In this discussion, Matt O’Connor, co-founder of Legion, and Mike Dudas, founding partner of 6th Man Ventures, delve into the flaws of traditional token launches dominated by whales. They argue for better alignment of token holders with long-term projects and explore Legion's innovative approach to fair distribution and organic growth. Key topics include the need for clear regulatory frameworks, the potential of MiCA regulations, and how reputation systems can foster genuine community engagement in the crypto space.
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insights INSIGHT
Token Distribution Challenges
Web3 projects need to distribute tokens to valued supporters and users.
Airdrops often fail to retain users or build loyalty.
insights INSIGHT
Public Token Sale Disadvantages
The public often gets tokens at inflated prices after multiple private sales.
This has led to tokens declining significantly post-public launch, discouraging investment.
question_answer ANECDOTE
Binance and Scroll
Binance acquired approximately 10% of Scroll's token supply.
This potentially represents $160 million transferred to Binance based on Scroll's valuation.
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Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze
Laura Shin
The Cryptopians delves into the story of idealists, technologists, and opportunists fighting to bring cryptocurrency to the masses. The book focuses on the founding of Ethereum by Vitalik Buterin and the subsequent crypto fever it created. It introduces readers to larger-than-life characters such as Buterin, Charles Hoskinson, and Joe Lubin, highlighting the personal and professional conflicts that shaped the early days of Ethereum. The narrative explores the booms, busts, and internecine wars within the crypto world, revealing it as a deeply personal struggle to influence the coming revolution in money, culture, and power.
Crypto networks are meant to be decentralized, community owned systems. But they’re turned out to be dominated by whales and to have more mercenaries who are just interested in getting free tokens to dump them, rather than having long-term believers who want to build the ecosystem. How can tokens be launched in a way that gets token holders aligned with long-term success?
Today’s guests, Mike Dudas, founding partner of 6th Man Ventures, and Matt O’Connor, co-founder of Legion, believe there’s room for improvement. In this episode, they share how Legion aims to reshape the process, focusing on fair distribution, incentivizing organic user growth, and building loyal communities. They explore Legion’s approach to token sales, its compatibility with regulatory frameworks, and why it might be the key to bringing new people into crypto.
Show highlights:
How Legion was born and what its main goal is
The problems with how token launches currently work
Why projects don’t want to return to the ICO model
Whether the criteria to earn a better reputation on Legion is gameable
How Legion actually works and what the role of KYC is
What type of regulatory framework Legion is leveraging
How MiCA’s rules for token offerings allowed for this type of project to emerge
Whether the U.S. should follow Europe in establishing a crypto framework like MiCA
What the business model of Legion is
What the difference is between Legion and other similar platforms such as Cobie’s Echo
Whether token sales is a better distribution mechanism than airdrops
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