June 29th, 2022

The number of tokens listed on CoinMarketCap has now exceeded 20,000 on the heels of a banner year for capital formation in crypto, which saw over $33B of venture dollars flow into the ecosystem - much of which indexed toward companies or projects that plan to launch a token.

With the promise of valuation marks divorced from reality, and the tantalizing prospects of instant traction and early liquidity, it’s easy to see why many founders depart from the boring old equity raise. The unfortunate reality is that rarely is this trade worth the resulting hangover that even the entire world’s supply of Pedialyte can’t cure. In the clear eyed reset of the bear market, here are three practical reasons why you probably don’t need a token:

1. Tokens f*ck your sense of product market fit.

The advent of yield farming and airdrops spawned a wave of token based growth hacks, most of which create the illusion of traction that seemingly upends the traditional product growth playbook by enabling a myriad of X-to-earn schemes that show user acquisition accelerating so fast that the growth line bends back toward the Y-axis.

August 16th, 2021

DAOs are simultaneously brilliantly simple and immensely complex, a contrast that is especially evident as I write this on the day of Ethereum’s London hard fork. Behind this incompatibility lies endless opportunities for building, failure, iteration, and exploration. Here I hope to provide a brief summary of the current state of DAOs and make a few observations about these opportunities.

What is a DAO?

Over the past 5 years, DAOs have evolved from an idea and exploit that nearly ended Ethereum itself, to one of the most promising platforms for experimentation in the ways individuals and capital organize toward productive outcomes. These experiments currently number in the thousands, control over $8B in capital, produce over $100M in monthly on-chain revenue, and trustlessly coordinate thousands of members globally. Yet despite their immense impact, DAOs are quite simple in the abstract.