Summary: Web 3.0 Hackathon Finale

  1. CHFRY Finance (🥉 Winner: 3rd Prize)
  • DAOs can create a more kind of equitable investment atmosphere for VCs in general as well as the projects. Oftentimes, DAOs are more willing to invest into super early stage and personal founders, which can make the market more efficient as talents get discovered more easily and efficiently.
  • VCs are going to have to kind of evolve in a certain sense to value add and be more active in some niche focused DAO communities or higher partners.
  • Most DAOs have more distribution of tokens to the community to incentivise people to use the platform, and that can be a powerful tool. If this token distribution can help projects do well because they have large communities happen faster, VCs would be extremely supportive of it.
  • There are arguments right now especially in the solana ecosystem that many tokens built on top of solana have large VC allocations and as the unlocks happen the tokens just dump. Everything is transparent now on chain and by dumping, people will notice and it can give a certain impact to your reputation.
  • ​​It is true to some extent that web3 is merely a buzzword coined by VCs which leads to the same centralized model as web2 as majority of the tokens are owned by VCs or early investors on Solana. But on the other hand there are other metrics of decentralization with a lot of alternatives and new projects on Solana which do not have VC funding.
  • Decentralization is a spectrum and what we are trying to figure out now is where on that spectrum is acceptable, or do we think is the optimal place between efficiency and getting things done and kind of that censorship resistance or maximalist view.
  • VCs do not necessarily have to be opposed to decentralization themselves as they can see freedom of speech or outside of the control of a particular centralized agency as a good on its own.
  1. Ben Zhou, Co-Founder and CEO of Bybit

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