🚀 Today we are thrilled to announce the launch of the first global cross-chain accelerator program - the LongHashX Accelerator Cohort 10 in partnership with @axelarcore!

(1/6 🧵)

We are looking forward to working 🤝 with a diverse group of projects focused on developing cross-chain use cases:

💵 Cross-chain payments
👛 Account Abstraction smart contract wallets
🕹️ Cross-chain gaming

(2/6 🧵)

Projects will be leveraging Axelar’s infrastructure, including its General Message Passing (GMP) framework, to be truly cross-chain native and bring us closer to a multi-chain world.

(3/6🧵)


Over the next 12 weeks, our Venture Builders 💪 (@emir0x, @brazenburrit0, & @degenrsc) will work closely with the projects to problem-solve on various Web3-native topics like product strategy, tokenomics, governance, technical, community building, fundraising and more.

(4/6 🧵)

LongHashX Cohort 10 will also feature notable Fireside Chat speakers including: @sergey_nog (@axelarcore), @mikojava (@GumiCryptos), @sbmckeon (@Collab_Currency), @gabusch (@yggsea), among many others.

(5/6 🧵)

Also, don’t miss our Demo Day on April 4th 2023, where we’ll be showcasing all of the amazing work from the cohort’s projects. Here’s to a multi-chain future!

🎉 #LongHashX #Accelerator #Web3 #Axelar

(6/6🧵)


Why We Invested in @Sagaxyz__ 

By @theshikhai 

https://twitter.com/Sagaxyz__/status/1527306841616576512

It's clear now that the future is multi-chain

A tapestry of blockchains have sprung up in recent years, with each new chain focusing on a different priority

Solana & Avalanche for greater throughput
Celestia for modular functionality
Filecoin or Arweave for storage

Applications are starting to set up chains of their own

Axie Infinity with Ronin chain
Compound with Compound Chain
GnosisDAO acquired xDAI to become Gnosis Chain

These apps & communities are looking for dedicated blockspace to scale, experiment & control their own economics

Enter @Sagaxyz__

Saga is a protocol that allows developers to easily launch a dedicated blockchain (known as a chainlet), complete with validators & security structure

Chainlets may be used as dedicated app-chains or as a horizontal scaling solution by other L1s and L2s

Our story with the team behind Saga interestingly began in 2017 when @beccaliao encouraged a longtime friend and early member of LongHash to get into Web3

She went on to work with @zmanian and was introduced to @jinghiskwon who joined Tendermint in 2018

Together with @jacobmcdorman (from Purdue) and @balx (ex-Apple, Twitter), the Saga team combines strong technical expertise with Web3 familiarity

Incubated by Ignite (formerly Tendermint) in '21, Saga came out of stealth in '22 for their 1st fundraising round, which we joined

Check out @Sagaxyz__'s first Twitter Space, in which @theshikhai shared his thesis on Saga (from 40:50)

https://twitter.com/i/spaces/1OyKADQjOQDxb?s=20

The journey towards mainnet is marked with challenges, and that's where strategic investors come in

Scaling chainlets requires validator orchestration, which industry leaders in proof-of stake-infrastructure like @Figment_io and @ChorusOne can help refine

Driving adoption requires inroads into ecosystems & communities, where infra players like @polygonstudios & @MeritCircle_IO can help

We'll channel our experience & resources in supporting >50 early-stage founders thru our accelerator, to solidify good teams building on Saga

Alongside our co-investors @Maven11Capital, @hypersphere_, @SamsungNext, & more, we're confident that an inclusive, multichain future is within our collective reach.

Let a thousand chains bloom 🌸🌸🌸

Read the full article by @theshikhai 👇 https://longhashsg.medium.com/1000-true-chains-why-we-invested-in-saga-65052d33226e

You can read the unrolled version of this thread here: https://typefully.com/LongHashVC/DcI30Ev

Why We Invested in Saga

0/ A Snapshot of the DAO ecosystem

We believe in DAOs as a new and innovative way to coordinate social and economic behaviour in a global economy where work is increasingly freelance and gig-based.

https://twitter.com/parcelHQ/status/1522293708238069761 

1/ This piece from @grapeprotocol's @_Dean_Machine is a quick intro to DAOs.

https://twitter.com/_Dean_Machine/status/1522290238135181313

2/ @arca recently put out a well researched report on DAOs.

https://twitter.com/arca/status/1522213943359336448

3/ According to @DeepDAO_io analytics, there are currently 4834 DAOs with combined $10.2b in treasury and 655.7K active voters & proposal makers.

Like @lmrankhan from @alliancedao, we too expect aggregate DAO treasury will go to a trillion in 10 years.

https://www.businessinsider.com/crypto-venture-fund-cofounder-dao-vc-assets-one-trillion-dollars-2022-4?op=1

4/ DAOs require tools & infrastructure to operate effectively.

Here's a great overview of the DAO infra & tooling landscape.

h/t to @nichanank

5/ Coinshift's @tarungupta1475 proposes a Layer 0/Layer 1 analogy as a framework to think about DAO infra & tooling

Layer 0 are the base layer primitives - @gnosisSafe, 
@AragonProject, Compound Governor

Layer 1 are the toolings built on top of Layer 0

https://twitter.com/LongHashVC/status/1523996461691654144

6/ Let's start with @gnosisSafe - a smart contract multisig wallet.

Gnosis Safe can be considered a Layer 0 DAO primitive. Many projects are built on top of Gnosis Safe.

https://twitter.com/SchorLukas/status/1511304317218832388

7/ Here's a snippet from our podcast with @StefanDGeorge sharing how @gnosisSafe got started 👇

Watch the full podcast here 👉 https://www.youtube.com/watch?v=9-7vQPXKzB8

8/ Coinshift is one of the projects building on top of @gnosisSafe 

@0xCoinshift is a smart treasury management solution for DAOs & companies & has recently raised a $15mil Series A led by Tiger Global! 🥳

@LongHashVC is a seed investor in Coinshift

https://twitter.com/0xCoinshift/status/1526570052925136896

9/ Check out our recently recorded podcast with @0xCoinshift's @tarungupta1475 where he shares more about Coinshift V2 and the DAO landscape in general

Link 👉 https://www.youtube.com/watch?v=LJ_aff-vUAA https://www.youtube.com/watch?v=LJ_aff-vUAA

10/ Also building on top of @gnosisSafe is @parcelHQ 

Parcel is a one-stop shop for on-chain DAO financial operations.

They recently processed >$100mil for DAOs 🤯

https://twitter.com/parcelHQ/status/1501563381832044549

11/ We're also glad to see how various DAO toolings are composing with each other - in this case, @OrcaProtocol integrating with @parcelHQ.

https://twitter.com/OrcaProtocol/status/1519050014932324354

12/ Another key Layer 0 DAO primitive is everyone's fav governance platform @SnapshotLabs

We're eagerly looking forward to Snapshot X - which will finally allow DAOs to conduct their governance on-chain! 

https://twitter.com/SnapshotLabs/status/1483168945234321408

13/ To learn more about Snapshot X, check out our podcast with @NathanVDH0x 👇

https://twitter.com/LongHashVC/status/1486677758960799744

14/ DAO-as-a-Service Substrate-based protocol @DoraFactory has won the Parachain Auction and is now on boarded on the 34th parachain!

https://twitter.com/kusamanetwork/status/1518616247600041986

15/ @hicommonwealth is an all-in-one platform for on-chain communities to discuss, vote, and fund projects together

They recently launched Common Chat, a Web3-native iteration of Discord/Slack, but better of course!

https://twitter.com/hicommonwealth/status/1523678863124955137

16/ DAOSquare is a unique Web3 incubator for contributors

Check them out 👉 https://daosquare.io/summon

https://twitter.com/DAOSquare/status/1523320275508797441

17/ Last but not least, do check out our podcast! 

👉 https://www.youtube.com/playlist?list=PLGi5rSYpKqxaXbeKBYTsrqtfmFN7hSrHV

Our GP @theshikhai has had great conversations with @tarungupta1475, @StefanDGeorge, @0xAnubhav, @Bradley_Miles_, @Cooopahtroopa, @derekyoo, @sgoldfed, @WatanabeSota, and many more!

18/ We're almost midway through 2022

So much has happened in the DAO space and in the wider Web3 ecosystem

Bear market is the best time for building & we remain positive that 2022 is the year DAO adoption accelerates

https://twitter.com/chaserchapman/status/1521920980020613121?s=20&t=yP6SIvGJ5dF1fghwKgnWQA

19/ We are always looking for exciting projects and founders to support and go all in on.

Our DMs are always open!

https://twitter.com/tarungupta1475/status/1486696703096803329

20/ Disclosure

@LongHashVC is an investor in @SnapshotLabs, @0xCoinshift, 
@parcelHQ, @hicommonwealth, @DoraFactory, @grapeprotocol, @DAOSquare 

You can read the unrolled version of this thread here: https://typefully.com/LongHashVC/r5GkjWN

A Snapshot of the DAO Ecosystem

Our COO @theshikhai recently put out an article, 3 Frontiers of Web3 in 2022, reflecting on what's been happening in the web3 space of late.

https://twitter.com/theshikhai/status/1509167232483749894

A short summary thread 🧵👇

Last night, @theshikhai and @DeFi_Dad had a good discussion about all of this. Do check it out 👇

https://twitter.com/DeFi_Dad/status/1513886599561592839

1/

2 years ago, DeFi hit $1bil in TVL.

Today, DeFi has kinda plateaued.

Further growth catalysts (institutional involvement & regulatory clarity) are just a little beyond the horizon.

2/

Meanwhile, NFTs, Games & DAOs have seen rapid innovations.

These are the new surfaces upon which the next phase of Web3 will be built

But how?

Some suggestions 👇

3/

Make NFTs Useful

NFTs have the potential to eclipse tokens because they're a more natural representation of assets

However, most NFTs today are currently useless except for speculation.

NFTs should have real fundamental value or utility value. 

4/

Fundamental value

NFTs can capture fine art, music, videos, etc. These are public goods with private ownership, like exhibited art that's free for everyone to enjoy but with a record of ownership

Tokenizing these valuable assets helps creators reach their 1000 True Fans.

5/

Utility value

Utility NFTs are more akin to private goods w/ private ownership -- gated access to games, communities, events, or any digital product/service. 

Ownership and usage of these NFTs enable a direct loyalty relationship with the brand or business.

6/

Empower creators in games/metaverses

Web3 gaming is here to stay

Giving ownership & growth upside to players forms a strong feedback loop which drives value creation & stickiness.

However, there's an overemphasis on AAA titles.

7/

Instead, we look to alternatives with faster iteration cycles, ie, casual games

Casual games are much easier to ship, have wide appeal, and are massively profitable in web2. 

Mobile gaming, especially, leads in revenue and growth.

8/

This presents an opportunity for novel platforms and marketplaces to capture the long tail of Web3 casual games

One example is @OPGames_ which provides an SDK and aggregator

9/

Metaverse games

In Web2, sandbox games like Minecraft and Roblox are smash hits because they unleash creativity

Open-world or MMO games with vibrant modding or role-playing communities have attracted cult-like followings

10/

In Web3, such games are dubbed metaverses - a virtual reality where assets can be truly owned, creating an economy w real businesses

These worlds rely on strong initial momentum, usually driven by founding developers & clear transition towards community-led content creation

11/

On the horizon, we start to see metaverse native economies emerge

Players & builders collab in guilds & DAOs, & tools are created & tailored to their idiosyncrasies

The world is moving towards the tipping point where we actually prefer to socialize & work in the metaverse

12/

Give DAOs purpose & scale

The concept of DAOs date back to the Ethereum whitepaper

DAOs work well when there's clear purpose & mission, like @TheLAOOfficial, @MakerDAO, & @ConstitutionDAO

13/

But they fall short of the true potential for DAO coordination

There're a few with a grand vision, like @GitcoinDAO

We still need mechanisms to recognize contributions & contributors at scale.

14/

Proof-of-contribution infrastructure

We need to be able to standardize & gamify DAO activities, which can create new primitives for novel economies

This already exists: liquidity mining in DeFi; social tokens which incentivize engagement & consumption of products/services

15/

A newer experiment is move-2-earn, pioneered by @genopets & @Stepnofficial, which could attract governments, employers and insurers to sponsor improved wellbeing through exercise

One can also imagine experiments like proof-of-carbon-capture or proof-of-research-replication

16/

Governance mechanisms

Due to the immutability of blockchains, governance mechanisms linked to code execution are critical infrastructure

One example is Snapshot X from @SnapshotLabs, which links voting to onchain execution

17/

Another example is Zodiac by @GnosisGuild, which is an upgradeable, modular tool that provides a seamless experience for all stages of a DAO’s lifecycle

18/

As we increasingly organize ourselves in digital tribes via DAOs, digital nation states begin to form, delineated by culture and clustering around underlying blockchain security

What does this mean in the bigger picture of Web3? 🤔

19/

We're always refining our understanding & outlook with each new piece of the puzzle

Most crucially, we must collectively play our role in curating what Web3 should achieve - to challenge & augment the existing order towards a more open, transparent & inclusive world

20/

If you have feedback or comments for @theshikhai, please reach out. 

If you are building anything relevant to what's discussed above, please reach out. 

We will go further together.

END

You can read the unrolled version of this thread here: https://typefully.com/LongHashVC/SRWqEtL

3 Frontiers of Web3 in 2022

@LongHashVC is proud to back @NibblNFT, which is one of our Accelerator projects!

Here's why 👇

NFTs are booming & blue-chips like @BoredApeYC are priced higher & higher, becoming out of reach for many NFT collectors.

If Web3 is to be inclusive, we need to make sure NFTs can be afforded by many, not just the few.

NFT fractionalisation solves this.

Enter @NibblNFT

(1/13)

@NibblNFT is a NFT fractionalization protocol.

It's founded by @arnav_vohra, who has worked at @biconomy as the first engineer and also at @zilliqa and @gnosispm, with a team that are also formerly from the same companies.

(2/13)

How does NFT fractionalization work?

It is essentially tokenizing the NFT. 

The original NFT is locked in a contract, out of which fungible ERC20 tokens (also called fractional tokens) are created. 

Each of those tokens represent an ownership in the original NFT.

(3/13)

NFT fractionalization has benefits for both NFT holders & potential buyers

For holders, it opens up capital & liquidity opportunities. Fractional tokens can be used by DeFi protocols in many ways.

For buyers, it's a chance to own an NFT that was previously out of reach.

(4/13)

But what if after fractionalizing the NFT into hundreds or thousands of tokens, the holder (or anyone, in fact) wants to own the NFT in one whole piece?

A robust buyout mechanism is crucial for this. This is how @NibblNFT has designed their buyout mechanism.

(5/13)

Step 1 - You trigger a buyout to buy the locked NFT by depositing money at the current market cap of the fractional tokens.

Step 2A - If the community feels the NFT is undervalued & the buyout shouldn't happen, they can put in money to increase the valuation.

(6/13)

Step 2B - If the community feels the buyout should succeed, there's no need to do anything. 

If someone decides to frontrun & add buy pressure, the other tokenholders can either sell their tokens to take advantage of the price increase. 

(7/13)

Step 3A - If they choose to do nothing & the market cap increases >10% above the buyout bid, the buyout is rejected

Step 3B - If the valuation doesn't increase >10% before the timer runs out, then the buyout succeeds & you can unlock & claim the NFT as the new owner! 🥳

(8/13)

Another issue faced by fractional tokens is low liquidity

The x*y=k formula used by traditional AMMs doesn't work well for low-liquidity tokens

@NibblNFT solve this by using the Continuous Token Bonding Curve, ensuring holders can always find liquidity for their tokens

(9/13)

How does @NibblNFT set itself apart? By being:

1. User-friendly. Fractionalizing an NFT will be as easy as buying an NFT

2. Multi-chain. NFTs on Ethereum can be fractionalized on L2s

3. Community-driven w/ social features like token-gated chat to bring users together

(10/13)

4. And this is the most epic - by working with the biggest names in the NFT space.

@kevinrose is one of the biggest NFT collectors & his firm @trueventures is onboard as an investor.

(11/13)

The beta version of @NibblNFT is currently live: https://beta.nibbl.xyz/

We've tried it out & the UX is pretty intuitive and user-friendly.

Don't believe us? Try it out for yourself!

(12/13)

As NFTs become ever more mainstream, the financialization of NFTs through processes like fractionalization, is inevitable.

Currently, the NFT Finance space is still a pretty unchartered territory. We believe @NibblNFT will be a pioneer in this up-and-coming vertical.

(13/13)

You can read the unrolled version of this thread here: https://typefully.com/LongHashVC/1M7shDD