Chainforest Weekly Recap (08/24/23)
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: Coinbase is purchasing an equity stake in Circle to enhance its influence over the issuance and management of USDC. This collaboration includes closing the Centre Consortium, the previous overseer of USDC, and introducing USDC on six undisclosed new blockchains
Circle will now have complete control over USDC issuance and governance, with revenue distribution based on USDC holdings and interest income. This step aims to simplify operations and improve accountability while adapting to clearer stablecoin regulations
📱 Social: The decentralized social app Friend.tech has gained rapid attention during its invite-only beta test, attracting many users. Built on the Base blockchain, the app enables users to tokenize their likeness and sell "shares" of themselves, with high early transaction volume and revenue. While Friends.tech has garnered attention from notable personalities, its privacy policy, user experience, and other challenges could impact its ability to attract a wider audience
The potential for Friend.tech to achieve mainstream success is explored in a recent Bankless article written by David Hoffman
⚖️ Regulatory: Sam Bankman-Fried, former CEO of FTX crypto exchange, has pleaded not guilty to fraud and money laundering charges presented in an updated indictment. SBF faces multiple counts of fraud, money laundering, and an additional campaign finance charge
🎮 Gaming: Blackpink is entering the metaverse with a specialized fan hub on the Roblox platform called ‘Blackpink: The Palace’. This virtual space enables fans to enjoy the band's music, participate in choreography, and interact with other Roblox players. Created by the studio Karta, the experience will include a variety of rewards (virtual currency and unique outfits). The launch is scheduled for August 25
💧 Airdrops: A list of the hottest airdrop targets for 2023 has been compiled by Bankless. These potential airdrops include projects like zkSync, LayerZero, Linea, Swell, Base, EigenLayer, Starknet, Polygon zkEVM, MetaMask, and Argent, with their unique features and potential token distributions discussed for each
⭕ DAOs: In a recent Unchained podcast episode, Rune Christensen, the founder of MakerDAO, expressed his dissatisfaction with DeFi and DAOs during the previous bull market, and he has unveiled a strategic "Endgame" plan to reshape MakerDAO's trajectory. This plan is composed of four distinct phases, with phase 2 introducing subDAOs, which Rune believes will transform the industry by enhancing efficiency and specialization
Per Rune: SubDAOs are designed to streamline participation and overcome challenges that have hampered DAO growth. MakerDAO also plans to incorporate AI tools in governance during phase 3, aiming to improve decision-making and operational efficiency within the DAO structure. Check out the full podcast interview here!
⛓️ Chains: Blockchain investigators have highlighted the movement of $1 million worth of ETH from a wallet controlled by Ethereum co-founder Vitalik Buterin to Coinbase. This transfer involved 600 ETH from Buterin's openly identified Ethereum wallet, which still retains more than 3,900 ETH valued at $6.5 million
🤝 Interested in viewing or sharing deal flow with the Chainforest community? Members can also earn $RAINDROP token along the way!
One new deal was 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!
Chainforest DAO Network (Open Roles) 💼
Investment Associate (M13 - Full-Time): M13 is looking for an investment associate to join their team in Los Angeles. This is an exciting opportunity to work directly with their Principals and Partners and touch all aspects of the investment process, from sourcing to diligence, deal execution, and portfolio management
Associate / AVP (Citi Ventures - Full-Time): The Citi Ventures team is seeking a highly motivated individual to (a) develop investment theses, (b) source and execute investments, (c) monitor and support portfolio companies, and (d) drive commercialization. The individual will be part of the Citi Ventures AVP pool and will partner with colleagues across the Citi Ventures Fintech and Enterprise teams
Analyst, Data & Venture Operations (Upfront Ventures - Full-Time): Upfront Ventures is looking for an Analyst - Data & Venture Operations, to join their team in Santa Monica, CA. This is an exciting opportunity for you to gain invaluable experience in the venture capital industry working with a team that brings a diverse set of experiences as former entrepreneurs, operators, and now investors
Upcoming Events 🗓️
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 @proofofteamworkdirectory: 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,