Chainforest Weekly Recap (11/14/22)
Chainforest Weekly Recap
Greetings Rainmaker’s! ⛓️🌴
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 week, a round-up of the most exciting happenings in our Discord this week, and a welcome to our new Rainmaker’s!
In the past week, 11 new Rainmakers have joined the forest!
The top three channels were: 💬│general-chat, 💸│gen-DeFi, and 🎮│gen-gaming.
Upcoming Chainforest Programming ⛓️🌴
For the month of November, Chainforest DAO will be doing a thematic deep dive on the intersection between sports and web3!
Twitter Space: Interview with Krause House DAO Co-Founder Flex Chapman
When: November 16, 2022, at 2:00 pm EDT (here)
Monthly Workshop: Interested in learning more about web3 marketing? Join Blake Minho Kim and DA0uch (Co-Founders of Myosin.xyz) as they share the latest tactics and strategies in web3 marketing!
When: November 21, 2022, at 2:00 pm EDT (In the Chainforest DAO Discord)
Recordings
Monthly Town Hall: Did you miss our November Town Hall meeting? Check it out here!
To view the entire duration of the Town Hall, download the file.
Twitter Space: A conversation on the intersection of sports and web3 (listen here)
Panel: Amit Mukherjee, Magdalena Kala, David R. Goldberg, & Porter Grieve!
Discord Highlights 👀
Obviously, the main topic of conversation over the past week has been FTX. Instead of attempting to summarize the myriad reactions and thoughts shared by our community, we’ve compiled all the most relevant tweets we’ve used over the past week to keep us informed. Below is a timeline of events to help you better understand the FTX and Alameda Research crash 🌀
11/6: Binance plans to sell its $FTT position
11/7: Sam Bankman-Fried insists that ‘FTX is fine’
11/8:: Due to a liquidity crunch, FTX seeks assistance from Binance to help cover the crunch
11/8: CZ’s two big lessons
11/8: Sam Bankman-Fried (Former Founder and CEO of FTX & Alameda Research) sends a letter to investors
11/9: Binance completes due diligence of FTX and decides to not pursue the acquisition of FTX
11/9: CZ releases statement on the FTX situation
11/10: SBF admits wrongdoing and apologizes (Full Thread)
11/11: FTX files for Chapter 11 bankruptcy
11/11: SBF apologizes again post FTX filing for bankruptcy
Articles & Podcast covering the FTX and Alameda Research situation
Arthur Hayes (Speechless)
The Chopping Block (with Haseeb Qureshi, Tom Schmidt, Laura Shin, and Tarun Chitra)
New York Times: How Sam Bankman-Fried’s Crypto Empire Collapsed
Threads covering the FTX and Alameda Research situation
Max Bernstein (why the FTX/Binance situation demonstrates the need for DeFi)
Jon Wu (Covers the FTX and Alameda Research collapse)
Haseeb Qureshi (thoughts on the FTX situation)
Edvis100 (Alameda Research and FTX Venture’s Portfolio)
Tech Emails (SBF reaches out to Elon Musk)
Genevieve Roch-Decter, CFA (Shares her findings)
Mark Cuban’s thoughts
Discord Highlights (cont.) 👀
Eric asked the community for an informed view on the profitability of Uniswap LPs 💵
Eric shares a Dune query that showed Uniswap LPs are down and Uniswap responded by claiming fees were not counted in the query. Uniswap then share a Dune query that showed LPs profiting. However, the original Dune query did in fact include fees, and the Uniswap query excluded LP buys (over half the trades)
Three points made by Jordan:
1) The original dune query set on this is pretty misleading, measuring LP returns on a by-minute or by-hour (or really any) mark-out basis just isn't really an accurate way to think about LP returns (in my opinion), and for what it is worth avg. hold period across pools is longer than a month for every pool I've looked at, assuming rebalance and P&L lock-in that granularly just isn't reflective of reality
2) UNI venture folks sort of exacerbated the issue by trying to play this mark-out returns game instead of disputing the methodology upfront (they did eventually dispute it but not until after the dune query failed). Maybe I missed some of the back and forth but not sure why they did that (this thread explains the methodology issues well)
3) The best way to check on / wrap your brain around LP returns that I've found so far is https://revert.finance/ - highly recommend it if anyone is digging into the issue. Aggregating LP returns is incredibly difficult, no one has done it well that I've found. Arguably impossible given the true motivations/opportunity cost of each LP isn't known (applying an assumed 50/50 hold strategy to calc IL unilaterally just isn't accurate, but that's what most do). That said looking at it on a position-by-position basis using revert is instructive
Members share their stances on play-to-earn (p2e) video games 🎮
Jason believes that play-to-earn (p2e) will be made possible in the future with more complex and engaging gaming economies. However, there are two issues that need to be solved:
1) It is very difficult to quantify the value that a player brings to the ecosystem. This net average value needs to be higher than the net average earning
2) The timing of the value that is added to the network needs to be timed appropriately. For example, a user may be earning right away, but may not add substantial value for a year. Value can be getting friends involved, watching ads, and creating user-generated content. This will cause an economic imbalance
Julia agrees and says that nailing the balance and rewarding the right behaviors (while trying to avoid everyone dumping as soon as they get the token) is important too
Tyler adds that it’s important to balance the type of consumer a game is attracting and the overall makeup of a player base. Gaming is historically recession-proof and adding earning mechanics through speculative assets hurts this
Upcoming Events 🗓️
Slush Conference 2022 - The Slush 2022 event features two days full of stage programs in addition to several Side Events, mentoring, meetings, and afterparties. The speaker line-up includes successful founders, top-notch investors, and other startup and tech influencers
When: November 17-18, 2022, in Helsinki, Finland
Details/RSVP: here
Taipei Blockchain Week 2022 - Bringing together industry experts from all over the world in the blockchain space to educate and empower Taiwan to become a growing hub for web3 innovation
When: December 12-17, 2022, in Taipei, Taiwan
Details/RSVP: here
Community Feature of the Week 🎉
Our Community Feature of the Week is Nadia Eldeib (Founder and CEO of Ethos Wallet)!
New Members 🎊
Amit Patel | Origin Protocol
bonafidehan | Deca.art
Camillus | Investment Banking
Chris King | Signum Growth Capital
Ethan Weber | Tempo Music Investments
Josiah Tullis | Utopia Labs
Mark Bissell | Student at Williams College
Mark Thorsen | NiftyApes
Michael Marsh | ToolsForCrypto
Nick DeNuzzo | Draftly
Zack Brenner | Floor
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: https://chainforest.typeform.com/apply
I hope you enjoyed this week’s edition of the Chainforest Weekly Recap!
Till next week,
Sloan (@sloan0_0)