Bankless - SotN #47 - Gitcoin DAO & $GTC token, with Kevin Owocki

Episode Date: May 26, 2021

Gitcoin is turning itself into Gitcoin DAO, governed by the community and GTC holders! Come learn all about Gitcoin DAO, GTC distribution, and the responsibilities of the governors! ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer  👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  ------ State of the Nation #47: Gitcoin DAO & $GTC token Guest: Kevin Owocki In this week's State of the Nation, we bring on Kevin Owocki to discuss the decentralization and DAO-ization of public goods funding platform Gitcoin, and the launch of their $GTC token. Kevin is the former benevolent dictator (CEO) of Gitcoin and a General in the war against Moloch (human coordination failure). The purpose of Gitcoin is to provide a platform for open-source software developers to acquire funding for their projects. Kevin mentions that open-source creates $500B in economic value yearly. In the crypto space, and on the internet at large, open-source development means that something is free to use, fork, or build on. This accessibility has been a driving force behind web development, and Gitcoin's mission is to create a business model for open-source software developers. Gitcoin has raised around $20M since its initial launch in November 2017. Gitcoin DAO is seeking to meme itself into the Quadratic Lands, where public goods are well-funded and digital democracy reigns. As Gitcoin has grown, it has come to the point in which a DAO is more well-served for Gitcoin's goals of activism and open-source development. Anti-fragility and distributing points-of-failure are key benefits of transitioning into a DAO. The alignment of incentives between the individual and society is crucial for optimizing capital efficiency and organically generating a better society. GTC = Grow The Community ------ Resources: Coordination Failures https://newsletter.banklesshq.com/p/know-thy-enemy-coordination-failures  Claim GTC https://newsletter.banklesshq.com/p/-alpha-alert-claim-gitcoin-token  Gitcoin https://gitcoin.co/  Quadratic Lands https://gitcoin.co/quadraticlands/  Kevin on Twitter https://twitter.com/owocki?s=20  ----- 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. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

A bankless nation, we are here. Another of state of the nation. This is the time of the week where we talk about what's happening. We related to big picture stuff, the themes of the bankless newsletter and podcast. We try to drop some insights and action items for you. Coming in hot today, super excited about this. Gitcoin Dow just launched.

The GTC token just launched. If you've ever given to Gitcoin, you may be a recipient. of GTC. We are talking to Kevin O'Waki, who is the founder of Gitcoin and responsible for helping to launch this Dow today. Super excited about it. David, are you excited, man? Oh my gosh, absolutely. And I think there's no one more on the forefront of thinking about why Dow's, why digital organizations than Kevin O'Walky. And that's why I'm really excited to get him on the show today because we can talk about, you know, simple, all the basic reasons that everyone hears over and over and over again about why Dow's are good, and those are all real. But when we take them and think

about them at more abstract, more satellite level views, things get really interesting. And Kevin is a great person to talk to about that. And so I'm really excited to get that conversation going here on the state of the nation. So we are going to be talking about the Gitcoin Dow launch, solving the public goods funding problem, not just for Ethereum, not just for crypto, but I think even larger than that. we're also going to be talking about the future of work. In the future, you may be working for a doubt if you're not already, not a company. Super exciting topics. And I think themes of the bankless podcast newsletter writ large.

David, before we get in with Kevin, we should talk about some announcements. We dropped an MEV podcast this week on Monday. It's big brain stuff. Just distill it down for us. Why should folks tune into that and download that episode and give it a listen? Yeah, MEV is the hard problem of crypto. It is the thing that could really just compromise a lot of the reasons why we think crypto is cool. M-E-V is the problem that if you are the person proposing a block either as a Bitcoin miner or an Ethereum validator, you have Godmode over that block. And that really sets you apart as an entity away from the rest of the network. And there's a discrepancy between the values of the network and the interest of that one individual person. this can really send these systems into haywire mode. It can really destabilize these systems.

And so Phil Dian, Georgius Constantinopoulos, and Charlie Noyes are really at the forefront of thinking about this subject. And we had a fantastic conversation. The first conversation that all three of them have been in a room together. And things go from the very concrete to the very philosophical at the very end. Because like many of these things that we touch in crypto, things kind of end with philosophy and really big thinking. And so really, really appreciated that conversation and really glad we could get that out. And like you said, Ryan, on the intro of that podcast, I think that is the first of many M-E-V shows that we must do on the bankless program.

It was probably the first of many listens to you. I just listened to it for a second time this morning, just finished it. So I could let these topics really digest, but super important. We also have a Liquity AMA. Ask Me Anything. Liquidy is an algorithmic stable coin. Stablecoin as the definition that bankless would use, which means it's not backed by a meat space bank or institution.

We're having them on for a live stream Ask Me Anything Tomorrow at 12 Eastern, I believe. David, anything you want to say about that? Yeah, I used the Liquity Project as an example in my coin desk talk yesterday as one of these big brand new, brand new, D5 protocols that have come out very recently that is all about capital efficiency, capital efficiency, capital efficiency, right? Ether as a collateral asset inside of liquidity is a 110% collateralization ratio, so really, really low, and also zero percent interests, and that is the competitive advantage behind liquidity. And really, if you view Defi at a bird's eye view, it's just competition for capital efficiency. And liquidity is one of

the newest protocols to engage in that competition. So we got Robert, I don't know how to pronounce his last name, La Calle, to get... Robert L. Robert L. Number two, not compounded Robert L. He's coming on to answer all of our questions about liquidity and how it works. It's going to be hot, guys. That is why you subscribe to bankless on YouTube. You subscribe on the podcast. That's the way you get this alpha. Speaking of which, Arbitrum next Tuesday, they're coming on State of the Nation, and I've just heard from them. They still plan to launch on May 28th. So I'm super excited about that,

David. Arbitrum, of course, is a highly anticipated roll-up tech scalability solution for Ethereum. So we're going to talk to them next Tuesday. Another reason to subscribe to the bankless podcast. But David, I'm going to start this episode with the question I ask you every single state of the nation that we've done so far, which is this. What is the state of the nation today, sir? The state of the nation is slaying. And we could not do that with anyone else other than Kevin Milwaukee. We are slaying Molok. That is really the through line for me what Gitcoin is trying to do. It's trying to slay Moloch. And if you are privy to the Moloch conversation, you know that he's the god of coordination failure. And the thing that Gitcoin is trying to do the most is allow

humans to coordinate. And you might also know that it's actually impossible to slay Moloch, but you can wound him and make him retreat. And so that is what we are trying to do this week on the bankless state of the nation. We are slaying Moloch. Oh my God. Can we solve the tragedy of the Commons problem? Can we figure out how to give to public goods? That is the topic for today. I'm super excited about that. Guys, we're going to be back with Kevin in just a minute. But before we do, we want to tell you about the fantastic sponsors who make bankless possible. AVE is a borrowing and lending protocol on Ethereum and just recently released Avey version 2, which has a ton of cool new features that makes using Avey even more powerful. With AVE, you can leverage the full power of Defi Money Legos, Yield, and Composability all in one application. On AVE, there are a ton of assets that you can deposit in order to gain yield, and all of those same assets can also be borrowed from the protocol if you have deposited collateral.

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Balancer's mission is to become the primary source of liquidity in D5 by providing the most flexible and powerful platform for asset management and decentralized exchange. Dive into the balancer pools at psalancer.exchange. All right, guys, we are back with Kevin Awaki, who is the benevolent dictator over at Gitcoin, which is a platform to help fund public goods and open source software. Of course, Bankless got its start there as well. He's also a general in the war against Molok, the God of Human Coordination Failure. And he's helping us slay human coordination failure

through Gitcoin. Kevin, welcome once again to Bankless. How are you doing again today on this glorious launch day for Gitcoin? Hey, Ryan. Hey, David. Thanks so much for having me. Things are good.

we released GTC, which is the token, the government's token network, has an economic coordinate get coin Dow, which will be a Dow that generates public goods funding experiments, matures them, and eventually sends the mountains the world to slay Mullock. So things are good. We brought the site down a little bit with our record bubbles of traffic this morning, but we got it back up and feeling pretty good about that now. You definitely got hugged to death this morning for a while. And is this like record traffic for for Gitcoin and the website?

Yeah. We had about 2,000 users on the site this morning when it was going down. And during the, our record during a Gitcoin grants round has been like 800 or 900 people on the site. So number go up with website traffic. That's awesome. I think it's only up from here. Let's start with this, Kevin.

For folks that aren't actually familiar with Gitcoin, maybe this is their first time hearing about Gitcoin. Why Gitcoin? Why does it exist? What's the purpose? For sure. So Gitcoin is a place that you can get coins if you're a software developer working on open source software. Open source creates $500 billion per year in economic value. When I start a startup, I don't write my own database server. I don't write my own web server. I don't write my own open source financial system. I use Ethereum. I use EngineX. I use Postgres. These are open source technologies that allow people to stand on the shoulders of giants when they're starting new. new ventures. And one of the problems is that there's no business model for open source software. It's open source and it's available for free. So why pay for it? And it's Gitcoins mission to make

sure that we can create business models for open source software. After all, we have programmable money. If we could program our values into our money and if we valued open source software, then we can get open source software developers paid. They can get coins. They can quit their corporate job and they can just work on our digital infrastructure and that's our mission. You guys have been crushing that mission so far. This is some of the results. Can you walk us through some of the results that you've seen so far with Gitcoin? Totally.

Yeah. So gitcoin.com slash results is our results page and it updates every three hours. It's like the last update as of right here as a minute ago. We've done about $20 million worth of open source funding depending on when you. It's a volatile cryptocurrency as you know. I think it's between 19 and $20 million right now, doing about $6 million per quarter as of the last quarter, but Q2 is not over yet. And Bitcoin grants, which is when we move the most money to open source software developers starts in about two weeks. So expecting to do a couple million dollars per quarter.

And the big metric for us is how many software developers can quit their jobs and just work for the open internet. And so at $20 million, there's been about a dozen or more software developers that have told us that they've found their next gig or their next opportunity for Bitcoin. So super proud of that. It's been a theme on the bankless program to really talk about the ways that these protocols are disintermediating people from money and people from other people. And really at the end of the day, changing the technology and changing the money of a society is really changing almost everything there is. about money. And so what I really see Gitcoin doing when we see these metrics of $3,000

per hour being streamed out to open source developers, we are really the net result is we are changing the culture of work. We are changing what work is. And to me, that is really the through line for Gitcoin. It's a cultural change platform for, you know, instead of having

a nine to five paper pushing job where you go in and you look busy and you do maybe two and a half hours of work while you're there for eight hours, Instead, there's more something closer to, you know, more fluid work. You choose what you work on. You choose when you work. And you choose how you value your work and your relationship to that.

And I really see Gitcoin pioneering that path. Kevin, I know you have thoughts on this. Where does your mind go when you think about culture, work, and Gitcoin? Sure, yeah. I mean, the analog that I always use when I tell people about blockchain, they ask, what is blockchain? I don't answer that question. I say why blockchain?

And I say the internet of information changed the world because now computers could send information across a computer network and it changed everything in society that relies on information, entertainment, media, politics, journalism. And so I think we have the internet of value and now we can send value across the computer network. And the allegory is that that's going to change everything in society that relies on value transfer.

Whether that's banking, insurance, investment, is in jobs, I think is really the one that people miss because we're also busy. I mean, defy is amazing. Don't get me wrong, but you want Ethereum to go mainstream. You've got to hit people where they're at. And for 95% of the world's population, their financial lives is their jobs and not their investments.

And so I'm super passionate about, okay, we're moving forward into this world. How do we make it as good for talent as possible? How do we optimize not just for, in the terms of economic? How do we optimize for the labor and not just for the capital? And I think that the way that you do that is, you provide new earning opportunities, new opportunities to level up to the world's labor. And software engineers is just a logical place to start because software engineers are going to be able to figure out what a nonce is and how to broadcast a transaction on Metamask.

But hopefully we'll create a better world for the world's workers expanding out from what we learned with software engineers to communities across the world. And I don't take that lightly. I think that this is a really important part of people's lives. And we're not going back to the world that used to exist, but we can create a better world for them. And so for me, I think one of the real things about Ethereum that's pretty cool is we're moving from the industrial age when there was a lot of hierarchy in the organizations that we were involved with. And now we're moving to a network age where the everyday average participant can work for the open internet and can

work for the network. And one of the cool things about that is like imagine a mesh network of jobs where I can work for David one day and bankless the next day and then I can go work for the open internet after that. And so a mesh network of jobs where we're all working with each other peer to peer instead of working for a boss who works for their boss, who works for their boss, is I think where we're going to go. And the last thing that I'll say is just that there's a lot of jobs that needs to be reinvented. There's there's compliance, there's insurance, there's retirement that's bundled with jobs. And we're just at the starting line for how people are going to earn in the 21st century. I'm really excited to be pushing this forward along with

other great projects in the Ethereum ecosystem, like Opelisk, like radical, like common stack that are trying to create a better world for the world's labor, not just for capital. Kevin, there's a line in the Cypherpunk manifesto that says, cypherpunks know that cryptographic protocols make social structures. Is it too generous to say that Gitcoin is a cypherpunk platform that coordinates funding towards other cypherpunk platforms? And to me, the evolution of the cypherpunks is that, you know, they may, they may early cryptography and then that made Bitcoin and then and then that made Ethereum.

And the cool thing about Ethereum and also the cool thing about Gitcoin is that the cyph-the-cryptographic side of things has kind of been taken care of and now we can do other cypherpunk stuff that's not necessary about cryptography but still of the cypherpunk ethos. And my mental model for Gitcoin is that it's a cypherpunk platform that funds other cypherpunk things. Ryan started the bankless newsletter and and got his first donations from Gitcoin, I started just writing about stuff, writing about the things that I saw in Defi,

and I got my first funding out of Gitcoin as well. And so both Ryan and I are graduates of the Gitcoin platform, and neither of us know how to code, but yet I still think we are kind of promoting cypherpunk values. How do you think about Gitcoin inside of that context? Well, I've read the Saferpunk manifesto. I think it's certainly interesting.

I do think that the mainstream is going to be a little bit, maybe not turned off, but like, I don't know if I see the word cipherpunk going mainstream. I think open source software has already gone mainstream. And so I love Ethereum. I think cipherpunk values are really interesting to think about as we go into this new world. But I'm an open source maximalist. And I think that open source software is just the bees knees. It produces so much value for the world. And I think that I'm an open source maximumist and I want to see open source software developers getting paid.

There is a natural overlap with cipherpunk values and with Ethereum values there. But I would say that I'm an open source maximumist more than anything. All right. So Kevin, take us into Gitcoin Dow. So we've talked about why Gitcoin as an organization exists, funding public goods. Now you are choosing to, and Gitcoin is choosing to decentralize itself. So no longer Kevin, the benevolent dictator, just a member of a digital organization, a Dow, as people called them before. Let's talk about this.

And I'm going to open up the welcome to quadratic lands interface for you because that's a great place to start as you talk about this. But why a Gitcoin Dow? Totally. Yeah, so I mean, so this is the quadratic lands. This is the promised land that we want to bring everyone to. Mimatically, we're trying to meme ourselves into the quadratic lands, which is just a world where there's more digital democracy and public goods are funding. There's unicorns there.

You can see it on screen. They can see it on screen. So basically what we want to do is we want to create a better world for the world's workers. And the quadratic lands is this mythical place that we want to go to. It's the promised land where public goods are well funded and digital, democracy reigns. And I think that's the economic way of describing it. But imagine a world where we could rewrite the rules of economic gravity in order to favor the common person. And we could build a world in which there is serendipity, serendipity just being defined as chance luck for the everyday person,

whether that's economic luck or social luck, a world where we're all supporting each other because we now have programmable money and we can rewrite the laws of economic gravity to build programmable money. And as we were thinking about how do we mean this into existence, how do we build this world? We just didn't feel like a company was the right opportunity to do this. If we're going to eat the Ethereum dog food, then we felt a Dow was a better vessel for the quadratic lands than a company could ever be. And I'll just share a little bit of a personal experience for me. I think that companies are vessels for entrepreneurism and Dow's are vessels for activism. I have been an entrepreneur for the last 12 years.

and I have run companies before that have raised VC Capital, and then the bankers are leaning on me to extract from the users and get as much value out of them as possible so that they can return funds for their LP, their LPs, and I just don't want to be doing that with my life. My community at Gickcoin are some of my best friends, and I have a deep reverence for them. And I felt like there was no way that we could align incentives

without making it so that Gitcoin was serving the community and governed by the same. community. So if I'm a manager of a startup, I might have my users on my right and my investors on my right on my left and my investors are saying, hey, get as much money out of these users as possible. And I didn't want to be in that position. I wanted the users of Gipcoin to be the governors of Gipcoin. And so anyone who's building Gikkoid Dow is just focused on what's good for the end user. And so that's the main reason why we wanted to push into a Dow. The other little anecdote that I'll just share is that people talk a lot about the decentralization of power.

And I've just been through a brutal two-year bear market in the Ethereum space. And I'm excited about the decentralization of stress. I don't need to be the Bitcoin mission anymore. I want the world to be able to carry this forward. And I want it to be anti-fragile. And like, you know, I'm not going anywhere. I'm so dedicated to this mission. But I, you know, I want to, I don't want to be the single point of failure.

Anti-fragility is a really important part of these missions and these networks. And if I'm the CEO, I like to say philosopher king, not benevolent dictator, by the way. But I do think that over time, I would like to have the same privileges as everyone else in the network. And that's a part of decentralization. That's a part of the ethos. And so we're really trying to not just to talk to talk, but to walk to walk to walk and become a doubt. Kevin, you said you want the same privileges as everyone else in the network, and that's a little bit of a coder speak or computer science speak coming out there. Because I think what you may be alluding to is that literally privileges as according to the protocol, right?

Like on a computer, on a PC, you have different levels of privileges if you have admin access or not, right? And one of the ethos of this industry is that everyone has equal access towards Ethereum. or there is no, you know, there is no admin access to Ethereum. Everyone has equal privileges. And I think what you're saying is that, you know, with this hierarchy of companies where, you know, bosses are, bosses are stacked upon bosses are stacked upon bosses, right? You know, not in my pay grade, right? No, there is just one pay grade, right? It's just everyone's on the same flat topological map.

And I really like this chart that you put in your announcement post where you talk about how in Web 2 it hits the limits of scale. sooner than in Web 3 world or a Dow world. And also that limits of scale turns into an extraction model rather than what I see you calling here an enabling model. And this is, again, what I was going back to say earlier, this is really just fundamentally changing the culture of the way the world works. There's just the alignment of incentives allows for things to just be net beneficial to everyone

because we have that compressed hierarchy into a topological distributed map. Kevin, I see you as a leader in that charge, and I really enjoy all these conversations of this nature that we have. But I also know that the listeners are itching to hear about the GTC token and the nature of how it got distributed, because now people who are previous users of the Web 2 version of Gitcoin are now the governors of the Web 3 version of GitHub. So can we talk about how GTC was elected to be distributed to all the current stakeholders

of GTC token? Totally. Well, GTC stands for Grow the Community or Gikcoin, if you want to be conventional. And basically the idea here was that I kind of think of where we're at now as the midpoint in the Gipcoin journey. We've built the coordination mechanisms, we've built a platform, and about half of the tokens are going to myself and Gitcoins investors. And then also through a retroactive air drop

to people who have funded public goods on the platform in the past. And that's no mistake. We think that if you funded Bitcoin grants, then your values are aligned with Bitcoin. And you've not only said that your values are aligned with Bitcoin, you've showed us that your values are aligned with Bitcoin by taking your money and putting it where your mouth is.

And so this is the halfway point in the Gitcoin journey. Half of the tokens have been released to stakeholders who have pushed Gitcoin to where it is in the past, and half will be pushed as a community treasury to people who are helping to grow the network in the future. And so there's a treasury of 50 million GTC that are sitting in a compound fork

that the community can make proposals and anyone who's providing value to open source software and to Gitcoin that is approved by our on-chain governance. the Dow's on-chain governance can get rewarded in GTC in future governance rights for their providing value to the network. So if you go to quadraticlands.com, then you'll be taken to the token distribution experience. And that's just basically this, this beautiful experience that we've built for everyone in order to get their tokens. You have an air drop most likely.

Oh, my video went off one sec. You have an air drop most likely if you've contributed to get grants for hackathons in the past. And basically what we're asking you to do is to do a proof of knowledge. So watch a two minute video about how about Gitcoin's mission. You can't govern Bitcoin without understanding our mission. So you do a proof of knowledge. And then you do a proof of use, which is basically figuring out who in the community you want to delegate your tokens to.

And then, and only then do you go to proof of receive, which is when you actually get your tokens. And it looks like from the browser you're showing me here, it looks like you've received your tokens. I have. I went through this process. So Bankless Nation, I went through this process. It was, it was super seamless and also super fun. Like, it very much felt like I was a part of something much bigger than myself. By the way, my compliments on the video, Kevin. Whoever put that together just did a fantastic job. And yeah, and, you know, getting the tokens, proof of knowledge,

the proof of use, I actually delegated my tokens to a member of the community that I trust for voting. I might get more involved in governance as it goes, but the process was less fun. And like, I am super excited to see what this community does because I think the process of distribution here, you've very successfully screened for people who are very invested in public goods on Ethereum. And, you know, I just seeing what other doubts have accomplished when they have that highly engaged investment community. I'm just super excited to see where GICC coin takes this. Well, Ryan, if you don't mind, I'd just love to double click on proof of use, which is this second mission right here. I don't know if you can click on it,

but if you go to mission slash use in the URL bar, basically what we're doing is we're asking people to delegate their governance rights to members of the Ethereum community. If you click, I am ready right there, you'll see what I mean. So delegation mode is enabled, it looks like. And then if you click continue, then you're going to see. see 40 members of the Gipcoin community who would like you to delegate your governance rights to them in the process. And so this is actually a really super essential point. Most on-chain governance systems launch a governance token and they have really low voter

turnout. And I just think that the consent of the governed is the only legitimate foundation for governance. And if you have low voter turnout, then how the heck are you going to govern have the consent of the governed. And so basically what we're doing is we're setting the starting conditions of Bitcoin Dow such that everyone has delegated. And therefore, we're going to have much higher participation. This is the theory, at least, by the way. If everyone's delegated at the start, then we're going to have much higher participation because 95% of people aren't going to follow all the debates on the governance forum. But if they can delegate through liquid democracy to someone who is, then you

still retain the consent of the governed in the high voter turnout. And I think that, you know, We're all standing on the shoulders of giants with open source software and just very, very minimally pushing forward the state of the art around decentralization. I hope that this is GICPoint's contribution to the space. Is 100% delegation at the start just means that you're going to have way better voter engagement and turnout in the future of the Dow because the starting conditions were set that way. So that's the hope and the theory with proof of use. And by the way, guys, this is of course fully permissionless. So anyone can become a delegate. So you can paste your own address in here.

You could rise up the ranks and get people to vote for you. That's super exciting. One other thing we've got to talk about because we started this when you're talking about the Gikkoindows, sailing off to setting off to quadratic lands, right? And I noticed on the quadratic lands homepage, there was, is this notion of implementing quadratic voting as well. Can you talk briefly about that? because that would be a really innovative concept that maybe Gitcoin Dow is uniquely positioned to pull off. So talk about what that is for folks who don't understand why it's important and how

the Dow might be able to pull that off. Sure. So this gets into a little bit into theory, but basically there's a thing called the Matthew effect, which is the compounding gains of accumulated capital. And it applies to matters of money, but it also applies to. applies to matters of like fame or status, like the rich get richer is basically the Matthew effect. And there's this economist called Glenn Weil who invented a method of mechanism, a mechanism for voting that basically optimizes for what the poor and the many want to see happen, not just the rich and the few. This is a big part of the ethos of decentralization is what are the what is the most democratic way that we could fund public goods.

Bitcoin grants is famous for quadratic funding. And one of the things that we are interested in doing, in Bitcoin Dow at the governance layer is making it so that the people who have the most tokens don't have the loudest voice. So the poor and the many over the rich and the few is the ethos of quadratic funding. And what if we could bring quadratic voting to the base layer of Bitcoin Dow? And so there's actually an active proposal that's being submitted in the next couple days, I'm told, that is coming bottoms up from the community to fork the governance of Gitcoin Dow and to make it into quadratic voting instead of one-to-one token voting. And I think that, you know, I said proof of uses are one real contribution

into moving governance in the space forward. I hope quadratic, well, I should say that I am trying to withhold my putting my finger on the scale too much because I want to see as much having bottoms up from the community as possible. But I do think that quadratic funding and voting is, from my perception, a part of the ethos of get coin. And being the first Dowell that has quadratic voting at the base layer would be a major contribution forward because one-to-one token voting can be captured by the rich people.

And I think that Gitcoin wouldn't be Gitcoin without the ethos of quadratic voting and quadratic funding in the base layer. So I'm keen to see how that governance vote plays out over the next several months. And Kevin, if that goes through, if that's implemented, what would that mean? So there are obviously some in the GitcoinDAQaeda community who have more tokens than others. There are some quote unquote whales. What would that mean for kind of the whales versus the every man with a smaller set of tokens? Well, it means that my voting will be way less influential. And I think that that's a feature, not a bug.

As networks decentralized, you want to give tokens, or you want to give voting power from people who are just there early to people who are showing up and contributing their sweat equity into the Dow. And so I think it's a feature, not a bug, that the whales don't have as much voting power. And basically what you're going to see is that every, day citizens who just verify their identity as a unique human are going to en masse, in aggregate, have way more voting power. And that could sway the Dow towards more democratic decision-making, optimizing for what are the masses of people want to see as opposed to the richest holders.

And so that's the theory. We've seen it kind of in practice in quadratic funding and quadratic voting are the same thing. It's just one is with votes and one is with funding. For those of you who have followed Bitcoin grants in the past, you may. They know that the projects that are funded on Gitcoin are the ones that our peers are the ones that respect them. It's not some central grant administrator who's deciding which projects get funded on GitHub grants. It's, do you have the respect of your peers and how many of your peers respect your project? And I think that taking that exact same concept and applying it to governance would be a real interesting development in the space. So it hasn't been done before, but I'm curious to see what happens when it has been done.

Guys, I just want to make a big comment here because this level of experimentation is what excites me so much about Ethereum. So Kevin started this by saying, hey, we've moved from the industrial revolution to this whole network revolution where we're all part of networks, right? But we're stuck in the past where we have a capital structure that's based in the industrial revolution. But mine goes to exactly what you said. What if Uber had a similar mechanism, right? What if rather than issue Uber tokens to VCs and all of their shareholders, they issued it to actual drivers in their network and they empowered those drivers with stake to do some level of quadratic funding? How much differently would the Uber network look if this level of experimentation was available for them? So this is why this is such an exciting unlock to me.

And I can't wait to see how this plays out. Anyway, David, you were going to tie something off, I think. Well, I just want to interject real quick there. Like, we've talked about Gipcoin being a talent marketplace in the past. And I really think that Uber has squeezed their drivers in a way that's not fair. They get them to buy these cars and then their earnings have gone down over time. And the gig economy is not the Internet of Jobs. I think the Internet of Jobs needs to be more democratic and more favorable to labor, not just to capital.

And so I would reject Uber as a primer for what Gipcoins doing in just saying that the capital structure of DOWs is going to be owned by their workers and or governed by their workers, I should say. And so I think that that's the big difference between the Internet of value and the gig economy, or at least I hope it is. Well said. And the way that Gitcoin Dow is launching, I think will hopefully become a model for DOWs in the future because this delegation right off the bat, I think, is really important because there is

this inevitable tension between centralization and efficiency and decentralization and fairness, right? And, you know, people, people have it hammered into their brains in this industry, like decentralization good, decentralization good. But if you really take decentralization to its logical conclusion, you end up at the heat death of the universe, right? Like, at some point, there's too much entropy. Like, we have to, we have to centralize decision-making back into a distributed group of people, but we can't just have maximum decentralization at the start. And then that model, along with launching with Quadratic Governance, I think, I think that is hopefully could be a model for things to come.

Kevin, I want to tie off the distribution conversation because we talked about, of all the GTC tokens of which I believe there's $100 million, 15% got airdropped retroactively to get coin participants. And one of the measures of how you guys retroactively airdropped the governance token is what you call gross marketplace value. How do you come up with gross marketplace value? What is that? Totally. So gross marketplace value is a web two term. And it just basically means that how much money is passed through the network,

how much money was enabled by by Bitcoin to get to open source software developers. And if you go to getcoin.com slash results, you see that $19 million worth of value has been provided to open source software developers through get coin. And so basically what we're doing there is we're just taking, of that $19 million, we are taking, we're doing, for the retroactive distribution, we're taking 50% for the sender of that money and 50% of the receiver of that money and applying a pro rata distribution according to who has funded the most open source software on a per dollar basis. And so basically that's the retroactive distribution strategy

is that if you funded public goods on Gitcoin in the past, you have more governance rights over Gitcoin regardless of whether you're the sender or the receiver of that transaction. And so this is a very awesome anti-civil mechanism to have, whereas, you know, some people got like the Unoswap airdrop like 20 times, right, even though it wasn't really the intention, but it was just like, it's just the way that it was. The nice thing about the Gitcoin AirDrop is that it's actually not linked to a private key. It's linked to your GitHub account. And so no one will be going and scrounging around for private keys to go find, to find

their Gitcoin air drop. The other categories I want to talk about are the stakeholders and the investors. So are there any VCs or venture capital funds that owns some of the GTC distributions and what are their investing schedules look like? Can you share some of those details as well? Yeah, I'm actually reminded that we need to write a post about this still. And so I want people to hold me to that, that we're going to be as transparent about how the company exists as long as the company exists.

And I think that the long-term vessel for this will be the Dow, but the company is what got it off, but got it off the ground. So I started Gitcoin in my basement in 2017. I'm back in my basement because of coronavirus. And basically the first money into Gitcoin was Joe Lubin and Consensus. They took us from a project that no one was using to a project that met a mask in the Ethereum Foundation was using. And they put about $5 million into Gitcoin.

We spent that bull market and the bear market at Concentus. consensus and then raised $11 million from Paradigm in January of this, January, February of this year. And so basically the distribution to the stakeholders in the company are primarily paradigm and consensus. And we were very, very clear that our mission is funding open source software. And we turned down a lot of term sheets from people that we thought were not going to be mission aligned. And so I want people to hold us mission alignment and community alignment over the long term. At the same time, it was important to get capital in the bank to get Bitcoin off the ground. And so that's why those parties do have a distribution of GTC, along with myself and the GICC team.

But like I said, the mission alignment and the mission and community alignment is the super is the most important thing. And so about a third of the token table is going to people who have gotten us to where we are at this point. and we're seeing two-thirds that it's going to be distributed to the community in the future. So that's about where things are landed and hold me too doing a blog post about this in the future. As a as a get coin governor, yes, yes, I will. One last comment I want to touch on before we hit our sponsor break and get into more brainy parts of these conversations. You mentioned how there's 50% of GCC meant for the future of Gikcoin and put into the Ginkgoin Dow Treasury and also 50% for the past.

Can you talk a little bit more about why that 50-50 future past distribution made sense to you? Yeah, it just kind of felt like we were in the middle point of our journey and about to move into the endgame of Bitcoin, which is to build a Dow of Dowl of downloads that generates public goods funding experiments, matures them, and then eventually decentralizes them. So we're solving for the generator function of public goods funding, by the way. Like, Gitcoin grants and Gitcoin hackathons are just child dolls of this main Dow, which is producing new means of funding public goods.

And so, like, that's the end game. Just kind of felt like we're at a middle point with Bitcoin getting off the ground and being a brand people new and trusted and are eventually decentralization and movement into that end game. And so 50% has gone to people who have funded on the platform or who have invested in the company either in their time or in their labor in the past. And then 50% is going to go to people. that subject to governance are contributing to Gitcoins further decentralization and impact on the world.

So we've got some community work streams that have been proposed. One is around decentralized and get coin. So hands of God, we're centralized right now. We're a centralized platform. I have the admin keys of the platform. This work stream is designed to get the technology out of my hands and in an incredibly neutral environment to host it on like IPFS or something. So decentralized Gitcoin is number one. Austin Griffith and I and the Gitcoin Dow have partnered to come up with the public goods funding prototyping workstream, which is basically just launching new DAPs that can fund public goods that could be funded by Gitcoin Dow and other Dow's in a space.

We've got a public goods funding work stream, which is just basically about coordinating the funders league, the people who fund work on on Gitcoin grants. And then we've got a governance work stream, which is just basically, you know, it's the community organizing. how they want to govern Gekcoin, ratifying Gipcoin grants rounds. Is there going to be one of the first uses of the governance work stream? Gitcoin grants round 10 is coming up in two and a half weeks. We also received a pretty, and by we, I'm talking about the Dow, not the company, received a pretty large donation of Akita tokens that are worth several million dollars. And so what do we spend those on is another matter that governance is going to be handling.

Oh my God. Kevin, Kevin, is this all the dog coin stuff? Like, is that where you're talking about? Doggy token donations? Yep. Yeah. And I'm so happy that I don't have to make the decision about where they go. Dow can figure it out.

Can you just talk about decentralizing stress, right? Yeah, like before we go to break, can you talk about how crazy that was? So, like, what happened with that? So Gekcoin received a whole bunch of doggie tokens, right? Yeah, so Vitalik went into his wallet. and a bunch of these dog tokens. I think Sheeb was the first, put 50% of their network into Vitalik's wallet.

And I think Vitalik, I can't reason about his motives, but he sent a bunch of Sheeb tokens to the India COVID Relief Fund. He sent millions of dollars worth of dog tokens to the community multi-sig for Gitcoin. This is before the Dalit launch, so there was no on-chain governance to send them to.

And so Vitalik, I think, was just kind of taking the, the tokens that he'd received because of his clout and donating them to good causes. And the book value of those tokens was in the hundreds of millions of dollars. Nothing surprises me in crypto anymore, but that surprised me a little bit to wake up to to that happening a couple weeks ago. Hundreds of millions of dollars. Absolutely insane.

So like now post Gitcoin Dow, basically that just goes to the Dow Treasury. If anyone wants to contribute to that, they can. So if you get AirDrop Doggy tokens, you don't want them in your wallet. you could send them to Gitcoin Treasury. And now it's up to Gitcoin GTC holders to essentially vote where those funds go or how to allocate them. Yep, exactly. We've got a tally.com is the voting interface that we're going to be using.

And Gitcoin is a uniswap fork. And actually, I think if I'm not mistaken, bankless dial is a uniswap fork as well. So we have the same governance mechanism. We'll probably have to trade some tips about governing Dowels in the future. No, I think we're all figuring this out as we go, as the nature of the industry. Kevin, there's a very awesome amount of very sick art behind you. And that's what we're going to get into in the second half of this show, because you have a comic book that you have been working on to go along with this release of Gikkoind Dow.

So that's where we're going next. It's really sick. I've already seen it. So stay tuned for that. But first, guys, we have to take a moment to talk about some of these fantastic sponsors that make this show possible. Bankless is proud to be supported by Uniswap. Uniswap is a new paradigm in asset exchange infrastructure. Instead of a cumbersome order book system where trades are matched with other humans,

Uniswap is an autonomous piece of software on Ethereum, which is what Ryan and I call a money robot. No human counterparties or centralized intermediaries, just autonomous code on Ethereum. Input the token you want to sell and receive the token you want to buy. Something brand new in the Uniswop ecosystem is the Uniswap Grants program is now accepting applications for grants. We have been saying this for a while and we'll say it again.

Dow's have money and they are in need of labor. If you think that you have something to contribute to the Uniswap Dow, apply for a grant to Uniswap. Just look at the size of the Uniswap treasury. It's almost $3 billion. This mountain of capital is looking for labor. Do you have something of value to contribute to the Uniswap Dow? No matter how big or small your idea is, you can apply for a UniGrant at Unigrants.org and help steer Uniswap in the direction that you think it should go.

That's exactly what we did to get Uniswap to be a sponsor for Bankless, and you can do the same for your project. Thank you, Uniswap, for sponsoring Bankless. Gemini is the world's most trusted cryptocurrency exchange. I've been a customer of Gemini since I first got into crypto in 2017, and it's been my main exchange of choice to make my crypto buys and sells. Gemini is available in all 50 states and in over 50 countries worldwide, and on Gemini there are markets for over 30 various,

different crypto assets, including many of the hot defy tokens, and it's one of the few exchanges that has liquid dye markets. Gemini just launched their Earn program where you can earn up to 7.4% interest on 26 various crypto assets. If you're tired of paying fees in defy-i or you don't want to worry about defy exploits, but you still want to earn interest on your crypto assets, Gemini Earn is the product for you. Another product I'm stoked to get my hands on is the Gemini Crypto-back credit card, which gives you 3% cash back on all of your purchases, but paid to you in your preferred crypto asset. When I get my Gemini credit card, I'm going to make sure that I get my cash back in ETH. So whenever I buy something, I get a little

bit of ETH bonus back to me at the same time. You can open up a free account in under three minutes at Gemini.com slash go bankless. And if you trade more than $100 within the first 30 days after sign up, you'll be gifted a free $15 Bitcoin bonus. Check them out at gemini.com slash go bankless. Hey, Bankless Nation, we are back with Kevin Awaki. This has been a really exciting exploration of Gitcoin, the Gitcoin Dow, and Gt CtC token. Now we're going to talk about this sick comic book. Kevin, folks can see our screen. What are we looking at here?

Well, I was actually on Bankless podcast about a year ago with Amin Soleimani and David talking about how Molluk, the God of Coordination Failure is the root of a lot of suffering in the world. And we were talking about how Ethereum as a tool for coordination could be used to slay mullock. And you know, you can never kill mulloch. You can never kill coordination failures. But you can at least set Mollick back. And we were trying to figure out how to tell that story in a format that wasn't a 40-page blog post or a two-hour bankless podcast. By the way, David, I love the podcast we did, but it's two hours long.

And so we came up with this comic book, which basically tells the story of the Ethereum community assembling to fight Molo like a comic book, basically like a Marvel comic. You know, I'm a big X-Men fan. I'm a big Avengers fan. And telling it in a format that's engaging and concise and gets the information out there is I think one of the ways that we can help Ethereum go mainstream. So, David, your podcast episode inspired this. And so thank you for helping us give this to the world.

Well, the whole point of the podcast is, of course, to allow for surface area for people to condense the same things that they hear on the bankless podcast or on the bankless newsletter into smaller and smaller you know packets of information as we all know memes are extremely important in this world and going from a two-hour podcast to a comic book is a very strong condensing of a lot of information and uh Ryan if you keep on scrolling through this there's a there's a lot of like symbolism and metaphor here I particularly like this page which uh the the page of the rabbling the rabbling individuals and to me I see the problem of Dumbar's numbers right in the first two we have a family who argues but then they come together because they know

everyone but as soon as dunbar's number which is if for those i don't know dunbar is dunbar's number is the number of people that you can mentally account for with your relationships and as soon as you get beyond about 150 people coordination failure starts to occur right and there's fissures and as as the groups grow larger and as society grows larger you see mollock just nebulously rising up out of the background i think that's really really cool And then going down even further, this is the, oh, yeah, oh, God, this is so good. He just appears and starts to pull out the strings of all the people of the world because they can't figure out how to coordinate. And I think my favorite page in this comic book, Ryan, if you keep on scrolling down, is all of these individual separate little fighters, separate little Avengers.

My mind goes to all the individual grants, grant recipients or Dow's on Ethereum or just entities that. that are all trying to figure out how to coordinate, right? We have the yearn DAO, we have the sushi swap DAO, we have all these like on-chain DAOs, and now we are also starting to tinker with off-chain DAOs. And I kind of consider bankless DAW as a part of this, and Gitcoin Dow as kind of an off-chain Dow, as it's more about coordinating not on smart contracts on Ethereum,

but on values and culture and ethos off-chain, right? And the cool thing of the cool metaphor I see is there's all these separate little, you know, bots, individual little Git bots. And then if you keep on scrolling down, Ryan, they all come together to, to form the ETH bot, right? And that is Ethereum. Like, what is Ethereum other than one more page, Ryan, I think, what is Ethereum other than, or just keep going? There we go.

The ETHBot. What is Ethereum other than just a collection of smaller entities, right? And what is the world other than just like, you know, neighborhoods, communities, forming neighborhoods, forming counties, forming states, forming the nation state, forming the globe,

right? The more, like, surface area we can generate for coordination, the more we can coordinate. And that's kind of what I see as Gitcoin,

and now Gitcoin Dow, is surface area for coordination and coordination infrastructure. That's why I think this comic book is so sick. And I'm, the other just awesome thing that Gitcoin is really doing

in the world of Ethereum is bringing in a lot of really sick art and meaning and memes and culture. So not only are you guys a platform for funding other things, but also bringing in a lot of really sick art. And I think that's really important. Totally. Yeah, I mean, I'm just so passionate about this story.

And I don't know if anyone else is a Power Rangers fan. I plead guilty to that as well. And just using that as a metaphor for the Ethereum community coming together and fighting coordination failures, I really do believe that this technology is for more than just creating decentralized casinos, I do believe that we can coordinate on a, on a deeper level. And that's what this comic book is designed to do. It's designed to spread that word, spread that word, and hope pill as many DGens as possible. We want to take as many DGens as

possible and show them the meaning of Ethereum and make them into regens. Yeah. Go ahead, Ron. Can we talk about that for a minute, Kevin? So there are a lot of folks listening who probably haven't heard the Moloch podcast, which goes into this in like two-hour form, right? But this is not just about solving like money Lego problems on Ethereum and creating a new bankless financial system. That's certainly part of it, right? That is a coordination problem that maybe we're solving first. But if I look at these bots, there are all sorts of coordination failures like sprinkled throughout the world that we live in in the 21st century.

So talk about things like nuclear proliferation or talk about things like, you know, the coming. artificial intelligence and issues that rise as a result, or we talk about pollution and global warming, all of these are tragedy of the commons, mollok-style problems. And that really is the pitch to the world of why Ethereum, right? It's because we can start solving these basic human coordination problems. Is that right? Is like Ethereum and is Gitcoins hope and aspirations wider than even like decentralized finance and empowering software, software develop engineers and empowering a new labor force? How can we hope to solve these big problems and what's our message to the world?

For sure. Yeah. I mean, I think that like, you know, my favorite part of this is if you scroll to the page that has the Ethereum logo, this one at the bottom, it says Ethereum is the digital tool for coordinating information, identity, resource management, markets, reputation. And I think that, you know, I want to eat a little bit of humble pie here and say that this is all potential energy. This story is not written yet. And coordination is a choice that we make every day or we don't make every day.

And, you know, it could devolve into just a decentralized casino and never be anything more than that. But it's my hope that we have programmable money. And it has. So the whole problem with like, by the way, like I love America. Like I love like our national culture. but like America only governs America and our court systems are really backed up right now. We now have a global coordination mechanism in which we can resolve disputes just using the like you think $30 in gas for a transaction is a lot.

Like try having to fly out to New York to settle some dispute with someone and your court case keeps on getting delayed and you keep on having to travel back and forth. Like Ethereum is a global coordination tool which can instantly arbitrate disputes anywhere across the world. And so we now have this coordination substrate across the world. And for the last 20 years, we've been able to communicate across the world, but we haven't been able to build trust and coordination across the world with each other because our legal jurisdictions didn't cover disputes across worldwide. And so I think that we have the raw materials to build this default and to fight coordination failures on a global scale, but we have to choose to coordinate so. We still have

to build it. And the whole idea with Bitcoin is to better coordinate. That's why we're building. a Dow of Dals that funds public goods and helps us coordinate on a global scale. Like we have the talent, we have the software developers, we have the capital, we have the tools to do it, and now we just all have to choose to do it. And we may choose to, we may not. It's up to us. Coordination is a choice every day. It's super cool. I love how this ends, by the way. It's just like the ETHBot just punching and like trapping Molok. With a blockchain, by the way. Yeah, it's high. So if you go to the last page, you'll note that you can only set Mollock back.

You can never completely kill Mollock. And so the last page with Mollock's eyes ominously in the background, you know, it's possible that we could do a sequel where there's a bankless bot and a CLR fund bot. And when I told Amin about this podcast, he was like, he was like, you should, you should call the, you should call the sequel Moloch and all the terrible sequels. So I think we're going to try to get a meme to be featured in the sequel. as well since he's been a big proliferator of the meme. But I would just remind us, Ryan, that like, yeah,

Mollok can, or Ethereum can set Mollick back, but we'll never, ever completely vanquished Mollock. It's just up to us to choose to coordinate and to set it back as much as possible. But this is like the pursuit of humanity, right? This is how society has progressed throughout the ages, is like scaling trust, basically. And pursuing a long arc and, yeah, an optimistic view.

Yeah, absolutely. And that's very much what our MEV podcast was earlier this week is like, how do we pursue the MEV problem? MOLOC across all of these chains. Super cool. I mean, at least for me, this is this has become kind of the reason for why I'm in crypto, like, which is much, which is even broader than so. I thought for a time. So when I first got into crypto, I thought for a time, I brief time, I'm in crypto to get rich, right? Like I thought that at first. And I'm like, no, I'm actually in crypto. for self-sovereign money. And then that became like, no, I'm in crypto for a more bankless money system for the world. Right. And like now it's even expanded beyond that. I'm in crypto to solve, to help solve, to be a small part of solving human coordination failures.

And that is like such a broad lens and such an exciting lens. This is the reason like I feel like I can spend my entire life here. Because like what else is there? like what i mean there are there are other important things but like the the big problem that humanity faces if we want to um scale our species if we want our our our children our grandkids to to live a better more peaceful like life is solving human coordination failures like that's how we scale civilization that's how we make the world a better place so it's really at least become for me Kevin, I think you've captured here in the comic book, like the reason for why crypto.

And I start to see everything through this lens, dude. Like all of the problems in the world I see through this lens now. Yeah. I mean, I will say that right now we're at this really tough point where industrial age capitalism is failing. The institutions that our parents relied on are not serving our generation anymore. And there's so many people that are just hopeless and dejected because they think it's all thought. But now we have this information age and we have this new institution of Ethereum.

and coordination that could create a better future for the humanity. And so people are letting go of that last monkey bar and you just have to tell them about that next monkey bar. You have to give them hope that these new institutions are going to be able to lay a foundation for their family and for the good of their community. And so I think that a lot of people are getting into crypto at the start to get rich. But as David and I like to say, crypto wasn't designed to make you rich. Crypto was designed to make you free.

And so, you know, if we can populate that, I know so many people, by the way, like myself included, who just came into it and they thought they could make a quick buck, but then they got hope-pilled by the culture and by the mission of a lot of these Dow's, and now they're in it for the culture and they're in it for a better world. And I think that that's just part of the story art. Crypto wasn't designed to make you rich, crypto designed to make you free. Well, the next steps in slang Moloch in the grand scheme of things is, I think for the listeners, the 200-plus listeners watching this live stream and also the listeners on the

podcast later is to go claim your GTC tokens and be a governor of the of the Dow. Kevin, what else should listeners and viewers do to help further Gitcoin and Gitcoin Dow and also to further slay Molok? Totally. We did a retroactive distribution of 25,575 people, I think, but open source has touched the lives of everyone out there. And so if you didn't get a retroactive distribution you can go to gov.gov.gitcoin.co and figure out how to get involved. And if you do some, if you create value, then maybe the community will reward you by letting you capture value by giving you a distribution of GTC. It's not up to me. It's up to the Dow. The other thing that you can do is that we created this comic book about the Ethereum community versus Bullock. And you can get

it on store.gitcoin.co. All proceeds will go to funding public goods. And also, if you're not into comic books, we've got unicorn socks. Everyone in the Ethereum space, seems to like unicorns and i'm very happy to be unicorn socks is a uh is now make my anyone's ears pricks up how how much do those cost uh so we're selling them on the store i think for it comes in a swag box which is like 50 bucks so not 60 000 dollars yeah not not 16 000 and if you find me a dev finals give them to you for free my wife wants them out of the house at this point. Yeah, I've got a sense of urgency to get them to move them. But yeah, thank you so much for having me on. It's been a real pleasure to talk about this. And I hope that we can solve the

coordination failures of the world in the future together. Awesome, Kevin. Thank you so much. Thanks for sharing this with the bankless community. I know you have a ton of Gitcoin supporters, many who are excited about getting into the Gitcoin Dow. I'm reminded, David, of Josh Rosenthal that episode we did on the Crypto Renaissance where he says to everyone, what is, you know, one piece of his three words of a device or three thoughts for us is go join a Dow. Go get involved in one of these things. The Gitcoin Dow is doing fantastic work. And if you're curious, if you're interested, don't spend much more time listening to podcasts and like reading social media. Go join it. Go do something. That's how you get involved in this movement, in this mechanism.

And once again, Kevin, thanks for all your work and thanks for stopping by. Public goods are good. See you later. Yes, they are. Guys, action items, of course, go read the announcement post in the show notes, claim your GTC, start participating in the Dow. You're part of that initial drop. If you're not, contribute in other ways and you might be in the future.

Also, read Kevin's article on coordination failures. We will include that in the show notes. That was something he published in Bankless a couple weeks back. Of course, as always, guys, risks and disclaimers. ETH is risky. Crypto is risky. None of what you just heard was financial advice.

All this stuff is risky. You could lose what you put in, but we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot. Can I write it really quick before we interrupt? Can I add a disclaimer? GTC is a governance token and it has no economic value.

Don't buy it. Come on to get coin Dow and earn it by working for the Dow. It has no financial value. Thank you. There you go. Thanks, Kevin. Bye, guys.