to Build Trust

To build a strong community, you need to build trust. To build trust, you need to get members to believe 4 things:

1. their contributions will be put to good use.

2. the intentions behind the community are earnest.

3. the community is capable of achieving its goals.

4. the ppl in the community share the same values as they do.

You have a finite initial window of opportunity to build this trust before individuals start disengaging. Most communities fail here.

Three Roles in a Community

There are 3 roles in a community:

1. the settlers (community management - day to day operations)

2. the explorers (community growth - experimentation)

3. the town planners (community strategy - direction)

Three Phrases of Community Building

There are 3 phrases of community building:

1. Member acquisition: attract potential community participants

   1. your goal is to attract primarily intrinsically motivated members as opposed to extrinsically motivated members

   2. this will lead to sustained participation even when the monetary upside is uncertain

   3. focus on creating awareness around what differentiates the community, as opposed to the monetary incentives

2. Member engagement: get members engaged

   1. understand member goals so that you can guide them to their own goals to achieve MVP (minimum viable participation)

   2. utilize community onboarding calls & 1 on 1 outreach calls to the most actively engaged community members you identify

3. Member leadership: build community ownership

   1. everyone wants active community governance from day 1 - in reality, community members need to become familiar with a community and invest enough of their time and energy to begin growing an ownership mentality

   2. give opportunities to influence and participate in key community discussions and decisions

   3. offer levels of progression

3 bonus takeaways:

"Communities only become real when they achieve their first win.

Enthusiasm is not enough to keep a community alive.

When no value is created, people disengage."

“You are your community's first contributor - if you do not show up, no one else will.”

“Community is not always about including everyone but a careful balance between curation and inclusion.”

Full Pieces Here

https://www.pet3rpan.net/blog/hard-thing-about-starting-communities

https://medium.com/1kxnetwork/how-to-grow-decentralized-communities-1bf1044924f8

https://www.pet3rpan.net/blog/roles-in-community-building

List of Questions

1. What is a DAO?

2. How many DAOs are out there?

3. What types of DAOs are there?

4. What are examples of DAOs?

5. What is the point of DAOs?

6. Why join a DAO?

7. How do I get involved in a DAO?

FAQs

1. What is a DAO?

   1. There are multiple definitions. Some say the simplest form of a DAO is “group chat with a shared bank account.” On the other end of the spectrum, the ideal “strict” form of a DAO is “an entity that lives on the internet and exists autonomously, but also relies on hiring individuals to perform certain tasks that the automation itself cannot do” (Ethereum founder Vitalik).

   2. Often, a DAO will involve:

      1. A group chat

      2. Treasury

      3. Token

      4. Governance (decisions made via voting)

      5. On-chain cash flow (e.g. NFT drops)

2. How many DAOs are out there?

   1. It depends on the definition… Some sources say < 200, others say a few thousand.

   2. Consensys reported that in Sept. 2021, the top 20 DAOs held $14Bn of digital assets!

3. What types of DAOs are there?

   1. There are social DAOs (like a digital country club where tokenholders are members who have access to events), protocol DAOs (tied with specific DeFi protocols), investment DAOs (focused on making investments), media DAOs (focused on producing content), collector DAOs (pooling funds to buy NFTs together) and more.

4. What are examples of DAOs?

   1. Uniswap – the largest decentralized exchange on Ethereum

   2. PleasrDAO – they pool funds to purchase collectible items such as NFTs, real life artwork, and music. They famously purchased the one-of-a-kind album by the Wu Tang Clan for $4M in July 2021

   3. Friends with Benefits – a digital social club with events

5. What is the point of DAOs?

   1. One argument is that DAOs are fundamentally mission driven, resulting in participants having a greater sense of fulfillment and meaning.

   2. The idea of ownership is core to DAOs (i.e. every member owns a piece of the DAO via the DAO’s token much like someone might own equity in a traditional LLC) hence members have aligned incentives to make the DAO better – “ownership fuels empowerment.”

   3. Another argument is that DAOs are less susceptible to human corruption as actions are executed by smart contracts (of course, many DAOs are not at this level of automation).

6. Why join a DAO?

   1. It’s flexible (you can contribute from anywhere, at any time): maybe you want to work remotely or you want to supplement your day job with other types of work or you want to meet other people interested in similar values/activities.

   2. It’s often mission driven, you can find a community that aligns with your values and make new friendships.

   3. Members are incentive aligned and all share in the upside (and potential “failures”) of the DAO.

7. How do I get involved in a DAO?

   1. Explore different discords

      1. There are some DAO directories like this one

      2. Ask friends what DAOs they’re involved in

   2. Join and “lurk” in discords (get a sense of what they do, the culture/”vibes”)

      1. Participate in any of the onboarding activities they have

      2. Check out the docs/any writing they have

      3. Attend a meeting

   3. If you want, try contributing!

      1. Often there’s a “contributor form” you can fill out to get plugged in. Otherwise, you can ask the #general chat or dm the core contributors and ask how you can help (or suggest your own ideas!)

Lmk if there are other FAQs you think I should add!

tweet summary here

A few weeks ago, I asked people to share their journeys into web3. The key question I wanted to answer - what will bring the masses into web3?

To gain insight into this question, I wanted to look at what's pulled people into web3 so far, what areas people are most interested in, and what people viewed as the biggest challenges in the space.

What did I learn from 50+ responses? Read on and comment with anything I missed!

What first got people interested in crypto/web3?

The top 3 things that initially pulled people into crypto/web3 were:

1. An article, newsletter, or podcast: whether it was joining the mirror write race, reading Not Boring, or listening to a Bankless podcast, many respondents pointed to the influence of good content. In that spirit, sharing 3 of my favorite pieces:

   1. Web3 101: fundamental principles of web3 and how it differs from web2

   2. Against Scarcity: explores the question of “how to define economic value in a digital world of post-scarcity”

   3. Beginner’s guides to social tokens, DAOs, and NFTs

2. Conversation with a friend: more friendly = less intimidating

   Crypto/web3 can be confusing and obscure (more on this later). The voice of people you trust (e.g. friends) is often the easiest way for people to enter the space (this is how I entered the space!)

3. Purchasing bitcoin: skin in the game

   If you’ve heard anyone talk about crypto, you’ve probably heard some form of “when I first bought bitcoin in 2017 it was…” or “If only I had bought more DOGE in 2016...” While there are fascinating elements driving the increased attention around web3 - like the permissionless nature of blockchain and the potential for community governance - it’s clear that the desire for (and track record of!) financial gain is a key feature of the space (see graph below by Laura Du).

While it may be appealing to imagine a society motivated purely by idealistic values, we shouldn’t ignore the more obvious truth: financial incentives are the primary engine powering web3. Nevertheless, though financial incentives are often what brings people into the space, social motivators like community, friendship, and impact may be what retain them. As David Phelps put it, the optimal level of financial incentive is perhaps “enough to overcome the opportunity cost of other jobs, but not enough that people are just in it for the finances.”

What “aha" moments took people further down the web3 rabbit hole? (i.e. what led them to engage in something beyond buying BTC or ETH)

Here are the 6 use cases/aspects of web3 that have generated the most excitement:

1. Creator monetization

   1. “Royal.io / the effect on the music industry”

   2. "Building a global community of artists around a social token"

   3. "Realizing that creator funding mechanisms suck and that NFTs solve that"

2. web3 as "the frontier"

   1. "simply not knowing enough - everyone is still undergoing the discovery process, and that's what drives me to learn more"

   2. “If this is the remaking of the Internet, I want to be involved”

3. The openness and composability of blockchain

   1. From a dev's eyes: "Biggest thing was doing the CryptoZombies solidity tutorial and realizing all contracts and data are open for viewing and interacting with."

   2. "The moment I realized people could build apps & deploy them to Ethereum without any of the web2 infrastructure. As someone who has worked at a traditional cloud services provider, mind = blown."

4. NFTs and ownership

   1. "Buying an NFT and joining a gated discord... the potential for new social experiences"

   2. “When I started looking at RFTKT and realized that NFTs were more than just art - they had real utility and were fundamental for an interoperable metaverse. Seeing that RTFKT sneakers could be worn on Snapchat through AR but also in Decentraland or in games opened my eyes.”

   3. "Understanding NFTs as a way to reintroduce scarcity into the web"

5. Community

   1. "Being an entrepreneur was lonely. To discover a community where I could contribute value in any way I want and get rewarded via emojis & crypto!"

6. Financial gain

   1. "In 2017 I got some ETH and the private key as a Secret Santa gift at work, which at the time was worth 10 USD. In 2021, I used the private key to put it in my wallet and it was 306 USD of ETH."

   2. "When I made $2k off Ethereum in a couple weeks lolz"

What areas of crypto/web3 are people most excited about?

The most "popular" categories, in order, are:

1. DAOs (selected by 72% of respondents)

2. NFTs (62%)

3. DeFi (55%)

4. Social/Identity

5. Gaming

6. Social Tokens

Finally, and arguably one of the most important questions…

What do people think are the biggest challenges for crypto/web3?

The two biggest challenges are 1) onboarding and 2) regulations.

Onboarding

It's no secret that the world of crypto can be confusing, obscure, and scary. There are 3 aspects of the onboarding process key to making people's journeys into web3 more enjoyable.

Accessibility

1. UX: Centralized exchanges like Coinbase and Gemini and Defi apps like Blockfi and Donut have friendly UIs that abstract away much of the technical complexity for the average consumer. But many more crypto/web3 apps are incredibly difficult for the average consumer to use. I still remember how confusing it was to use Metamask for the first time. I didn’t know how to send money from my centralized exchange account to my Metamask, what it meant to “accept” or “reject” a transaction, nor why the costs were so high (hello gas fees!)

2. Gas fees: many web3 activities are cost-prohibitive. Buying cryptocurrencies or purchasing NFTs is simply out of the question for many people. Even for people who have the financial means to engage, the cost is a huge deterrent.

Education (& the narrative around web3)

The three key questions for the "average" interested consumer are: 1) what's going on, 2) why should I care, and if I do care - 3) how do I get involved (in a safe manner)?

Content can be one way to educate people and address these questions. Activities and experiences (both IRL and virtual) can also be great avenues to explore these questions. Whatever the form of "education", it needs to be high quality, discoverable, digestible, and actionable.

• Shoutout to the people working on onboarding and education: Crypto, Culture, & Society, Buildspace, Rabbithole, Coinvise, Peter Yang’s Odyssey, Chase Chapman’s On the Other Side, Kinjal’s Two Cents

The criteria for effective content, however, is only relevant for people who are at least interested in learning more. Just as critical is the question of what will get more people interested in crypto/web3. Part of the answer is the narrative around crypto/web3 (as created and told by journalists, celebrities/influencers, politicians, etc).

The narratives around crypto/web3 lie on a wide spectrum, from skeptics who worry about crypto being one big ponzi scheme to proponents who advocate for crypto as the future of the internet. Unfortunately, much like what we see in American politics today, the conversation between these opposing viewpoints are too often a shouting match rather than an open dialogue.

Yet for web3 enthusiasts who want others to join the space, it is counterproductive to attack the views of those who are skeptical, as it will only make skeptics more turned off from the space. And for skeptics, the most effective way to voice concerns and raise important questions about the space is to do so in a friendly as opposed to hostile manner (Reboot is a great example here h/t David).

Diversity & Inclusion

Given how early the space is, there is real opportunity to build a diverse and inclusive ecosystem. Additionally, given how much activity lives online by default, there is opportunity for true, global collaboration. The ability to stay anonymous also means that people can be known more for their actions as opposed to judged by their appearance/age/gender/etc. Of course, anonymity also creates opportunities for bad actors, and people can lie about their identity in order to accomplish unsavory goals.

There is some discussion of diversity and inclusion in the space, but these topics still take up relatively small mindshare. Yet it’s especially important for us to focus on diversity and inclusion early on, as the effects of doing so (or failing to do so) compounds over time. I.e. People most often attract similar people and so the longer you wait to diversify, the harder it becomes.

• Shoutout to people and organizations focused on diversity and inclusion in this space: e.g. she256, Komorebi, Surge, web3baddies, #cryptoladies.

Regulation

This topic could be a piece in and of itself, so I will keep this high-level (let me know if a longer piece on this topic would be of interest!)

Different governments hold vastly different viewpoints on crypto. El Salvador has approved bitcoin (BTC) as legal tender, China has banned cryptocurrencies and mining, India reversed its crypto ban in 2020, and many more countries’ stances remain undetermined.

There are many layers of complexity given the dimensions at play: different governments, political and economic models, areas of web3, degrees of consumer adoption, etc. Much of government regulation to date has centered around regulating crypto exchanges and the question of taxation, leaving open questions around "newer" areas such as NFTs and DAOs and topics such as fraud protection and security.

Within the U.S., there isn't yet a clear regulatory framework. "The Securities and Exchange Commission (SEC) typically views cryptocurrency as a security, while the Commodity Futures Trading Commission (CFTC) calls Bitcoin (BTCUSD) a commodity, and the Treasury calls it a currency" (Investopedia). While Federal Reserve Chair Jerome Powell has indicated that the US does not plan on banning cryptocurrencies, several state governments have passed laws regarding cryptocurrencies and blockchain technology.

There are also other challenges that don't fall into these two categories of onboarding and regulation, including the balance between decentralization and centralization, the environmental impact of mining and powering blockchains, the lack of clarity and education around wallet security, and taking care of one’s mental health in an space that is on 24/7.

Finally, there are philosophical questions that remain unanswered - e.g. how do governments regulate entities that do not have an ultimate person or group of people "in charge", how do governments regulate borderless activity, and how do governments regulate "autonomous" activities that (although originally created by individuals) are executed by smart contracts in perpetuity?

To recap:

1. The top 3 things that pull people into crypto/web3 are the 3Cs: content, conversations with friends, and cryptocurrency purchases (often BTC).

2. The 6 aspects of web3 people are most excited about: creator monetization, the early nature of the space, the openness and composability of blockchain, NFTs and ownership, community, and financial gain.

3. The top 3 categories people are most bullish on are: DAOs, NFTs, and DeFi.

4. The 2 biggest challenges for the space are onboarding (improving accessibility, creating learning opportunities, fostering diversity and inclusions) and regulation.

We are still early in the space, which means there are many open questions and challenges, and just as many opportunities. I’m hopeful that we can continue to make the space more accessible and embody the values we want to cultivate in this fast-paced and often speculative environment.

Thank you to all the survey respondents who shared their perspectives and the people who helped share the original survey. If you’re building in the space, reach out! Here's to making crypto/web3 more accessible for all #wagmi

With special thanks to Kinjal Shah, Jerry Feng, Laura Du, and David Phelps for their invaluable feedback.

*This survey was shared and publicized via twitter - on my own account and those of friends in the space - as well as the Accelerated newsletter and two discords I’m a part of - shoutout to Pixelbeasts and Chainforest. Hence it skews heavily towards people who are in tech and/or web3 and are likely one to three degrees of connection away from myself.

What exactly is a DAO? Here are 5 of my favorite definitions, in no particular order:

1. According to Vitalik Buterin in “DAOs, DACs, DAs and More”, DAOs == automation at the center, humans at the edges.

2. A socio-economic definition by Mario Laul: DAOs can be defined as organizations that combine automation (via distributed computer networks and smart contracts) with crypto-economic incentives (via tokens stored in distributed ledgers) and human collaboration (mostly online, relying on both crypto-native and traditional web-based coordination tools).

3. The essence as captured by Coopah: “DAOs are internet communities with a shared cap table and bank account, a commitment to share value with a community.”

4. Two conditions a DAO must meet from Spencer (h/t @DaoHaus for sharing)

   1. all members have at least some direct control over the org’s assets and actions

   2. nobody other than the members can shut it down

5. This analogy by Peter comparing a DAO to a tech startup:

   1. instead of applying for a job, you join the startup’s Slack with one click.

   2. you can work via bounties or teams. Bounties = a massive JIRA board. Team = a slack channel where you can volunteer to do something / see what other people are working on.

   3. others can submit proposals for you to get paid.

Bonus

• DAOs as a framework/ethos (of a well functioning community)

https://twitter.com/evabeylin/status/1396184123761303554?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1396184123761303554%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fgnosisguild.mirror.xyz%2Ft4F5rItMw4-mlpLZf5JQhElbDfQ2JRVKAzEpanyxW1Q

• DAOs enabling more independent careers, allowing us to “open-source ourselves as workers”

  • “If joining a startup is signing up for a seat on a rocketship, joining DAOs is snooping on a bunch of rocketships being built, figuring out which rocket-building team you jive with, and stepping in with a wrench where you see fit.” - Annika Lewis here

    https://twitter.com/divine_economy/status/1423674134685388805

Resources

https://linda.mirror.xyz/Vh8K4leCGEO06_qSGx-vS5lvgUqhqkCz9ut81WwCP2o

https://coopahtroopa.mirror.xyz/_EDyn4cs9tDoOxNGZLfKL7JjLo5rGkkEfRa_a-6VEWw

https://annika.mirror.xyz/9yxmN8Sh3_i43zgFWxQjNVMaL3vqNHGJ_JERr_sgEmk

https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-an-incomplete-terminology-guide/

https://gnosisguild.mirror.xyz/t4F5rItMw4-mlpLZf5JQhElbDfQ2JRVKAzEpanyxW1Q