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.org/). 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: etherscan.io/token/0x32353a6… 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.

What users see on Believe vs what creators see on Believe

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.

The most overconfident projects in this space are the ones that are pre-launch The most humble projects in this space are the ones that are post-launch

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+)

Very excited about the introduction of 3074! It'll be a massive improvement for transaction bundling and permission delegation

_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.

This is one of the coolest things in crypto I've seen in a long time. You can understand the entire industry from this one image :)

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. medium.com/@LITWTF/lit-welco…

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.

Are you a Solidity dev or mechanism designer? If so, are you excited about potential sequencer revenue models that go beyond gas fees? If so, apply to the @metabasedorg fellowship! Get paid $20K to design new sequencing mechanisms with feedback from some of the leading investors in the space. The fellowship runs for eight weeks. You do not have to be full-time -- participating alongside existing roles is perfectly fine! nitter.app/metabasedorg/status/18…

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!)

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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

One of the most interesting token launch experiments just happened tonight It's still early, but it's possible that a new mechanism design has emerged to compete with the traditional token launch playbook iykyk

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! piped.video/watch?v=xAxBiBnJ… 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.

Gn friends, today has been fun! Very glad that $AGLD brought so many people joy today. Take care of yourselves out there.

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 👇

Shipped this year: @SyndicateDAO V1 @SyndicateDAO V2 @SyndicateDAO Membership NFTs $AGLD @ConstitutionDAO (Compliance) Quite the year. Grateful to work with so many incredible people. Looking forward to 2022! 🎆

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.

Some of the most exciting things in crypto are happening in the Aerodrome Discord iykyk 👀

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.

SYND staking alpha leak 👀

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!

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 💯

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.

Anyone interested in a walkthrough of Farcaster’s Snapchain?

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

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! juicebox.money/#/p/constitut… 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

SYND is now available on Coinbase I’m excited for more people to have access to our network and to be able to share our vision of horizontally scaling Ethereum Our roadmap for the next few months is incredible. Will share more soon

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: syndicate.io/ Incredibly grateful to the dozens of beta partners who helped us polish our product and create such an amazing UX! 💯

Halfway through voting, the SYND launch on @AerodromeFi has blown past 5% of all votes and is approaching the top 3 pools Thank you for your belief in us! We are excited for launch on September 17th

Sitting at an airport coding a new contract for @SyndicateDAO. DM me if you've been considering setting up a DAO for an NFT project 👀

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!

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 initiatives. (e.g. See how everything is like and recast gated with the same drop style, without as much experimentation in new drop styles. Also see the surge in blog posts saying “You can use Frames with X product!” that are highlighting marketing rather than product changes.) A bit more grifty but still fun and interesting. ☑️ We are entering this phase as the Frame interviews go live. Day 7 - 10: Enters crypto media mainstream (Bankless, etc). Becomes euphoria about the future of interaction paradigms. “This will bring crypto to everyone!” ✔️ Day 11 - 14: Disillusionment as the paradigm doesn’t change crypto adoption overnight. Criticism: “Here’s why the model doesn’t work.” Also thinkpieces from competitors: “X has failed, Y is better. Come use Y, it’s the future.” ✔️  Day 14 and beyond: The trend settles down and expectations become reasonable again. The paradigm is seen as an interesting advancement, rather than a revolution that will change everything overnight. People keep building quietly. A core keeps advancing innovation on it. Adoption is slow and steady. This is where the high quality usage 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)

$CLANKER went up ~25% on this proposal. This effectively values Rainbow’s token at a minimum $1B+ FDV (Especially if the market is pricing in a discount, given that this may not close) Maybe Rainbow kicking off the points meta will have value in the end 😅

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 👀

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 🔥

Loot holders, vote on royalties for secondary sales that will be used to fund the Loot ecosystem! snapshot.org/#/loot-dao.eth/… This will help make the Loot ecosystem into a sustainable place for projects and builders in the long term 🙌

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.

The new zkVM announced by @zksync is big news, for a subtle reason. One savvy move they're making will skyrocket their odds of success With two dozen zkVMs in development, gaining enough assets to be seen as secure will be the hardest challenge for any zkVM. ZKsync has a key advantage here. When ZKsync migrates their existing rollups to their zkVM, they will have multiple orders of magnitude more value secured than any other zkVM (possibly more than all other zkVMs combined) In the same way as multi-sigs, zkVMs will likely also have snowballing effects where larger total value secured leads to more adoption (I have no affiliation with any zkVM team, but we use zkVMs in our appchain stack for @syndicateio so I watch the space closely)

There are a number of proposals around $ASLV. Here are two examples: loot-talk.com/t/proposal-mlo… loot-talk.com/t/create-a-new… 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 Loot ecosystem keeps building! This visualization of derivatives is incredible. The energy from builders continues to amaze me

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.

Looking forward to chatting about the Loot ecosystem with @bankless, @anishagnihotri, and @jacksondame! Going live in 15 minutes 🙌

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.

We use Lit at @syndicateio and we are so excited for their community launch via @AerodromeFi You hear a lot about TEE attacks. Lit has an elegant solution here, which is that multiple TEEs must agree via threshold cryptography More nodes across many physical locations = safer

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".

Build whatever ✺ 👀

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.

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: syndicate.io/

Launched $AGLD 🎉

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! 🙌

SYND votes on @AerodromeFi have now flipped WETH/AERO 👀 We are already a top five pool in under two days. Five days to go!

Join SYND’s first staking epoch Still open for staking. For now. Stake and be early: commons.syndicate.io

You can now claim your Loot items! Incredible work

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!

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 🎉

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

I'm glad you found my thread helpful!

$3.7M organized by @prtyDAO, with the majority of it coming in within 24 hours: partybid.app/party/0x2912F57… 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 🧵

👀 (And yes, this supports Loot, mLoot, and Synthetic Loot! 🎉)

Loading 1 million TPS for @syndicateio: [█████-----------------------------------] 12.5% 125K / 1M TPS

Very excited for the launches we have coming up 👀

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 @timshel and @GenesisLoot for their contribution to Loot lore!

I don't normally make these types of posts, but @RelayProtocol by @reservoir0x is the very definition of quiet competence. Absolutely excellent at what they do, and rollups know it. They're powering a lot of talented groups behind the scenes. Congrats on the fundraise @ptrwtts!

community ownership + scalable tech + aligned incentives = Syndicate chain

Great overview of why we took the leap to launch with @AerodromeFi The launch is unprecedented. It’s worth the unknowns to have SYND go into the hands of deeply aligned holders

If you hold Loot, come battle dragons with me in questsforloot.com/! 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.

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. readthegeneralist.com/briefi…

When sequencers are programmable and verifiable, they can start to be customized to a huge degree without sacrificing decentralization Excited for this partnership with @eigencloud to scale programmable sequencers!

Vote on whether to burn the keys to the Loot contract or keep them: snapshot.org/#/loot-dao.eth/… The proposal by @dhof can be found here: loot-talk.com/t/lip-0-burn-t…. After this, we will have an identical vote about whether to burn the keys to the $AGLD contract or keep them.

Two thoughtful proposals around treasuries in the Loot ecosystem for your Saturday afternoon: 1. Discussion on plans for the owner Loot bags by @dhof: loot-talk.com/t/owner-bags/1… 2. $AGLD tokenomics proposal by @BalancedPortfo1, @Hill79025920, and others: loot-talk.com/t/adventure-go…

Fewer memecoins, more apps

❤️ 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

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

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. 📜

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!