Exchequer

Exchequer got approved for an Arbitrum New Protocols and Ideas grant. We're building Protected Growth Tokens, a new onchain asset class that allows any project to provide downside protection for their holders while building project owned liquidity. Arbitrum is the default infrastructure for programmable economies and we’re proud to introduce a primitive that’s designed for those who want to believe in tokens again. Huge thanks to @arbitrum for their support.

A bagholder is an early adopter of a crypto project whose relationship to a project has inverted. Instead of helping, they are now actively checked out. Most tokens are bagholder factories.

Jeff Dorman, CIO at Arca, says he doesn't know a single liquid fund that has bought a new token on TGE in over two years. When the professional bid disappears, we have a massive problem with the token. x.com/jdorman81/stat…

Nobody talks about this, but every crypto winner, BTC, ETH, SOL, was a long-tail before it wasn't. The people now telling new builders to wait until PMF before issuing a token hold assets that did exactly the opposite.

@0xGaius_ There is always a listing fee

@Exchequerfi LMAO 🤣 Isn't there always a listing fee which always happens to be a percentage of the token being listed? Although I thought exchanges would prefer money instead but I guess they want to benefit from the upside of the token's growth.

"Short it, there's a listing fee"

@Crypto_gennie Yes unfortunately but onchain will eventually defeat CEXs

@Exchequerfi The present day reality 😅

@0xGaius_ real

@Exchequerfi You bought because it looked cool, now you're a community member and bag workooor!😂

Currently most crypto tokens are bagholder factories.

@skylar_grey011 The holder needs a payoff worth staying for after incentives end.

@Exchequerfi Airdrops bring people in Nothing keeps them when the bag runs dry What's your take on what actually builds stickiness post-TGE?

Airdrops and token incentives are great at rewarding people for showing up. They do almost nothing for the moment users want to leave. Crypto got very good at acquisition but it still has no idea how to do retention.

@J_Mcryptolaw Legal structure + onchain market structure and suddenly tokens start looking different.

@Exchequerfi Indeed, mercenary capital is a problem. However, abit of legal structuring (token locks) can remedy this, imo.

"If you TGE, they will come. And then they will leave."

@0xGaius_ Yes and no. Tokens always carried ownership language, but the wealth mechanism was still trading.

@Exchequerfi Haven't they always been both?🤔

Tokens are moving from trading instruments to ownership instruments.

@0xGaius_ Indeed this is the puzzle to crack

@Exchequerfi Basically it's always a constant struggle, the buyers want to make money from the project but so does the team...balance is key if not one side wins while the other loses.🤔

Token holders often think founders betrayed them.  Founders think the extractive structures around launching a token gave them no choice.

@arbitrum gm

gm. it's a great week to shape the programmable economy on Arbitrum.

We need to fix tokens so that founders and holders stops being pvp and start being pve.

As a founder, you can’t build a loyal holder base if the first thing CEX-MM industrial complex makes you do is have someone dump on them.