🌴⛓ Chainletter - Issue #4
🌴⛓ Chainletter
Our new weekly newsletter covers Chainforest - a recap of our latest happenings, our members’ accomplishments, and our projects to come. We’ll also offer a collection of the conversations within our Discord. You’ll even find featured pieces written by the community!
This Week - Has Olympus Fallen? Chainforest's Grail Fund, and Portfolio Syncs
Winter for Olympus ⚡️
Back around August, the inception of Chainforest was marked by a learning session about the beloved Olympus DAO. Since then, with the near-freakish manufacturing of OHM forks across every imaginable chain, sentiments amongst Chainforest members have evolved.
Key criticisms and points were recently leveraged against Olympus DAO by some Chainforest members in a discussion #🤑 | defi. I will summarize them briefly here.
1. OHM is not investable from an institutional standpoint. The fact that the founder has “lost the key” to the contract which allows anyone to print infinite amounts of money is a turn off for institutional investors.
2. Staking creates non-desirable smart contract risk. The promise of sky-high APR forces uses to stake because of the inflation rate, which, at the same time, locks all the asset in a single smart contract, creating a single point of failure. See: OlympusDAO mistake lets user spend $50,000 to buy $1.43m in OHM.
3. Not great conversations around OHM. The reputation of the community and protocol as wildly defensive and unwilling to seriously engage with real criticisms implies the protocol is a ponzi scheme rather than a legitimate protocol attempting to become the world’s reserve currency.
Chainforest's Grail Fund ⚱️
Drumroll please! We are hype to announce the first official investment product of Chainforest is underway - the Chainforest NFT Grail Fund!
What:
The fund will focus on blue chip on-chain NFT projects with a solid “grail” trajectory (e.g. CryptoPunks and Fidenza) and high likelihood of being recognized for their cultural and historic value for years to come.
Why:
The $2 Trillion TradArt market is long overdue for a major overhaul! NFTs are projected to 10-100x and take significant market share of the overall art market. Plus you can invest in a piece of not only crypto history, but also culture history (and maybe flex a little bit to your friends and family that you knew what was good with the JPEG craze early on). Suffice to say, this is good for your investment portfolio. This is also very good for artists and collectors. And like…lots of other stuff too.
Who:
The fund is for everyone! Including if you’re:
new to NFTs and want to dip your toes into high quality projects with expert selection (and secured custody!)
a seasoned NFT collector who wants to diversify their NFT investment strategy, access high quality projects without directly paying high floor prices, or have FOMO from missing drops/passing on projects you’ve now come around to
a Bitcoin Maxi, DeFi degen, or anywhere in between, ready to take the leap into NFTs
…or really anyone who wants to invest in NFTs with their communities and friends!
More details can be found on the link, including the initial Target NFT List and terms of the fund. The structure is still TBD but is actively being jammed on by Amit. Any questions, comments, or feedback? Head on over to #🤑|chainforest-nft-fund channel and fire away!
Portfolio Sync 💼
Last Friday, a few Chainforest members got together to chat about where they see the market heading over the next 6 - 8 months.
Conversation kicked off with a macro level examination of Bitcoin, forecasts for its top in December, subsequent estimation of a “cycle-top” in April - May, and the theory of rolling tops: a theory some hear whispered amongst VCs about the effects of a DeFi summer-like event, next summer, bringing in quick retraces and subsequent tops around the estimated “cycle-top” time, instead of a large retrace.
Also discussed was the upcoming release (hopefully by EOY) of the Gravity Bridge, the long-anticipated Ethereum-Cosmos bridge, which is expected to be nothing short of monumental for the growth of the Cosmos Ecosystem.
The DAO Dashboard 🌴
Community Updates 🎙
Evan Fisher: Portal, an early-stage venture capital firm spun out of Insight Partners ($60B+ AUM, 50+ IPOs) with a focus on crypto, Web3, and the decentralized economy, led by Evan Fisher, now has a Twitter!
From the Town Hall 🏛
Investors - thinking about the best way(s) to leverage and utilize the immense value generated within the Chainforest community and among our members, and create an avenue for available capital to invest and help support projects that Foresters are behind. If this conversation deeply interests you, contact Amit on Discord (upekkha#4316)!
Media - It all started with the Chainletter, and now Chainforest is working on building out our media strategy and goals for 2022. In the Town Hall there was great discussion on quality vs. quantity of media produced by Chainforest, and what quality levels must be realistically sacrificed at certain points. In January ‘22, we’re hoping to drop a podcast episode, host a couple of Twitter Spaces, and of course continue our weekly Chainletter. If you’d like to get more involved with Chainforest media, contact David!
Onboarding - Joao is leading the onboarding effort, and is currently identifying and working through strong onboarding flows of other groups to get a sense of what Chainforest needs to do. Check out #🏂 | onboarding to join the fun!
If you have an update you’d like to share with the community, fill out this form, and tell us about it hear! You’ll be included in the next issue.
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