been cooking something for @feyprotocol
read more about Cleeple
https://x.com/atareh/status/2017382190041206894?s=20
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self-funded, motivated by dreams, powered by blessings, won't find a team with higher integrity (esp in crypto)
it shouldn't be no way for us to lose, really
fey is inevitable
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permissionless primitives are king in crypto
every piece of tech thats become a mainstay in crypto (for ex: uniswap) is a new permissionless primitive
what we build at fey follows this: token generation ceremonies are open to anyone and everyone - a new permissionless primitive for people to play with
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incentives matter and design dictates destiny
this drives the core decisions we make at fey
take for example, founders in crypto - majority don’t have a good reputation and are known for being extractive, why?
whether it was the nft founders in 2021, or launchpad founders in recent years, what few realize is that the initial designs of what they built and how they raised money dictated their destiny because the incentives were misaligned
nft founders were paid millions upfront after a mint out plus recurring 5% royalty on all volume, and launchpad founders took 1% fees on all volume funnelled through their launchpad
in other words: the incentives for them to be rewarded was to maximize hype in the short term and funnel as much volume as possible through their vehicle (nfts, launchpad)
they would get an outsized reward, and when the wheels would inevitably fall off and volume dries up, and holders complain - they could say “well we tried but the market doesn’t care about NFTs/launchpads/{insert product here} anymore” - and thus begin the slow rug.
fewer updates, less enthusiasm, less drive - because the team has already extracted millions, all based on the design decisions and incentives
design dictates destiny
this gets us to fey. we could have easily chosen to take some fee on volume - nobody would fault us for it. team needs to get paid, fund operations, and founders should be rewarded
but that design decision would skew the natural incentives towards becoming lazy crypt founders - after all, hype and volume is easy to attract and with that comes millions in an extractive mode
we didn’t do that for a reason - instead we chose to buy our own token with our own money, and we would win if and only if we are successful in creating a burgeoning ecosystem on fey
this design decision makes it so that, in the short and medium term, we as a team don’t make much. that’s actually good, because it keeps the hunger and the drive alive.
we only win if fey becomes massive, and so, there is no other option. we will continue working and continue iterating and keep shipping, until our runway (personal money, we’re good for a while) runs out.
and if after all that, fey didn’t take off, well we can rest easy knowing we poured our hearts and souls into this
and we can move forward to the next thing with a free conscience.
but if we win? then we’ll have done something that impacts our industry in a big way, proving that purely extractive economics isn’t the way to build long term value, and serve as an example to all those building after us, that it is possible to win together in crypto, and not at the expense of others
and that’s a future that excites me, and we’re not one for quitting easily, and every time ive bet on myself in my life, ive become greater for it
so that’s wha you’re really betting on when you come to build on fey: founders with the most aligned incentives to stick around and really make this work
so what will you bet on?
fey mode is just getting started ✳️
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The first presale on CLANKER had some fundamental problems - which is likely a reflection of the different philosophy and approach to crypto, fundraising and the incentives the farcaster team are optimizing for.
At a high-level, the problems i saw was:
- 6 wallets got all the presale supply: with no whitelist or limit on contributions, bots ate up the presale in seconds, leaving out real, normal users.
- None of the presale funds went to liquidity: the 10-20 ETH raised went to the team and the LP was funded separately, meaning presalers were effectively buying OTC
- Starting mcap opened below presale cost: token launched with a market cap lower than implied presale valuation. Consequences are that snipers got a better entry than presalers, which breaks presale incentives, punishes early supporters, and created immediate sell pressure
- presale buyers locked for 7 days: while locks are fine, it does create psychological sell pressure (preceding the actual sell pressure when tokens unlock), which is a distraction overall, especially for an early token ecosystem.
you want real believers in your presale, that get a premium, and not fast flippers
token generation ceremonies (TGCs) take a completely different approach to the traditional presale, and we'll be announcing more details about how you can use TGCs regardless of where you launch your token later today over on @feyprotocol
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when me and @Wiz decided to launch Fey, we wanted to bring back real ownership to a space that was beginning to lose its way to financial nihilism
our answer was a community owned launchpad where 100% of the revenue goes back to stakers - giving anyone a shot at owning the rails
now, teams building on Fey are deciding to do the same: @feyth
is a trading terminal where all protocol revenue flows back to its holders - "Axiom, but you own it" in their own words
it's cool to see how what you build echoes in the real world and begins to manifest the change you want to see in the space
get in everyone, Fey is bringing real ownership back, one app at a time