Chainforest Weekly Recap
Greetings Rainmakers! ⛓️🌴
Welcome to the latest edition of the Chainforest Weekly Recap, where you’ll find up-to-date information on upcoming Chainforest DAO programming and industry events, the community feature of the month, a round-up of the most exciting happenings in our Discord this week, and a welcome to our new Rainmaker’s!
The top three channels were: 💬│general-chat, ⚡│connect-potw, and, 🦄│gen-nfts
Champion of the Forest Challenge 🏆🐯
🏆 Champion of the Forest 🏆
Champion of the Forest is an 8-week journey consisting of a series of quests and games in Chainforest. For each quest a member participates in, they will receive TEAM points based on performance. The top TEAM point earners will win prizes! (For full event details, check out our announcement post!)
🏅 Current Standings (After Week 5): The race is heating up! Congratulations to the current leaders:
🥇 Blake Kim (Co-Founder, Head of Product & Community Myosin.xyz)
🥈 Julia Xu (Head of Strategic Partnerships & Community at Scenius)
🥉 Vasanth Thiruvadi (Head of Finance at Chainforest)
Check out our leaderboard to see the latest standings
🔎 Scavenger Hunt 🔎
Chainforest is excited to announce the launch of our second 🏆 Champion of the Forest 🏆 game: Scavenger Hunt!
Throughout the next two weeks (starting on Monday 4/17), we’ll periodically post mini-quests on our Discord server. These mini-quests will range from creating/verifying your profile in the Chainforest directory to finding the Chainforest member with certain background details, establishing connections, and many other quests in between.
For each mini-quest you complete, you’ll get TEAM points, increasing your position on the Champion of the Forest leaderboard!
🏅 Current Standings (After Week 1): Congratulations to the current leaders:
🥇 Julia Xu (Head of Strategic Partnerships & Community at Scenius)
🥈 Blake Kim (Co-Founder, Head of Product & Community Myosin.xyz)
🥉 Tie: Vasanth Thiruvadi (Head of Finance at Chainforest) & Jason Rosenbaum (Crypto Trader)
Check out our leaderboard to see the latest standings
Upcoming Chainforest Programming ⛓️🌴
Monthly Town Hall Meeting (May 2023)
Details: Join us to stay updated on the latest developments at Chainforest DAO including upcoming events, new member orientation, in-depth analysis of deal flow, and much more!
When: May 9th, at 2:00 pm EST
RSVP: here
Previous Events & Recordings
Monthly Town Hall (April 2023): Did you miss our April Town Hall meeting? Check it out here!
Covered during the Town Hall:
We were thrilled to be joined by Cam Greer, Co-founder of heds DAO, as our latest Town Hall guest speaker. If you missed the discussion on heds DAO, you can listen to the recording here
What is heds DAO? hedsDAO is a decentralized audio-visual collective. Once a month, hedsDAO will release and auction a collaborative mixtape, created and curated by the community, as its own NFT collection
Discord Highlights 👀
Members discuss Apple Card’s new high-yield Savings account, which offers a 4.15 percent APY 🌟
David Hughes (Disclosure: Works at JPM Chase): One can get 4% at Chase Bank versus 4.1% at Apple. I Don’t think they’ll change much, they aren’t a bank, but maybe they have some tricks up their sleeve and I’ll be surprised but non-banks trying to be banks have not worked often. Even Goldman is failing miserably at it
Jason Rosenbaum: The trick is that all cash back on the Apple Card automatically goes into my savings account and earns that 4%. How is it different from my bank account if Goldman manages it and it’s still FDIC insured? I don’t see the benefit of Chase Bank when the UX is so much better in the Apple Wallet. Jason adds that he is currently getting 0.02% on his Chase savings account
David Hughes adds that those services can be great for some everyday money and emergency fund management but it’s a savings account and there are no other services and doesn’t help long term. Basically, it’s a fine solution day to day or to buy coffee but to manage your finances as a whole at this point being Chase Private Client or something at another good bank is still more beneficial
Rainmaker’s discuss why is yield lower by LPing stablecoins than it is to have cash at Apple or Robinhood 💰
Ed Weng: This should mainly be because of on/off-ramp hassle + tax evasion + cash at Apple / Robinhood is not available to internationals. There are several DeFi products that are aiming to allow folks to capture "real treasury yield"... Not sure how feasible it is given KYC / regulations, but if it is, it will change the risk-free rate of crypto
Vasanth Thiruvadi: What does capturing real treasury yield mean? Like the yield would be symmetric to the current T-bill rate?
Jason Rosenbaum: I’d like to see the distribution of LPs value. For anyone with more than a few thousand dollars, it would be well worth it to get 4% on cash, assuming you are planning to hold the position for a few weeks. Of course not available to folks that you mentioned above, however, I tend to believe the majority of big players will KYC and not avoid taxes
To be quite honest I have never understood earning 1-2% by LPing stables. It feels that the risk of doing that is too high relative to the return (contract hack, depeg), and would rather hold stables in my wallet
Ed Weng: Some individuals have figured out how to go levered long on this (at a really low cost). Others (especially DAOs) are forced to keep funds on chain. A perfect example is Olympus DAO. It's likely very difficult (or impossible) for them to invest funds in off-chain RWA
Shared links to check out! 🔗
Infra: Fellow Rainmaker, Emmanuel Udotong, CEO & Co-founder of Shield, an AI-powered security for web3, announced their $2 million pre-seed!
Gaming: Sloan shares that Diablo IV will be having another open beta weekend from 5/12 - 5/14 (Full details here)
Investing: Shaan Bhagat shares the top 300 Global Crypto VC firms by fund size and investment activity by Coinstack
Rainmaker’s discuss how an individual can get more Goerli ETH 🔥
Ben Lakoff: How does one get more Goerli ETH? Faucets are slow and have a tiny amount of ETH (remember seeing people buying it, but not sure which site is trusted). Does anyone have any good ones?
Mandy: I have been using Alchemy
Ben replies that Alchemy is still too small - “Developers can use Goerli Faucet to request up to 0.05 test ETH every 24 hours”
Pal: Jesse Pollak often posts on Twitter and Farcaster offering Base Goerli ETH
Chainforest announces its new and improved deal flow tool to the community 🤝🌟
Have you ever missed an exciting shared deal in our deal flow channel due to not checking Discord? 😢
Have you ever had trouble following deal comments? 💬
Have you ever wanted to search for past deals, but couldn’t? 🔍
NO MORE! We’re launching a new deal tracker in our Proof of Teamwork hub. Starting today, all new deals will be sourced in the deal tracker, with updates automatically shared to Discord (In the #share-deal-flow channel).
With this new tool, you can share new deals, comment or ask questions, tag others, search for past deals, and more!
Access our new deal flow tool here! 👀
For more on how to share a deal or use the deal tracker, check out this instructional video here
Last week Proof of Teamwork launched a new feature on the Chainforest x Proof of Teamwork hub. Our goal is to encourage the serendipitous feeling of bumping into someone in the hallways of Chainforest. To do that, we’ve launched a new feature that allows you to see who else is on the same page of POTW as you and chat with them in real-time 🔥
Here’s a walk-through of how it works
Chainforest x Proof of Teamwork Hub
Goal: Strengthen bonds and drive business prospects within our network, especially during these turbulent market times. We envision this database as a catalyst for forging partnerships, fostering friendships, amplifying deal flow, and unlocking new hiring opportunities
Note: Stay tuned for exciting updates on our community tool! We are committed to continuously enhancing the Chainforest community experience, which is why this tool will be updated periodically with new features and improvements
Link: access the tool here (Members only)!
Upcoming Events 🗓️
Consensus 2023: Consensus is the world's largest, longest-running, and most influential gathering that brings together all sides of the cryptocurrency, blockchain, and Web3 community
When: April 26-28, 2023, Austin, Texas
Details: here
Bitcoin 2023: Join your fellow Bitcoiners in Miami Beach for the biggest annual celebration of Bitcoin in the world. Don't miss out!
When: May 18-20, 2023, Miami, Florida
Details: here
Community Feature of the Month 🎉
Our Community Feature of the Month for April 2023 is Alex Palmer, Co-founder of Poet Network! Check out his full feature here!
Connect with Alex Palmer:
Interested in joining Chainforest? ⛓️🌴
How to apply: You can apply to become a member by completing our application on Typeform. We will review your submission and grant access after approving your profile.
Why join Chainforest?
Becoming a Rainmaker means accessing our Discord, our IRL events, our deep dives, and our complete programming. Most Rainmakers love the community because it offers the best environment for web3 learning and exploration on the Internet today.
Rainmakers also have the opportunity to support Chainforest's VC fund. Rainmakers have the opportunity to earn $RAINDROP, our token backed by carry in our VC fund, in exchange for identifying, evaluating, and supporting investment opportunities. Note that Rainmakers are not required to invest in order to participate, but also do not have a vote on investment decisions.
Apply here: https://chainforest.typeform.com/apply
I hope you enjoyed this week’s edition of the Chainforest Weekly Recap!
Till next week,