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Onchain Letters Roundup #1

A letter to the Onchain Letters Community

Welcome to the 4 new people who joined the onchain letters community since yesterday!

I'm thankful for all 47 of you and I hope everyone is having an awesome Friday 🔥

If you're enjoying my writing, please share Onchain Letters with your friends in Crypto 🤝

To the Onchain Letters Community:

I started Onchain Letters on December 18th and just sent out my 10th letter yesterday!

I also did 2 bonus posts that were less about crypto and more about my thoughts on 2024 and the craziness of the markets.

For today's letter, I wanted to take a second and thank all of you again for being the earliest supporters of Onchain Letters!

At first, I was going to send out a long post on some crypto topic but I decided what the heck it's Friday 😂

So today I'm going to do a quick roundup of the letters I've sent out so far. In case you've missed any of them, hopefully you get a chance to catch up this weekend!

Also, I wanted to be transparent with the community on my metrics. I'll keep giving updates like these after every 10 letters:

  • Subscribers: 47

  • Total # of onchain mints of my posts: 96

  • Total page views: 1500

  • Open rate: 43%

  • # of days since I started Onchain Letters: 25

#1: A letter to six

Topic: Screenshot essays, Zora notes, minting, & 100 unique collectors

As you continue to publish your essays, grow your collectors, and hit your 100th post, I'm excited to see what insights we'll learn from the experiment. More specifically, the insights from the wallets that interact with your work:

  • What do these wallets have in common?

  • What else are your collectors doing onchain?

  • Is there a single thread shared amongst all your collectors that leads to a community that would have never formed otherwise?

  • What does the graph of your collectors look like?

#2: A letter to Bountycaster

Topics: start niche, smart composability, building on Farcaster, & BountyGPT

I know the classic lesson for founders to start with a hyper-focused user group is well established. But watching both of you implement it with Bountycaster was a fantastic case study on how builders should think about finding product market fit. Choosing to actively engage with the Farcaster network was a perfect example of working smart. Heck, the both of you even decided to keep an upper limit on the FID# that could engage with the product!

#3: A letter to Drew & Derek

Topics: Prop 450, Nouns Coffee Shop in LA, Proliferate ⌐◨-◨

What is most amazing about this project to me is that the both of you are getting out there and actually educating people who don't know or care about crypto. Staffers, customers, & anyone driving by will now inevitably start wondering what the heck this is ⌐◨-◨ . What better way to talk about public goods, what crypto stands for, the Nouns brand, etc. than over a cup of Nounspresso?

#4: A letter to Interface

Topics: Onchain notifications, discovery, & social

Though Interface didn't invent the "mint" button, I believe you all are the first to display it on a social app that feels very similar to the "like" button. Hopefully, as the next wave of crypto adopters join the club, they all start using Interface and get used to the idea of hitting the mint button just as much (if not more) than the like button.

#5: A letter to Georgie & BlueberryDAO

Topics: Variety x Nouns Christmas party for 5000 kids

Bridging together your passion for helping kids in need and your excitement for Nouns, DAOs, & crypto is something many others in the space can learn from. How can you take a pre-existing hobby or passion of yours and try to creatively incorporate crypto values? It's these authentic experiences that will bring people who have no reason to care about crypto all of a sudden get excited about what all this new technology has to offer.

#6: A letter to LGHT & Boop

Topics: Bootstrapping creativity through hypercultures

If I were to take a guess, it's the startup culture of this past decade that plagued a bit of the thinking around wanting to start with a fresh creative idea. But, that's what makes crypto different than the web2 world. It's not startup culture but hyperculture that matters now. With the hyper framework, it's now possible for communities to grow and win together.

#7: A letter to BTC ETFs

Topics: Parallels in the origins of Gold ETFs ('04) & BTC ETFs ('24)

Gold ETFs increased investor interest in the metal tremendously.

In the subsequent 8 years gold’s price quadrupled+ from $400 to $1,800 adding ~$8 Trillion in market cap going from ~$2 Trillion to ~$10 Trillion.

There's no doubt that the same will happen for Bitcoin. It may be on a smaller scale, but the floodgates will open regardless. Less regulation stigma around crypto and access to Bitcoin exposure for the whales will be crucial to the growth of the crypto ecosystem especially as this next halving rolls around.

#8: A letter to 0xDesigner

Topics: Importance of language in crypto & relentless juxtaposition

Perhaps one of my favorite threads of yours was the importance of language in crypto. I never bothered to question the word "wallet" even though I use one daily. When I joined crypto, that's what everyone called it so I just went along. But what if Farcaster used the term profiles? Or Sound used the word libraries? I'm not sure if those are the right answers but the core point clicked for me: the words we use when building products matter. A lot.

#9: A letter to Neynar

Topics: Hivemind-as-service, the social data layer, & Farcaster Cloud

Similar to how prediction markets demonstrate what people really think, Farcaster's data layer will provide an endless amount of "on-the ground" data about anything and everything.

Neynar is abstracting away the infrastructure complexities and enabling people to tap into the social data in meaningful ways.

#10: A letter to Nic Carter

Topics: Parallels between the Eurodollar and Stablecoins

The point I'm trying to dive home here is that whether American regulators like it or not, stablecoins are here to stay. In this bear market, the 70%+ of onchain transactions were stablecoin activity.

And for a good chunk of 2023, American regulators showed their fear of stablecoins to the rest of the world. Countries like Honk Kong and Singapore were quick to notice and successfully ate some of the market share.

That's all for today!

I'll be back Sunday with my weekly "What I minted" segment.

I hope everyone has a fun weekend 🙂

Also, if you received some value and learned something new from any of the letters above, it would mean a lot to me as a creator if you could share Onchain Letters with your friends in crypto!

It could be something as simple as sending them this link

- YB

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