Proposal #13 The Smart Company

App teams that pursue community ownership first (starting with a wide token distribution) risk engendering a community of speculators, rather than real users. Without a working product, ownership is worthless, and the community won’t stick. Many teams that have done this are unable to back into product/market fit, and as a result have a hard time kickstarting meaningful community participation.Another sequencing risk is jumping straight from early signs of product/market fit to decentralized community ownership (skipping objective 2, community participation.) Failing to formalize real community participation can land projects in an uncanny valley of decentralization theater. A symptom of being caught here is an apathetic community with low participation rates, and a heavy dependency on founding teams. In this situation, formalizing control (e.g. through delegation) may be a better path to building trust, whereas hiding under the pretense of decentralization is a quick way to undermine it.SolutionProgressive decentralization offers teams the most auspicious path to finding product/market fit, financial sustainability, a participatory community and regulatory compliance — in that order.Now, new technologies are shifting work and value distribution to be accessible online, resulting in a new generation of platforms that thrive on contributions from a permissionless and global talent pool. Ownership is a powerful motivator for users to contribute to products in deeper ways, be it with ideas, computing resources, code, or community building. This more cooperative economic model helps ensure better alignment with users over time, resulting in platforms that can be larger, more resilient, and more innovative.  Today, crypto tokens are the latest protocol innovation to expose a disruptive new model. Just as BitTorrent allowed us to exchange packets of information instantly and without an intermediary, crypto tokens let us distribute value in the same way.While most prevalent in crypto today, The Ownership Economy is expanding to other areas in tech. To understand why, we can look to recent history and observe how protocol innovations often expose disruptive new models that, when productized, influence broader trends and go on to impact billions.The best-designed Ethereum-based applications leverage a business model similar to traditional Web 2.0 marketplaces, but encode them in autonomous “smart contracts” run by Ethereum’s network of miners. This means these applications have no central operator. Needless to say, one of the most challenging problems any startup or new technology faces is adoption, especially where network effects are necessary—and even more-so when competing against the existing network effects of today’s dominant platforms.But today, founders are bringing the idea of ownership —  or at least, better economic alignment between platforms and participants — to new verticals in tech, from developer infrastructure, to financial services, and from consumer marketplaces to social.The ownership economy doesn’t always mean a literal distribution of tokens, stock options, or equity. It also doesn’t necessarily mean that an application or service is entirely built on a blockchain. Rather, it means that ownership — which may manifest in the form of novel economic rewards, platform governance, or new forms of social capital — can be a new keystone of user experiences, with plenty of design space to explore.Contact: hello@variant.fund / early-stage venture capital for crypto networksExamples: Uniswap, a crypto exchange, has a business model similar to Coinbase or Binance in that it imposes a fee on transactions. But rather than the company capturing that fee, it’s instead distributed to the market-making traders that provide liquidity and make the product useful. Since Uniswap is open source and user-owned, third-party developers can have confidence building on the platform and a rich ecosystem of integrations has grown around the project.In social, Reddit recently announced that 300 million users will have access to tokenized community currencies through their mobile app. The platform will reward participants in the r/FortniteBR and r/Cryptocurrency subreddits with tokens that can be used to pay for membership, tipping, and badges in the Reddit app, giving them ownership over the economy of each subreddit.Consumer marketplace Foundation is transforming the Kickstarter model by allowing creators to tokenize their projects in a marketplace where tokens can be bought, sold or redeemed for goods or services. This programmable, digital representation of ownership unlocks new revenue streams that gives buyers and creators access to new value streams in secondary markets.Neither Foundation nor Reddit needs to go out of their way to build this functionality themselves. The open, user-controlled nature of blockchain computing allows any developer to plug into these ecosystems and offer their users financial services. The result could be a rapid move from non-financial applications into DeFi.1,000 true fans are exponentially more valuable than 100,000 likes or a $1,000,000 market cap.Crypto founders have a unique challenge in front of them. In addition to building a product that people want, they also need to consider how that product can successfully run in a decentralized manner — that is, as a protocol owned and operated by a community of users.Set up Membership:If you subscribe to our platform, for $100/mo, you'll receive 1000 LTL tokens every month to access the tokenized version of the newsletter when it launches, and try out the weird and whacky crypto experiments that we do as a community. All membership tokens are traded against Dai. This stablecoin is worth $1, making valuation simple. Members who miss more than 1 vote in the last 6 monthly proposal periods automatically sell their membership.Many club members might choose to invest their own funds but find that they make better informed decisions about crypto purchases from the knowledge gained through participation in our foundation. Informed groups are wiser than individuals. When you join the Dao, you get access to an exclusive community focused completely on our specific mission: tokenizing media, travel & real estate.One member per vote, regardless of board membership. The board shall elect a Chairman, President, Vice President, Secretary, Treasurer, and a committee based upon a formal voting procedure that will be enacted within the first month. Both board members and members themselves are eligible.Set up the rules:Monthly payment ($100) for the access (recurring payment, subscription can be canceled at any time)Payment allows us make primary KYCEach participant must fill out an application formFilling out the application form and paying for access is a prerequisite for each club memberExplore https://melon.avantgarde.finance/ to set up a test fund Rules are programmatic (open source code); Credible commitments are economic, pledged in deposited stable coin, plus rewards for following the rules; Collective monitoring is performed by nodes that can verify that the rules have been followed, deterministically.Test the Dao Bot:Go to the pool {https://uniswap.info/pair/..} and buy at least 100 LTL with your metamask wallet and follow the invite link and follow its instructions to enter our private club (Link: https://telegram.me/collablandbot?...)Set up the DAO:DAO? Similar like Facebook Groups where you can share ideas, publish, and where you aim to turn ideas into reality by actually doing stuff you love the most. We will launch an investment club governed by a Dao (A decentralized autonomous organization that will invest in the defi ecosystem). Nonetheless, the whole concept of a “decentralized” investment club is still experimental at best. Whether the DAO can summon long-term gains is questionable. @AragonProject is experimenting with a DAO/LLC hybrid that issues legal shares through tokens. The whole workflow is wild and worth a read. They created their operating agreement on @OpenLawOfficial, which is creating "smart" legal contracts w/ portions implemented on-chain. Notable here is a markup language which is legal, human *&* machine readable. These hybrid organizations, grounded in the legal jurisdictions of a host country, effectively export local legal frameworks globally. One aim is to bring benefits of their host legal system on-chain while adding transparency, efficiency, auditability and programmability.Mint the tokens:LTL is the token for global membership to the LiveTheLifeTV community. The LTL token, like most DeFi projects, is a social experiment, and does not have any inherent value. The value is derived by the supply and demand from the market and community.100 tokens required for membership10000 tokens required for board membership10 initial board members in total8 seats available upon launch2 additional board members can be added per year, based on a democratic vote LTL will not engage in nepotism nor favoritism regarding Board Membership, and is based on a first come first serve basis upon official token launch on UniSwap. Everyone has an equal chance.10 initial member cap limit for first 30 days; each 30 days thereafter, 10 new members can be admitted (if members so choose, there is a possibility of voting to increase cap limit after 1st year)Total Token Supply: 27,000,000 LTL tokensTicker Symbol: LTLWhen investors deposit funds, LTL shares (LTL) are minted that are redeemable for their portion of total assets under management. LTL can be purchased by depositing ETH. LTL are transferable and can also be purchased on the secondary market. The current price of LTL is ~0.1 DAI.Assets are held in DAI but managers can trade in 70 ERC-20 tokens and can hold margin positions in ETH, wrapped BTC, BAT and KNC. Managers never take custody of funds, they are always held in the SHA Fund.LTL has a 30-day investment cycle during which investors can view the fund’s activity from the portal in real-time. Managers invest funds over 27 days to generate ROI and the final 3 days are an intermission period where investors can withdraw their investment or deposit more funds.In every cycle, managers earn commission in DAI. A management fee of 0.1% of the LTL AUM is distributed to managers and 0.1% is set aside to support the LTL development team. If the fund is profitable, 20% of profits are distributed to managers, proportional to their current LTL holdings over total LTL. Each month LTL will choose a new DeFi Project to invest in, which will be voted upon. 10,000 tokens will be allocated per month for said investments. Each member has one vote, and all votes are equal. The process of selecting the new project per month is as follows:Each Member can submit one project for consideration to 1 of the 10 board members. Each initial 100 members will be assigned to 1 board member by random selection (or by Geography) using a smart contract.Each 100 member / board member pair will then vote on the top 5 DeFi projects within each faction.Upon successful selection by vote, the top 10 projects will be presented, whereby questions and answers and discussion will take place prior to the vote.Finally, all ten projects will be voted on and the successful candidate will receive the investment.While settlement on the outcome of votes is handled by smart contracts, the organizational structure still relies on the subjective interpretation of complicated, unquantifiable inputs such as reputation, social capital, and project feasibility.Membership is curated by existing members, based on social reputation. The purpose of both is to pool funds and vote on allocation towards improving Ethereum's infrastructure/dapp ecosystem respectively. In exchange for funds/work, ownership tokens are issued to members who can use them to vote.  If a member disagrees with an outcome, they can choose to exit and reclaim their pro-rata portion of pooled assets—exit is an elegant way to ensure representation in funding allocation!LTL, as an organization, will retain 20% of the projects or company it has invested in, in the form of their native token, which will be airdropped proportionally to all members upon launch of said project.Widespread token distributionWhile these projects can adapt to change, they can’t scale through automation. And voting as a coordination mechanism risks becoming less effective with the number of participants.If you’re a crypto founder and are ready for this stage, that means you have achieved early product/market fit, built a robust community capable of successfully maintaining the application, and mapped out a model that properly incentivizes sustainable operations. Now for the last and final step on the journey to sufficient decentralization: a widespread token distribution.In practice, I imagine teams will “exit to the community” by airdropping tokens to users and contributors based on the plan mapped out in the prior objective. This would happen the moment a smart contract is triggered to mint and distribute tokens. Optimally, once this function is triggered a number of things will have happened:The core team will have ceded majority ownership of the application (fees and control) and mitigated platform risk by ensuring the product is community-owned and operated.The token may have transmuted to a non-security, given that the service is now sufficiently decentralized — that is, independent of the efforts of a single entity that might have asymmetric information.The company is sustainable, having retained enough tokens to benefit from fees and growth.User-owners realize increasing returns to scale, as the cooperative economics of the service allow for better alignment and growing value (as defined by users rather than shareholders.)The spirit of this objective is to mark a specific moment where a crypto product company completes its journey from traditional product team to sustainable community-owned-and-operated network. (Conducting a token distribution always requires careful legal review, and there is little precedent for what I’m describing, so please consult a lawyer first!)From Startup to Decentralized? Below is an example of what the process might look like for a project:Alice has a great idea for a startup, a P2P photo-sharing app, and she would like it to eventually owned by the stakeholders and users of the platformShe would like the platform to have a lasting impact, and decides to have no token supply cap.She targets year 5 as the year all initial stakeholder tokens will vest. At that point, 40% of the network will be controlled by initial stakeholders, 30% will be controlled by users of the platform, and 30% of the network will be owned by an ecosystem DAO.She wants users who share photos or buy photos to receive tokens for doing soThe initial stakeholders will include her founding team and investors. She decides there will be an initial allocation of 1M tokens to these initial stakeholders, and 20% of these tokens will be for investors.Alice wants the project to raise a bit of funds, then decentralize as soon as possible. She hopes that once the project is decentralized, the network will raise additional funds, and hopefully the network will continue to pay her team to develop the project.Alice forms a company, and raises $1M from investors as a SAFG (which is a promise for 200,000 governance tokens once live). Once these funds are raised, the team executes and is able to build their platform.1 year later, they are ready to start decentralizing the platform and giving away governance to its users.The team implements the incentives via smart contracts (users who share photos or buy photos receive governance tokens)The team also creates a vesting program for the initial investors such that their tokens vest over a 5 year period. At the end of the five years, the initial investors and team members will have 40% of all tokens, with the other 60% going to the protocol DAO and users of the platform. This means that at year 5:160,000 tokens will be owned by investors (20% of 40%)640,000 tokens will be owned by the initial team members (80% of 40%)600,000 tokens will be owned by the DAO (30%)600,000 tokens will be owned by users of the platform (30%)This is approximately 1100 tokens per day minted: with 666 tokens going to users and the DAO.After this initial vesting period, tokens for users and the DAO keep being minted at the same rate of 666 tokens per day, and can be changed by the DAO at any point.After 6 months of activity mining, the project reaches sufficient decentralization, and the protocol is given to the DAO. 6 months later, Alice and company start asking the DAO for funds to continue building the product. Soon after, a handful of other companies start working for the DAO and contributing to the project. Congratulations Alice, you created a decentralized network.Source: medium.com/venture-dao/ by Eric Arsenaulthttps://www.jumpdocs.com/blog-post/should-all-startups-be-delaware-c-corpshttps://livethelife.tv/dao/https://github.com/livethelifetv/LL-DAO / https://livethelife.tv/llc/https://medium.com/fairmint/running-a-business-like-a-bosshttps://ramp.com/FAIRMINT INChttps://mercury.com/https://gusto.com/https://gilded.finance/https://www.mainstreet.us/https://www.opengrants.io/The owners of an LLC are called members. You can have a single-member LLC with one owner or a multi-member LLC with multiple owners. In some multi-member LLCs, called member-managed LLCs, all members participate in running the business on a day-to-day basis.In most cases, investors prefer to work with corporations over LLCs. Stock in a corporation is designed to be easily distributed to investors, and investors can easily retain their interest in the company by holding onto stock or divest their interest in the company by selling off stock. C-corporations also allow for different classes of stock to incentivize venture capitalists and angel investors. It’s certainly possible for an LLC to attract investment, but it’s much harder, and many investors insist on working only with corporations. Read moreFirst, what is a "legal wrapper"? It is not necessarily an entity. It could be any kind of legal ordering, it could be a charter or constitution among members of an unincorporated association. Secondly, you have a legal wrapper whether you want one or not. If you don't write one down, the law will apply one to you anyway when there is a dispute, and usually those  "default rules" are the worst (e.g., fiduciary duties & joint/several liability for all DAO participants).If you have a DAO and don't define it, then: if it has a for-profit purpose the law will say that DAO is a general partnership if it has a not-for-profit purpose it will likely be a not-for-profit unincorporated association.Given point #2, the answer ALWAYS is: "yes! you need a legal wrapper!" Then YOU can define the rules. Otherwise a court will do so later. There is no comfort or freedom in chaos; it merely cedes greater ex post power to courts and lawyers.Point #3: you don't always need an entity. The default rules for not-for-profit unincorporated associations in many jurisdictions grant similar limited liability protections as having a corporation.Even if your DAO is for-profit, if you have a good legal charter you can waive most sources of liability among members of the DAO. And if the DAO enters into contracts with 3rd parties, you can waive most sources of liability in those contracts.What is the remaining risk delta between an unincorporated DAO and an LLC? Torts. (a wrongful act or an infringement of a right (other than under contract) leading to legal liability.) You can't eliminate your tort liability through contract. If the DAO defrauds someone or manufactures a harmful product, everyone can be liable if it is a general partnership.But, how many DAOs will be manufacturing or operating products? MakerDAO does, so there could arguably be reason to make it an entity (with each MKR holder as a member) rather than an unincorporated association. But most DAOs don't. They are like investment clubs. Clubs can be informal or established as a legal entity such as a partnership. (SEC)So, overall, (1) yes, you should have an explicit legal wrapper for every DAO, every time; but (2) whether that means you need a state-chartered business entity should be evaluated case-by-case.Here is a basic prototype LeXpunK came up with for 'charter' for a DAO with no legal entity. It's not perfect but is meant to get the ball rolling on possibilities:ltlmaps/ZAP-TechZeroLaw Augmentation Protocol. Contribute to ltlmaps/ZAP-Tech development by creating an account on GitHub.GitHubltlmapsBookmark this page, pass it onto your DAO friends, save LeXpunK some basic questions and then if someone is ready to pay a lawyer to help them with their DAO wrapper, he is happy to help! twitter.com/lex_nodeTalk to people who have been running and participating in DAOs rather than merely theorizing about them: @pet3rpan_ should be your first stop or, if he does not have time, he can likely refer to you to others who have similar experience.LeXpunKLeXpunK is law unchained from expectations — a disruptive new attorney praxis designed to grab lawyers by their neckties and drag them kicking and screaming into the 21st century. If you’re a…Medium_g4brielShapir0We have been looking for a legal advisor for a long time, and thanks to this tweetstorm we finally found one that matches our culture code. If we get funded by for example the LAO it will be easy, we simply incorporate, if not, we will continue bootstrapping, researching and developing concepts and as soon as we move our DAO to mainnet we will hire LeXpunK to help with our legal wrapper.  During my second startup adventure I incorporated as soon as we had a great idea. We really wanted to let the world know that we were serious about inviting people to rent their private homes. It did seem like a crazy idea. It took over one year to turn that idea into a website that was up and running.  The costs of having a company was the main reason we were burning money. The overhead that came with being incorporated was as high as our revenue when the site started generating the first bookings. Airbnb launched two years later. We survived the storm but it was a hard hit when they started chasing our niche market. #surfbnb.tv is still online (free now).Start looking for funding early on as very few ideas quickly turn into profits That's something I already knew during my first startup adventure, however we failed because the investor, an iconic entrepreneur in Europe, decided to set up a political party and backed out last-minute. Twenty years later he said, during a TV interview, that he regretted not pursuing "his" idea to launch "YouTube". Being early does not always pay. We did earn respect by being featured on the Apple.com homepage as video streaming pioneers, and were offered 30-inch cinema screens.Anyway, back to the idea of setting up a DAO. A legal advisor tweeted: "If an idea looks to become a full-time job and as soon as you have customers and you are signing bills and contracts, yes then it's a good time to incorporate." He continued: "Creating a Delaware C Corp or LLC at the early stage seems silly to me. Instead you probably want a DAO Charter, or similar, that makes clear the 'rules of road' before things actually get interesting and there is a potential of 'public facing liabilities'. At that stage, yeah sure, wrap that profit-generating DAO into a Delaware C Corp to help against risk of adverse legal actions." #notlegaladvice I think in most cases a strong case could be made for DAO Tokens not being securities at all, since the token would have immediate utility both in terms of curation, as well as in governance of the project itself. Since token holders would be governing the project and responsible for its success or failure directly, it should be in pretty defensible territory. I'm not a lawyer, but have been following the regulation around tokens pretty closely. - Luke DuncanQuestions about Foreign-Owned U.S. LLCs Answered by a CPANo point incorporating when you do not have sufficient funds to make it happen. You can decide whether membership tokens are transferable or not, require users to “stake” tokens to submit proposals or set the rules for vault management.  It could be used to run a non-profit organisation, or as a way to fundraise for your startup, or could just be your own personal DAO. The level of decentralisation is also up to how you set up your Aragon DAO.Everything is open source and Aragon provides a full developer framework complete with user interface tools. Web3 developers can create entirely custom DAOs, plug-ins for the Aragon Client (e.g. invoicing, payroll, tax, or accounting tools), and even invent new governance templates for others to use. For example, you can imagine “data co-ops” that better distribute the value of user data.1Hive's Dandelion Organization template is intended to help facilitate collaboration by providing an organization structure that makes it easy for contributors to part ways when disagreements occur. By guaranteeing that participants can exit if they disagree with the decisions other members are making, dandelion organizations are more easily able to attract capital investment. RageQuit is the secret sauce.The dandelion organization template consists of the Agent (optional), Finance, and Token Manager apps maintained by Aragon One. As well as the following applications developed and maintained by 1Hive:Redemptions: Allows users to manage a list of eligible assets held within an organization's Vault and allow members of the organization to redeem (burn) organization tokens in exchange for a proportional amount of the eligible assets.Token Request: Allows users to propose minting tokens in exchange for a payment to the organization, subject to the approval of existing members.Time Lock: Allows an organization to require users to lock a configure amount of tokens for a configurable amount of time in order to forward an intent.Dandelion Voting An enhanced version of Aragon One's voting app which implements an ACL Oracle which allows an organization to configure permissions that restrict actions based on whether an address has recently voted Yes.The Dandelion Organization template and component Aragon Apps have been audited by Consensys DiligenceWhen you are ready to onboard members into your organization you can direct them to the Token Request app to submit a request for membership shares.Aragon FundraisingDraper is becoming a member of Aragon’s advisory board. The Aragon project offers a platform for DAOs to manage their cap tables, vesting, payments, voting, bylaws, fundraising, and identity aspects. According to the company’s official blog post, it now has over 1,000 DAOs created.LTL EditoYves Van den MeersscheSource: Dandelion-User-GuideThe sorry state of crypto UXPaying for gas, signing transactions, creating a MetaMask wallet, onramp, offramp … It doesn’t even matter how amazing Aragon is, the crypto UX has a long way to go. It is tempting to vertically integrate it all ala Apple and make sure the UX is top-notch. However, that misses the point of Web3. Companies like Wyre, Ramp, Mooni, Fortmatic and Aragon are all working hard to fix the sorry state of crypto UXContinuous Securities OfferingsThis is a fantastic evolution of the continuous organization. This system designed by Fairmint uses a bonding curve which interfaces open-economy to a project but rather than offering decision-making rights, it essentially offers a share of future revenues through their revenue commitment mechanism. By far, the best UX & UI.Decentralized Autonomous AssociationsThe DAA is a basis particularly for non-profit projects with limited financial resources looking for a legal structure with a bottom-up decision-making process. This new variation is the concept of Decentralized Autonomous Associations that takes roots from the Swiss Association legal structure (Libra structure). The Swiss Association has lower startup hurdles than a Swiss Foundation. In the context of the DAA, the autonomous activity focuses on certain membership-related functions, which is a realistic scope that doesn’t risk slipping into the abstract during implementation. Swiss legal firm MME has documented a process to allow DAAs to exist, aided by a set of smart contracts that Validity Labs has started to codify.Oh, and one more thing ...We should simply start calling DAO's "Smart Companies" #smartco


Whales, Turtles & Yala elephants

Just the idling engine of our boat. The soundless rise and fall of the Indian Ocean’s swell. A slight breeze and the sun breaking through the morning haze. Not a noise from the passengers either. We’re all too busy staring out over the gunmetal-grey water looking for that telltale sign: the waterspout. A 10-metre-high exhale from giant lungs that is the signal of a blue whale breaking the surface. Galle, Yala and the south coast of Sri Lanka has long been known as a hotspot for whale-watching. Many of the ocean’s iconic cetacean species swim in the warm waters here, including humpbacks, pygmy whales, fin whales, sperm whales, minke whales and killer whales. The ace in the sleeve though is the high likelihood of encountering the biggest of them all. The blue whale. Put simply, Sri Lanka - and Galle especially - is the best place on the planet to see blue whales. But it’s not just these majestic giants that draw wildlife-watchers to the island. If you’re a lover of the natural world, Sri Lanka is a must-visit destination. The sheer wealth and diversity of the species found on wildlife-specific Sri Lanka tours is dazzling. As well as the largest creature in the world, this country is home to the largest sea turtle species – the leatherback. Like green turtles and Olive Ridley, nesting turtles can be seen on the beaches of Jetwing Lighthouse in Galle and Jetwing Yala. Also in Yala National Park is the Sri Lankan elephant, one of the largest land mammals on Earth. And, of course, that great apex predator of this island: the Sri Lanka leopard. All in all, this is truly a land of giants. And with a little luck and the right guide and tour, you can see all of them in just 72-hours. The best surf season at the on the southwest (hikkaduwa etc) is from November to march and then on the east coast (arugam bay) from may to september. The coast from Arugam Bay to Hikkaduwa is littered with long sand bottom point breaks and hidden reefs. Located in the world famous surfing destination of Pottuvil is the luxurious holiday retreat Kottukal Beach House by Jetwing. It offers stylish modern comfort in an idyllic setting. Embark on a culinary journey that will take you from traditional Sri Lankan fare to Eastern and Western favourites. A candle lit dinner for two on the beach, or a BBQ for family and friends; the dining options at the luxury beach villa are endless. Savour the delectable sea food specialities that are prepared to perfection by our experienced chefs, or choose from the wide range of home style cooked meals which can be prepared to suit your preferences.The coastal tourist destination of Pottuvil offers perfect locations for surfing, snorkeling and swimming. Located on the wide sweeping beaches of the “surfer’s paradise”, Kottukal Beach House is the perfect venue for a close to nature holiday experience. The national parks of Yala, Kumana and Lahugala are close enough for nature lovers to visit on a day trip, while boat rides through the mangroves of the Pottuvil Lagoon or fishing expeditions with local fishermen can be organized on request. Xtreme Nature Tours can cater for up to 6 guests in each personalized 4WD vehicle, designed to comfortably overcome even the harshest terrain and to thrill with river crossings, beach drives and jungles treks. Guests have access to state of the art equipment to study the flora and fauna that is so rich on this stunning island. Nature enthusiasts will leave knowing that they have been as close to nature as is humanly possible.


Surf The Alps

Surfers are always discovering new waves and finding new locations to surf. Just when we think there is nowhere left to discover, that every square inch of Google Earth has been found, someone goes out and finds yet another wave. Mick Fanning's Snake, the Brand Brother's endless Angolan barrels, a new big wave spot in Indonesia, and Canada's right-hand beachies are all fairly new.Sometimes, if there is no coastline on which to surf, on which to discover, then waves have to be created.The new Alaïa Bay wave pool in Switzerland is such a place. It is a Wavegarden Cove wave pool, the most popular, 1000-waves-an-hour type of wave pool at the moment. It follows on from The Wave in Bristol, England, and Urbnsurf in Melbourne, Australia, but with some marked improvements from both. It also has a ‘Beast Mode.’It’s somewhat of an anomaly that, for a country with no coastline, Switzerland has some good surfers in their mix. Their 23rd placing in the team event at the 2019 ISA World Games might not seem like much at first glance, but the result is quite extraordinary when you unpack it.There were 54 countries represented, so a 23rd finish is in the middle. Britain finished 20th. Switzerland beat Ecuador, Barbados, and Ireland in 24th, 25th and 26th places, and beat countries like Morocco, El Salvador, Maldives, and Sri Lanka. In essence, Switzerland has fantastic surfers. Some of them make the trek to go and surf the French beach breaks whenever they can.Some of them travel to warmer and cheaper climes like Indonesia through the winter months (when travel is allowed). The board sports culture of snowboard and skiing also helps surfers with balance, flow and harnessing energy. It seems though, that their surfers are also naturally gifted.Now with the soon to be open Alaïa Bay facility, the Swiss surfing team has a home and regular access. We can expect the team to just start climbing up the ranks until they become possibly as famous as the Jamaican bobsled team.Apart from the Swiss National team having a new home, Alaïa Bay will provide a top-end experience for everyone, and surfers will come back to the surf. When Alaïa Bay opened up the Pre-Opening ticket sales, they were all snapped up almost immediately, and were completely sold out. Hence, the surfers know what they have coming, and they are amped and ready. The wave will be opened up at the start of Spring, and then Alaïa Bay will be pumping for the summer. Alaïa Bay’s founder, Adam Bonvin, is excited about the opening.“Snowboarding is great, and one of my passions, but there is nothing quite like surfing,” said the perennially-stoked 25-year-old. “You can bring your personal coach, you can try your airs over and over again, and you can get totally barreled. If there is something that you want to work on, like your backhand take-off for example, then you can work on it, knowing that the waves are going to be the same.”The Wavegarden Cove model does one thing different to many other wave pool models in that it pumps out waves continuously. There is no waiting around for anything to reload or to settle or to fill up. Up to 1,000 waves per hour.  On the upper levels of surfing – Advanced and Expert – you can expect around 10 surfers on each side, riding lefts and rights, and each surfer getting 12 waves or more. Sessions are 55 minutes long. That equates to a lot of waves. A wave count of 10 in under an hour is decent. At some of the more crowded waves around the world, that would be an excellent count.Growing up in Switzerland obviously means that you have a different approach to the cold. It is normal and part of life in this part of the world and does not seem to worry anyone. A good wetsuit, a warm shower, and a dry hoodie will be enough, remembering that a session is only 55 minutes long, and there are no duck-dives unless you wipe out. That's a lot of kinetic energy and adrenalin and endorphins and all the other good liqueurs that the body produces to get you through any kind of physical discomfort. The cold is not going to be a problem. If you surf during Beast Mode, you'll be so adrenalized and so pumped on getting barreled that you won't even register the water temperature.The retail experience, all 200m2 of it, is a Boardriders shop with Quiksilver and Roxy products and many other brands that fall under the Boardriders stable. There are a surfboard factory and a shaping bay and an in-house shaper and surfboard designer in Carlos Lopes.There is also a restaurant, the Twin Fin Bistro, a Surf School, a hotel and hostel for accommodation, and a skate park. During the colder months, the slopes are twenty minutes away.Most important, however, are the waves. There will be non-stop waves pouring through, various levels from Beginner to Beast Mode, and all the necessary equipment available to make every session a lot of fun. All you have to do is get there.


Pillows Grand Hotel Reylof

Discover Ghent with Pillows Grand Hotel Reylof. This mansion from 1724, built in Louis XIV style, is located only 500 metres from the Ghent city centre. (video) The menu of LOF Restaurant is based on the gastrobar concept of the famous Dutch chef Ron Blaauw. Chef Hannes Vandebotermet translates this concept into beautiful dishes that revolve around quality and simplicity. (instagram) (booking)You'll find LOF Cafe right next to LOF Restaurant. A great place to enjoy a cup of freshly-ground coffee, eat a salad, sandwich or sweet pastry and sip of a sparkling glass of wine. The Living is the perfect place to relax while enjoying a drink at and a great range sweet and savoury snacks. The historic building has 157 modern rooms and suites. The rooms offer views of the garden or the city and have a smart HD TV, a wireless sound system, a Nespresso coffee maker, tea-making facilities, and a spacious bathroom with walk-in shower or bath. Cool down in the wellness bath or enjoy a relaxing massage. You can also make use of the modern gym or sauna.Just like 'Ghent in Motion', 'Ghent from the Sky' again pushes the boundaries to an upper level. Better cameras and lenses allowed us to make breathtaking, sharp and even more profound images of our beautiful city of Ghent.


The Next Porsche

First, it was a shock for the 911 fans. How could their favorite brand to launch a family SUV with the Porsche logo on it? Moreover, how could they do that by sharing the platform with a Volkswagen? Well, all that happened and it did happen to save the brand. And the first generation of the Cayenne was the best selling Porsche of all times until the end of its production. The first generation of Cayenne can generally be split into two models, the 955 and the 957. The 955 sold from 2003 until 2006 and includes the Cayenne, Cayenne S, Cayenne Turbo, and Cayenne Turbo S models. Enjoy the 30min docuMany years have passed since this Porsche Cayenne S has been inside the showroom of a dealership, but lets see how well this vehicle is holding up ... The more I think about it the more convinced I become that the Cayenne will come to be regarded fondly in years to come. Grab a piece of history while you can. videoThe 955/957 are built on the Volkswagen Group PL71 chassis, which it shares with the VW Touareg and Audi Q7. Porsche designates this as the 9PA chassis, and although the basic unibody construction and core chassis are the same as those used by VW and Audi, the majority of the engines, electronics, and interior components are all unique to the Cayenne. Thanks to these differences, as well as Porsche's ability to tune the suspension and the utilization of their cutting-edge technology, the driving experience behind the wheel of a Cayenne is quite different than a Touareg or Q7. videoCayennes equipped with the active air suspension can be set to Comfort, Normal, or Sport modes. Additionally, the Porsche Stability Management control system is continuously monitoring the vehicle's speed, as well as inputs such as steering angle, throttle angle, engine load, and lateral acceleration. It makes adjustments to keep the truck as stable and flat as possible at speed or in the corners. As a result, despite its size and weight, the 955 and 957 Cayenne stay remarkably poised and are surprisingly agile. videoAnother trick feature is that the Cayenne will lower its ride height as vehicle speeds increase. Inverse to that, the air suspension can also be raised to increase ground clearance for driving in deep snow or other more challenging off-road conditions.The Cayenne possesses amazingly athletic capabilities, and thanks to the standard all-wheel-drive and Porsche Traction Management, these capabilities are not limited to paved roads. While many SUVs have an inherent tendency towards nose-heavy handling characteristics, Porsche engineers direct the majority of the V-8 engine’s torque (62 percent) to the rear wheels. The baseline torque split between the front and rear axles is 38/62, but it is variable depending on the conditions, and up to 100% of power can be sent either front or rear thanks to Porsche Traction Management (PTM). This provides all Cayenne models with handling dynamics more in line with Porsche’s rear-drive sports cars, setting it apart in the SUV marketplace. These traits are so sought after by enthusiast drivers that the Cayenne has become the best selling of all Porsche models. videoDespite not being a world-renowned sports car, the Porsche Cayenne is one of the most important vehicles that Porsche has ever produced. While the Cayenne brought much-needed profitability to the company as a whole, it also introduced the Porsche brand to an entirely new group of customers who otherwise might never have considered a car from the Stuttgart marque. videoPorsche ended up selling over 95,000 examples of the first-generation Cayenne over a span of seven years. No one really expected the Cayenne to do quite so well, except perhaps for Porsche, who knew just how much they had invested in building the world's most capable SUV.The Porsche Cayenne is a full-size sports-luxury SUV that combines the very best of on and off-road performance, along with superb driving characteristics and a respectable towing capacity. The S is powered by a 4.5L V8 engine with a dry-sump lubrication system and variable valve timing. It produces 340 hp 420 N⋅m of torque. Acceleration from 0–100 km/h takes 6.9 seconds and the top speed is 241 km/hPorsche Cayenne Generations ExplainedWith Porsche now on the third generation of Cayenne, what are the differences between the generations and the various models of each?Nathan BrownThe Porsche Cayenne can be an exceptionally reliable SUV, provided that it receives proper servicing. There are many examples with well over 100,000 miles that are still running like new. Like any other high-performance German vehicle, regular maintenance with the best quality parts goes quite a long way to keeping your Cayenne running tip-top. Lack of service and deferred maintenance is the most common cause of the majority of Porsche Cayenne problems.The Porsche Cayenne was a game-changing vehicle when it went on sale back in 2003, and thanks to the number of Cayennes sold, there are plenty to choose from on the used market. The Porsche Cayenne represents one of the best values that you can find in terms of features and performance in a luxury SUV. While it's important to keep in mind that a vehicle like the Cayenne that cost $60,000 to $100,000 or more when it was new will cost a bit more to maintain than your average compact sedan or hatchback, that doesn't mean you should cross them off your shopping list. For the informed buyer who doesn't mind getting their hands dirty every so often, the first generation 955 and 957 Cayenne models are hard to match when it comes to bang-for-the-buck.Entering the competition model for the Transsyberia Rally in 2007, Porsche again proved the outstanding competitiveness of a production-based Cayenne S in heavy terrain, finishing the rally first, second and third.instagram.com/delta4x4/We don’t always see Caynnes tearing up the off-road trails, but when we do, they make everyone wow. Obviously, taking a $100k brand new performance SUV off-road is not for everyone, but since the 1st, and 2nd gen Porsche Cayenne models became more affordable, some of the owners decided to actually use their underestimated off-road potential without the fear of scratching the shiny paint job.With the capability of an SUV, the proven handling of a Porsche, and the benefit of a hybrid drivetrain, the 2011 Cayenne S Hybrid proves that when it comes to green motoring and high-riding SUV luxury, you CAN have your cake and eat it too. For now we went with a 955 and we might upgrade to a Hybrid at a later stage ...Check out FCP Euro on fcpeuro.com/porschecayenne955Used Porsche Cayenne Buyer’s Guide | eCarGuidesIs buying a used Porsche Cayenne a good idea? For most people, NO. To learn why and whether one is right for you, check out our Used Porsche Buyer’s Guide.eCarGuides


JLS

The designer began his fashion career after studying at the School of the Chambre Syndicale de la Couture Parisienne alongside the late Yves Saint Laurent as a design assistant at Dior, staying on when Christian Dior died suddenly in 1957 and Saint Laurent was promoted to creative director of the brand.Born in Paris, Scherrer trained as a dancer at the Conservatoire de Paris until he injured his back, which put him out of action for three months. Launching his own fashion house in 1962 on the Rue du Faubourg Saint-Honoré with the backing of Jacques Chabrol, a French millionaire.In the mid-1960s Scherrer had an agreement with the American department store Bergdorf Goodman to grant them exclusive rights to reproduce and resell his designs in the States.His clients included Anne-Aymone Giscard d'Estaing, Jacqueline Kennedy Onassis, and Raquel Welch, who wore Scherrer animal-print dresses in the 1977 film L'Animal. By the 1980s, his work was known for its opulence and luxury, with many garments hand-beaded, embroidered and lavishly trimmed. His extremely expensive designs were popular with the wealthy wives of Middle East oil tycoons, but after the Gulf War broke out, they stopped purchasing his clothes.He came from the world of haute couture. The authentic one, the one of yesteryear. A bygone world. He had talent.Scherrer founded his own label in 1962, staging his first show in a wine cellar. Scherrer often had suffered setbacks with his business partners, leading his business to change hands several times. He left the brand in 1992 and the business closed in 2008. Its current owner, the Dumesnil Group, has no plans to relaunch its clothing lines, fosucing instead on watch licensing.In 1990 Scherrer was fired without warning by his then business partners, Hermès and Ilona Gestion, who held a 90% controlling stake in the business. Although the sacking was publicly criticised by high-profile figures in the French fashion industry, there was little that could be done. The fashion historian Colin McDowell described it as "a salutary warning of not keeping control of one's business. Scherrer had sold out to his partners, retaining only a 10% stake for himself and giving control to them. When they decided that losses under Scherrer could not be sustained and a new designer was required, he was powerless.While Mr. Scherrer managed the business himself, a series of deals, including a sale to the Japanese company Seibu Saison in 1990, left him with little control. By then the couture house had grown to employ 130 people and record annual sales of $25 million, but it was operating at a loss of more than $7 million.The sale to Seibu Saison was made in a joint venture with Hermès, which dismissed Mr. Scherrer two years later. It was described as the first time in the history of French fashion that a designer was fired from his own company. The label was then designed by Erik Mortensen and later by Stéphane Rolland, from 1997 to 2007. The fashion house closed in 2008.The Scherrer label now remains active mostly in licensed products.


Serendipity came into play

The GΞNΞSIS collection is nostalgia mixed with a vision for the future of art. Not only is each individual NFT a mini-story that can stand on its own, but each is also able to connect with a larger narrative through the juxtaposition of the collection.These NFTs combine elements of historic value, heritage, and next-gen computation and technology. They explore the tension between the ancient world and its simulated counterpart— between organic and inorganic, digital and analog.After four weeks of research, we have come across four ancient statues that are 2,000+ years old and are a part of Greek mythology. Some of these statues have been auctioned by Sotheby's in the '90s and some have received a solid valuation. Ready to fly around the world to go scan these, we did some detective work and serendipity came into play. They ended up being located in a city near us and the art dealer invited us to discover these gems and agreed that they can be scanned by Dimitri. After a creative journey of 333 days these scans are now transforming into historic objects, immersive NFTs that allow Ohmies to travel back to the future. Collecting digital artifacts of identified cultural significance and transposing them to the digital renaissance.A dedicated, die-hard, organically built community is key to the success and longevity of a project. They attracted a community of diamond-handed, big picture thinkers. They defend their project against detractors with a rabid passion.   Because the act of curation is being conducted entirely on-chain, it is now possible to create trustless Curator DAOs—community organizations that can collectively own and operate digital art galleries in the metaverse. If Olympus DAO is New York City, Odyssey DAO is the MoMa. It attracts people to the world's best city and curates the finest artists who represent the quality of Olympus culture. We aim to spotlight upcoming artists and give them an incentive to want to work within our culture while spotlighting the loyalty of Olympus members so that their trust in each other is celebrated.  The Metaverse is a collective virtual shared space, including augmented reality on the Internet. This virtual world where people interact with each other through avatars – will see the beginnings of a robust economic system based on the use of NFTs. The ultimate mission is to create a virtual museum with an art collection owned and curated by the Odyssey DAO.During the next 33 months, we will exhibit one artist monthly on LiveTheLife.TV.Right now, we're above all super excited to announce the GΞNΞSIS collection with iconic artist Dimitri Daniloff.Around the Millenium, Dimitri Daniloff pioneered the switch from analog to digital and is now innovating once again through photogrammetry. This technique unlocks groundbreaking visual storytelling, where he scans historic objects and turns them into immersive art pieces that go beyond turning 2D images into 3D.Some of the brands that bought his work so far are Absolut Vodka, Air France, Audi, Carlsberg, Land Rover, LG, Longchamp, Nike, Sony Playstation, and others.Dimitri Daniloff, the master behind the Daft Punk artwork, represents the exact reason why we got excited about NFTs in the first place. He lost control over his images when the media published images of David Bowie wearing the Daft Punk outfit, with no attribution to the original image. Here’s David Bowie wearing Daft Punk’s helmet - ConsequenceThe Thin White Duke spoofs himself and the French robots.ConsequenceMichelle GeslaniConnecting with Dimitri was the birth of what's now known as the GVO collective. We started exploring erc721 as early as 2018 mainly to work on art-related royalties, and similar to Mark Cuban it was our AHA moment to explore erc-721s. The rest, as they say, is history


Hasselblad 907X 50C

The 907X 50C connects Hasselblad's photographic history into one system. These new offerings yet again expand the potential of medium format photography with modularity and flexibility, all while offering Hasselblad's renowned, stunning image quality. But really, it's a specialist bit of kit aimed at studio snappers. This type of setup just lends itself better to the studio than to the rugged outdoors. The Hasselblad with its leaf shutter lenses is a big advantage if you use flash! Much of the appeal of the 907x is the ability to use the CFVii 50c back on the 500 series cameras.I've been lusting after the Hasselblad 907x since it was announced, but honestly, I think I just wanted it for how cool it looks.I might stick to our Hasselblad H1 medium format film camera and save myself a lot of money. The film images sofar have frankly been stunning, especially with the Velvia 50 rolls ... it's just a pain to send them to a labo, pay big buck to have them processed and wait weeks to see what we've shot. It slows my learning curve. Paying 10$ per roll of film also slows down my desire for experimentation. The recent price rises are disappointing and unhelpful. Don't forget, with the exception of Ilford, both Kodak and Fuji have a vested interest in the digital status quo. The increase from mid 2000s is around 400% now which makes the film, with the exception of  personal' projects, totally uneconomical for pro use.The prospect of you dragging the digital Hasselblad out into an Icelandic dust storm sends shivers down my spine. The Fuji GFX seems like a good option with its great sensor, SLR style controls and weather sealing. GFX all the way for landscape photography. Fuji owns the medium format market now. And if the rumors are true ... q2 2021 might be a good time to get a 100r."Open the hassy files in phocus software. Then open a gfx file in lightroom. See the difference. A proper raw converter can make as much difference as differences between sensors. I used to have several hasselblads, now shooting a gf50s. Still missing the colors hasselblad produces with their own software. Fuji is ok in Capture one though, and yes more sturdy and reliable, and cheaper."So we might for Fujifilm GFX 100 as the images can be edited in Capture One that is a lot better than Hasselblad Phocus software. Excellent interface, great features (including the film simulation which is well worth experimenting with) fantastic colour depth, great dynamic range and super sharp lenses. Medium format has mainly for 3 uses. Landscape photography, portraiture and product photography. A GFX would be ideal for big prints and, in addition, with the prices that fuji has introduced medium format digital photography has become “affordable” compared to the prices of the past. I'm happy you brought up the image quality, it is pretty awesome. However, one very important feature of the 907X 50C is the 16 bit color depth. The Fuji GFX is close, with 14 bit. But you can't slap a GFX on to the back of your 501cm. These are two different cameras with two difference purposes.


Mystical World of Magic Money

Defiant ventured into the dark forest where nothing at all was what it seemed and unimaginable horrors lurked round every corner. Well this week we’re labouring the fantasy metaphor yet further with a languid lunge through illusion magic and scarcely credible financial finagling in what critics are already calling the David Blaine of crypto films.In TradFi, investors use interest and dividends as a source of income. However, these payments are usually quarterly at best. Alchemix is a newer DeFi protocol that flips this concept on its head by providing the ability to get your future yield now. Alchemix vaults act as the hub to generate yield advances in the form of a synthetic derivative called alUSD pegged to $1. Having launched in February, Alchemix already boasts $1.17B in TVL. With Alchemix, you can deposit DAI and borrow up to 50% of the deposited amount of DAI at a 1:1 ratio, by minting alUSD. The deposited DAI is then deployed to Yearn vaults to earn yield and continuously pay back the vault owner’s debt while the vault owner can choose to use the alUSD for personal expenses, farming, or whatever they want!Alchemix enables borrowing from future yield in the form of dollar-pegged alUSD. Alchemix automates paying back loans with the yield earned from deposited DAI. So as the protocol pays down your debt, you can withdraw more DAI collateral unless you choose to pay back the alUSD sooner. Vaults are not liquidatable by “keepers” based on a collateralization ratio like with Maker, Aave, Compound, or Reflexer. The owner of an Alchemix vault can choose to liquidate part of their collateral to repay the loan, allowing them to withdraw whatever is remaining, but there’s no liquidation to enforce maintaining a specific loan-to-collateral ratio. Alchemix is governed by the ALCX token.To illustrate this concept, imagine I give you $1,000. If you choose to purchase a laptop for $500 and invest the other half, the real cost of that laptop is $500 plus the potential return you could make by adding this $500 to your investment portfolio. Should you choose to invest all $1,000, your opportunity cost is the inconvenience of not having a laptop today. The important concept here is that money spent today decreases the amount of principal that can be used to earn a future return and vice versa. But what if these options were no longer mutually exclusive and we did not have to choose? This is the beauty of Alchemix Finance; we can have the best of both worlds by spending our future investment returns today.By combining the processes of yield generation and borrowing, Alchemix is able to create zero-risk loans (outside of smart contract risk) that repay themselves over time. The loans are risk-free because the principal’s rate of return always serves as the repayment rate for a user’s loan. Think of the loan as a personal credit line against your savings that is paid down with the yield that your savings earn. At any given time, the user can choose to repay their outstanding debt and access their underlying collateral. In return for its service, the Alchemix treasury takes a portion of the yield generated from its users’ assets. Currently, this rate is set at 10%. This means that 90% of the returns are passed through to the user or used to pay down the user’s debts. In time, the fee rate will ultimately be determined by the Alchemix DAO.Defiant Degens: How to Farm 76% APR with alUSD on Alchemix - The Defiant - DeFi NewsAlchemix is a newer DeFi protocol that flips this concept on its head by providing the ability to get your future yield now. Alchemix vaults act as the hub to generate yield advances in the form of a synthetic derivative called alUSD pegged to $1.The Defiant - DeFi NewsDeFi DadHow Alchemix Finance is Growing DeFi’s Economic PieThe disintermediation of the traditional financial system is reimagining economic possibilities before our eyes. Self-executing smart contracts allow decentralized finance (DeFi) applications to…MediumChase DevensAlchemix - The Future Yield Tokenization ProtocolThe Future Yield Tokenization ProtocolThe $100m Alchemic BombLet’s first start by saying that the last 36 hours have been a wild journey through DeFi space. At least for the team, some magic appears to be circulating. Adoption of our protocol has exceeded our…MediumAlchemixFinanceAlchemix — Use CasesAlchemix opens up a host of financial options for its users. Take a look below to see what it has to offer.. “Alchemix — Use Cases” is published by AlchemixFinance.MediumAlchemixFinanceIntroducing AlchemixWith over 6 months of planning and production, ideation and consolidation, we are thrilled to finally share what we have been hard at work creating. Alchemix, an ancient power in a modern time(™)…MediumAlchemixFinanceAlchemix — PrologueAs decentralised finance gathers pace, development teams are navigating their way through an open sea of possibilities, exploring an unspoiled world. It’s fascinating to observe how entirely new…MediumAlchemixFinanceAn Exploratory Primer on AlchemixThe Financial Platform That Works for YouBlock49Block49 CapitalOther Links https://app.anchorprotocol.comhttps://www.chaiscan.com/https://www.kash.io/https://gyro.finance/ Follow The Defiant http://thedefiant.substack.comhttps://twitter.com/defiantnewshttps://thedefiant.io/https://t.me/DefiantNews


Proposal #1 LTL Pointless Token

Before you start waisting 11 valuable minutes reading about our 1st proposal to do a fair token launch, let me get straight to the point. It's complicated! Both from a technical and legal point of view. But the intention is simple, we want it to be fair. And we dislike ICO's with a vengeance. Either you get venture capital, or you do a private pre-sale, in both cases this often results in a pump and dump. Either you do an airdrop and people dump your token as they see no value in it yet (think of all the people that sold their UNI for a PS5 😂). The advantage of designing your own token contract is that it enables you to empower your product and the users, and be creative with mechanisms to capture the value (proposition). There are times I think ok, LFG, and times when I think fuck it just use xDAI (DAOhaus), or even better just use sOHM. The link below is a good read on why we ❤ the ohmenomics ...He who rises with the wave is not swallowed by it*. Olympus DAOStaking rewards on OHM tokens are a part of the current growth phase of the protocol, are used to drive users to grow the total amount of OHM they hold. This is counter to hoping tokens appreciate in value. The perfect currency holds the same purchasing power today as in 50 years.--- LiveTheLifeTV --- LTL Code Art StudioYvesDAOhaus enables us to bring our own token or launch a new one and manage issuance as a DAO. That feature is not yet live for DAO's but we used it for the $HAUS token launch and it was exciting to see them raise $1.1 in 80 seconds.  Jump in for 20 min on "transmutation" to go with the post on the DAOhaus blog. It's a quick breakdown on fair launches, the need for "proof of contribution" to make them work, how transmutation is the trick that makes that work, and what this all has to do with the token $HAUS. (and potentially our $LTL token design)To cut to the chase, either we find some sort of win-win to use the sOHM token for our NFT platform, travel dapp and surf real estate project, or we launch with a CCO. But first things first, finding community-market fit! This  happens when individuals start contributing to the community because of the mission as opposed to financial incentives. Initial distribution is the most critical part of token design! Whereas other tokenomics can be amended and upgraded over time. (Initial) Distribution is one-time and irreversible.DAOhaus CCO recap 🏰🎉The DAOhaus CCO kicked off Monday. We set up our contracts to run for 4 days. It turned out we only needed 80 seconds to hit our cap. We weren’t expecting to start writing a post about how it went…DAOhaus.clubJames WaughThat's it, that was the "short" intro, in case you are still around, below the jouney of our token design exploration avant la "Community Contribution Offer" (CCO)In the 18th century, Richard Cantillon explained in his book, Essay on the Nature of Trade in General, that the richer you were and the closer you were to the King, the more you would benefit from the printing of money by the state. On the other hand, the poorer you were and farther away from the King, the more you would be penalized by this printing of money in mass. This would later be observed as the Cantillon Effect. The first recipient(s) of the new supply of money are in the convenient position of being able to spend money before prices have increased. On the contrary, whoever is last in line receives his share of new money after prices have increased. This effect explains how supposedly in the greatest economy in the history of the world, 40% of Americans can’t afford an emergency above $400. It also explains why the stock market is rallying on news of record unemployment. And that’s because, per the Cantillon Effect, the greatest economy in the history of the world produced wealth for those closest to the Federal Reserve, the spigot that greases our financial markets with liquidity. The Fed’s balance sheet grew from $800 billion to $3.8 trillion from 2008 until 2018 as a result of its quantitative easing, or what we cranks call “printing money,” the Fed’s practice of buying assets from banks to bail them out when money is tight. In 2020 alone, the Fed’s balance sheet has grown from $4 trillion to $6 trillion. Until now, digital assets like Bitcoin have required participation in mining or staking in order to receive a portion of the inflating supply. This has several problems:●  When a digital asset is tied to a consensus mechanism, it disproportionately punishes holders as their share of the supply is continuously diluted during the inflation period.●  Assets that require actions such as staking in order to receive a portion of inflation prevent them from being used easily in other applications (lending, collateral, etc.) without being diluted.The ProblemThe overwhelming majority of DeFi projects require trust in a central party and interaction with complex, buggy, and easily hacked contracts. Rewards for interacting with these contracts often come from the minting of new tokens, necessitating confusing (and usually centralized) economic mechanisms that attempt to give the underlying reward token some value. Developers who design and implement these economic reward mechanisms typically have no expertise in economics. This places an enormous amount of risk on individuals that choose to interact with DeFi smart contracts. The SolutionTake note: everything below is a draft of a brainstorm, not how it's going to be in the real world, but it helps (a lot) to see it black on white and reread a few times. It also showcases how complex a fair token launch can become and based on real life results, that no matter which token design, token price is mainly impacted by the ratio between buyers and sellers and the depth of the liquidity pool!What if $LTL is inspired and designed to address these problems:Price and Market risk: These risks come with any free market. Anyone claiming to guarantee a specific yield or eliminate this risk are lying to you.Trust related risk: No ICO, No Pre-sale, No Fundraising. No vaults or treasuries. No community funds that could be mismanaged. No website or interface is required for the token to function. As long as Ethereum exists, LTL fees will be generated and distributed with each transaction.Security risk: Because fee generation AND distribution is baked into the core smart contract, security risk is greatly reduced. No external contracts or interfaces need to be interacted with in any way.Economic Design risk: LTL has a fixed cap of 10M. The yield comes from transfer fees instead of newly minted tokens. As you earn fees, the percentage of the total supply you own is increasing. Earning network fees is an established and tested method of earning yield.The Elephant in the RoomBeyond the extreme risks involved with DeFi, individuals must stake or park their tokens in a contract to earn a yield. There is a massive opportunity cost associated with this as participants could be using their locked tokens to earn a yield some other way but are unable to seize that opportunity while the tokens are locked.Lets look at how LTL could addresses opportunity cost.What if $LTL fees are awarded automatically and do not require any transaction to be executed by the holder in order to earn fees. This allows LTL to be used in any other smart contract in addition to earning yield from the transaction fees.To facilitate this, the LTL smart contract exposes some new methods that allow other smart contracts to easily determine the fees earned by each address for any period of time even when funds are pooled together. This is a huge leap in DeFi that enables the direct staking of LTL and double yield generation.For example, you could lend your LTL on a third party app and earn a yield from that while still earning fees from LTL transfers. The lending contract could use LTL’s new methods to easily determine the fees earned on the amount you provided during your interaction with the lending contract.By reducing friction and eliminating the burden of contract interaction to earn a yield, LTL is truly a step forward in DeFi.A Fair and Free MarketWhat if the $LTL smart contract is complete at launch. Imagine there was no ICO, no pre-sale, and no fundraising of any kind. There are no more features to add. There is no individual or team to be relied upon to give LTL any value. LTL tokens are valueless tokens—they are only used for access to the DAO Discord and to vote in DAO proposals.50% of the total fixed supply of 10M tokens goes into the initial liquidity pool.50% of the total fixed supply of 10M tokens could, for example, go to:Gitcoin — 10%DAO Allocation — 20%Creation Mining — 10%Transaction Mining — 10%Volume Mining — 10%Contest Rewards — 10%LP Mining — 10%Bounties — 10%Airdrop — 10%GΞNΞSIS AIRDROPAirdrops are a way to both reward long-time supporters of the project, but also attract resourceful members from external communities. In a matter of introducing LTL to new users, while giving our existing community a chance to participate in the governance from day one, we’ve decided to allocate 10% to the airdrop. A selection of external users will have a chance to get a stake in LTL governance; including users from selected communities and valuable actors of the DeFi ecosystem.Every week, a snapshot of LQTY/sOHM/BANK/ALCX/HAUS balances (including those that are staking) can be taken to generate a Merkle root for LTL distribution, which will run 100 times in total. To properly decentralize the airdrop review process, a 3-of-5 multisig account will review and approve the airdrop distribution, which comprises 9 members of the LTL genesis squad and 1 independent co-signer with good reputation and credibility in the DeFi industry. The signers will be incentivized by 1% of the airdrop tokens to make the process as autonomous as possible. The airdrop can be set up later once the protocol is live. LQTY / sOHM / BANK / ALCX / HAUS holders and stakers can get retroactively airdropped ...LP TOKEN = FARM NFT'sWhy would the community put money in the liquidity pool? In addition to LP fees, everyone who provides liquidity, can get an LP token, which could be an NFT. 🔥We would love to lock liquidity with unicrypt. Although "farming" is a great tool to get people interested and has been successful, it also creates more sell pressure in these early stages. Should we consider creating a farming pool? We should let the community vote! Maybe offer the option to farm NFT's with Unifty? NFT's could unlock specific channels on Discord, and potentially offer other advantages. FINAL NOTESAll the above is just experimental and we need to deploy this on testnet first. Launching a token is something we are keen to do after years of reading and writing about tokenomics and token design. These concepts are inspired by other protocols that, based on current prices have proven that even a great token design is not enough to capture value in a token. However, not having a pre-sale can be a good thing. Often the intial token holders dump on early supporters and that's is something we did experience many time the past five years. Something to avoid at all cost. We simply would like to launch as an ultra low cap altcoin project, inspired by the approach to explore frictionless yield generation in DeFi. We believe that launching a token under the wings of a platform like DAOhaus (the feature will be released soon) will be far more time efficient and carry way less risk, but we just want to be able to express our desire to experiment as we are rather obsessed with all things Fair Launch. Applying a 1% fee to each transaction and instantly splitting that fee among all holders of the token is a pretty cool way  to embed an onchain business model in each project and we believe that will be the future. I started wondering WTF happened with RFI and ended up on the TG with the dev and he basically was telling people that high gas fees has been the biggest pain point, or as a community member said: "The fuel for this project is people constantly trading, because otherwise there is no fee distribution coming in.However, how do you keep people engaged in trading? How do you keep people buying and selling?" I also learned that the RFI code has been forked mostly by some dodgy meme coins. That's not a good start, is it? In his TG they added this super interesting read about using RFI in combo with NFT's, which is exactly what we are aiming for! So yeah, that has driven us further into this rabbit hole ...All RFI, SAFEMOON forks, MEME popular tokens “will get rekt” with Uniswap v3.Yesterday major AMM Uniswap disclosed that the v3 is launched on the mainnet. Uniswap v3 promises advanced new features and opportunities for yield generation. But I want to talk about some technical…MediumAndy ToshiWhile I kept reading more on the RFI Telegram, I also discovered that the SAFEMOON shitcoin is based on RFI. I had no idea. They told me they added a failed "addliquidity" and didn't look into some flaws mentioned in the certik audit reports. 😱 "In the long run they will accumulate BNBs in a wallet where they have no access to and its gonna be chaos". 🤯 Good on them for innovating on the liquidity buyback function but those trade fees are clearly unsustainable.RFI started the frictionless yield / static rewards craze, but with a 1% fee on each transactions. Safemoon added a 10% fee on each transaction so that means if you're selling $1,000 worth of $SAFEMOON, you will only get $900 back. That sucks. 🤨 But you could have 1% fee to holders and a 1% auto LP fee for example. 😎 This obviously only works on xDAI/MATIC, because of the current (high) gas fees. It does add a certain amount from each transaction to the liquidity pool, which is great because it keeps increasing the amount of liquidity on Sushiswap, helping to counter large swings in price. Whereas RFI has the fee shared between all holders, the LP fee is an extra fee alongside the one for holders, which goes to the liquidity pool. That's pretty cool actually 🥳Yet Another Fork 😱 "Totem Finance redefines the concept of yield generation in Decentralized Finance (DeFi). One of the main problems in DeFi protocols is the ridiculously high cost of Gas at Ethereum network. Totem technologies reducing the friction of smart-contracts interaction using Non-fungible tokens (NFT)."Now users don’t need to spend Gas for Stake, Unstake, or Claim rewards. And don’t need to hold ERC20 tokens in the wallet to earn rewards.There are two kinds of tokens in Totem Finance: TEM (fungible ERC20 tokens, Max supply: 4,316,539 TEM) and TOTEM (Non-fungible tokens, Max supply 100 TOTEM).The system works by applying a 1% fee for each TEM transaction and splitting this commission among all current TOTEM NFT owners instantly.TOTEM smart rulesOnly 100 TOTEM will be released ever;Each TOTEM will be offered for sale through decentralized auctions, one by one;Only TEM tokens accepted to buy TOTEM during the auction;All TEM tokens used in auctions will be burned;Each TOTEM auction lasts for two days. If there are no one bids during the auction, it will be extended until the first bid placed;Min. auction price for the first TOTEM is 5000 TEM. Min. price for each next TOTEM will be on 244 TEM more expensive than the previous one;To get TEM rewards you must be an owner of one of the TOTEM. All TOTEM owners receive an equal share of the total reward. If you have more than one TOTEM, you will receive the same part of the reward as the owner of one TOTEM. More TOTEMs do not mean more rewards;After the 50th TOTEM will be distributed through auction, Smart pool for Lending and Borrowing will be launched.Lend and BorrowWhen 50th TOTEM will be distributed, Users will be able to borrow TEM using TOTEM stored in their wallets as collateral from the smart pool. Max. available TEM amount for borrow for User will be an equivalent to the min. auction price when TOTEM was distributed. 5% Smart pool interest (in TEM tokens) will be burned after the pool will receive TEM back. There will be also an opportunity to lend any TEM amount p2p to other users and set your interest.“There is no need to return TEM what you borrowed, your TOTEM will do it for you:)” Saito, dev.Are these Smart Tokenomics?TEM tokens distribution:Max supply: 4,316,539 TEMPresale allocation **BURNED, no presale**: 1,305,012 TEMUniswap liquidity: 1,305,012 TEMSmart pool (liquidity for lending to TOTEM owners): 1,305,012 TEMMarketing, team: 401,503 TEMWhen all TOTEM will be distributed through auctions 1,706,515 TEM will be taken out of circulation via “burning”. At smart pool locked 1,305,012 TEM until circulation tokens exist (any lent TEM will get back using TOTEM). The smart pool will burn TEM from circulation via burning a 5% lending fee and will burn itself after circulation becomes insignificant.This is probably still not the perfect token design, but def. an improvement on the safemoon shitcoin approach tbh, and it is a great for the usecase we had in mind, so now the real question remains, will we be able to innovate upon all the above or will we simplify our live by just using the DAOhaus feature to launch our own token.LFG Vote 😂If only these smart contracts had royalty built in like NFT sales, so every single fork would be actually rewarding for the OG coder. LFG. This is a great mindset! 🤙


Let's Consider Rebranding LTL Maps

We are rebranding LTL Maps as Shaka Places. In Hawaii, everyone uses the shaka to express friendship, gratitude, goodwill, encouragement and unity. A little wave of the hand spreads a lot of aloha. For us the "Like" button is a core feature, as its a sign of trust, it only adds weight to the reputation of a place if it's a like given  by your friends of friends. In the current UI the ❤  will be replaced as we develop our very own custom branded version of the like button. The Shaka is born. The Shaka expresses all those friendly messages.“Hang loose,” “Right on,” “Thank you,” “Things are great,” “Take it easy” – in Hawaii, the shaka sign expresses all those friendly messages and more. To make the shaka, you curl your three middle fingers while extending your thumb and baby finger. For emphasis, quickly turn your hand back and forth with your knuckles facing outward. The shaka comes in all shapes and sizes. But where did it come from, and more importantly, how do you throw yours?"There is context to everything", Kelly SlaterThrough personalization, Netflix serves up “what to watch,” Amazon “what to buy,” and Spotify “what to listen to”, so what if our long-term value prop is knowing your favorite places well enough to offer “what to do, where to go and who to do it with?” Shaka Places will be the first privacy-first location-based dapp to share magic places and reward content, code & design.Our position-dependent app can prove that a customer has arrived at your restaurant or hotel so that the smart contract can trigger a reward.An International Sign for PositivityA privacy-first location-based dapp to share magic places and reward content, code & design. A mobile dapp owned and governed by the contributors and users. A dapp, to publish, explore, and share places to Live The Life. We change the user experience by unlocking places your friends love, based on your current location.We want to allow users to get rewarded for visiting real-world locations, as they can earn tokens through a process called geo-mining. This model allows businesses to attract potential customers to their locations, get their attention or even get them to perform storytelling challenges. Businesses pay only for people that visit their place which make calculation of Return of Investment easy. When is Shaka Places launching? 😆I can't wait for the day that we can unlock the world again. In the pre C19 era I often used TripAdvisor & Instagram to find new places to LiveTheLife, over the past decade that ended up in a collection of hotels & restaurants I would want to try myself. But when I actually visited one of these destinations I had no clue which places I wanted to try. Google Maps, TA, Insta, ... they all failed on me to do one thing: see all the nearby places that I and the people I have been following had bookmarked, simply show me these places based on my geolocation and let me call the restaurant to reserve a table. I assumed there must be a way to avoid building an app to do this, so I downloaded a couple of 100 apps to verify if there was already a solution out there, in short, nope, none, so we started building one.We have more content creators than ever, and content creating is on average likely as poorly rewarded as it has ever been. Facebook, Google, and the eventually successful startup (along with their investors) are doing fine — creators and the content market as a whole are not. Which models have risen as alternatives?With simple payment-for-access, a price is set, some people able to afford it will pay, but others will pay zero (and maybe go seek the content elsewhere). That’s why Netflix and Medium went all in subscriptions, selling bundles that best adjust between (A) what creators want to get paid for and (B) what consumers can pay for. With the right tools and timing, though, we may be able to correct some sins of the past. More importantly, stumble on models for value creation and capture that are completely novel, along the way. Crypto assets may mark the shift towards models that are neither purely consumer-paid nor funded, but that are “redistributive”, including audiences in the value equation and providing economic reason to pay attention (or a couple bucks). Among properties that facilitate this shift are those of fractional ownership, liquidity and programmability of crypto-assets.There has been a ton of experimentation here, but most of it comes down to enabling consumers to share earnings of given systems or content owners. Below, we outline a few models being researched:Tip-to-share-earnings: picture a 4-episode web series. As its creator, I ask people to tip U$1 (in ether, say) after they watch episode 1, if they like it. In episode 2, I do the same — but now 50% of what I get go to addresses that tipped the first episode (if twice the amount of people tip in the same quantity, every early tipper gets the money back. Four times more people means doubling the money). In the third episode, 50% of what I get are shared among 1st and 2nd episode tippers. And so on. This way, both incentives for paying and for sharing are intertwined, and serial content can come to have a life of its own.Dynamic pricing with bonding curves: one must pay an access token to watch each video of a given creator. Let’s say we’re talking a magician. He’s been performing tricks in an open channel, and selling their explanations (separate, private videos) for fans who hold and spend these tokens. Their price grows and decreases according to a bonding curve imposed by a market maker contract— the more tokens outstanding, the more expensive they are. $$ spent to buy tokens is transferred from this contract to the content creator, while a part of the revenue can be kept in a pool that buy back tokens from the market. Surfing on the popularity of artists becomes a way to earn money for watchers.Common content pools: think a curated registry for high-quality, properly attributed, licensable stock footage (e.g. one that only holds unused footage from Hollywood movies). Film production studios with idle, unused “film rolls” on their archive can bootstrap a common pool for licensing such material to documentarists, amateur filmmakers or any kind of creators worldwide. Two or three studios gather, issue a token, and let anyone else add content to their pool by paying an application fee (to be redistributed to token holders) and becoming subject to a distributed curation game. Participants of the common pool earn payment instalments as licensing revenue kicks in, early supporters also see their assets appreciate as more content owners join the pool.None of these models have established interfaces or have been deployed in scale. At this point, they are no more than speculative bets. Worth noting, the two latter examples above feature tokens, but the first does not. Programming “money flows” is what enables more distributive value exchange frameworks, not tokens themselves.Extrapolating the definition of a “redistributive” monetisation model, one realises the potential of self-sustainable content communities as a business model. Despite alternatives for “having stakes on content”, and for more “distributive value exchanges”, we are still far from having autonomous media apps.


Envisioning this since 2017. LFG

As early as 2017, we have been advocating for the potential of NFTs in the art world and have been envisioning the development of an NFT marketplace.Our goal has always been pretty simple tbh, empower creators across various fields, including coders, designers, writers, photographers, and filmmakers.Each artwork in a collection should be minted using a creator-owned custom contract. Shared contracts used on mainstream marketplaces are bad IMO. Non-fungible tokens (NFTs) have taken the art world by storm, revolutionizing the way artists can monetize their digital creations. The NFT's unique value proposition lies in its digital uniqueness and the fact that they exist on a blockchain, such as Ethereum. While anyone can copy and download video clips or image files, an NFT has a record stating that it has only one owner.However, there is a common misconception that the sale of an NFT grants the buyer the copyright or ownership of the underlying asset. This is not the case. While musicians or artists who create NFTs of their own artwork likely have an understanding of their rights, people can also mint NFTs of works they didn't create, which raises important questions about intellectual property rights.Ownership of an NFT does not, by default, grant the holder any rights to the intellectual property of the underlying asset. Unless the NFT includes a transfer of copyright in the underlying asset - which is not the case by default - the author, not the NFT holder, owns the copyright. Our platform is designed to empower artists and ensure that they retain ownership of their creations while still being able to monetize them through NFT sales. LFG, we've been waiting on this moment for 7 years now. It may take us another couple of months to soft launch, but the good vibes we get from being close to launch, are worth it tbh. Thanks for coming to our TED talk.


He who rises with the wave is not swallowed by it*. Olympus DAO

Dollar-pegged stablecoins dominate crypto and the dollar is controlled by the FED so basically we have given up crypto’s monetary sovereignty and opened crypto up to external dependencies that introduce systemic risk. While that was a logical risk to take in the early days, as we march towards mainstream adoption we should be aiming to regain sovereignty in the form of crypto’s own cross chain policy-controlled currency system. I think it’s pretty well understood at this point that Bitcoin is not a currency; it is money (an asset). The same goes for ETH, and any other “cryptocurrencies” out there today. The perfect currency holds the same purchasing power today as in 50 years. Hyperinflation is scary shit!In Edward Rutherfurd’s novel titled PARIS, Paris is depicted as a ship because the land it first inhabited on the Isle in the center of the river Seine is shaped like a ship. The motto of the city in Latin was “Surgit Nec Mergitur” further defined as “Whatever the storm, the ship sails on. It never sinks.” Baron Haussmann made it official in 1853. That’s when “Fluctuat nec mergitur” (“He who rises with the wave is not swallowed by it”) became Paris’ official motto. *OHM Hoodie“Tellingly, they call it a “cleanup” getting the “weak hands out of the way. A “weak hand” is clearly someone who is fragile but doesn’t know it and is lulled by a false sense of security. When many such weak hands rush to the door, the collectively cause crashes. A Volatile market doesn’t let peopl…OlympusDAO MerchDeFi Uncovered: Experiments in Money and ValueDeFi’s reliance on USD presents a tangled web of risk. Is DeFi on a path to create something better/new, or is DeFi destined to be an incremental improvement to legacy finance?Glassnode Insights - On-Chain Market IntelligenceLuke Posey"Olympus DAO is an attempt to create a stable currency (OHM) through managing a treasury of assets. Initially this treasury will consist solely of DAI and OHM-DAI Sushi LP shares. Over time Olympus DAO will add new collateral types and ultimately stabilize versus a basket." MessariCrypto whale Tetranode on his story and his bullish outlook on Ethereum and defiListen to this episode from UpOnly with Cobie & Ledger on Spotify. Show links:Follow @tetranodeRari CapitalCurve FinanceThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioMusic…SpotifyThe pseudonymous trader, known in the industry as Tetranode, says the small-cap project Olympus Finance (OHM) has checked all his boxes and captured a small portion of his crypto portfolio. He notes that when evaluating newer projects, he steers away from those that have large venture capitalists involved, and looks for the projects that have a strong network of supporters. FOHMO #1 - Rise of the OhmiesSpeakers: ZeusFiskantesMick HagenJai BhavnaniQiao WangSoundCloudOHM is an algo coin where the protocol captures all the value, from providing liquidity, and minting new coins, and returns it to stakers. Olympus DAO treasury will try to be productive somehow and you shall be able to put your staked OHM to work. So that you can maybe throw your stake into Alchemix and get a self-paying loan. But that is the "future" and not decided.A special part 2 episode for Olympus DAO, released just before the second FOMO event. Zeus lays out his ambitious plans for Olympus to be a decentralized central bank, how he sees OHM taking over DeFi, and ends the episode by dropping some crazy alpha. The conversation was sprawling but always fascinating.First, let's do a Q&AWhat is Olympus DAO?Olympus is an algorithmic currency protocol based on the $OHM token. Its goal is to become a stable crypto native currency. It will accomplish that the same way central banks manage their currencies using reserve assets (i.e fiat, Gold, etc) but Olympus DAO manages $OHM using crypto reserve assets (currently $DAI). It aims to achieve stability while maintaining a floating market-driven price.How does it work?OHM consists of a protocol-managed treasury, yield generation, liquidity generating bonds/futures, and high staking rewards that are designed to control supply expansion.Treasury mechanicsWhen OHM trades above 1 DAI, the protocol mints and sells new OHM. When OHM trades below 1 DAI, the protocol buys back and burns OHM. This results in the Olympus protocol effectively managing a treasury that can be used to stabilize the value of an OHM token against the basket of assets held by the protocol. Olympus maintains more than enough reserves to account for the market buying/selling required during high-volatility days. The protocol plans to plug the excess treasury capital into yield aggregators (such as yearn.finance) to generate additional yield which is passed onto OHM stakers. (Find most relevant protocol metrics on Dune)BondingBonds are a secondary strategy used by Olympus to provide more liquidity to the protocol while also providing a more conservative and reliable return. The bonding function allows you to trade for OHM at a discount to the price at the time of the trade (similar to a futures contract). Bonding provides locked liquidity in the Sushiswap pools that facilitate market operations and protect token holders. You will need an equal amount of OHM and DAI (in value). Once you add them to OHM-DAI Sushi liquidity pool you will receive an SLP which you then bond on https://app.olympusdao.finance/#/stake, and after a 5-day vesting period you sell bond to the protocol.StakingWhen you stake your OHM it gets locked in the protocol which means less OHM on the market - creating value for protocol. You can unstake whenever you want. Currently ~90% of OHM is staked. The rewards are tweaked by the protocol in response to the eventual stabilization of OHM value. The goal of these rewards, which are a part of the current growth phase of the protocol, are used to drive users to grow the total amount of OHM they hold. This is counter to what usually occurs in the space, where buyers purchase tokens hoping they appreciate in value. Olympus wants to encourage the accumulation of more OHM, not just less OHM that appreciates in USD-based value. The community and developers expect that these APYs will compensate for the potentially lower price that OHM will stabilize at in the future (which is a function of treasury, yield, and market forces).What's the deal with (3,3)(3,3) is the idea that, if everyone cooperated in Olympus, it would generate the greatest gain for everyone (from a game-theory standpoint). Currently, there are 3 actions a person can take within the OlympusDAO protocol:Staking (buying) (+2)Bonding (+1)Selling (-2)Given 2 actors, all scenarios of what they could do are shown here:If we both stake it’s best thing for both us and the protocol. (3+3=6)If one of us stakes & other one bonds it's also great because staking takes OHM off the market into the protocol, & bonding provides liquidity & DAI for the treasury. (3+1=4)When one of us sells it actually diminishes effort of the other one provided by staking or bonding. (1-1=0)When we both sell its Titanic. (-3-3=-6)Protocol Controlled ValueTokens can only be minted or burned by the protocol. Because the treasury must hold only 1 DAI for each $OHM, every time it buys or sells it makes a profit. It either gets more than 1 DAI for the sale of 1 OHM, or spends less than 1 DAI on the purchase of 1 OHM. 1 DAI is a guaranteed long-term price floor for 1 OHM. So you can easily define the risk of your investment because you can be confident that the protocol will indefinitely buy $OHM below 1 DAI with treasury assets until no one is left to sell. You can't trust the FED but you can trust the code. That’s a Ponzi!Investopedia defines a Ponzi as a fraudulent investing scam promising high rates of return with little risk to investors. This is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers. Both Ponzi schemes and pyramid schemes eventually bottom out when the flood of new investors dries up and there isn't enough money to go around. At that point, the schemes unravel.First, the Olympus Protocol is not fraudulent. The technology is real and there is more transparency than any publicly traded company. The smart contracts that power Olympus are public and can be verified by anyone. The yields and treasury balances are updated in real-time in any ETH block explorer or through the dashboard on the website.Second, all speculative financial instruments can only generate holder returns in one of two ways: 1) Grow its net asset value (NAV); 2) Achieve price appreciation such that later investors will buy from early investors at a premium. If you think a company or a coin is only worth the amount of cash it has, then Tesla is a Ponzi, as its market cap-to-cash ratio is a whopping 37:1 (as of Q1 2021) and does not generate a penny of dividend to shareholders. The Bitcoin protocol has a market cap-to-cash ratio of infinity as it does not hold a single USD, nor does it generate income not denominated in bitcoin. Third, Olympus is not a piggy bank whose sole source of income is new infusions of cash. In fact, OHM has a compelling value proposition - it aims to become a crypto stable currency that is backed by real crypto assets in its own treasury (DAI, SUSHI, LP tokens, Bonds, etc as decided by the DAO). In OHM's growth and expansion phase, the premium of market value over intrinsic value will be high as the Protocol builds up its treasury. The buyers price-in the intrinsic value (NAV) and a premium of future dividend expectations. In OHM's mature and stability phase, the Protocol will convert OHM price volatility to supply volatility by conducting open market operations from its treasury to maintain the price of OHM at a market equilibrium price that balances supply and demand. The premium of OHM will then necessarily shrink. However OHM stakers will be protected as their supply will rebase accordingly to maintain their purchasing power. This is the opposite of what happens in a Ponzi scheme.Then what’s the point in buying it now?When you buy and stake $OHM, you capture a percentage of the supply (Market Cap) which will remain close to a constant because the protocol will significantly increase your staked $OHM count over a 1 year time utilizing the compounding effect of the treasury mechanics. Since we are just starting, the market cap is low so you’d be capturing a larger percentage of it. It is logical to assume that the APY will be higher at lower market cap levels. These mechanics make the price of OHM increasingly irrelevant over the long term. What is epoch?Epoch is the period of 2200 blocks (roughly 8 hours). At the end of each epoch a rebase happens and profits made by the treasury during the epoch are distributed to stakers.What is a rebase?Rebase is a process of adding the staking rewards to your staking OHM total at the end of an epoch. This is similar to claiming your staking rewards, and staking every 8 hours on some other platforms, except, the Olympus staking system allows us to provide these compounding returns automatically, gas free - you don’t have to do anything.What is APY?The annual percentage yield (APY) is the real rate of return earned on a staked deposit taking into account the effect of compounding interest. It takes into account 3 epochs per day rebases with the number of days in a year (365). APY is not linear but exponential!It starts slow, but speeds up drastically the more the time passes by. Remember, every 8 hours, your sOHM auto-compounds without any intervention or gas fees.OFFICIAL CHANNELSWebsite: http://olympusdao.financeDiscord: http://discord.gg/xQK3fagmAr