Founder Lessons Learned While Building Blur and Blast with Pacman | EP 46
Apr 12, 2024
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Pacman shares lessons from building Blur and Blast, discussing OpenSea, trading vs. collecting, NFTs and tokens convergence, memecoins, Layer 2 innovation, Blast security breach, audit tips, and the future of Blast and Blur.
Importance of prioritizing audits for crypto projects to ensure credibility and security.
Unique strategy in launching Blur targeting professional NFT traders with pre-planned trajectory.
Responding to security breaches on Blast by coordinating with experts and implementing protective measures.
Challenges on Blast due to incentivization complexities affecting token economy growth.
Deep dives
Importance of Audits for Crypto Founders
It is crucial for crypto founders to always prioritize getting audits for their projects. Trusted auditors like Code Arena, Cantina, Chainlight, and Trello Fits are recommended to ensure credibility and security. Audits are essential to prevent potential risks and challenges in the crypto space and help projects function smoothly.
Building and Launching Blur: A Pre-Planned Approach
The creation and launch of Blur involved a uniquely pre-planned strategy. Starting in January 2022 and going public by October 2022, the project was meticulously mapped out in advance targeting professional NFT traders. Unlike traditional startup models with iterative processes, Blur's trajectory was already determined prior to execution, focusing on a specific market segment.
Innovative Business Models on Blast and Reacting to Security Breaches
Blast introduces novel business models, such as monetizing yields, potentially reshaping revenue streams within DeFi platforms. Following a security breach on Launchables within Blast, the response involved coordinating with security experts like CO911 and implementing measures to limit fund extraction channels. While the approach to breaches can vary, supporting affected teams with best practices for recovery remains a crucial step.
Financial Efficiency and Incentive Challenges on Blast
Blast's ecosystem showcases a robust financial layer with substantial liquidity, offering innovative opportunities like interest-raising mechanics. However, the platform faces challenges due to an incentive system disincentivizing certain assets, affecting the token economy's growth potential. Addressing these complexities is essential for optimizing Blast's financial landscape and fostering sustainable growth.
Exploring Unique Applications on Blast and Lessons from Past Projects
With Blast facilitating new business models and unique features like muchables, innovative concepts like deposit-based NFT minting are explored. Reflecting on previous on-chain lottery projects such as Pull Together underscores the potential for compelling use cases to emerge on Blast. Learning from breaches and project dynamics contributes to refining strategies for future ventures on the platform.
Decentralization vs. Fund Recovery
The podcast delves into the debate between decentralization and fund recovery in the context of a hacking incident. The discussion highlights the contrasting views on whether to hard fork to recover stolen funds or maintain immutability. One perspective emphasizes the importance of decentralized principles and setting a precedent, while the other argues for practical solutions to protect user funds. The episode draws parallels to Ethereum's historic hard fork decisions and emphasizes the significance of timing and community development.
Importance of Audits for Protocols
Another key focus of the podcast is the critical role of audits in the success and security of new protocols. It stresses the importance of obtaining audits from reputable firms to ensure the integrity and reliability of the protocol. The discussion emphasizes that audits are essential to mitigate risks and build trust within the community. By prioritizing transparency and security measures, founders can effectively navigate security incidents and maintain credibility in the decentralized space.
Imran and Qiao bring on Pacman to share lessons he learned while building Blur and Blast. No BS crypto insight for founders.
Timestamps
(00:00) Intro (00:44) Welcome to Good Game (01:09) Learning More About Blur (01:56) Pacman's Thoughts About OpenSea's Strategy (05:22) Balancing Trading and Collecting with Blur (08:24) The Good and The Bad of The Points System (11:19) The Convergence of NFTs and Tokens (14:18) Are 404s Here to Stay? (15:30) Memecoins vs. NFTs (19:20) Fostering Innovation in Layer 2s (25:15) Memecoins Didn't Take Off on Blast... What Happened? (27:57) Other Interesting Applications That Only Exist on Blast (31:27) The Blast Security Breach (34:39) "Blast Should Roll Back The Chain" (38:23) Audit Tips for Founders Launching a New Protocol (41:22) Crypto Startup Stories: Top Fantasy (44:48) Rapid Fire Questions (44:54) Thoughts on Ordinals (45:56) The Points Meta: Temporary or Longterm? (48:14) Predicting the Future of Layer 2 (49:31) Thoughts on Layer 3s (50:15) Top 3 Insights That Led to The Success of Blast (53:14) Upcoming Milestones (54:28) The Future of Blast and Blur
Pacman Twitter/X: https://x.com/PacmanBlur
Spotify: https://spoti.fi/3N675w3 Apple Podcast: https://apple.co/3snLsxU Website: https://goodgamepod.xyz Twitter: https://twitter.com/goodgamepodxyz
Web3 Founders: Apply to Alliance: https://alliance.xyz/ Alliance Twitter: https://twitter.com/alliancedao
DISCLAIMER: The views expressed herein are personal to the speaker(s) and do not necessarily reflect the views of any other person or entity. Discussions and answers to questions are intended as generalized, non-personalized information. Nothing herein should be construed or relied upon as investment, legal, tax, or other advice.
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