Exploring the impact of narratives on crypto trading and the need to stay vigilant in the 24/7 crypto market.

Introduction to Crypto Trading Narratives

A special episode featuring the Tensor team and Meow from Jupyter discussing the Solana ecosystem and the impact of various narratives on crypto startups.

Valentine's Day Special with Tensor Team and Meow from Jupyter

Discussion on the role of points in the crypto market, product market fit, and the importance of building a good product before using rewards to drive users.

Points Meta and Product Market Fit

Exploring the flexibility of points and the ability to modify rewards programs based on user behavior and feedback.

Flexibility and Practical Considerations of Points

Comparing the flexibility of points with tokens and discussing the importance of clear communication and setting expectations for users.

Points vs. Tokens and Communication Strategy

Exploring the regulatory arbitrage and gamification opportunities associated with the points meta in the crypto market.

Points Meta and Regulatory Strategy

Debating the longevity of the points meta and the potential shift towards alternative strategies such as NFTs and leaderboards.

Future of Points Meta and Alternative Strategies

Discussing the evolution of incentives in crypto and the significance of maintaining a clean and simple narrative for startup success.

Incentives in Crypto and Importance of Narratives

Emphasizing the importance of synergy, community dynamics, and team strength in building successful products in the crypto market.

Importance of Synergy and Community Dynamics

Exploring the impact of new standards such as ERC404 and SPL22 on the Solana ecosystem and the potential for novel market dynamics.

New Standards and Market Dynamics

Insights into the role of user feedback in product development and the importance of holistic well-being for founders in the crypto space.

User Feedback and Product Development

Discusses the usage and value proposition of FlexLend, emphasizing the importance of user feedback in product development.

FlexLend and User Feedback

Explores the concept of product-market fit and the evolution of user feedback as a product matures.

Product Market Fit and User Feedback

Highlights the benefits of using FlexLend, including earning good rates on USDC and stablecoins with minimal effort.

Benefits of Using FlexLend

Discusses the community dynamics and tribalism in the crypto space, emphasizing the need for understanding and support for founders.

Community and Tribalism in Crypto

Explores the diversity of NFT communities and the concept of product-market fit in the NFT space.

NFT Communities and Product Market Fit

Discusses the potential of tokenizing real-world assets and the financial implications of NFTs.

Tokenization and NFTs

Explores the challenges and opportunities in the crypto space, including user conversion, liquidity, and market diversity.

Challenges and Opportunities in Crypto

Compares the strengths and challenges of Ethereum and Solana, including liquidity, developer base, and research culture.

Ethereum vs. Solana

Discussion about the practicality and potential of localized fee markets, AppChains, and the bridging of current and theoretical models.

The Future of Localized Fee Markets

Exploring the potential and use cases for Solana and Ethereum, including the benefits and challenges of each platform.

The Bull Case for Solana and Ethereum

Exploring the benefits and implications of onboarding new use cases and the introduction of token extensions on Solana.

Onboarding New Use Cases and Token Extensions

Discussion on the capabilities and practicality of token extensions on Solana, highlighting the platform's practical approach to real-world use cases.

The Power of Extensions and Practicality of Solana

Conversations about the upcoming Firedancer release and the potential improvement in transactions per second (TPS) on Solana.

Firedancer and TPS Improvement

Exploration of the ERC404 dilemma on Ethereum and the introduction of libraries on Solana for building new use cases.

ERC404 Dilemma and Introducing Libraries

Discussion on the competitive landscape of blockchains, including the positioning of Ethereum, Solana, Cosmos, and Polkadot.

Competitive Landscape of Blockchains

Conversations about the tribal nature of crypto communities and the future vision for Tensor, including the financialization of assets on Solana.

The Tribal Nature of Crypto and Future of Tensor

Exploration of the potential for bringing real-world assets on-chain and the democratization of capital markets through blockchain technology.

Bringing Real-World Assets on-Chain

Discussion on the future of NFTs and the unique opportunity presented by Solana for building a permissionless marketplace for non-fungible assets.

The Future of NFTs and Solana's Opportunity

A discussion about Valentine's Day and a romantic conversation about Wenwen token.

Valentine's Day Gift

A discussion about the qualities of Alliance, including their investment approach, friendship, and support for startups in the crypto space.

Shilling Alliance

An overview of the quality of companies and builders associated with Alliance and their impact in the crypto space.

Quality of Companies and Builders

A passionate pitch for Alliance, emphasizing their willingness to try new things and their support for startups.

Pitch for Alliance

- The video discusses the use of points as a reward system in the crypto industry
- It explores the potential of points as a way to attract and retain users, but also discusses the limitations and potential exhaustion of the points meta
- The conversation also touches on the regulatory and gamification aspects of using points
- The speakers suggest that while points can be effective for established products, new startups may need to explore alternative reward structures like NFTs or leaderboards
- The discussion also delves into the concept of copying and iterating on existing projects in the crypto space, with examples of successful and unsuccessful attempts

- The importance of having a clear and simple narrative for a product or company is emphasized
- The failure of SushiSwap is attributed to not thinking from first principles and copying someone else's vision
- The importance of understanding user needs and building products based on user feedback is highlighted
- The value of customer service and addressing the "long tail" of issues for users is emphasized
- The significance of attention to detail and addressing even the smallest issues for users is discussed
- The importance of learning from catering to individual users is emphasized

- The discussion revolves around the importance of focusing on user experience and building products that cater to the needs of the users in the crypto space.
- The conversation also touches on the emergence of new standards and tools in the NFT and DeFi communities, particularly on Solana and Ethereum.
- The interview with Daniel Garay highlights the importance of user feedback in shaping the product, FlexLend, which aims to simplify DeFi lending on Solana. He also emphasizes the importance of maintaining a balanced lifestyle as a founder.

- The video discusses the value proposition of FlexLend and the importance of user feedback for startups.
- It also touches on the growth and positive feedback of FlexLend.
- The conversation then shifts to the NFT space and the importance of building resilient communities within it.
- The discussion highlights the different approaches and strengths of NFT founders in building their communities.
- It concludes with the prediction that NFT communities will become more diverse and reflective of their founders' personalities.

- The discussion centered around the use cases of NFTs, with a focus on the idea of NFTs as communities and tokenizing real-world assets.
- The potential for NFTs to be used for financialization and global liquidity was highlighted.
- The importance of targeting users within the crypto community was emphasized, with a focus on the $2 trillion on-chain wealth.
- The advantages of building on Solana, such as critical mass of markets and user adoption, were discussed.
- The compounding effects of momentum and developer pain on Solana's growth were highlighted.

- The discussion revolves around the strengths and weaknesses of Ethereum and Solana
- Ethereum is seen as having more liquidity, mindshare, and institutional players
- Solana is praised for its strong engineering community and potential for growth in the decentralized finance space
- The conversation also touches on the potential of localized fee markets and the challenges of scaling for both Ethereum and Solana.

- The discussion revolves around the practicality of AppChains and the potential of Solana and Ethereum
- Solana's focus on onboarding new use cases and users through token extensions is praised
- The upcoming Firedancer on Solana is expected to significantly increase TPS, but the impact on client diversity is a concern
- The potential for a third major blockchain to compete with Solana and Ethereum is uncertain, with Cosmos and Polkadot mentioned as contenders

The video discusses the use of points as a reward system in the crypto industry, exploring their potential and limitations. It also delves into the importance of user feedback and building products based on user needs. The conversation touches on the emergence of new standards and tools in the NFT and DeFi communities, with a focus on Solana and Ethereum. It also discusses the strengths and weaknesses of Ethereum and Solana, as well as the potential for a third major blockchain to compete with them. Overall, the discussion emphasizes the importance of user experience and building products that cater to the needs of the users in the crypto space."""

- The lack of success of Polkadot is attributed to various factors, including a loss of developer community due to mercenary developers and difficulty in securing parachains.
- The team's loss of competitiveness and hunger, as well as the tribal nature of crypto, are also discussed.
- The founders' mindset and approach to building on Solana are highlighted as a contrast to the challenges faced in the crypto space.
- The launch of Blast by the founder of Blur is seen as a polarizing but innovative move, with a focus on providing native yield.
- The challenges and additional responsibilities faced by founders in the crypto space are acknowledged, but the potential for success and opportunity is also emphasized.

- The future of Jupyter involves bringing real-world assets on-chain, such as stocks and other markets
- The goal is to migrate as many assets and use cases onto the chain as possible
- The focus is on executing well on current products and potentially expanding to multi-chain capabilities
- The platform aims to provide liquidity for trading non-fungible assets and real-world assets on Solana
- The potential for financializing the world and supporting various types of assets is seen as a significant opportunity for the platform

- The video discusses the Valentine's Day gift and the episode being recorded
- The conversation revolves around Wenwen token and the qualities of Alliance
- The speakers praise Alliance for their ability to invest in what they believe in and for being supportive friends
- They also mention the quality of companies and builders within the Alliance
- The video ends with a Valentine's Day greeting and a reminder to subscribe to the channel

- Polkadot's lack of success is attributed to factors like a loss of developer community, difficulty in securing parachains, and a tribal nature in the crypto space.
- The contrast is highlighted with Solana's founders' mindset and approach, as well as the innovative launch of Blast by the founder of Blur.
- Jupyter's future involves bringing real-world assets on-chain, migrating assets and use cases, and expanding to multi-chain capabilities.
- The platform aims to provide liquidity for trading non-fungible assets and real-world assets on Solana, with the potential for financializing the world.
- The video discusses the Wenwen token, Alliance's qualities, and ends with a Valentine's Day greeting and a reminder to subscribe to the channel.

Imran and Qiao invited Meow, Richard Wu, and Ilja Moisejevs, founders of Jupiter and Tensor to share founder lessons and talk about what's happening on Solana. 
No BS crypto insight for founders.

Timestamps

00:00 Intro
01:05 Welcome to Good Game
01:44 Thoughts on the Points Meta
06:00 Is the Points Meta Here to Stay?
08:09 Incentives in Crypto Never Goes Away
09:10 Out of All Copy Pasta in the History of Crypto, Only One Worked
21:31 How Do We Make Trading NFTs More Efficient
25:08 Finding Your Wedge
27:22 New Segment: Crypto Startup Stories
33:11 "When Jupiter NFTs?"
37:21 Where is the NFT Space Going?
47:07 Does Tensor Feel Threatened by Aptos and Sui?
50:10 Some Reasons Why Ethereum Would Beat Solana
01:01:34 Solana Token Extensions
01:04:09 Solana Firedancer - When and How Much Faster?
01:09:34 Why Polkadot and Cardano Didn't Take Off
01:13:02 Is Crypto Still Going To Be Tribal 10 Years From Now?
01:15:48 Thoughts on Blur Launching Blast
01:19:41 What is The Future of Jupiter and Tensor?
01:24:25 Stablecoin Skyrocketing in Countries that Don't Have Financial Rails
01:29:59 When Jupiter/Tensor Token?
1:30:55 Why Shill Alliance?

Meow Twitter/X: https://x.com/weremeow
Richard Wu Twitter/X: https://x.com/0xrwu
Ilja Moisejevs Twitter/X: https://x.com/_ilmoi

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.

Welcome to Goodgame, your no BS insights for crypto founders.

People in crypto are trading based on a single narrative or a couple of narratives.

Otherwise, we might have faced disruption by some other startup who jumped on it quicker than us.

I think basically in crypto, more so than in Web2, you can never rest on your laurels.

Like more paranoid than I would like to be.

It's easier to say what I don't lose sleep over at this point.

It's like you're trying to go on a date or something where you're trying to look at a girl, but you think NFT is like market share.

Yeah, I mean, we do live in a 24-7 market.

Looking for your next startup idea in crypto?

Check out our request for startups list and get inspired at alliance.xyz.com forward slash ideas.

I feel like we're spending some quality time together

But today's a special episode because we have both the Tensor team and Meow from Jupyter.

They came to speak to our founders within the Alliance cohort.

We're running our program here in New York and we figured, why not run a quick podcast session and talk about what's happening on Solana?

I would say many narratives are running in place, but I'd love to touch on 1, which is points.

It seems like people are starting to dislike points or they're just getting overwhelmed with points.

You start to see startups that don't even have product market fit run points, thinking that they can get their next 10,000 users.

But obviously that's not the case, having that you've both ran points programs.

So I guess, what are your thoughts on the points meta now?

I think points, like everything in life has its place.

Okay, but in all seriousness, I think if you're pre-product market fit, and the way you find that out is that you don't have even a small number of users that show up to your product daily and repeatedly.

I think if you're before product market fit, you shouldn't be thinking about rewards at all, whether that's points or something else.

Once you hit product market fit, rewards is just a way for you to take your product from like a tiny minority of users that discovered it by themselves to a larger subset of users that are almost like incentivized to try it.

But there better be a good product underneath for them to stick around because if there's no product then they're just going to come and go.

think the point of the points is to not think about the points too much.

It's about building the product and then using rewards to drive users to it.

Another practical consideration of points is that there's a lot of flexibility in what you can do with them.

As in once you, let's say, give someone points, you at least have some like way to modify it as you sort of experiment with your rewards program.

You know, maybe you notice that a lot of people are doing the wrong things or doing unintended things that you didn't want to induce on your product.

And it gives you the flexibility to change it as you go.

At least for us, we had multiple seasons, and we basically had to revamp the entire point system every single season, just because we saw some of the negative externalities of the way that we formulated the initial points formula that we learned from and adapted in subsequent seasons.

And that's a very powerful optionality you get as a founder for using points.

Because tokens are much harder to change in terms of token economics.

It's almost like a benefit that they're non-transferable, right?

like tokens are, points are interesting, right?

Because tokens are, in some sense, very definitive.

It's like once the token is out there, it's out there.

Whereas for points, as I mentioned earlier, there are many ways you can actually change it and adapt

I guess from a user point of view, the frustration becomes, okay, I do all these things, but I don't know how much I'm getting.

And actually, I mean, there are many ways to go about it.

It's like you can have a point system or you can have a point system that denotes a certain percentage in the protocol, or a certain point system with a certain end time.

So I feel like a big part of it is like, how do you match attention?

Because if you don't promise anything, I think of 2 extremes.

1 extreme is that, okay, you don't know how much you're getting, you don't know what's ending, you don't know what's a cap.

The other version is, okay, you know exactly how much you're getting.

So I feel like there's no good answer here, but I think communication.

I feel like the main thing is that, combining to what he was saying, is that, I think, can you communicate early on and set expectations?

And slowly converge into a more concrete thing, right?

So I feel like that expectation and that convergence is very important if you ask me, right?

I think what's driving, obviously, the points meta is the regulatory arbitrage, which is, at least in the US and certain parts of the world, you can't just airdrop tokens to their users.

So this is a way to at least save some time so that products, startups can think about what their regulatory strategy is when they're dropping tokens.

And I think that's the fundamental narrative for founders.

But I also think it's a great way to gamify your experience and attract new users.

So I do think there's an opportunity to gamify, keep people engaged, and things like that.

Pavel do you guys feel the points meta is here to stay, let's say, 6 to 12 months from now, or is it being played out?

I do think that 2 years from now, probably not, because there's like levels of tiredness.

And I think we're kind of itching into the last quartile of tiredness where it's like, okay, like it's getting a little tiresome.

And honestly, if I was starting a new product right now, I wouldn't do points.

I don't know, leaderboards, badges, NFTs, like NFTs that morph, NFTs that change.

I think NFTs is this form factor that is infinitely flexible.

Just find interesting things, NFTs that level themselves up.

I don't know, like do something different.

Do something that people are gonna talk about on CT.

Tushar from Multicoin, I think he tweeted about this.

He wrote an article about this, which is back in our day, you could mine Bitcoin to get Bitcoin, right?

And then you had, that was like the fundraising landscape.

Then the next phase was NFTs, like buying NFTs early.

So it could very well be that the meta that you mentioned could change into something more gamified.

But I'm sure there's someone that's gonna be crack, that could crack that.

I think if you have a good product and you just want some reward structure to like maximize growth or like to increase the rate of growth, I think points are perfectly fine.

Because if people are using your product because there's product market fit and it's intrinsically useful, it doesn't matter what kind of weird gamification, convoluted setup that you can give them, points are, I think, fine.

However, if you're a new startup that hasn't really reached product market fit, and you just want to make a big splash with something novel or something unique, and you want to also drive a bunch of distribution that you don't already have, then yes, you'll have to think of something else besides points.

I think if you look at incentives in crypto, it never goes away, right?

Every single incentive that happened in the past is still the future.

It just becomes more interesting, and more fancy, and more diversified, right?

I mean, we're still seeing ICOs, people are still mining.

And even the product market fit thing, right?

Sometimes you don't even need product market fit, right?

We all know projects that just launch a...

No, no, or even a replica of a different project, right?

And then just, oh, hey, we have points or we have tokens or something, you know?

If somebody launches a pure replica with a token versus something that doesn't have a token, to me a great example is LooksRare.

Copy, paste, open, C, slap on a token, went to 0 because it didn't try to do anything new versus Blur and us that actually tried a different form factor.

So yeah, Sushi Shop did it pretty well, I feel like.

at the history of all copypasta in the history of crypto.

Monero is actually a fork of another project that, and this was like back in 2013 or something.

Monero is the only copypasta, the only fork that turns out to be the winner.

Everything else that forked a previous product has failed.

I think if you copy pasta and then you just iterate on new things really quickly, that could also turn out to be a good outcome.

But I think like maybe the SushiSwap example is bad because I feel like execution was also not as great as Uniswap.

And so they didn't take advantage of all the momentum they got initially.

They just kind of like, oh cool, now we're like 50% market share.

front end had like 10 different products you can choose, whereas Uniswap is super clean.

And that actually goes to something that I feel you start to understand the more time you spend in crypto.

And that is the importance of narratives and the importance of keeping them very clean and simple.

As a founder, you basically want your product and your company to have 1 narrative and 1 narrative only.

It's also the hardest thing to do because you can only pick 1.

But the founders that do that, I think do really well.

Wouldn't Mel take the other side of this?

But for Spot and derivatives and Launchpad.

This is not products, this is narratives.

For dancers, the liquidity layer for NFTs, That's all we're doing.

know, I realized with SushiSwap, the reason why I think they failed was the fact that they didn't think from first principles, right?

They copied someone else's vision and then they put in their own way that they thought that the product should go, and it obviously fell flat.

So copying another product, fine, but really you've got to find the inspiration of understanding what your users want.

And you could only do that by building the actual product first,

Actually, just let me share something here real quick.

For us anyway, I think the reason why I think we did well is that, it's too early to tell.

I think the key idea here is that synergy.

It's like, for example, if you went off to do something completely different, I can't tell you what, but when the user comes to Jupyter, what else is he going to do?

What else is he going to be interested in?

Is he going to be interested in spot, in DCA?

Is he going to be interested in new projects they're forming?

I think it's really, really important to have 1 narrative.

And for us, it's okay, can we build the best on-chain exchange possible?

And the second thing that we really care about is synergy.

Okay, hey, when a user comes in, right, would they find everything interesting?

Anything that we don't think users will find interesting is no go for us.

You know, like, because again, I'm telling you guys, like, building is easy.

I'm telling you, like, just building new stuff is easy, right?

But building, like, real competency is very hard.

Like, every single product we build and stuff, oh my God, I'm telling you, to get there was really tough.

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Founder Lessons with The Jupiter and Tensor Teams