Jack Knu

Wild, wild stuff: Filing to register 32 ETFs tied to each NHL franchise. Each ETF will invest in futures contracts tied to the CME FSPI index for the team concerned. The index measures 'cumulative team performance'. Example description shown. sec.gov/Archives/edgar/data/…

In the last 3 months, we have seen the two biggest DAOs literally just die -- The Aave and ENS stories just proved that, people in web3 are no different than any other industry: no matter what they claim to believe, people corrupt. As a builder, this should be a warning: there are tons of founders in the space who are friendly and nice, but very few can hold their principles if it costs them the opportunity to pocket 50 million. This is the exact power and incentive structure we wanted to avoid with smart contracts. I've learned the lesson with teams I was closely with: there are lots of people who do not hate centralization of power. Most people who claim they do just hate the fact that they aren't in control. The incentive is really just too powerful, and honestly until I am presented with an opportunity like that, I can never be sure how I would act. So, if any lesson can be learned here, it’s really back to what to build on: trust the protocol. Trust the immutable code. If it’s an upgradable proxy controlled by a DAO, consider the protocol owned by the founder. Build on protocols no one control if you don't want dependencies.