Chainforest Weekly Recap (08/02/23)
Chainforest Weekly Recap (08/02/23)
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, 📶│jobs-in-crypto, and 🔗│links.
Discord Highlights 👀
💵 DeFi: Over $70 million in digital assets were hacked in a series of attacks on the decentralized exchange Curve Finance, with the exploits targeting several pools, including the alETH-ETH, CRV/ETH pool, and the pETH-ETH pool. Whitehat hackers executed some of the hacks, and efforts are being made to recover the funds and prevent further damage to the affected protocols
Update: Following the recent exploit on Curve Finance, the founder, Michael Egorov, received support from various DeFi personalities, including Justin Sun, DCF God, and Jeffrey Huang. They purchased CRV tokens from Egorov, helping him reduce his loan's principal value from $63.3 million to $54.1 million after he deposited around 37 million CRV tokens, worth approximately $22.2 million, to his Ethereum wallet
Check out Delphi Digital’s latest thread on the current health of Curve
⛓️ Chains: The Ethereum Q2 2023 report by Bankless provides a comprehensive overview of Ethereum's performance and developments during the second quarter of 2023. It covers various aspects, including network upgrades, protocol improvements, DeFi activity, NFT trends, and more, giving a detailed analysis of the platform's progress in the specified period
🎮 Gaming: The Solana Foundation aims to change the perception of blockchain games and NFTs in the gaming community through events like PlayGG, showcasing quality games that don't heavily emphasize crypto or NFTs. Solana Games General Manager, Johnny Lee, stresses the importance of competing with traditional games, not just other blockchain games, and ensuring the release of high-quality games on the Solana network. Despite past issues, Lee is optimistic about the network's strength and ability to support games and transactions, with potential support from the upcoming Firedancer validator client. Check out the full interview with Johnny Lee here!
⭕ DAOs: Julia Lipton, former Founder of DAO Masters, believes numerous DAOs and communities have become inactive due to an imbalance in the give/get equation. Initially, members received valuable benefits from these communities, but as time passed, they were required to contribute more than they received, leading to a decline in engagement and eventually resulting in the shutdown of DAO Masters. This trend is also evident in other communities, such as NFT and financial communities, where a decrease in asset value leads to reduced engagement. Check out Julia's full thread on the give/get equation in her thread here!
🎮 Gaming: Yuga Labs is acquiring Roar Studios, a metaverse-building startup, to strengthen its Otherside metaverse. The acquisition aims to execute Yuga Labs' ambitious vision for Otherside, with Eric Reid, Roar Studios' Founder and CEO, joining as General Manager to lead metaverse development. Yuga Labs previously acquired CryptoPunks, Meebits NFT collections, and the Beeple-founded NFT game 10KTF
💰 Tokens: The BALD token experienced a surge in popularity on Coinbase's layer-2 network, but it turned out to be a rug pull scam as the token's deployers withdrew $25.6 million in liquidity, causing its value to plummet by 92%
⚖️ Regulatory: Coinbase CEO Brian Armstrong revealed that the SEC asked the platform to delist more than 200 crypto tokens, excluding Bitcoin, before filing legal action against them. The SEC's lawsuit against Coinbase highlights the ongoing legal debate over whether cryptocurrencies are commodities or securities, impacting the regulatory outlook for the crypto industry
🤝 Interested in viewing or sharing deal flow with the Chainforest community? Members can also earn $RAINDROP token along the way!
Two new deals were shared with the community last week! Access our Deal Flow tool here!
The deal flow tool allows you to:
Share new deals
Comment and ask questions
Tag members
Search past deals using our filtering system
Ways Rainmaker’s can earn $RAINDROP token:
Source a deal that Chainforest invests in
Aid in the due diligence process for a Chainforest investment
Support a Chainforest portfolio company
What kinds of deals does Chainforest invest in?
Check out our Investment Framework here!
Rainmaker Personal Updates 📣
The Sui Network is witnessing a surge in daily transactions, driven by the popularity of the blockchain game Sui 8192, developed by Ethos Wallet and reminiscent of the viral puzzle game 2048. The game has attracted millions of transactions on the SUI blockchain, surpassing Solana in daily transactions according to Artemis Analytics data. As a result, the native token of the platform, SUI, has experienced a bullish trend, with a 10.5% increase in value in just a week and a substantial rise in trading volume.
Additionally, the Bullshark Quests initiative by Mysten Labs is further fueling momentum on Sui, rewarding players with SUI tokens for engaging with various Sui gamesCongratulations to Nadia Eldeib!
🎙️ Blake Minho Kim and Simon Yi, the co-founders of Myosin.xyz, conclude the inaugural season of their W3G podcast with a special interview featuring Sean Clayton, who is also a co-founder of Myosin.xyz. Listeners can join in to explore insightful discussions about Myosin, the exciting realm of web3, and the rapidly evolving landscape of artificial intelligence and emerging technologies
Chainforest DAO Network (Open Roles) 💼
Principal Investor (Volt Capital - Full-Time): Volt Capital is looking for a Principal Investor to join their lean and steadily growing team. You will be working closely with Volt Capital’s core team on sourcing, analyzing, and evaluating the next investment opportunities as well as formalizing our place as the premier partner to crypto founders and their companies
Investment Analyst (Flashpoint - Full-Time): As an Analyst, you will be participating in the whole deal process from origination, analysis and execution, as well as be involved in the post-deal monitoring and support of portfolio companies and exit process
Investment Associate (Techstars - Full-Time): As an Investment Associate, you will be joining a Techstars team responsible for sourcing, recruiting, and helping to accelerate the growth of the companies we invest in. You will have the opportunity to have a front-row seat of the creation of some of the most prolific companies of the next decade. You will bring to the program an understanding of early-stage startup operations, investing, and fundraising
Senior Associate (Touchdown Ventures - Full-Time): Touchdown Ventures is expanding its team and is hiring a venture capital senior associate. The candidate will have the opportunity to obtain significant venture capital investment experience. This is an exciting and entrepreneurial opportunity to join a rapidly growing firm, revolutionizing corporate venture capital. You will work on a lean team, sourcing and evaluating venture capital investment opportunities, planning and executing the diligence process, and developing an investment thesis and strategic case
Investment Analyst (Tribe Capital - Full-Time): Tribe Capital is seeking a full-time Investment Analyst to evaluate, engage and identify early-stage startups. In this role, you will work closely with Tribe’s Investment and Data Science teams
Upcoming Events 🗓️
FWBFest 2023: FWB FEST is a coming together of the leading communities, organizations, and institutions that believe in the promise of a better internet. Programming, experiences, and expositions will be held by groups ranging from Rhizome and SeedClub to Boys Club and OpenSea
When: August 4-6, Idyllwild Arts Academy, CA
Details: here
Blockchain Futurist Conference: Untraceable's 5th Annual Blockchain Futurist Conference 2023 brings together top leaders in Blockchain, Crypto, Web3, DeFi, Privacy, & NFTs!
Token2049 (Singapore): TOKEN2049 brings together the global crypto industry, uniting entrepreneurs, investors, developers, industry enthusiasts and global media - and creates unparalleled networking opportunities. This is the community that will define what’s next in the space
When: September 13-14, 2023, Singapore (Marina Bay Sands)
Details: here
NY Tech Week - a16z presents Tech Week 2023! Join us for tech weeks in LA this year to create IRL connections across the major tech hubs
When: Oct 16-22, 2023, New York, NY
Details: here
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. Apply here!
What is Chainforest?
Chainforest's mission is to build the most powerful ecosystem in the world leveraging an exceptional community of leaders to build, grow, and invest together to create the future of web3. We leverage the collective power of the Chainforest community to create incredible value for our Rainmakers, the ecosystem, and our LPs and other partners. The outsized performance will create a flywheel effect, allowing us to build an enviable ecosystem that attracts, develops, and inspires high-caliber talent to be their best selves and to build the future of web3 collectively
Learn more about our DAO structure here!
Benefits of being a Rainmaker:
Exclusive Content: Access content like Town Hall AMAs, Workshops, IRL Events, Discord Discussions & Games, and Women in the Forest meet-ups! Expand your knowledge, network with experts, & enjoy the vibrant community
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:
Sourcing a deal that Chainforest invests in
Aid in the diligence process for a Chainforest investment
Support a Chainforest portfolio company
Help Chainforest as an organization (e.g., take a part-time role with the community, design an NFT collection for the community
Note: Rainmakers are not required to invest in order to participate, but also do not have a vote on investment decisions
Deal Flow: Unlock the Chainforest x @proofofteamwork Deal Flow tool! Share deals, engage in discussions, ask questions, search prior deals, & earn $RAINDROP token by sourcing deals CF invests in, aiding in the due diligence for a CF investment, or supporting CF portfolio companies
Member Directory: Discover the invaluable Chainforest x @proofofteamwork directory: Strengthen bonds, explore business prospects, amplify deal flow, and unlock hiring opportunities. Search by location to connect Rainmaker's locally & also connect with Women in The Forest
Earn TEAM points: Earn valuable TEAM points as a Rainmaker by actively contributing to our community through discussions, content interaction, and sharing deal flow. Climb the leaderboard, unlock prizes, and make a rewarding impact in the Chainforest community
I hope you enjoyed this week’s edition of the Chainforest Weekly Recap!
Till next week,