Kayla Phillips
@kay_phillips_
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Crypto VC @HivemindCap Previously @ Truffle VC @BasecampFund @Columbia_Biz Opinions are my own and not investment advice.
NYC
Joined October 2021
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Pinned Tweet
I'm thrilled to announce that I have joined
@HivemindCap
as a Principal on their Crypto Venture team!
There's a lot that excites me about this opportunity. Hivemind is an ambitious and fast-growing multi-strategy investment firm unlike any other I've seen in the crypto space.
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📣 Life update.
I recently left the Basecamp Fund to help launch a new web3 fund called *Truffle Ventures*
(url & tw coming soon!)
We're a team of VCs, crypto traders, and web3 community builders supporting companies as they pave the way for the future mass adoption of web3.
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Everything you need to know about Crypto Payments right here 👇
Deep Dive Report:
Database of Companies:
(continuing to add to this)
Some highlights from the report below.
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Current state of the Rollup SDK space, broken out by each modular layer of the stack:
@dymensionXYZ
@sovereign_labs
@0xStackr
@optimismFND
's OP Stack
@CelestiaOrg
’s
@RollkitDev
@zkSync
's ZK Stack
@arbitrum
Orbit
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Web3 digital identity by category:
👩👩👧Social:
@farcaster_xyz
@LensProtocol
@desoprotocol
@bluesky
@discoxyz
💰Financial:
@getportabl
@IdentDeFi
@NotebookLabs
@EverestDotOrg
💼Professional:
@Gateway_xyz
@MyStandardDotIO
@mazuryxyz
Healthcare:
Anyone working on this??
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@candicecincy
I’m an early stage VC and don’t see any issues with cold intros from gmail accounts or Twitter DMs.. DMs are open if you’re a founder working on something interesting! 💁🏻♀️
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Latest versions of Rollup SDK & RaaS market maps, broken out by modular layer 👇
@dymensionXYZ
@sovereign_labs
@0xStackr
@optimismFND
@RollkitDev
@zkSync
@arbitrum
@Starknet
@0xPolygon
@cartesiproject
@EclipseFND
@alt_layer
@Calderaxyz
@vistaralabs
@conduitxyz
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Current state of the No-code RaaS space, comparing RaaS solutions by modular layer 👇
@EclipseFND
@alt_layer
@Calderaxyz
@ Vistara
I'm sure this chart will look very different by this time next yr - excited to see how the RaaS space continues to evolve!
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If you're a founder building something breakthrough in web3, let's chat! DMs are open✨
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And an updated chart of the No-Code RaaS space:
@EclipseFND
@alt_layer
@Calderaxyz
@vistaralabs
@conduitxyz
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.
@NEARProtocol
now seems to be offering the cheapest DA. It'll be interesting to see which becomes the biggest factor for devs when choosing a DA layer: cost (will become a race to the bottom) or interop + cost (network effects/ecosystem will play a bigger role)
The latest price comparison on
@NEARProtocol
DA cost vs that of
@CelestiaOrg
:
No hypothetical calculation. Straight up fees from the testnet, soon to be tested on the mainnet!
Sending the same 1 OP blob (231kb) would cost:
- $0.046 on Celestia
-
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DM me if you're building something interesting in crypto payments - I'd love to chat!
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Quick stats on our fund:
· Pre-seed - Series A
· Web3 Sector Agnostic (mainly infra, tooling, defi)
· $250K - $5M Checks, $1M on Average
· 100K+ Crypto Community Members
· 400 Carefully Selected LPs
· Fast-Moving, Highly Active
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Why do web3 VCs invest in equity vs tokens vs equity + tokens? 👇
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Interesting new crypto payments partnership between
@brale_xyz
&
@raincards
, so custom stablecoins can be used to make real-world purchases.
Businesses will be able to launch custom stablecoins through Brale and leverage these stablecoins to fund their own
@Visa
corporate card
The team at
@raincards
makes it easy to run your corporate card program, leveraging the power of the VISA network, funded by bespoke stablecoins. Today, they're starting with SBC (Stable Coin)
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Some great account & defi abstraction startups simplifying the web3 UX that I've been geeking out about lately…
@patchwallet
@EnsoFinance
@papercheckout
@PeanutProtocol
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Great overview of all the verticals and infrastructure needs for DAOs now and in the future by
@superdao_co
and
@yurylifshits
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My biggest takeaways from 2024 Crypto Theses & Predictions published by
@MessariCrypto
@Delphi_Digital
@a16zcrypto
@fredwilson
@nic__carter
Optimistic Crypto Market Outlook:
Positives tailwinds:
▪️ Anticipated spot BTC & ETH ETF approvals ➡️ surge in institutional investment
▪️
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Our in-house web3 PR team helps founders maximize awareness for their projects (ie. community AMAs, YouTube videos, podcasts, & more).
Our network helps our founders with exchange listings, tokenomics, beta testers, legal counsel, and of course, die-hard fans for their projects.
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Our team previously built one of the largest and most active defi education platforms and web3 communities, , with 100K+ crypto native members. We help our portfolio companies do the same.
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Modular Interoperability:
Similar to the modular chain thesis from monolithic ➡️ modular chains, we're at the early stages of a lesser discussed trend from monolithic ➡️ modular interop that has massive market potential.
I'm surprised more people aren't talking about this.
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Excited to join Safary batch 3 alongside the leading growth marketers in web3! 🦁
We're excited to welcome Batch 3 today!
FYI we haven't sent the invites yet.
We have a few things left to do, but you'll receive an invite to join later today.
See you in the wild! 🦁
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Simple P2P Payments & WaaS
- Account abstraction has driven major UX improvements, leading to the emergence of:
1) "Non-custodial Venmo" platforms offering simple P2P pmts, like
@beam_eco
.
2) URL-based P2P payments with auto wallet creation, like
@PeanutProtocol
&
@patchwallet
.
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Stablecoins
- Non-USD stablecoins will gain steam including Euro stablecoins & new stablecoin models like flatcoins,
@MountainUSDM
, and
@Silk_Stable
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Is anyone else surprised that the crypto industry still lives on Telegram and hasn't migrated to its own more secure, crypto-native messaging platform?
Telegram doesn't use E2EE by default, whereas Whatsapp & Signal do.
Who's building a 'Telegram killer' messaging platform?
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Unpopular opinion: Web3-enabled collaborative entertainment is an amazing concept that resonates well with the broader consumer.
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Israel has always felt like a second home to me and the news this weekend has been absolutely devastating. Unthinkable acts of terrorism targeting civilians, including children and elders.
I’m praying for my family and friends there, and praying for the state of Israel.
Israel
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Very excited about the official launch of
@chainforestxyz
and its disruptive fund model that
@AmitMukherjee
has been building behind the scenes for some time! Chainforest is paving the way for community-first web3 VC & I am here for it! 🔥
More details 👇
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@heykahn
A separate study done by Columbia neuroscientists and psychologists also found that consistently getting enough sleep is also one of the biggest contributors to happiness
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Thanks
@SolanaFndn
for including me &
@HivemindCap
in the VC speed dating.
If you're a founder building on Solana and I didn't get a chance to meet you there, my DMs are open if you want to chat!
gm NYC and welcome to Day 2 at
#HackerHouseNYC
! 🗽
We've got plenty lined up for today, including:
- VC speed dating
- Lunch & learns
- Demo Day, with prizes for winners
give us a gm if you're here👇
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Thanks for the shoutout
@Blockworks_
:)
CRYPTO HIRING: Anchorage co-founder Diogo Mónica became a general partner at Katie Haun’s VC shop
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Thank you
@Julian
!!
DM if you're a founder working on something cool in web3, creator economy, or digital health :)
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1)
@coinflow
&
@AnsibleLabs
are incorporating fiat RTP to accelerate merchant payout.
2)
@loopcrypto_xyz
is using automation so users can set & forget payments.
3)
@no_ramp
&
@ZephyrExchange
are decentralizing on/off ramps with ZKP.
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Check out the full report for lots of additional insights & fantastic companies building in the crypto payments space.
A huge thank you to everyone who contributed to my research! I've mentioned many of you in the full report :)
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How big of an opportunity?
By 2026, 80% of global finance leaders will be incorporating crypto payments into their businesses.
By 2028, the global stablecoin market will be $2.8T.
This is HUGE for crypto.
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Web3 music platform
@AudiusProject
has hit 7.5m MAU with most users not even knowing it's a web3 company. Only 10% of its users have metamask - most are EDM fans, not crypto investors.
A good example of a platform masking the use of web3 to onboard new web3 users successfully.
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The evolution of modular blockchains, in simple terms:
We started with...
1⃣ Monolithic Chains: L1s
A single chain handling all 4 blockchain functions:
execution, settlement, consensus, data availability
(txs are executed, verified, settled, and their data is stored)
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@RevealSo
- aggregating your web3 activity/identity
@OneAnalog
- omnichain interoperability of web3 event data
@LayerZero_Labs
/
@StargateFinance
- omnichain messaging and bridging
@Lighthouse_xyz
- search engine across the metaverse
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Superapps are a powerful and often overlooked opportunity in Web3.
Composability is web3's killer feature and differentiator. It can be used to radically improve the user experience in a way that's not possible in web2.
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Very excited to serve as a mentor & partner for web3 startups in
@Hansa_Network
Accelerator's inaugural cohort!
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The rockstar team
@passageprotocol
is offering free membership products for web3 communities - check em out!
🛂 You: Want Membership NFTs for your community.
🛂 We: are launching a Free, No-code Membership NFT launcher. Fully customizable, dynamically updateable.
🤝 Want in? Join the waitlist at . Passage Member NFT holders get early access.
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1/ The creator economy will continue to play a massive role in our society because it solves for many of the economic and employment challenges we face from automating away traditional jobs.
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Equity + Token Investment:
- Hedge against potential regulations re what tokens could be deemed securities. If tokens are thrown in for free/cheap via a warrant to what otherwise looks like a trad equity deal, one has more of a case to argue that they don't constitute securities.
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-
@gnosispay
has made significant progress with its decentralized, vertically integrated web3 card network. Users get 2 Safe wallets (L1 Safe is savings account; L2 Safe is spending account), Visa debit card, and access to other real-world payment schemes (SEPA, Apple Pay, etc).
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Plus, some thoughts on where the space is currently & how I see it evolving from here:
In short...
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I took a lil twitter detox so I'm a week late here, but I'm super proud of the
@elixir
team! Congrats
@0xPhilip
&
@cole0x
!!
Elixir has closed our Series B at an $800M valuation, with participation from Mysten Labs, Maelstrom, Manifold, Arthur Hayes, Amber Group, others
With this, the Elixir Apothecary is now live - users can claim welcome potions today ahead of mainnet ⚗️👇
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Data analytics, CRMs, and Communication = Three $60B+ web2 SaaS categories that need to be rebuilt for web3
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ICYMI
@Paxos
has received NY regulatory approval to expand its stablecoin issuance to support Solana (until now, Paxos has only supported Ethereum).
This further cements Solana's place as a leading chain for stablecoins & crypto payments.
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Anyone working on a blockchain / web3-based dating app? Not sure if it's a good or terrible idea tbh, but looks like Tinder & Bumble are both starting to experiment with it
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Who's focused on the on-chain payments space? I'd love to chat!
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For any crypto founders looking for growth & marketing support,
@Mati_Honorato
is a trailblazer in the space and brings fresh ideas and perspectives. Highly recommend you reach out :)
With Axelar's growth on a great trajectory, I am transitioning into an advisory and consulting role where I will focus on helping early-stage companies tackle some of the core questions and challenges related to growth and marketing that I have come across in the industry.
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Thanks for the shoutout
@Safaryclub
& for continuing to build web3’s much-needed growth playbooks.
Check them out if you’re not following!
Growth is essential for every company, and web3 is no different.
That's why we created The Web3 Growth Canon 📈
It includes 50 of the best resources on web3 growth.
Here are the greatest hits 🎵🧵
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Zero Hash surveyed 3000 consumers around the world on their sentiment towards crypto & crypto payments. Their findings:
- Consumers want to engage with crypto, but through established web2/tradfi brands they trust. Trust is their
#1
priority, even over cost savings or ease of
Unlocking the next wave of adoption in crypto through trust...
We conducted a survey with 3,000 consumers in the US, UK, Brazil and Australia to evaluate their engagement and confidence levels in the crypto ecosystem
Read the report to learn more
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3⃣ Fully Modular Stack: Sovereign Rollups
Separates any/all of the 4 functions by modular layer, to optimize for specific use cases
- Execution:
@fuellabs_
@alt_layer
@EclipseFND
- Settlement:
@dymensionXYZ
Cevmos
@RoochNetwork
- Consensus & DA:
@CelestiaOrg
@0xPolygonAvail
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it's wild to me that it's 2022 and
@NFT_NYC
side events are being shared via google sheets that have links to other google sheets that have links to rsvp to individual events... can someone pls fix?
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Congrats to
@archimedesfi
on their $4.9M seed! 🥳 The Truffle VC team couldn't be more excited to be a part of their journey!
We were drawn to Archimedes' novel lending & borrowing solution, which offers sustainable, top of market APYs.
Check it out @
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Tokens:
- More liquid.
- Shorter time horizon.
- Once liquidated, capital can be recycled.
- Typically used for investing in protocols.
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Rollup frameworks are coming to Bitcoin...
@NewBitcoinCity
's Trustless Computer forks OP Stack with its own NOS Framework and BVM execution, leveraging Bitcoin + Polygon for DA.
@sovereign_labs
's SDK +
@chainway_xyz
's Bitcoin DA Adapter are enabling Sovereign Bitcoin ZK Rollups
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4/ With this new freedom to create our own jobs/opportunities, we're opening doors to a new cultural renaissance. One that embraces individuality over productivity, and that can't be automated away.
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- Following PayPal's PYUSD launch, other web2 fintechs will likely launch open or closed loop stablecoins. Stablecoin infrastructure like will be needed to bridge between the two.
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📣 I’ve joined
@joinrepublic
as a Venture Partner! I’m thrilled to be working alongside some amazing investors to democratize access to investing and funding.
More here:
Are you a founder interested in raising on Republic? DMs are open! 👋🏽
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A huge congrats to
@VictorYoungMe
and the
@OneAnalog
team!! 🚀
📣 We are thrilled to announce that we’ve successfully closed a $16M funding round led by
@TribeCap
with support from
@NGC_Ventures
,
@Wintermute_t
,
@GSR_io
,
@NEARProtocol
,
@OrangeDAOxyz
,
@Novogratz
’s
@Samara_AG_
,
@Balajis
, and more!! 🥳
We’re excited to continue building the next
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Streaming & Splitting
- Streaming enables pmt types like subscriptions, continuous interest, pay-as-you-go, on-demand wage access, & micropayments.
@Sablier
dynamic issuance offers greater incentive design.
- Splitting enables programmable royalty, licensing, & partnership pmts.
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Flipkart (India's $35B ecommerce & payments giant) is launching its web3 loyalty program on a Polygon CDK-based L2. In the future, it's possible that Flipkart leverages the chain to bring instant payments to its 350M users as well.
Main announcement for today🎉🎉
@Flipkart
, the largest ecommerce and one of the largest payments companies in India is launching an ecosystem chain with
@0xPolygon
CDK.
This is an game changer for Web3 ecosystem in India. It not only has the potential to attract the top fintech
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Equity:
- Established regulations.
- VCs can negotiate greater control than governance tokens would allow.
- Plenty of tools to manage trad equity funds. Tokens introduce new challenges & risks (ie. how to properly custody assets, hacks/theft).
- Typically for investing in infra.
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Every day someone asks me (often judgingly) why I decided to move from web2 VC to crypto VC.
It's not just the ideology or the many opportunities unlocked by decentralized technologies, though both are cool af with huge potential.
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Card Payment Networks
-
@Visa
@Mastercard
have long-standing network effects that are tough to compete with, but web3 co's that rollout a suite of products can begin to resemble these web2 card networks & ideally establish network effects that strengthen their competitive moats.
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Recently, I posted about how payments are the next big opportunity in crypto and momentum is picking up across both web2 & web3.
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Latest stablecoin news -
@DeutscheBank
,
@galaxyhq
, and
@FlowTraders
are partnering to launch a EUR stablecoin for "secure on-chain settlement for institutional, corporate and private use."
Exciting to see another tradfi institution move into the space.
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Shoutout to the
@passageprotocol
team for the launch of their new dynamic membership NFT builder 🛂
Try it out for free to take your web3 community up a notch!
🛂 gm 🛂
do you want access to
@passageprotocol
's Free Dynamic Membership NFT launcher?
➡️reply to this tweet with your ETH address 👇
if selected, you’ll also receive a Passage Member NFT for free — yes, it’ll get you early access to future drops too (check it out below) 🚀
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Equity + Token Fund:
- Flexibility to invest in deals across both asset types.
- Fund diversification across asset types, investment time horizons, and market cycles.
- Can recycle mgmt fees earlier on to maximize fund returns.
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Payments are an opportunity for the crypto industry to gain greater legitimacy, as blockchains and stablecoins can become the underpinnings of the open, global financial infrastructure that many envision for the future.
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3/ This can really start to solve, or at least improve, many of the larger societal challenges we face in the US: automation of jobs, mental health, stagnant wages, growing wealth inequality.
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Web3 SaaS offers a massive new white space opportunity:
- $1T market cap, but still feels like the wild west.
- Lack of sufficient tools to meet web3's unique technical and cultural needs.
- Lots of learnings, playbooks, and precedent from web2 SaaS that web3 can build off of.
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Cheaper, faster global payments are one of the few killer use cases for blockchains and crypto that have already begun to prove real-world utility on a global scale.
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Thanks for the shoutout
@Safaryclub
!
Check out Safary's curated list of resources for an all-encompassing web3 growth playbook
Growth is essential for every company, and web3 is no different.
That's why we created The Web3 Growth Canon 📈
It includes the 35 best resources on web3 growth.
Here are the greatest hits 🎵🧵
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More of my thoughts on this:
If you're a founder building in this space, let's chat! 👋
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Content that incorporates fan ownership & votes (tokens) produces interactive entertainment that keeps fans engaged. Tying tokens to cultural relevance is a natural driver for broader consumer adoption of web3.
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@mattturck
There’s lots of opportunity and demand in web3 SaaS, especially as web2 SaaS reaches maturity and saturation.
Web3 lacks sufficient tools for its unique technical and cultural needs.
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Had fun writing this piece on the changing power dynamics defining our culture & the rise of Citizen Creators
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Digital identity is the atomic unit of web3 martech.
Every tool in the web3 sales & marketing stack will need to be built with users' DID and wallet addresses at its core.
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With EigenLayer's upcoming launch, I think we'll soon see the emergence of restaking ETFs centered around certain categories for users to direct their restaked assets (i.e. ETF for bridges/middleware)
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@Mati_Honorato
@jkey_eth
@Safaryclub
@jeffkauffmanjr
@jumpnationhq
@big_papa_jon
@masha_vy
@Brandon_M_Kumar
@antoniogm
Honored to be mentioned here!
@Mati_Honorato
, I'm so excited that you'll be sharing your growth expertise with the broader crypto community and can't wait to see all that you accomplish from here 🙂
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Rollup frameworks (SDKs & RaaS) are experiencing a mini hype cycle.
What started as 2 rollup frameworks (
@optimismFND
's OP Stack for smart contract rollups &
@CelestiaOrg
’s
@RollkitDev
for sovereign rollups) has expanded into a competitive landscape of SC & Sovereign frameworks.
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2/ Since the majority of kids today want to grow up to become YouTubers and creators, this societal shift allows us to create new jobs that people actually want and are excited about, while automating away the work we need but don’t enjoy doing.
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NYC fam, pro-choice protests today at 5pm in Union Sq and 6:30pm in Washington Sq Park
Today, the Supreme Court not only reversed nearly 50 years of precedent, it relegated the most intensely personal decision someone can make to the whims of politicians and ideologues—attacking the essential freedoms of millions of Americans.
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Payment Gateways (on/off ramps, checkout, payout)
- Fiat <> crypto conversion can still be a clunky user experience, but companies are tackling this from all angles.
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@iamjasonlevin
@antoniogm
@SpindlXyz
.
@Safaryclub
is also building a great product for web3 attribution 🙂
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So, where can crypto startups play within this space? I break it down by sub-sector below:
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Crypto's value-add to payments:
- Lower tx fees (0-1% crypto fees vs 2.24% avg credit card fees)
- Instant, 24/7 payments & settlement
- Global, borderless payments
- No chargeback risk & reduced fraud
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