Where our community sees PrimeDAO in five years, and what impact they would like PrimeDAO to have in the world.
Austin: That finance isn’t gatekept but based on merit and the level of risk you pose to the people you take it to. People become able to access risk themselves. The level of risk is judged by people without the intermediaries that try to further their political interest.
Practically, we’re going to build a bunch of tools that are useful for being able to use blockchain in more approachable applications.
The analogy between blockchain and the early days of the internet -> Bezos told people that the internet and computers are this great new technology and enable you to do all sorts of things that weren’t possible before. If it was possible to do before computers are just going to complicate things right now.
Amazon wasn’t possible before the computer and the internet. But it created the tools that made it possible for people to build things that were possible before the internet but now would be much easier.
That’s the power of Blockchain -> Right now you shouldn’t be built on Blockchain unless it could only be done on Blockchain - but we’re making the tools for 5-10 years down the road. Deploying in blockchain will just be the efficient and cheap way.
David: Just like Austin. We want to build fair finance!
Just as what the internet did for information, defi space is doing for finance, for value. The internet moved the information forward so that it was flat. Similarly, a goal for PrimeDAO is making financial services accessible, so it is symmetric despite your geographic location, your race, etc.
Luuk: Flatten the opportunity stack and allow anybody to create and capture value. When you have finance flattened, it also flattens opportunities to be impactful. When I look at Curacao, it is extremely hard to start a business and open a bank account. It takes three months of your time and energy to start doing things. For Prime, being at the intersection of DeFi and Daos, we can really advance this space.
Greg: The revolving door of the regulatory space, talking it from the case of internet censorship. The oldest revolving door is the one involved in Finance, you have people moving in and out of the FED/Treasury and big banks and it creates a lot of inequality because these people are leading the organizations that are patronized and regulated by the government. Governance being in favor of the advantages for the close circle.
-> If we can break that revolving door, showing that we don’t need some bureaucratic entity -> The people participating in it.
Prime can disrupt that revolving by bringing fairness to finance that doesn’t require the political revolving doors. you don’t need a bureaucratic entity that is appointed, but you just need people to participate in it. You would have a trustworthy financial system governed by regular folks.
Eylon: Imagine the future being composed by DAO based banks -> Everything is open and transparent. Prime can fill that exact stage.
Scalable DAO for people to store their funds, accrue interest, pay for their exchange, and it’s all decentralized, open and safe!
There’s a lot of perceived surety -> you feel like it’s safe because there’s insurance -> You can call the bank if you lose your account.
David: Agree with Eylon, in the traditional finance world, there is a lot of perceived surety. Whether you are getting rug pulled by fed or not, you feel you are safe, banks can help for a lot of safety issues. And there are a lot of other similar types of perceived insurances.
The assurance that we give to people has to at least match the legacy world.
This was a very stimulating discussion that brought forward the vision of PrimeDAO and what we are working towards. *
How do you see PrimeDAO in the future? Share your thoughts!
Narrative around PrimeDAO: How clear is the prime narrative to you? How do you perceive PrimeDAO’s narrative, and how other people
Irshad- this idea of being safe. it seems to me that if you can pull of something as coalition of legit defi projects, it is powerful, and that Prime is at the center of it. The idea of ecosystem is powerful.
Defund- they are trying to builda whale group, where the people that hold the tokens longest term decide where to invest.
Greg: real strength that I see- the powerful communications i see us do is where we have folks involved in the project speaking, personalizing the whole thing in a way that introduced the community to the notion of ecosystem.
The more we can amplify the human voices involved in that and let them share their perspective, we can create a more cohesive vision of prime.
What Prime is to them and and why they are participating. it comes to us with the minds behind it.
David: How do we explain primedao simply, so that, we convey what we are doing here to attract more smart individuals. how can you reach these people without showing the effort?
It’s something we talked about in one of our strategic calls. Comparing the conglomarate of PrimeDAO to something like consensus. When people think of consensus. A tagline very succint, understandable theme.
Austin: the element of cohesion. In the DeFi space people are working individually- trying to promote their own tokens etc.
One of the really compelling arguments to me for prime is it’s going to put these things under a single banner. Consolidate them and make it a more seamless experience.
Luuk: what we are trying to do here is not simple by nature. We are seeing the first real ecosystems emerge in DeFi. The first ecosystem is yearn.
Discussion on the Yearn approach, with anonymous teams. How are we similar to yearn ecosystem.
David: it is very difficult to trust yearn leadership and organizations. Because of the way they approach things. Doing things test in prod style.
Merging without any token hodlers wanting anything. Although it is glorified and they have a lot of activity in their vaults.
The organization there is still haphazard and open to chaos. To me, that appeals as less trustworthy.
Greg: I remember being really struck by roman columns in front of the banks. Yearn in contrast using food, which doesn’t invoke a lot of trust.
We have a chance to take ourselves seriously and instill trust in regular people that might not be attracted to notion of pickle.
Luuk: Do you think that current branding brigns that?
Do we need two faces?
Irshad: A lot of it is fueled by Andre Cronje’s personal brand. It is something to think about, the visibility of developer as influencer.
An individual with strong vision is great but there are a lot of people with vision but they are not able to narrate.
Ata: This emphasis on a single person has the enlightened dictatorship vibes. The food coins are legitimized because they are integrated as a message. The main entrance for trust would be yearn.
Irshad: When looked at Prime’s website, the quality of the partners was important, the brand-share.
Luuk: I see as a big opportunity for Prime. We have good projects that are really good by themselves. Normal people that might be interested in participating in the whole defi space. They wouldn’t be directly interested in buying a Pickel token.
What kind of branding is necessary to instill trust in people? We can also look at it from UX perspective so we make personas. Deciding what kind of people we would be interacting with, and start to build bridge from their own side as well. We have a lot of assumptions about how we are perceived, but it is also important to do a qualitative research.
Greg: one of the underlying methods behind rivet is being the subcomponent of public goods. Really love the idea of taking it from UX perspective.
Niek: for yearn, what are the good things we can learn from it, but also what we can change.
Pat’s signal poll on locking bprime vs prime tokens
Greg: we set up two options, leave it open to both choices.
Dr. Adel: Badger is using their token to stake and get a reward on that, and those that stake WBTC get higher reward on that. when they did a meme collaboration, it was a badger token and liquidity token as well.
Luuk: How can we create two options and what are the differences. The positions are not clear for other projects. What are the risks you will be taking, what will you be getting in return.
Developing it should be okay, but how much rep do we give to each option?