183 - Why VCs Suck | 1confirmation's Nick Tomaino & Richard Chen
Today on the Pod, we're discussing Why VCs Suck. And who better to answer that question than VCs themselves?
We're joined by Nick Tomaino and Richard Chen of 1Confirmation to discuss the role of VCs in crypto, the outlook on the markets, and how retail should prepare for the next cycle.
------ ✨ DEBRIEF | Unpacking the episode: https://www.bankless.com/debrief-1conf ----- 🏹 Airdrop Hunter is launching TOMORROW https://bankless.cc/HuntersGonnaHunt ------ BANKLESS SPONSOR TOOLS:
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👾POLYGON | VALUE LAYER OF THE INTERNET https://polygon.technology/roadmap
🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku ----- Timestamps
0:00 Intro 6:00 Nick and Richard from 1Conf 7:20 The Price Cycle 11:50 The Signal Cycle 15:55 Tourist vs Purist 20:00 Why Do VCs Suck? 28:15 Raising vs Returning 32:40 How Transparency Shapes Crypto 38:30 VC Report Card 43:45 Holding Retail Accountable 48:30 Advice for Retail 51:15 How to Not Be Exit Liquidity 59:00 Should We End VCs? 1:03:10 How 1Conf Works 1:07:40 Crypto Native VCs 1:12:30 Looking to the Next Cycle 1:17:08 Prediction Markets 1:20:00 Crypto is Ready 1:24:00 Actually Using Crypto 1:28:20 L2s vs Alt L1s
----- Resources
Nick Tomaino https://twitter.com/NTmoney?s=20
Richard Chen https://twitter.com/richardchen39?s=20
1confirmation https://www.1confirmation.com/
Richard's Article https://showerthoughts.substack.com/p/thoughts-on-the-current-crypto-vc
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
On-Chain Analytics Show ETH Accumulation Is Greater Than That of BTC - Ep.264
NFTs are the talk of the metaverse, EIP 1559 just went live, and DeFi stats are rebounding. On Unchained, Fredrik Haga, cofounder and CEO at Dune Analytics, along with Richard Chen, general partner at 1confirmation, discuss the booming Ethereum ecosystem through the lens of on-chain data, diving into NFTs, DeFi, ETH, and their favorite layer 2s. Show highlights:
why Ethereum is on such a pronounced upswing
why on-chain metrics lead to superior information reporting
mind-blowing OpenSea statistics
why NFTs are so hot at the moment
how Richard explains NFTs to normies
whether the NFT market is sustainable
what makes an NFT drop pop and why profile pics (PFPs) matter
how Polygon NFTs compare to Ethereum NFTs
the main driving force behind DeFi usage
how Richard measures the total amount of DeFi users
what brings new users into DeFi
what DEX trends Fredrik is keeping his eye on
why structured products are crucial to DeFi’s continued success
how Ethereum is doing since the London hard fork
why NFT drops are like 2017 ICOs
what metric shows ETH adoption outpacing BTC adoption among institutions
which layer 2 solutions are Fredrik and Richard excited about
why Richard considers Binance Smart Chain a centralized blockchain
why Fredrik likes what Solana is building
Richard and Fredrik’s predictions for the NFTs, DeFi, and ETH going forward
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Polymarket: https://polymarket.com/
Episode Links
Richard Chen
Twitter: https://twitter.com/richardchen39
1confirmation: https://www.1confirmation.com/
Dune Analytics dashboards: https://dune.xyz/rchen8
Fredrik Haga
Twitter: https://twitter.com/hagaetc
Dune Analytics: https://dune.xyz/home
Dune Analytics dashboards: https://dune.xyz/hagaetc
On-chain dashboards
Stablecoins: https://dune.xyz/hagaetc/stablecoins
Lending: https://dune.xyz/hagaetc/lending
DEXs: https://dune.xyz/hagaetc/dex-metrics
ETH 2.0 deposits: https://dune.xyz/hagaetc/eth2-0-deposits
OpenSea: https://dune.xyz/rchen8/opensea
DeFi users: https://dune.xyz/rchen8/defi-users-over-time
NFT prices: https://dune.xyz/rchen8/NFT-prices
SuperRare: https://dune.xyz/rchen8/superrare_4
Nexus Mutual: https://dune.xyz/eliasimos/Nexus-Mutual-Financials
ETH fees burned: https://dune.xyz/rchen8/ETH-fees-burned-in-1confirmation-portfolio
Base Fees: https://dune.xyz/msilb7/EIP1559-Base-Fee-x-Tip-by-Block
Unchained episodes mentioned
Ultra Sound Money: https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/
EIP 1559: https://unchainedpodcast.com/ethereums-eip-1559-will-solve-some-problems-but-big-ones-will-remain/
OpenSea: https://unchainedpodcast.com/how-nft-platform-opensea-plans-to-maintain-its-competitive-advantage-ep-232/
Miscellaneous
Zed Run: https://zed.run/
Axie Infinity: https://axieinfinity.com/
Qiao Wang tweet: https://twitter.com/QwQiao/status/1425773846418821125
Ethereum burning: https://ultrasound.money/
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56 - Authenticity in Crypto | 1confirmation
Nick Tomaino and Richard Chen are partners at 1confirmation, a crypto venture fund with $75M+ in assets under management (AUM).
In this episode, we explore the relationship between narratives and fundamentals in the space. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ GO BANKLESS WITH THESE SPONSOR TOOLS:
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📈 KWENTA - DERIVATIVES TRADING WITH INFINITE LIQUIDITY https://bankless.cc/kwenta ------ Topics Covered:
0:00 Intro 3:05 How this bull market feels 10:57 1confirmation's Thesis 14:40 Authenticity 18:26 Crypto-Natives vs. the fakes 26:05 Authentic 'ETH Killers,' Fake VC Chains 38:58 BinanceChain 43:53 Narratives vs. Fundamentals 49:30 On-Chain Verifiable Authenticity 1:01:00 MaRkEtS aRe eFfiCiEnT 1:05:07 Narrative Bull, Fundamental Bear 1:10:31 Dune Analytics & Data 1:20:25 What's The Next Big Thing? 1:24:02 The Changing Landscape 1:33:13 Bull Market Predictions 1:39:32 Closing & Disclaimers
------ Resources:
Nexus Tracker https://nexustracker.io/
Richard's Superrare dashboard https://duneanalytics.com/rchen8/superrare_4
Crypto Art https://cryptoart.io/
Three Underrated Predictions https://thecontrol.co/under-the-radar-product-trends-2020-recap-and-2021-predictions-61125c98415
Dune Analytics Blog: The Revolution Will Not Be Reported Quarterly https://duneanalytics.com/blog/revolution-not-quarterly
1confirmation https://www.1confirmation.com/
Nick on Twitter: https://twitter.com/NTmoney?s=20
Richard on Twitter https://twitter.com/richardchen39?s=20
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🗞️ Weekly Rollup (3/12): https://shows.banklesshq.com/p/rollup-march-2 🧢 Weekly Action Recap (3/13): https://newsletter.banklesshq.com/p/weekly-action-recap-683 🛠️ Tactic | Synthetic Stocks (3/9): https://newsletter.banklesshq.com/p/how-to-trade-synthetic-stocks 🏴 State of the Nation | 3LAU (3/9): https://youtu.be/5KY9W3Ybmdc ✏️ The Digital Culture Revolution: https://newsletter.banklesshq.com/p/defi-options-strategies-for-traders ⚫ The Case for $100 SUSHI: https://newsletter.banklesshq.com/p/the-case-for-100-sushi 🐦 Follow Bankless on Twitter: https://twitter.com/BanklessHQ
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures