Nearly $100M has been spent on gas for the BAYC land sale in one hour. This is money that could have gone to Yuga or stayed in user's pockets.
The contract had nearly zero gas optimizations. I'll explain a few gas optimization tricks that could have saved many millions below 👇
Implementing these gas optimizations would be as simple as:
1. Change the word "ERC721Enumerable" to "ERC721"
2. Import ERC721A
3. Change the word "_safeMint()" to "_mint()"
Modifying a few words would have saved $80M+. This is why knowing the underlying system is so important.
Gas optimization 1: Remove the ERC721Enumerable extension.
The ERC721Enumerable extension is used to track the owners of an NFT on-chain. Mints that remove the ERC721Enumerable extension save around 70% in gas costs. This tiny change would have saved around $70M this hour.
I have the utmost respect for
@yugalabs
and their work on
@OthersideMeta
.
I've spent countless hours on gas optimizations and wanted to share a few tricks. This thread is to educate and doesn't take away from the work that Yuga does for the ecosystem.
Gas optimization 2: Use ERC721A (). ERC721A is a standard developed by the
@AzukiOfficial
team.
This extension means that minting multiple NFTs to the same wallet is nearly the same price as minting a single NFT. This would save money for every multi-mint.
Adventure Gold is now available for
@lootproject
! Claim 10,000 $AGLD per Loot bag. 🎉🔥 Go here to claim:
Most people will want to use "claimAllForOwner" unless they want to leave some Loot unclaimed.
The CFTC is claiming that all participants in DAO governance can be held liable for a DAO's actions.
This is a horrible precedent. It means that both on-chain governance voters AND multi-sig signers have liability, but on-chain governance spreads liability to many more people.
The ERC721Enumerable extension is mostly unnecessary. In the majority of cases, tracking ownership on-chain is not useful.
Why? You can just grab the data off-chain on the front-end and pass it into smart contracts instead! Every front-end is able to handle this easily.
Gas optimization 3: Switch from _safeMint() to _mint()
_safeMint() checks every address to ensure that it can handle NFTs. If the address is not able to handle NFTs, it ensures that the transaction will fail.
This is unnecessary. Every address minting can likely handle NFTs.
ERC721A makes transfers slightly more expensive but mints dramatically cheaper. In this case where the gas fees on the mint are so high, this is clearly worth it.
The vast majority of the mints were multi-mints. All of these incurred 2X or more in unnecessary costs ($10M+)
_safeMint() is one of the more annoying and unnecessary parts of the ERC721 standard.
In theory it ensures that mints are going to wallets that can handle NFTs, in practice it adds gas and makes mints less safe! This condition is only hit for very non-standard smart contracts.
The community can decide whether Loot, More Loot, or both are eligible for future $AGLD claim seasons. The $AGLD contract supports any underlying NFT for claims, so there is nothing stopping the community from deciding to expand the pool of $AGLD holders.
Many people have a narrow definition of decentralization. They define "decentralized" as "trustless on-chain governance".
This framing may actually be less decentralized and autonomous than other DAO structures.
Some different ways to think about decentralization 👇
A number of people have asked me for tips.
One method that we use often at
@SyndicateDAO
is:
1. Allowlist a subset of addresses
2. Give them a limited amount of time to mint
3. Allowlist the next subset. Repeat until minted out.
This prevents everyone trying to mint at once.
One of the most exciting projects I've seen in the entire NFT space is
@LITWTF
. Their drops are unparalleled in creativity and thoughtfulness. They're also accessible to all holders of 2M $LIT
At
@SyndicateDAO
, we're honored to help $LIT build their DAO.
Of course, gas optimizations are only one part of the equation.
You need a better mint mechanism design (allowlist, Dutch auction) + gas optimizations.
Money spent on gas is money that could go to builders. This takes place both via the design of the mint + the smart contract.
Nothing better than spending Friday night coding a new protocol 👀
Interested in NFTs for your DAO? Message me and I can give you access to something new at
@SyndicateDAO
(And yes, there's a surprise for the $AGLD and Loot community coming down the road with this!)
Hello friends, a quick note on forks! $AGLD is designed for community governance. Before you fork, email me at will
@syndicate
.io and I'll provide help via
@SyndicateDAO
to design a governance model that helps strengthen your community and innovates for the crypto space as a whole
The key to minimizing airdrop regret:
Sell half for ETH at what you think is a good price and use it to LP the liquidity pool.
In the best case (like $ENS), you outperform 100% HODL. In average cases (like $SOS) you've reduced a lot of risk while still making profits on volume.
Loot is a 10X improvement to modding culture. On-chain data allows for composability across the entire ecosystem so that the whole is greater than the sum of the parts.
A broad set of mods requires a broad set of participants. Loot and mLoot will flip the script on scarcity soon
My ETH Global Talk on Loot, $AGLD, and how to create thriving NFT communities is online!
The key lessons are:
1. Less is more.
2. Think carefully about tokenomics upfront.
3. On-chain composability is the future of NFTs.
🧵 Thread below:
The year is 2030.
After a long bear market, 80% of the ecosystem works for A16Z or Paradigm.
The war for the remaining talent is intense. A16Z has created roles for "Advisor to our Partners" and "Partner to our Advisors."
Paradigm is hosting middle school career fairs.
80% of protocol hacks are via:
1. Oracle manipulation (change the price to drain funds, often using flash loans)
2. Reentrancy attacks (call the same function repeatedly)
3. Missing input validation checks (access things you shouldn't)
Resources for the curious 👇
DAOs trade efficiency for resiliency.
DAOs are much less efficient than companies and coordination is much harder. Everyone who runs DAOs feels this.
But in exchange, DAOs achieve resiliency. A DAO removes single points of failure, making it easier to survive for the long-term.
DAOs will shift fundraising from capital allocators to capital networks.
Instead of a small handful of firms getting allocations, it will be a large network of contributors. We're already seeing this at
@SyndicateDAO
daily. This future is here, it's just not evenly distributed.
I've seen people lose millions of dollars by accidentally sending tokens to smart contract addresses. Almost no projects mitigate this.
At
@SyndicateDAO
we made sure to add protections in place for this early on. Today it saved a user thousands. That's our attention to detail 💯
On the
@ConstitutionDAO
core team, our top priority is fundraising, legal, and compliance. It's a huge undertaking to raise $20M to buy the US Constitution 🙌
We're thinking a ton about mission and values. The magic of a DAO is that we can co-create this together. Come join us!
Sometimes DAOs feel like an HOA started a company. Other times DAOs feel like a brainstorming session with the smartest people you've ever meet.
The benefits of collective intelligence far outweigh the bureaucracy and local politics. DAOs harnessed well are a 10X improvement.
Very happy to announce Syndicate's Series A! 🎉 This is an important step in our mission to make investing DAOs a standard and allow communities to coordinate capital more easily than ever before. We're excited to partner with
@a16z
and 150+ incredible firms and community members
We're excited to announce the next major step in bringing our revolutionary protocol for investing to communities around the world.
To realize our important yet complex mission, we've raised $20m from 150+ investors, founders, operators, and creators.
The most important existential problem for DAOs is that it's more profitable to start something new than contribute to something that exists.
This is the single biggest barrier to long-term value for DAOs. Why hope to get paid $5K via governance when you can own X% of the supply?
MetaMask quietly added an arbitration agreement. This prevents you from using the court system in a dispute. If you want to opt out, you only have 30 days to do so!
I scrolled through their Terms of Service for the opt out instructions so that you don't have to.
Here it is:
Every single builder in this space makes crypto a better place. Without builders, there would be nothing.
It isn't easy to be a builder. Builders face constant harassment - all of us experience this.
Anyone who is a builder has my utmost respect.
@farokh
is one of those people.
Hi all, I wrote a history of the early days of $AGLD!
The Loot ecosystem is one of the most consequential projects in the NFT space, and the story of AGLD is a window into understanding the rise of
@lootproject
.
Here's a play-by-play of everything as it happened.
The
@ConstitutionDAO
fundraise is live!
This is our opportunity to write history together. As a community, we can decide how we steward this artifact. It’s a radical experiment in participatory governance and I would love for you to join.
WGBTC! 📜
There are some excellent cohesive proposals in progress on how $AGLD, Loot, and mLoot will work together. I'm incredibly excited about them and believe they'll have strong support from everyone involved. These proposals will be finished soon and then we'll have a very clear path
We're proud to show everyone what we launched at
@SyndicateDAO
. You can now set up an investing DAO in seconds for just the cost of gas:
Incredibly grateful to the dozens of beta partners who helped us polish our product and create such an amazing UX! 💯
1/ Today, we're excited to introduce Web3 Investment Clubs, Syndicate’s first mainstream social investing tool built on Syndicate Protocol ✨
It transforms any Ethereum wallet into a powerful investing DAO in seconds for just the cost of gas.
The
@RugRadio
Membership NFT by
@SyndicateDAO
minted out!
We minted 7,000+ NFTs in 12 minutes and were one of the top three most used contracts on Ethereum during the mint.
So excited for everything
@SyndicateDAO
is building next with the
@RugRadio
DAO and its 16,000+ members!
The Membership Passes sold out today! Thank you all so much for the support, whether you are a new or a long time Rug Radio listener! The Genesis NFT mint will happen on January 11th for 0.111 ETH, 1 pass = 1 mint. The only official secondary link is:
My favorite aspect of smart contracts is that you can write them once and then they run autonomously forever.
This is why Vitalik sometimes calls them persistent scripts. This seemed like science fiction just a decade and a half ago.
(Daemon was one book that inspired Ethereum)
I've talked with so many people where mLoot is the first NFT they've ever owned. I'm excited for
@loot_wars
to support mLoot and bring a tremendous number of new people into the Loot ecosystem! 💯
If you want a fully subsidized L3, DM me! Syndicate Frame Chain and other L3s that Syndicate works with can subsidize millions upon millions of transactions with our tooling.
The world is very interesting when you have near zero gas fees with
@CelestiaOrg
underneath 👀
I’ve been getting Loot-like vibes from Frames. This cycle tends to be pretty predictable, here is where we are now:
✅Day 1 - 3: Builders having fun, everyone playing around
✅ Day 4 - 6: Enters Crypto Twitter, excitement about its potential. Many fast follows and lower effort…
0xMonaco in
@paradigm_ctf
is one of the most fun games I've played in a long time. Building car-racing bots to win the game felt like a microcosm of MEV.
Learn how I found an advantage and how it got PVP'd away:
🧵
We had a silent disco on my flight from NYC!🕺The man who organized it said "No one realizes that when you pay for a flight you can dance on it" and then proceeded to show us 70s disco music from Uzbekistan. Absolute genius, I wish I lived life like that 🔥
As a crypto community I hope that we can agree on one thing: Never celebrate hacks.
You can criticize, you can analyze, you can condemn. But don't celebrate.
In every hack, there will be people who lost their life savings. It doesn't matter if you dislike the team or the chain.
Loot holders, vote on royalties for secondary sales that will be used to fund the Loot ecosystem!
This will help make the Loot ecosystem into a sustainable place for projects and builders in the long term 🙌
There are a number of proposals around $ASLV. Here are two examples:
To summarize the proposals, $ASLV would be an accessible inflationary token that both Loot and mLoot can access. I want to brainstorm how it can be used with you!
The $AGLD quorum proposal has passed with an overwhelming 2.99 million votes for the 80% quorum threshold! This retroactively activates the $AGLD tokenomics proposal.
Very soon, Loot and mLoot holders will be able to stake their bags and receive AGLD. Time to build!💪 More soon.
Two days left to vote on the $AGLD quorum proposal by
@Hill79025920
!
Participation is important to make sure that everyone's voice is heard. Passing this proposal will make AGLD governance more nimble and unify the Loot ecosystem!
Launching ❤️
LootWatcher is like Product Hunt but for
@lootproject
ecosystem. We are featuring all the cool projects that are built on top of Loot.
#loot
#mloot
DAOs using on-chain governance will skyrocket on L2s and Polygon.
With cheap gasless relayers, voting on-chain becomes as easy as voting off-chain. From a UX perspective they'll be identical. This will finally close the participation gap.
GIMMIE THE LOOT!
A Panel on the Bankless YouTube, live in 15 minutes!
Join us as we talk with three Loot experts:
-
@WillPapper
-
@_anishagnihotri
-
@jacksondame
As we explore the on-goings in the Loot ecosystem!
STARTS IN 15 MINUTES!
Apparently this needs to be said: I have never heard of $BGLD. It is completely unrelated to $AGLD. The only similarity between $AGLD and $BGLD is that one starts with an "A" and the other one starts with a "B".
I promised
@thattallguy
I'd get a tattoo when
@SyndicateDAO
hit 10,000 DAOs.
That seemed like a completely impossible number at the time, but looks like I'm going to need that tattoo quite soon!😅
Set up your own investment club and make me get a tattoo:
gm friends! As a reminder, $AGLD is in the hands of the community. If you see anything related to $AGLD claiming I'm involved, know that I'm not. I'm just a member of the community like anyone else.
What use cases are you most excited about for $AGLD? Brainstorm in this thread! Some current ones being discussed by
@lootproject
community members:
PvP battles
In-game item marketplaces
Quest rewards
Would love to hear your thoughts! 🙌
Chapter 2 of
@lootproject
has begun! It's fantastic to collaborate with other builders in the Loot ecosystem as part of the Loot Alliance. So excited for the new projects launching on top of Loot and $AGLD 🎉
🛠✨
Announcing:
— Chapter 2
Coordinated by 20+ community members, this new site represents an ongoing effort to nurture a healthy, sustainable and fun Loot ecosystem.
Learn more:
The journey continues.
How to survive a crypto bear market:
1. Don't use leverage
2. Only invest money you don't need for multiple years
3. Buy high quality assets
The people who made it through 2018 - 2020 followed these steps. Stay safe out there friends!
There's nothing more satisfying than spending the weekend accomplishing something that every single Stack Overflow post claims is impossible :)
Want to work on some of the most interesting engineering problems in crypto? Message me about joining
@SyndicateDAO
Implementing these gas optimizations would be as simple as:
1. Change the word "ERC721Enumerable" to "ERC721"
2. Import ERC721A
3. Change the word "_safeMint()" to "_mint()"
Modifying a few words would have saved $80M+. This is why knowing the underlying system is so important.
$3.7M organized by
@prtyDAO
, with the majority of it coming in within 24 hours:
100% community driven. 100% community owned. DAOs are far more powerful than we think. Proud to be a holder of a tiny amount of $PARTY and $DEAD right now. 🎉
Nouns has a unique role in the ecosystem as a gathering place around public goods.
I am honored to be a delegate of Noun 123 by
@noun40__
and I will bring forward these ideas within
@nounsdao
.
A thread on my philosophy below 🧵
Assembled my Genesis Adventurer this weekend with a combination of existing Loot holdings, the
@NFTX_
pool, and OpenSea! 🎉
This was the most fun I've had in ages. Tracking down each piece was addicting. Props to
@TimshelXYZ
and
@GenesisLoot
for their contribution to Loot lore!
I wrote about the history of DAOs for this piece! Many great memories from the early days.
Learn about the origins of DAOs via Daemon by Daniel Suarez in 2006, the definition of DAOs from the Ethereum whitepaper in 2013, and the hack of The DAO in 2016.
DAOs are absorbing the internet. This is true across dimensions:
• Talent. Home for the internet's most gifted
• Capital. Controlling billions in digital assets
• Social capital. Where bright minds meet & collab
• Culture. Defining cyber culture
Gm, and let's begin 🧵
If you hold Loot, come battle dragons with me in ! The retro aesthetics of the game are amazing. Incredible work by the team.
I did 49 HP of damage. Joining the battle also earns you an NFT that represents your turn against the dragon.
Vote on whether to burn the keys to the Loot contract or keep them:
The proposal by
@dhof
can be found here: .
After this, we will have an identical vote about whether to burn the keys to the $AGLD contract or keep them.
@damedoteth
❤️ Take some time to disconnect, reset, and let the haters find something new to move on to. You were there for me in the middle of my firestorm during Loot, and it resolved after a few days. I know that it seems terrible and endless right now, but I promise you that it won't be
Two thoughtful proposals around treasuries in the Loot ecosystem for your Saturday afternoon:
1. Discussion on plans for the owner Loot bags by
@dhof
:
2. $AGLD tokenomics proposal by
@BalancedPortfo1
,
@Hill79025920
, and others:
It was fantastic to talk about
@ConstitutionDAO
with
@laurashin
on
@Unchained_pod
this morning!
While we did not win, we onboarded thousands of people onto web3 who had never used crypto before. This is an incredible impact that shows the world that DAOs are going mainstream. 📜
On Unconfirmed,
@WillPapper
, co-founder of
@SyndicateDAO
+ contributor to
@ConstitutionDAO
, discusses:
*how ConstitutionDAO came to be
*what it was like bidding on the Constitution
*Brooke versus David
*what ConstitutionDAO means for DAOs going forward
Had a lot of fun building on top of Farcaster Frames! So nice to have a UI bundled in, no extra steps required before minting.
Built using
@syndicateio
’s Transaction Cloud for minting. The source code is on my GitHub (same as my Twitter username) if you want an example Frame!
@spencernoon
58,971 mLoot claimed so far in under 24 hours vs a fixed supply of 8,000 Loot - important to have both for a healthy ecosystem. We'll see a low volume of secondary sales on mLoot for a long time, especially since minting is fun
What is another take on the definition of decentralization?
Decentralization = "Does this organization avoid single points of failure?"
Autonomous = "Can members act with autonomy?"
This is closer to the original vision of Daemon, rather than the current narrow definition.
There is a team of five people working on $AGLD staking, myself included. All of us are doing it for zero compensation because we love tokenomics and care about $AGLD.
It’s in progress, but the details are complex + important to get right. Here are the questions we're discussing:
What are the implications of this paradigm shift? Lower take rates because web3 protocols require less maintenance than their web2 counterparts. Money and ownership flows to users.
This report by
@variantfund
is a great description of this shift:
Big news for Loot!
@LootExchange
is a Loot marketplace that gives all fees back to the Loot community. Try them out at !
You can learn more at their Loot Talk post:
Builders keep building 🚀 Sustainable ecosystems are the future!
Very excited to support
@utopialabs_
on their journey and partner with them via
@SyndicateDAO
. DAO payroll is critical infrastructure to allow DAOs to go head-to-head with traditional corporations. An important step in allowing people to work for a DAO and receive upside together
This vote is extremely close -- too close to call.
Regardless of the outcome, we know that votes need a clear majority to be seen as legitimate by the community. After the vote concludes, we will:
1. Pass a vote threshold
2. Share a proposal that was designed for a 50/50 outcome
Six hours left on a vote for accepting $AGLD as the governance token for Loot:
The outcome of this vote will inform the upcoming proposals that reconcile the interests of $AGLD, Loot, and mLoot holders. It will also inform the governance structure for Loot
Early Saturday morning, we crossed over 10,000+ investment clubs created on Syndicate since launching 5 months ago. There are now over 12,000+ as of this morning 🚀
And we're just getting started.
Start a club on Ethereum Mainnet or Polygon today:
People are minting the
@RugRadio
NFT developed by
@SyndicateDAO
for $25 right now. Who says that gas fees on Ethereum have to be expensive?
If you're passionate about pushing the limits of protocol design and the EVM, join us at
@SyndicateDAO
:
Quick update on $AGLD staking:
@garythung
is working on it for the AGLD and Loot community! The repo is at . It's being built and is in progress.
Follow
@garythung
for updates on the staking code! Gary is one of the most thoughtful builders in the space 💯
Seeking staking ideas for $AGLD!
How might we allow someone to stake Loot/mLoot while still keeping it in their wallet?
Existing staking code could work, but then staked Loot couldn't be used by games.
One mechanism is what I call signaling. Requires more game theory to work:
Every time I join a Loot community call, I'm blown away by the progress within the
@lootproject
ecosystem.
The Realms team is building a full game on StarkWare using ZK proofs. One day left to stake your Realms for the first drop:
Lords & Ladies,
It's time to board the Galleon to the promised Zero-Knowledged proof land.
@StarkWareLtd
Staking of the Realms is now live here:
You can now begin to earn $LORDS, the native currency of the Realmverse.
A quick thread on the contract:
Question for Crypto Lawyers: What is the best way for a multi-sig signer or on-chain delegate to achieve limited liability protection?
e.g. Is there a standard agreement for assigning a wallet address to an LLC or other corporate entity? (Preferably for US-based entities)
You may notice that the core of this disagreement is around the definition of autonomy.
Are we focused on making systems autonomous or making people autonomous?
I believe that equipping people to be autonomous is what matters for DAOs to scale. Many others disagree with this.
Two very cool on-chain NFT projects launched today:
-
@gm__onchain
by
@isiain
and
@brxckinridge
. Generative gms with a custom smart contract!
- Written by
@libevm
, but the launch was stealthy. On-chain clocks in the style of Loot!
Syndicate is growing, and we're now hiring a Customer Ops Analyst to help us build an exceptional customer experience for all of our new users.
If you're passionate about working with customers and being their voice internally, apply today and join us.
This NFT fundraise by
@StewartBrandDoc
is a very elegant use of
@viamirror
crowdfunds. Providing beautiful NFTs + adding unlockable content is such a delightful way to reward 1,000 true fans. I wouldn't be surprised if it quickly becomes the de facto model for funding new art
Big announcement: we’re releasing We Are As Gods (film on
@stewartbrand
) using crypto through NFTs minted on
@viamirror
! By releasing the film through blockchain technology, we’re exploring a new distribution model for the future of storytelling.
Seeking staking ideas for $AGLD!
How might we allow someone to stake Loot/mLoot while still keeping it in their wallet?
Existing staking code could work, but then staked Loot couldn't be used by games.
One mechanism is what I call signaling. Requires more game theory to work:
@minebuu_
@BalancedPortfo1
@Hill79025920
Yes, we've had a great discussion about this in the AGLD Discord! I would propose:
1. Signal your Loot bag initially
2. Every week, you are eligible to claim an airdrop
3. If you move your bag without unsignaling, anyone on the network can unsignal your bag and receive the AGLD
These ideas were inspired by
@owocki
's thoughtful thread.
I also want to thank founders for deep conversations at DAO Camp
@creatorcabins
. I have deep respect for the view of DAOs as trustless and I believe it's important. It's just not the only option.
The community has hurt itself by restrictively defining DAO to mean "a community group embracing the tyranny of structurelessness".
There's been a rather successful movement to discredit the efforts of any DAO with even a loosely centralized structure as "not being a real DAO".
Looking forward to chatting about the intersection of DAOs and NFTs! The conversation will be relevant to any NFT project that wants to add a DAO community.
Thank you
@AaronitoDOTeth
for hosting 🙌
This is a fantastic description of
@GenesisLoot
and captures exactly why the collaboration in the game is so fun
The Loot universe is already a playable MMO, but no one realizes it yet since the UI is on-chain rather than a video game. We're already in the Loot Metaverse 🤯