We are sad and disappointed. We have spent the last 6 months basically trying to build on top of Rari Fuse and have pictured the future where the Rari Fuse can become the base layer of the permissionless leverage platform. With the dissolution of TribeDAO, this future will become much harder to attain. It took us a bit of time to recuperate and decide where the future of Risedle going to be.
Couple of lessons that we learn coming out of this.
Crypto moving at a light speed. It’s very hard to keep up with the development in this space even for the crypto people itself. This rapid evolution happened due to very high incentive for the successful builder. Build great product that is used by a lot of people and you will become rich. Sometimes you also can be rich without even building a great product, but by pretending to build great product.
We’ve seen the top 100 coin by marketcap been constantly changing every cycle. We don’t see a lot coin coming from 2015 or even 2017 anymore in the marketcap table. Could be because the creator already rich or no one cares about them anymore. Nevertheless, there’s still tons of people that keep building and improving any existing protocol at any cycle, successful or not.
The top 100 coin by marketcap that we see now probably will drastically changing by next cycle.
This cycle, crypto space produces something very interesting called DAO (Decentralized Autonomous Organization). Through this DAO mechanism, people are hoping that we can fix the political process that exist within private organization and public organization. Transparency and accountability at absolute maintained by a whole set of people that’s highly motivated to push the project into higher level.
We can say that there’s a lot of positive things that we can take from the DAO discovery process but can’t refute that most of the DAOs are actually just a bunch of grifter that refuse to take any responsibility of their protocol and just want to dump their token allocation into the market. Trying to do the same thing that exist within the IPO sector. Even some of the good DAOs who’s probably not a grifter, are trying so hard to shift the responsibility from them into community. This creates over governance where protocol asking permission for every single action that’s about to be done.
Any over governance protocol probably will only last as long as people are still interested on their token.
There’s couple term for this. Hot hand fallacy or gambler’s fallacy. Human tends to think simple and create the easiest these based on what they currently see. We tend to create conclusion using the current fact and reality.
We’ve seen this phenomenon in some crypto communities, the most notable one would be bitcoin maxi people. They’ve seen a lot of scam, failure, wrongdoing and have a very high conviction that everything other than bitcoin surely is a scam.
Insisting that bitcoin will be the only crypto asset that last and because of the previous cycle, surely all other coin or token will die. This behavior can also happen to all crypto project, especially dApps. The only thing that constant in crypto space would be “changes”. Crypto creates a giant feedback loop where the participant will keep trying to build a better version of the previous one.
Any existing market leader can be overthrown within weeks or months without any warning. There’s no need to raise gajillions of dollars, someone can just build a great product from their basement and crypto people will happily changing their loyalty if they believe that it will make them more money.
The dream of every builder. Some crypto OGs said that the best way to make it in crypto is by surviving the hype cycle. Certainly this is also our aspiration and goal although it’s easier said than to be done. To build something that last, the protocol needs to overcome all three point that mentioned before.
Nothing will last: Build the something that people will use and don’t do it at the wrong place.
Over-governance: Grow without needing constant tweak and take the responsibility
Build for the future: Always assume all will change and focus to anticipate the changes
We have envisioned the future that we want to be. Risedle will be developed using the mental model below.
Bet on behavior, not protocol.
Don’t reinvent stuff
Keep our mind open at any time
We want to create a protocol that will still exist and be used for years to come with or without us. There will be a very little gatekeeping process and we will not decide on the product offering. This product will also be market centric, works with market movement and only incentivizes where the market needs it.
Hope we can share more about it soon!