Flywheel DeFi

In this episode, DeFi Dave explores the concept of on-chain reputation and its potential in the world of Web3. He interviews David Phelps, the founder of Joke Race, to discuss the power of social Legos and the unique opportunities that Web3 offers. They also explore the importance of leveraging data in Web3 and the challenges and opportunities of monetization and UX in the space.

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Timeline
00:00 Introduction to On-Chain Reputation
03:06 Exploring Joke Race and Web3
09:13 David Phelps' Journey into Crypto
12:06 The Concept of Joke Races and Social Legos
19:36 Leveraging Data in Web3
24:36 Monetization and UX in Web3
26:01 The Biggest Blind Spots for Builders in Web3
32:16 Building in Web3 vs Web2
37:00 The Importance of Composability in Web3
41:31 The Future of Web3 and L1s
43:22 The Rise of Rollups and Differentiation
44:19 Exploring the Technical Side of Roll-Ups
45:15 The Importance of Tokenomics, Brand, and Ideology
46:41 The Potential of Fractal Points
48:33 Incentives and Reputation in On-Chain Systems
50:00 The Flywheel Effect of Airdrops and Reputation
51:27 The Impact of SushiSwap on Uniswap
52:44 The Challenge of Airdrop Farmers and Incentivizing Meaningful Actions
54:07 Using Points to Incentivize Retention Behavior
55:05 The Vision for Frax and Algorithmic Stablecoins
58:57 The Aggregated Base and Reputation in Blockchain
01:00:21 Lightning Round: First Time Touching a Chain, Alternative Career, and Guest Recommendation
01:02:46 Summary and Closing Remarks