EJR
33.8K posts
@EJRWEB3
OG Degen | Rainmaker | Brand Builder Founder, Archetype Studios | @web3playboys
We as an industry spent an entire year trying to make an ICM narrative happen that was just fundamentally incorrect. They were memecoins named after a project with no access to the equity layer of the project. If one of these projects reaches a certain scale, or has certain goals, it is usually inevitable that they will need to raise capital. This immediately creates 2 layers. The token layer, and the equity layer. I spent 6 months fundraising for Pumpcade, because with the infrastructure, engineering, and growth plans I had, raising capital was a must. Creator fees can not sustain a company of our size. I spoke to almost every VC that invests in the blockchain space. DOZENS of these VCs told me they loved the product, but the live token was too hard to navigate. The conversation usually ended in 1 of 2 ways. 1. "Abandon the token" 2. "Launch a new token and dilute current holders to accomodate VC allocations" If my goal was to simply to raise capital as fast as possible, I very easily could have taken their feedback and raised millions of dollars in a week, thus saving myself 6 months of headaches pitching VCs 4 (or more) hours a day, eating into my engineering time. However, this would have had a significantly more detrimental outcome for the people that have supported me. But I did not consider their recommendations for even a second. Pumpcade exists because of the token. Pumpcade exists because of the holders. The token was not going anywhere. Earlier this year, I was pitched the idea of ACE, prior to accepting a single dollar of venture capital. I had spent months looking deeply into other options similar to ACE, but ACE best fit the goals of Pumpcade. The core goals of the Pumpcade fundraise(s) were to: 1. Raise venture capital to build and scale the team and product. Many people have just discovered Pumpcade, but our closed beta was live for 4 months built by me and me alone. In order to ship the best version of the Pumpcade product, a full team was necessary. 2. Make the equity layer transparent to all. MOST companies with a token have an equity layer, that sometimes sits quietly and secretly in the background. 3. Allow token holders, who are the reason Pumpcade exists in the first place, to have access to the equity layer. 4. Make the above fully optional. I've been terminally online since announcing the ACE round. I'm seeing everything, i'm reading everything. Both the positive and the negative. If you have any questions regarding ACE, my DMs are open to ANYONE. Pumpcade.
