9:30am, Weds 5th Oct 2022, at Draper Startup House My Khe Beach, Danang, Vietnam
Key Words: Yield, DAOs, NFTs, Quadratic Funding, Tokenised Real Estate
Contents
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Introductions
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Quadratic Funding and Sybil Resistance
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How to get yield (APR) in Defi?
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Where is Do Kwon?
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POAPs
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Educational Resources
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Optimism Quests
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POW Dump!
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Metamask Portfolio View
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Ultrasound Money
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How to get involved in DAOs?
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Mirror
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Glossary
Introductions
Went around group and introduced ourselves. Asked if anyone had questions. Discussed briefly tokenised real estate in Bali - 380 shares of $1000 each - each share an NFT!
Quadratic Funding and Sybil Resistance
Gitcoin is the main place quadratic funding is used. Large donors provide matching funds. Small donors make allocations to their choice of project grants (there are thousands). Matching funds get allocated to Gitcoin grants based more heavily on the number of small donations rather than the total amount donated. This shifts power from the whales to the small donors.
Demonstrated how quadratic funding works using a live demo on this website, try playing around with it and see how the small donations cause the matching funds to be rerouted:
Quadratic funding has a problem of Sybil attacks (see glossary below for definitions). Gitcoin Passport can help prevent Sybil attacks. A person (via their Ethereum account) can accumulate up to 20 or so “stamps” from various identity providers, both centralised (Facebook, Amazon) and decentralised. Accounts with a passport with a lot of stamps have much higher weight when allocating matching funds.
How to get yield (APR) in Defi?
We discussed many different ways of getting yield on assets, including:
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Staking Ethereum or tokens in smart contracts (or centralised providers)
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Uniswap or Curve liquidity positions - get trading fees, but danger of impermanent loss
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Farming these liquidity positions using external incentives. LPs are locked into another smart contract, and token rewards accumulate, providing extra APR.
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Stablecoins offering 20% - buyer beware! Remember Terra/Luna collapse
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Emission of new tokens on a small cap - 10,000% APR may be stated, but token price will exponentially decrease as whales sell their accumulated tokens.
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Assets can be deposited on lending protocols such as AAVE. APRs currently low.
Where is Do Kwon?
We don’t know! Perhaps he has sufficient resources to start a new identity…
POAPs
Attendees at every meeting can claim a free POAP NFT on the Gnosis chain. Claim links will be sent out separately, here is an example claim link:
Educational Resources
Follow all the Ethereum core developers on Twitter and keep up to date! Also follow Ethereum influencers such as Anthony Sassano (The Daily Gwei) and Bankless. You can educate yourself for free using just Twitter and YouTube. Avoid trading tips, focus on the core infrastructure being built.
The Daily Gwei daily podcast:
Bankless videos, including one with Vitalik’s vision for Ethereum:
Optimism Quests
Get to know decentralised finance and NFTs by completing quests with Optimism Quests.
Optimism is a Layer 2 optimistic rollup on top of Ethereum: https://app.optimism.io/quests
POW Dump!
Ethereum has a proof-of-work chain which is now obselete since the Ethereum Merge. Use POW Dump to dump your ETHW coins, in a decentralised way, and exchange them for ETH on mainnet. Or you can send your ETHW coins to a centralised exchange and swap them there.
Metamask Portfolio View
Portfolio View is now available in Metamask, the most popular Web3 browser extension. See all your assets across accounts and networks.
Ultrasound Money
“It is easier to burn ETH than issue it”. Issuance of ETH is at a low rate (less than 0.2 ETH per block every 12 seconds) but there is no limit to the amount of ETH from transaction fees that can be burned. ETH is burned when gas prices (transaction fees) go above 15 gwei.
How to get involved in DAOs?
We had various people discuss the DAOs that they are involved in. One person talked about their involvement in Hive Community:
Mirror
Each week we publish the meeting notes in a web3 native way using Mirror!
Glossary
NFT – Non-fungible token, ERC721, an indivisible and limited edition digital asset
DAO – Decentralised Autonomous Organisation
POAP – Proof of Attendance Protocol (free NFT for attending an event in person)
LP – Liquidity Position, holds multiple assets and makes them available for others to trade
Sybil Attack – making tens or hundreds of accounts and doing the same action on all of them to gain some desired outcome
Glossary – see glossary 😜
