TribeDAO - The Biggest Protocol Merge Ever

In the latter half of 2021, Jai Bhavnani of Rari Capital and Joey Santoro of FEI Protocol went to each other's governance forums and proposed the FEI RARI token merge: the biggest protocol merger that we've ever seen in the space. The concept garnered high engagement and a ton of community response, and the formal votes received overwhelming support on both sides. This unprecedented merge is a historical moment for DAOs. The verticalization of DeFi is happening with new 'mafias' emerging in several corners of DeFi. Uniting capital efficiency, values, and communities, we are right alongside Jai with his excitement to see how this all plays out. With new conversations of anti-trust and competition, it's clear that the DAO space is continuing to mature. Integrated DeFi stacks are increasingly exciting, and in this episode, we dive into the details with two pioneers of interDAO relationships. ------ 📣 ONJUNO | Crypto from your Checking Account! https://bankless.cc/OnJuno ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum 🍵 MATCHA | SMART ORDER ROUTING https://bankless.cc/Matcha 🚀 SLINGSHOT | LAYER 2 SOCIAL TRADING https://bankless.cc/Slingshot 🏦 GEMINI | TURN FIAT INTO CRYPTO https://bankless.cc/Gemini 🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave 🦄 UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants ------ Topics Covered: 0:00 Intro 5:50 The TribeDAO Merger 10:48 Rari Capital & FEI 13:37 FEI & Rari Capital 17:14 Liquidity Engines 24:36 Turbo Verticalization 29:12 Aligning Incentives 32:08 The God Theory of DAOs 35:19 RGT & Operations 40:53 The Broader DAO Space 46:36 Anti-Trust in Crypto 52:36 TribeDAO Roadmap 56:42 Closing & Disclaimers ------ Resources: Jai on Twitter: https://twitter.com/jai_bhavnani?s=20 Joey on Twitter: https://twitter.com/joey__santoro?s=20 FEI: https://twitter.com/feiprotocol?s=20 Rari: https://twitter.com/RariCapital?s=20 Jai's Forum Post: https://tribe.fei.money/t/fip-51-fei-rari-token-merge/3642 Joey's Forum Post: https://forums.rari.capital/d/177-feirari-token-merge Swap RGT for TRIBE: https://feirari-swap-interface.vercel.app/ ----- 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

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Speaker 00

  We are in a very positive sum game and I'm not going to discount that. But at the end of the day, it is also a very competitive industry. And I'm excited to see how each of the players evolve to try and win.

• 0:14David Hoffman?

  Welcome Bankless Nation to the state of the nation. This is the episode where we talk about what's happening. We relate it to the big picture items. And of course, we drop some action items and insights about whatever is going on in the news cycle in crypto this week. This comes out every single Tuesday. We usually live stream this on the YouTube and it also goes out on the Bankless Podcast every single Wednesday morning. And this week, we are talking about the first major protocol merger? Can protocols merge? Apparently they can in DeFi. How does a DAO to DAO merge even work? What's actually happening here between Faye and Rari? Where are the synergies? What are the alignments behind this merger? And is this the first of many merges to come?

• 0:55David Hoffman?

  All questions that we ask Joey and Jay of Tribe and Rari Capital. But first, before we get to that conversation, some announcements. You might have noticed that Ryan is not here at the moment. Ryan, the AI robot is down due to a massive snowstorm that hit the state of Virginia. He is currently in his car at a gas station wifi trying to talk to me. And I told him, no, Ryan, you cannot come on the podcast without pristine internet quality. So he is sadly not able to make it this week. And in addition to that, we also had Vitalik Buterin on the podcast one more time. That podcast came out on Monday. We talked about the future of the Ethereum roadmap. What is left? Vitalik thinks that we are perhaps 50% of the way done.

• 1:39David Hoffman?

  Once we get the merge with the Ethereum roadmap, but there's so much left in the Ethereum roadmap to unpack. Lots of metaphors and cool analogies to kind of understand what's left in the Ethereum roadmap. But we also talked about what Vitalik thinks about the rise of the alternative layer ones. In the first half of 2021, Ethereum really stole the show. But in the second half, the rise of the ETH killers, the alternative layer ones really kind of dominated the narrative. What does Vitalik think about that? He also wrote this article called Endgame, which illustrates what Vitalik thinks is the logical conclusion. Of every single smart contract platform that exists, every single blockchain, they all are going to converge upon the same outcome. So what does that mean for Ethereum? The one that has sacrificed scalability versus others that have sacrificed decentralization?

• 2:23David Hoffman?

  How do all of these things converge? Really interesting conversation. We also had Cooper Turley on Layer Zero. I interviewed Cooper in person in Puerto Rico. Had a fantastic conversation there. That is coming out on, that came out on the podcast this morning, Tuesday morning. So definitely tune into both of those podcasts. The GMI Index, another index out of Bankless Dow and the Index Co-op is live Wednesday. Wednesday is going live. The GMI Index is an index full of DeFi tokens that aren't in the DPI. And so definitely worth checking out. I'm really excited to get that launched out the door. We'll have a link in the show notes to check out what is in the GMI Index. And lastly, our friends at Onjuno wants to tell you about this sponsored message.

• 3:05David Hoffman?

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• 3:47David Hoffman?

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• 4:29David Hoffman?

  But until then, we are going to get into the conversation between the first and most significant doubt-to-doubt merger ever between Tribe and the Faye Protocol and Rari Capital. We've had Jay from Rari on the show before, but Joey is new. So let's go ahead and get right into that conversation with Joey and Jay about the first ever significant doubt-to-doubt merger, right after we talk about some of these fantastic sponsors that make this show possible. Arbitrum is an Ethereum scaling solution that's going to completely change how we use DeFi and NFTs. Over 250 projects have already deployed on Arbitrum, and Arbitrum's DeFi and NFT ecosystems are growing rapidly. Arbitrum increases Ethereum's speed by orders of magnitude for a fraction of the cost of the average gas fee. When interacting with Arbitrum, you can get the performance of a centralized exchange

• 5:14David Hoffman?

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• 5:59David Hoffman?

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• 6:42David Hoffman?

  Uniswap is an autonomous piece of software on Ethereum that lets you trade any token at the current market price. 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. The Uniswap Grants Program is accepting applications for grants. Do you have something of value that you think you want to contribute to the Uniswap ecosystem? No matter how big or small your idea is, you can apply for a uni-grant at uniswapgrant.org and help steer Uniswap in the direction that you think it should go. Thank you, Uniswap, for sponsoring Bankless. All right, Bankless Nation, I am here with Jay from Rari and Joey from Tribe. Guys, some really interesting news has come about lately and we are definitely going to unpack it here on today's State of the Nation.

• 7:26David Hoffman?

  So just for a little bit of context, in November, Jay of Rari went to the Tribe forums and Joey of Tribe went to the Rari forums. And you each proposed to each other's communities about the benefits of a potential merger between these two DAOs, between these two protocols. And this was debated on for a little bit over a month. And then just the last week of December, this was put to a token vote for each of the community and it passed, this merger proposal passed overwhelmingly. 93 to 1% margin among the Rari DAO and then 90 to 0 among the FA Tribe Protocol. And so now, according to this merge proposal, these organizations are now going to merge.

• 8:12David Hoffman?

  Guys, tell us, how does this feel to? I'm pretty sure this is one of the most unprecedented things I've seen in a while. How does it feel to be in this moment in crypto history right now? Jay, let's start with you.

• 8:24Speaker 00

  Yeah, it feels really exciting. Honestly, like, this came together pretty fast, right? But I think that, like, it just feels so right. I don't know any other way to describe it and I'm super excited. Like, I think from the first time that I, that me and Joey started talking, right? It's just like, you can feel that energy, right? You can feel the energy between the teams. You can see the energy on Twitter and now you're going to see the energy in the products that we're going to build together, right? And like, it's just absolutely exciting to me and I'm excited for everything that we're going to build together.

• 8:54David Hoffman?

  Joey, what about you? How does it feel to be at this point in history?

• 8:57Speaker 02

  Dude, Jay just did the thing where he said the same thing I was gonna say. He said, "It just feels right." I mean, it does. Like, so, I mean, we can talk a little bit more about, like, the history of the merge, but the TLDR and how I'm feeling is just incredible. Like, the energy's through the roof. It makes so much sense. Like, we're always trying to skate to where the puck is going in DeFi. I think that was the big idea with Faye V1. That was the big idea with Fuse that Jay had. Permissionless lending, fully decentralized protocol, own liquidity for a stablecoin. And now what we're going is like, we're gonna make the best product suite for DAOs and for Web3. And we're gonna use Fuse and Vaults and Faye. And like, the teams are so aligned and the market timing is perfect.

• 9:40Speaker 02

  Like, couldn't be better and I'm super hyped to jam with you all on it, you know, over the next hour or so.

• 9:47David Hoffman?

  Totally, yeah. So, we're definitely gonna unpack what the merger actually looks like, why the merger makes sense. But I'm a big fan of being able to name things. So, we have Rari and we have Tribe. What are we calling this new thing? What's the new name for the thing that comes out on the end of this merge?

• 10:04Speaker 02

  Yeah, so it's the Tribe DAO. That's like, up until now, we've been kind of Faye Protocol and Rari has been Rari Capital. And those maintain. So like, Tribe DAO is like more than just Rari and more than just Faye. It's like, all of the products that we build, the branding, that goes under the Tribe DAO. And like, Faye Protocol is one part of it. I'm sort of like, leading Faye Labs, big part of Faye Protocol. Rari's still like, you know, being led a lot by the Infra Team and Jay. But we're together under the Tribe DAO.

• 10:35David Hoffman?

  Okay, so, just to make sure that listeners are up to speed with us, I wanted each of you to explain what your respective protocols are all about, and then also explain the synergies that are involved with this merger. So, Jay, let's start with you. What is Rari Capital? What does Rari do? And then, why, what about Faye? What does Faye have that Rari really wants? And then, why does integrating Rari and Faye just make sense?

• 11:03Speaker 00

  Yeah, so to to start off with what what exactly is Rari, right? Rari, Rari is a lot of things, so let me start with that, right? But our main product today is Fuse, right? And Fuse is surrounding this idea of let's enable any asset in the entire world to become lendable or borrowable, right? So anything that's on the blockchain, anything that we could get an oracle feed for, anything that's on chain link, right? You should be able to take out leverage, you should be able to bar against it, you should be able to do whatever you want with it, really turning every asset into a productive asset. And alongside this, we have a yield aggregator which can direct liquidity into all of these different pools of pools of lending and borrowing that we offer. And we have a couple of other smaller projects like Nova, which is basically this like L1

• 11:48Speaker 00

  to to L2 transaction layer, but but at its core, these are all products that that feed the the main Fuse product, right? And the the cool thing about the Faye integration is we we spoke to Joey before Faye V1 was even was even live, right? And we we conceptualize this world at which Faye could be borrowed directly using by directly using the Rari, the the Rari Fuse protocol, right? And that that evolved into Faye becoming the first protocol owned pool, right? It was actually the Faye governance who governed their own lending and borrowing pool. That was like the the first time in history that that was possible by an external token holder group. And then that suddenly like that that relationship only continued to grow with time, right?

• 12:33Speaker 00

  Faye, again, was the first ones to to to to to decrease their fee within Fuse. They were the first ones to initiate token incentives. They were the first of many within the Rari capital ecosystem, which is why I was so excited about the Faye team. And again, the the big piece and the big, the big drawing thing for Faye inside of the Rari ecosystem is this idea of of liquidity, right? It's they've developed a very, very strong liquidity engine, right? Yeah, it has a stablecoin component to it, but at the end of the day, what Faye really is is a liquidity engine, right? And what is what is Fuse is Fuse is a way to get liquidity on any asset. So these two things were Basically a match made in heaven for, for, for us, right?

• 13:17Speaker 00

  So when, when talking to, to the team and talking to everybody about what is the future of Fuse? It obviously needs liquidity in the stack. And that's why I was really excited about the conversations with Joey. Excited about all of our collaborations is because that was the last key piece in really owning lending and borrowing. And now that's what we're gonna do.

• 13:38David Hoffman?

  Joey, let's turn to you and take this from the tribe side of things. What is tribe? And what does try need that Rari has?

• 13:47Speaker 02

  Yeah, so there, there's kind of two questions, right? Cause we have two tokens. So what is tribe and what is Faye? And I think that, um, well, we can start with Faye because really tribe is the governance token for Faye protocol. At, at the foremost, like that's what it was when we launched.

• 14:03David Hoffman?

  When I said tribe, I mean, I mean holistically, the whole entire thing.

• 14:06Speaker 02

  Yeah, yeah, exactly, exactly. And so like, um, the, the, the tribe DAO has been governing Faye protocol, which we consider to be like among the most defined native and forward looking stablecoin projects that like, we're trying to, like I said, skate to where the puck is going. So Faye is a stablecoin. It's a USD stablecoin. It's backed by this really powerful idea of protocol on liquidity. So instead of having like an over collateralized model like Maker DAO, which is pretty governance heavy and subject to, you know, some inefficiencies. I mean, the maker's incredible project. Um, the, the difference with Faye is that all of the assets are owned by the DAO. They're managed by the DAO. The fees are earned by the DAO. The trading and like portfolio allocation, that's all done by the DAO.

• 14:50Speaker 02

  And then, um, so it makes Faye an extremely decentralized asset. We're like primarily backed by ETH and decentralized stablecoins. So, um, if USDC or USDT was to completely nuke, or the regulatory environment was extremely unfavorable, Faye would still be strong. It would be one of the strongest stablecoins out there. Um, that's a core to our value proposition. But more than that, what tribe is, is tribe is the asset that controls the Faye parameters and it controls the Faye protocol on liquidity, the PCV, protocol controlled value. And um, this is a super powerful idea and it's what Jay mentioned about us being a liquidity engine. Like, we discovered very quickly that our product market fit is actually not just being a stablecoin,

• 15:33Speaker 02

  but it's being a partner to DAOs and a partner to platforms. We provide liquidity and we bootstrap markets all over the place and we get compensated in tokens. We get compensated in yield for doing that. And that's how we generate revenue to continue to adequately back Faye. In addition to making it an attractive opportunity for tribe holders to be incentive aligned with this ecosystem. So you can think about it as like a two-sided market where we're trying to create a stablecoin and bootstrap demand and utility for the stablecoin. At the same time as partnering with DAOs and earning yield for token holders. Um, so it's a really nice synergy. And what Rari has that we need is Rari is a perfect product for us. Because now we can bootstrap all of these long-tail fuse pools.

• 16:17Speaker 02

  And we've earned a ton of revenue, like millions of dollars from these other DAOs um, for borrowing Faye and just generating interest. And we're putting some of our other assets into fuse now. We're actually moving all of our liquidity mining rewards over to fuse. Because what that allows users to do is it allows them to lever up on their yield farming positions, which generates more demand for Faye, more TVL for views, more fees for the tribe DAOs. It's a super reflexive loop. And um, we're gonna go all in on the future product suite for Rari. Um, you know, they're building vaults. We're gonna put a ton of capital into vaults. They're building um, we're building our first joint product together, which is gonna be called Turbo. And we're really excited to talk about that.

• 17:00Speaker 02

  Um, so that's really where we're going is like building these products for DAOs, putting the liquidity engine to to use and making DeFi like the next level. You know, DeFi 2.0 or whatever you want to call it, like, we want to be at the forefront of that.

• 17:14David Hoffman?

  Before we go further, I really want to unpack this whole liquidity engine thing because that's something I still haven't yet wrapped my head around. How, so you're saying that one of the products of Tribe is the Faye stablecoin, but that's not the, it's not the prime product. It's a very significant one. But there's this other thing that you're saying is like a liquidity engine where you have the stablecoin and it can provide liquidity. And that's different from something like MakerDAO, which you know, really just has DAI. That's their one product. Their one job is to induce demand for the DAI stablecoin. You're saying Tribe has this alternative side of it. It's additional side to not only just a decentralized stablecoin,

• 17:53David Hoffman?

  but also a liquidity engine. Well, can you just really unpack that, what that means for listeners that really don't, are hearing this for the first time?

• 18:02Speaker 02

  Yeah, so I recently had like a cool like paradigm idea around this. So if you think about what's important in Web 2, it's compute and storage. You need like, you need to be, have like services that can answer your requests and you know, make your app run and you need to store data. So if you analogize that to DeFi in Web 3, you need two things. Compute, you need products like Fuse, but you need liquidity instead of storage. So liquidity, you can think of liquidity as value storage instead of data storage. And that's what's so important about DeFi. And so what Faye has is we have both sides of the market.

• 18:41Speaker 02

  We have value in the form of hard assets like ETH and we have value in the form of synthetic stablecoins with Faye. So if you need a stablecoin, we have a stablecoin for you. If you need ETH, we have ETH for you. We could put it in your protocol. We can make both sides of the market and that's a huge, huge advantage. Because products need to dilute themselves to hell with liquidity mining just to get enough, you know, to bootstrap a market and even then they're probably still going to lose. But with Faye, you could have a hundred million dollars that's diamond hands, that's making a market for you that doesn't cost you anything. Or it costs you something much less. And we're actually starting to get token allocations from projects who realize how powerful this is. Like Volt Protocol, they're going to integrate with us very heavily. They're making a

• 19:24Speaker 02

  A Rye fork that's kind of like halfway between Rye and Mim and it's going to use very heavily. We're really excited about that project and we think that that's just the beginning. So we're building a lot of products to like make these services more available to more DAOs. And that's what Turbo is. Would love to talk about that whenever it makes sense, but that's kind of the TLDR. Does that kind of answer your question?

• 19:46David Hoffman?

  All right. So the overlap that I'm seeing here is that both protocols seem to be targeting the long tail of assets. Where Faye is a stablecoin that can put liquidity across DeFi on wherever it is needed. And then Rory Capital and its fuse pools also can provide borrowing and lending for, again, the long tail of assets. And so, so what I'm seeing here is Rory is adopting Faye as it's like official currency of the Rory ecosystem. And so where both protocols are targeting the long tail. This seems to work out well for each other because Rory Capital needs to bootstrap liquidity in some of its fuse pools. And Faye just is better and better and better, the more and more liquid it is.

• 20:31David Hoffman?

  Jay, do you like that description of Rory adopting Faye as its own native internal currency?

• 20:36Speaker 00

  So a couple of things there. I'd say first of all, like this idea of the long tail is definitely just the go to market. Right? We're still in the go to market phase of both Fuse and Faye, I would say. We're still in the early stages, the first inning. I would say that that's like, once we've conquered that, right? There's no reason that we won't move upstream, right? Into the more, into the more common assets that everybody has and into, into more different use cases for Faye. Right? And then in, in terms of viewing Faye as the official currency of Rory holistically. I, I would, I don't know how I feel about that completely, quite honestly, right? Like, we aren't treating Faye any different than any other stablecoin at the protocol level, right? And we have no intention of treating any other stablecoin any differently.

• 21:21Speaker 00

  Like, I love Sam, I love the entire Frax team, I love Dola, I love all of these other stablecoins. What the collaboration with Faye is about is about building a layer on top of the protocol. And that's really where a lot of the cool stuff that that us and the Faye team have have talked about isn't necessarily at like cutting, cutting, like giving Faye a competitive advantage and cutting out all other stable coins from the fuse platform. It's about, okay, now that we're connected with Faye, what cool shit can we build on top of fuse together? Right? And that's what that's what like the cool part is, it's not necessarily doing this like anti-competitive practice of cutting out these other stable coins. Because genuinely, like, I want there to be other stable coins, oh, like, definitely, at least over the short to medium term.

• 22:06Speaker 00

  Because the competition will make us better, right? As as as a tribe.

• 22:11Speaker 02

  Yeah, I completely agree with Jay. Um, we're, we're very focused on making sure that the fuse platform has the best possible user experience and having competition at the base layer is super important. And where the partnership really shines is that Faye is a a completely willing and incentive-aligned partner to all of the Rari products. And like, that's where it really shines is that like, we're there, we're gonna go hard on fuse and we're super incentive-aligned because it's the same token, it's the tribe DAO. But that doesn't mean we're gonna out-compete or be anti-competitive with anybody else. In fact, I, yeah, I agree with everything Jay said, like, it's not an official currency, but rather like a default partner, if that makes sense.

• 22:50Speaker 00

  Yeah, yeah, that that does make sense. Um, one of the dynamics of stable coins, and well, really all tokens, but specifically stable coins is if you have a stable coin, you have the ability to mint it. So Tribe has the ability to mint Faye. Um, and again, within the bounds of responsibility to make Faye actually like pegged to a dollar. Does this power to mint a stable coin in the collaboration with or we're now merger with with Rari? How does the ability for Rari now to be able to freely mint Faye? Does that impact or benefit the liquidity inside of Rari fuse pools or benefit Rari in any way? I think that like fundamentally, Faye has always been a very, very active player in seeding

• 23:31Speaker 00

  various different fuse pools, right? And I would say that like us, us hopping on board the tribe doesn't necessarily change that because they were already super active. Right now, there's a proposal being put in place for like optimistic approvals, right? And creating a very, very strong procedure for what the seeding of liquidity looks like, what the upper bound of liquidity looks like, and basically standardizing this process and creating, creating a machine line out of it, which I'm, I'm, I'm pretty excited about. However, um, I, I don't think that necessarily what that looks like fundamentally changes. The, the, the one exception to that is that the product changes that were, were the products and the protocols that we're conceptualizing that will fundamentally change the way that,

• 24:12Speaker 00

  that Faye is seeded into various different fuse pools, not necessarily from the PCV itself, but rather from other DAOs. And that's what Joey was alluding to with, with the turbo product is an instrument to basically do exactly that.

• 24:27David Hoffman?

  So what do you guys think are the most powerful synergies behind this merger? What, what synergies really gets you guy, get you guys excited? Um, Joey, I'll start with you.

• 24:36Speaker 02

  Yeah, I mean, Jay kind of teed me up really well. I'm gonna, I'm gonna shill turbo now.

• 24:41Speaker 02

  So this is something that we, this was kind of the, the, the premier product that we had in mind as our kind of first like joint venture where we were, we talked about this during all the community calls about the merge, like we have a huge list of things we want to do together, but this was such a no brainer to me. And so basically the idea behind turbo is it's kind of an evolution of the MakerDAO model of a stable point. So in MakerDAO, the supplier and the borrower are the same person. Like if you want to generate dye, you have to put ether or some other acid into a vault and then an interest rate that's fixed by the DAO and you get dye and that's kind of the, the mechanism. So I had this idea, what if we split up the supplier

• 25:23Speaker 02

  and the borrower to two different entities, just like on compound, but instead of using a money market, you have a synthetic issuance like Faye. So it's kind of combining fuse plus MakerDAO. And Faye is the backbone of this. And so this is our Turbo product and it's extremely powerful because it's like it's a strict improvement on the on the pre-existing model in almost every way. Um, that I so here's the benefit for users of Turbo. Our target market is DAOs as it is for like, you know, for Fuse and for, um, you know, for Faye. Uh, we want DAOs to use Turbo and the way it looks like is let's say the Uniswap DAO wants to create a liquid lending market for Uni.

• 26:03Speaker 02

  Um, what they would do is they would collateralize a Faye loan through Turbo and they would pay 0% interest. But they have to put that Faye back into another Fuse pool. So it's kind of a two-step process. So the borrowing side, the generation side is done by the DAO. And it doesn't cost them anything. Then they put the Faye back into a Fuse pool and that Fuse pool um, is now a market determined interest rate that could have whatever assets they want. It could have Uni socks, it could have Uni, it could have Faye, it could have other stablecoins, but they're going to have this base layer of Faye liquidity that was generated by the Uniswap DAO for their users to go lever up on Uni or get capital efficiency against Uni socks or whatever.

• 26:46Speaker 02

  And there's also a revenue split. So the Uniswap DAO would actually earn part of that interest back to the DAO. And then the Tribe DAO, the way that we benefit is obviously more utility for Faye plus, um, more, uh, yeah, plus revenue. Like we would be earning the same interest that Maker DAO uses. But there's this great incentive alignment, this great separation of concerns. I mean, it's going to be a huge product. It's really like liquidity acceleration is the way that Ben has been describing it and, um, a lot of the like, yeah, I think it's a really, really exciting, um, really exciting product.

• 27:21David Hoffman?

  Jade, do you want to riff on that or add into a different synergy that that really gets you excited about this merger? What's your favorite synergy that that is coming out of this?

• 27:28Speaker 00

  Yeah, I I think like uh Joey Joey covered turbo really well. It's gonna be like a no brainer for DAOs, right? Like DAOs don't actively like manage their treasuries, nor should they honestly, right? It's a very passively managed thing, right? So what I imagine that we'll see is a lot of large DAOs coming in depositing because it's a no brainer. They earn interest. They get to provide their users lower cost of borrowing, right? It's it it's gonna be really cool for for for Fuse in general and for Faze adoption. The the other key area that that I'm most excited about is is this idea of of DeFi verticalization, right? We I've spoken a little bit about this on Twitter, but basically this idea of the growth of the DeFi mafias, right?

• 28:13Speaker 00

  Where we're starting to see it in terms of the Danny's mafia, in terms of like Mim, right? Wonderland, etc., etc., right? You you have all of these different mafias, and I'm excited to see them them all come to light, right? You have the Olympus mafia. You're now building, we're now building the tribe mafia, and they are each experimenting with different pieces of incentive alignment, whether one token, revenue shares, treasury swaps, etc., etc. It'll be it'll be really cool to see how this evolves over over the coming the coming months and the coming year, and seeing what what what is required to build a mafia? Is it an AMM? Is it a lend to borrow? Is it a stablecoin? Is it all three? What else is necessary for the growth of them?

• 28:55Speaker 00

  And and what's gonna what's it gonna take to to win it, right? Like, obviously, we we are in a very positive sum game, and I'm not gonna discount that. But at the end of the day, it is also a very competitive industry, and I'm excited to see how each of the players evolve to to to to try and win.

• 29:13David Hoffman?

  I want to unpack how what's happening with the tokens, because in this merger, there's only the the RGT token is being subsumed by the tribe token. But why do that strategy rather than a token swap, where RGT tokens get put into the Faye treasury or the tribe treasury, and then the tribe tokens get put into the Rari treasury? Why? Instead of doing a token swap, why do a token merge? Isn't that just like way hairier and more complicated versus a token swap? What's the thought process behind that?

• 29:47David Hoffman?

  Whoever wants to take that.

• 29:48Speaker 00

  I mean, the, the easy answer is like, these treasuries that we all wield are too big, right? It's like a treasury swap doesn't do anything beyond like a cool medium post that gets the community excited for about a week. And like, we've seen this time and time again, that like, the, the, the benefits of like, value extraction will far exceed the, the, the size of it, any, any decent treasury swap, right? And like, this was about going all in with one another. And that's what, that's what we're here to do.

• 30:19David Hoffman?

  Joy, you want to add anything to that?

• 30:20Speaker 02

  Yeah, I mean, I think the, a lot of the benefits stem from what, what Jay said, which is this deep, like, protocol level incentive alignment, where we have the same token. There's no question. It's like, Faye and Rari, like, it's not like, oh, we did a treasury swap, but we also did a treasury swap with Compound. It's like, no, we're all in, you know? And, um, the other part that I think is extremely underappreciated is the decentralization benefit. Like, the tribe DAO will quickly become a Hydra of like, a bunch of different development teams that all have a ton of incentive alignment, and all work towards the exact same token. And I think that, that's an extremely powerful incentive alignment and regulatory, like, you know, we want to create something that's truly decentralized, and this is the way to do it.

• 31:04Speaker 02

  You get multiple teams with different products, all building under the same banner, and that's something that we care a lot about.

• 31:10David Hoffman?

  Why is the RGT token getting turned into the tribe token and not the other way around? How, how did that decision land?

• 31:17Speaker 02

  Yeah, I mean, it's a pretty practical answer to that. Basically, there's a lot of time locks tribe all over the place, versus Rari was almost completely liquid. So it's operationally easier, and tribe was also just a more liquid asset, and larger market cap. So it was kind of, I'm just like, okay, let's just use tribe. But, um, that wasn't like, a power move or anything. It was just kind of like, how the cards fell.

• 31:38David Hoffman?

  Logistically, it just made more sense.

• 31:40Speaker 02

  Yeah.

• 31:41David Hoffman?

  Yeah. Jay, what about the Rari treasury? How big is the Rari treasury and what's happening to that?

• 31:47Speaker 00

  Yeah, it's just not being transitioned over, right? Like, how we're thinking about it is now Rari and Faye, we're all under this tribe banner, right? We're here to support each other no matter what. So we inherit Tribe's treasury. We inherit everything of Tribe, just as they inherit everything of ours besides the treasury, obviously, just because that doesn't get converted over.

• 32:08David Hoffman?

  Of course, of course. And how was this, when you guys came to each other's communities and proposed a merger, what were you guys anticipating? Were you like, oh, like, I hope they like this? I have no clue. Or like, what was, what was the sentiment at the time of the, of the proposal?

• 32:24Speaker 02

  I'll tell you, when Jay, so I, I think a lot about Rari and I've thought a lot about Rari since we first heard of them. And so I'd actually thought of like potentially some kind of merger a long time ago. And when Jay like actually reached out to me and said, hey, I think it would be sick if we considered like maybe even merging projects. And it immediately felt right, like when he said it, because I had already thought about it and like the, the timing was like, not perfect, but it was like very clear that like, where DeFi is going, we need some consolidation and some, some true incentive alignment. So it was like a very radical idea. I knew it was going to make some waves. That made me excited. And I didn't know exactly to expect,

• 33:07Speaker 02

  but I expect the same thing with most like high profile proposals that some people are going to be really stoked and some people are going to be really scared. And we got that. And I think that's totally normal. I actually have this funny theory. I was going to make a tweet thread on it. It's called the God Theory of DAOs. So the idea is that if God ran your DAO, about a third of people would still be upset at all times. Because like, you know, you like, it's impossible. You have such diverse competing interests in the DAO that you can't make everyone happy. So you have to kind of try and just split the middle and do things that the majority is in favor of. And I think that's what we saw with the merger. The initial proposal was crazy. There was a lot of questions. We pivoted the proposal a lot to make it really optimal for the community. And then we took it to a token vote.

• 33:50Speaker 02

  And we saw that the stakeholders were really aligned. And that took work, but it was worth it.

• 33:57David Hoffman?

  What were the, some of the big things that stuck out to the community initially? It's like, hey, no, like perhaps this idea in, in general is good, but like these specific things we want to change. Anything stuck out like that?

• 34:09Speaker 02

  Yeah, I mean, there was a lot of details. I think the communities, obviously, were like really emotional about the, the peg price, which makes sense, and some of the terms around, like, you know, for tribe holders, we added a rage quit. Um, like, I think that we tried to keep it simple. There wasn't a ton of stuff. Um, and so, yeah, it was pretty much just like, figure out where the majority of stakeholders would be comfortable and just like, you know, pivot accordingly. And I think we, we landed in a pretty good spot and everything went smoothly. Um, I think over a third of the RGT has transitioned at this point, um, which is pretty cool to see because we weren't sure how much RGT was like frozen in random places. So, um, yeah, it's honestly so cool. Like, it still hasn't fully hit with me. I don't

• 34:54Speaker 02

  know how Jay feels, but like, it's crazy to merge two tokens at this scale, especially two projects that pretty much independently had product market fit. Like, it's normally one DAO that's in trouble, like acquiring another one, but this was like two totally separate projects that were doing great. And I think this is a landmark moment in DeFi. I'm proud to be a part of it.

• 35:14David Hoffman?

  So I've got some RGT tokens. Uh, what do I need to do?

• 35:18Speaker 00

  Basically, there's a, there's a merge website that you can find on our Twitter and on our, on rory.capital, I'm pretty sure. And it'll just basically walk you through, like, how to, how to, how to convert your tokens over. And it's, it's really simple. You just press how many, connect your MetaMask, and you're, you're converted over.

• 35:36David Hoffman?

  So it's just a matter of sending my RGT tokens to a specific contract?

• 35:40Speaker 00

  Yeah, I mean, yeah, basically gets burnt and you get tribe instead.

• 35:45David Hoffman?

  And, uh, what's the, what's the, um, when I say I, I put in 10 RGT tokens, how many tribe tokens do I get in return? How does that work?

• 35:53Speaker 00

  I think the final peg price was 26.7 or something, something around there. Um, and that's, that's like hard, hard coded in, right? So it's like, no matter when you convert it, that, that's the price that you're guaranteed.

• 36:07David Hoffman?

  And how is that price determined?

• 36:09Speaker 00

  That was what governance voted on, right? So there were various different parties that came together to to basically propose that price and that's what governance approved on both ends.

• 36:20David Hoffman?

  Cool, fantastic. So relatively simple. One-third of all RGT tokens are going to to transition over and turn into Tribe tokens. I mean, I'm assuming not all 100% will actually ultimately get turned over into Tribe. What happens to those remainder RGT tokens?

• 36:37Speaker 00

  Yeah, there's this funny thesis like flying around the Rari community and I'm totally not endorsing it because I want everybody to convert their tokens into Tribe because then they can participate in governance. But there's this thesis running around that like once the vast majority of the supply has been converted, that RGT will turn into a meme coin in like two years from now or three years from now and everybody who's sitting on RGT will just be like super like it just like I don't know, happy about it. So I think that's holding a large percentage of the supply, but the thing is that thesis doesn't work until the majority of the supply has moved over. So I don't know what's gonna happen.

• 37:16David Hoffman?

  That's pretty funny. Well, I've definitely heard of weirder things happening in the land of crypto, but I do take the point that it has to be a smaller minority in order for that meme to work out. I'd imagine there's some other like messy parts about merging two DAOs because this has never really been done before as far as I can tell, especially not at this scale. Two different DAOs, two different discords, two different teams of people. What's happening with the discords? Like, is one discord being just like, you know, abandoned and telling, hey, everyone, we're like, we're meeting in this discord. Like, what's going on with the discords?

• 37:50Speaker 02

  Yeah, so there's a lot of, um, there's like, like Rari and Fae are both pretty like broad products and with like very distinct like governance and so what we did is we kept the same on-chain governance, like there's a Rari DAO, there's a Tribe DAO that are both, or there's a Fae DAO that are both powered by Tribe. So there's two different, like, there's two different governor alphas, there's two different time locks. So it's all like, just to minimize the Overhead of switching costs, like we just kept everything pretty much the same. Um, and for the contributors, we actually took our Faye Labs internal comms and moved it all over to a tribe DAO server with the Rari infra team and all the Rari contributors and all the tribe

• 38:35Speaker 02

  community contributors. And that's been honestly awesome. Like it feels so much more like a DAO than it did before. And we're this is something that we care a lot about philosophically and something that we've emphasized in our development. But we haven't been as aggressive as we could be because we really focus on getting community buy-in. And governance is hard, but it's worth it. And I think that we're seeing the benefits of that as part of the merge. So I'm pretty pumped about it.

• 38:59David Hoffman?

  And what about like stuff like emails? Is there somebody doing like HR stuff for Google Suite? Like, how does it? How does this all work?

• 39:08Speaker 00

  Yeah, how how I would think about it is like operationally, these are two distinct entities within this larger spiritual being of the tribe, right? This this thing that's a value aligning both parties. So when you look at it, right? Rari doesn't have HR, right? We function as a as a group of people just trying to build cool shit who are are part of a DAO and we all work for now the tribe asset to to incentivize us all towards this common vision, right? So there is no merge of emails, right? Still two independent teams. And I mean, there's, there's a future where there's more than two independent teams, right? Maybe, maybe we'll scoop up some more. Maybe we'll build out some more, incubate some more. I don't know, right? And the tribe will only continue to grow and thrive.

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• 42:00David Hoffman?

  Whether you're new to crypto or a seasoned pro, it's time to switch to the Brave Wallet. Download Brave at brave.com/banklist and click the wallet icon to get started. So it seems that Tribe is now turning into a DAO of DAO models. We've kind of seen this poke that's head up, this concept of DAO of DAO models in different spots, and it seems like that's what Tribe is turning into. So now Tribe has the Faye side of things, and then also how has the Rari side of things. And do you have any thoughts on the DAO of DAO models, both for specifically the Tribe DAO of DAOs, but also just for broader, the broader concept of DAOs at large? Is this a theme that we're going to see in 2022? Joey, I'll start with you on that one.

• 42:41Speaker 02

  Yeah, absolutely. I think consolidation, like, like I mentioned before, it's like, where's DeFi going? And what we realized is that treasury swaps aren't super effective at incentive alignment. Competition is fierce in DeFi. Like, you could fork code, community, like, your only mote is attention and capital, and development talent. And like, attention is hard to keep hold of. That's like, very fickle. And capital is hard, but luckily, like, the Fae DAO has a lot of PCV, and that's our huge advantage. And what you need is you need like, incentive aligned contributors who are really talented and hungry. And I can't think of a better partner than the Rari Capital Infrastructure team.

• 43:23Speaker 02

  The most talented developers, the most creative, aggressive team. And together, like, with Turbo, we're getting that out the door even faster than I thought we would. And we have so many more products that we want to build to make it even easier for more DAOs to join our ecosystem. So yeah, I think we're really trying to like skate to where the puck is going and, and allow for consolidation incentive alignment in DeFi. And that's something I'm really bullish on.

• 43:51David Hoffman?

  Both of you guys have said that competition is so fierce in the world of DeFi at the moment. And while we do definitely live inside of a positive sum industry, that doesn't mean that competition still isn't here. Does that, do you guys think that this is just the first of many? Do you think other DAOs are going to start to look at potential merger opportunities just as a competitive advantage? Jay, I'll start with you on that one.

• 44:14Speaker 00

  Yeah, I think it's inevitable, right? Especially as we like, the, the market volatility that we're, that we're headed into in the uncertainty of 2020 and the potential looming bear market, right? These, these are all good things to keep in mind as, as you have mergers and acquisitions happening in the space, right? So I think we'll see both. I think we'll see DAO buyouts, we'll see DAO merges, we'll see DAOs collapse and hostile takeovers. These are all coming for DeFi. It's going to be super fun to watch because it gets kind of Game of Thrones-y. But like, I, I, I think that it's like inevitable for there to be massive consolidation, because that's the only way that people can compete like effectively as well.

• 44:53David Hoffman?

  Jade, do you have any advice for other DAOs who are thinking about merging? Or just any lessons that you've learned over the last six weeks or so? And just this experience of merging two DAOs?

• 45:04Speaker 00

  Yeah, I would say A, it's a pain in the butt.

• 45:07David Hoffman?

  I can imagine.

• 45:09Speaker 00

  Make sure to be like, make sure to be properly excited about it and that you want to go 100% all in. Right? And then the second thing that I'll say, and this is definitely the bigger and most important piece is if you're considering a merger and acquisition, offer, or considering going to a governance proposal and pushing it through, you should come to the tribe first, right? We're gonna, we're gonna be the best, right? We're gonna, we're gonna win, right? And if you want to be on the winning team, you should come join us.

• 45:32David Hoffman?

  Is this perhaps Tribe's new competitive advantage is they have gotten more experience with merging DAOs than anyone else in this space? And therefore perhaps it's easiest to just merge with the tribe?

• 45:44Speaker 00

  Yeah, I mean, like, that's, that's a great use case, right? It's like, you can, you can go build your own project, or you can come merge with us. We can seed you with $100 million in PCV. You suddenly inherit all of our socials, like whatever you want to call it, social capital, right? You suddenly get access to our development teams, you get access to our auditors. Like, there's soon going to be a case on why you wouldn't join the Faye team. And there's also this other side to it in terms of, let's say you're going to go and build like a fixed interest rate protocol, right? You can go and ship it on your own. And maybe, right, if you, if you don't join the tribe, there's, there's a future here where the tribe can just fork you, and we can seed it with $100 million. And who are people going to use, right? A protocol where you get cheaper rates and $100 million are already there?

• 46:27Speaker 00

  Or a protocol that one guy's just shipped himself, right? There's gonna be this network effect in joining the tribe to the point where everybody's going to want to join the tribe.

• 46:36David Hoffman?

  I think there's a conversation that we could have here about a historian of mergers and acquisitions in the traditional business, the web two world, who maybe if they're savvy enough with web three and crypto, they might be able to teach us some lessons here.

• 46:52Speaker 00

  Totally.

• 46:53David Hoffman?

  Joey, what are, what are your biggest lessons that you've learned in this merger? Now, now that you're on the other side of this merger, do you have any advice for other DAOs or organizations that might be considering merging themselves?

• 47:07Speaker 02

  Yeah, so I would say I have like two different categories of advice. One is for actually proposing a something like a merge or something like very, very like big for governance. Um, I think trying to propose a framework for doing things about a very like a proposal that's going to take a lot of negotiating or a lot of like community buy-in discussion. Try to have like vote on some ground rules as soon as possible. And then like move forward with a very clear plan. Like, I think we did a really good job, given how unprecedented the merge was.

• 47:50Speaker 02

  But we made so many mistakes and there are mistakes that could be like easily avoided with in hindsight. And I think that's just comes with uncharted territory. So reach out to us, we can, we can advise you. Um, but yeah, like vote on a framework, vote on like staging, talk like at a very high level, try to like iron out the big details before going lower level and have a, have a process for filling in the details. That's my advice on the DAO side. Then if you're, if you're a builder, um, I wanted to kind of riff on what you guys were talking about earlier. Sorry, I was grabbing a charger, so I, um, I was, I was, uh, video off, but, um, I think if you're a builder, I would say 75% of token projects I talk to don't need a token.

• 48:35Speaker 02

  And so my advice is don't build a token. Tokens are hard, it's distracting. Like, if you wanna like, you know, hit the market and like have this crazy token and do yield farming, fine, launch a token. But if you're here to like build something cool, launching a token is a huge distraction. So try and actually just go all in with your favorite DAO, wink, wink, you know, Tribe DAO. But like, try to get you like, being a strong builder is so underrated. Like you can get a huge token allocation from these DAOs and just build your product. And then you get all the leverage and all the power of that DAO behind you. Um, it's more decentralized. You don't have to focus as much on like legal, you don't have to focus as much on raising money.

• 49:20Speaker 02

  You're just, you'll be taken care of, you'll be totally incubated. And I think it's such a no-brainer, um, for us and for like potential builders. I like, we really wanna like talk to you.

• 49:33Speaker 02

  And we want to encourage you not launch another stupid, but to use Tribe. Or, or, you know, Om or whatever your favorite big mega DAO is like, go do that and don't like, don't launch your own token.

• 49:46David Hoffman?

  One of the things that's come to mind is that we've seen people like Jeff Bezos and Mark Zuckerberg summoned to Congress. Because they have for anti-trust conversations because Facebook just buys up all of its competition. In order to just not have any competition and then it just becomes the massive gargantuan that it is. Is it possible that this is the same like conclusion, maybe in five, 10, 15, 20 years from now, like some DAO is just like the mega DAO and is kind of just like too big to fail?

• 50:20Speaker 00

  I really hope not, right? I think that is a poor outcome for what we are trying to build, right? First of all, I'll start by saying there are a lot of other competent teams in the space, right? And like, we want competition, we're going to be pushing for competition, right? And like, as we said, like it's in our blood, right? Like, we're not going to limit fuse or do any anti-competitive things. However, we will be pushing for this DAO to become as big as it can be. And doing so in a way that is spiritually not similar to Facebook or Amazon, right? And I think that starts with things like decentralized governance, transparent decision-making, right? Keeping all token holders active in governance, right? Making sure that they're pushing for a better protocol.

• 51:03Speaker 00

  These are all things that will ensure that we are actually delivering value to the world and to the token holders at the same time.

• 51:13Speaker 02

  Yeah, I agree completely with Jay. I think consolidation is going to happen. And I genuinely believe in a world where things that are DeFi DAOs are going to be bigger than would be legal for a centralized company. Like, I think that. Tribe DAO has the potential to be bigger than Facebook and like we're not going to be the biggest DAO. You know, like there's going to be huge, huge DAOs and like Ethereum itself is a DAO arguably. And I think Ethereum is going to be of comparable size to like the entire internet in terms of the value and network effects that accrue to it. So like these cryptographic organizations are going to be insanely massive. And I think to Jay's point about decentralized governance, like that's the key.

• 51:56Speaker 02

  These are transparent immutable protocols and that is what makes this worth it. Is that the benefits of scale don't get corrupted by power because the leadership has to be extremely focused on writing rules and writing code and being transparent. To protect users and to like all the problems you get from antitrust, you won't have with these DAOs because of the cryptographic nature. But you will have all the benefits and that's where I think the economies of scale really kick in and it gets super epic. And I'm so excited to be a part of it with the Tribe DAO. And we're going to do whatever we can and listen to the community, make sure we're not breaking any laws. But um, you know, I think it's a really exciting vision.

• 52:36David Hoffman?

  So what are the goals for the Tribe DAO moving forward? Uh, I, I think this, this merger still has to, to finish. I think uh, more or less we're still in the relative beginning stages of, of this merge. Uh, what's left in this merge before it's completed? And then once that uh, point happens, what are the goals for the Tribe DAO after that? So short and medium term goals for, for Tribe. Um, Jay, I'll start with you.

• 52:59Speaker 00

  Yeah. So to me, the merge is basically done, right? There's, there's some RGT that's left to like be migrated, a decent amount of RGT left to be migrated. But the teams are basically operationalized within this, within this tribe ecosystem, right? So what's, what's next? There's, there's, there's a lot of different things that, that I'm thinking about, right? And that, that Joey definitely has many, many more that I, that I'm going to definitely forget to say, right? But it's all under this idea of, okay, what, what does it look like to be a, like a citizen of a financial free internet, right? And there are five, financial free world, right? Um, I think there's a lot of different components to this, right? Stable coins, lending and borrowing are things. That we've shown that we can do well and we're going to continue to double down on those efforts.

• 53:43Speaker 00

  Right. So what you're going to see is Faye V two has like is an amazing, amazing thing. Right. You're going to see the introduction of risk curves on the face side of things and I'll let Joey talk more about that. Um, and on the Rory side of things, you'll continue to see us double down on lend and borrow, right? Significantly, we're in the process of working on fuse two point O, which is going to have a ton of really, really cool improvements. Right. And basically continue to try and be the flagship spot for lending and borrowing, not just long tail assets, but also normal assets, right? And we'll continue to do that. But then when you zoom out and outside of outside of fuse, obviously, we're going to push out the yield aggregator. We're going to have a formal roadmap also soon. But when you zoom out, you have Faye, you have Rory, right?

• 54:28Speaker 00

  And my, my grander roadmap for the tribe for 2022 will be A to establish an identity for itself. Right. I feel like tribe is going to find itself in 2022 as really the symbol for this financial freedom. And then B, what, what else can we do? Right? It's like we've developed our own little bubbles. As Joey said, these products vastly have product market fit. What does it look like for us to expand outside of the realms of modern day DeFi? And that's what I'm having a lot of fun brainstorming and ideating around is, okay, what does it look like to onboard the next hundred million people and get them using the face stablecoin every single day?

• 55:03David Hoffman?

  Joey, in your, in your mind, what are the short and medium term goals for tribe?

• 55:09Speaker 02

  Yeah. So I think, I think Jay again hit it on the nose and that's one of the cool things that has emerged that we're, we're always so like the vision is so clear, like it was such a like no brainer. We're going in the same direction. Let's just go together. Uh, you know, you go farther together. And, um, the merge is operationalized. I think there's going to be some identity building. So there's more of like a social component of the merge that's not totally complete. But I think that it's pretty clear. The roadmap is that cryptographic freedom, financial freedom, sovereignty, like bankless. These are things that we cared deeply about, you know? And, um, I think that like fuse and Faye are just the beginning. Turbo, I think, is going to be a great product, and I have this this grand vision of

• 55:53Speaker 02

  building the entire compute layer for DAOs, the liquidity layer for DAOs, to be like a one stop shop for all of your needs as a DAO. And like, you don't need to go anywhere else. You go to the tribe DAO and you get your lending, you get your borrowing, you get your swapping liquidity. Eventually, you'll have options, fixed income, set products. Um, we want to verticalize the whole stack. And whether we build those products in-house or merge with great teams or acquire early-stage builders, it doesn't matter, but we're going to do it. We're going to have the whole thing in-house, and we're going to allocate all of our resources towards that. And um, I think that that's the way that that we win, and I'm super, super excited about it. And I couldn't, you know, couldn't be more happy with the partners that we have. Like, we're working with the right people.

• 56:36Speaker 02

  We have the right backers. We have the right community. So now it's just execution.

• 56:42David Hoffman?

  Well, Joey, the number of times that you and Jay agreed with each other is very indicative of how these DAOs already make sense to merge into one. So best of luck and thank you for pioneering out into this brand-new area of crypto that we never really saw before, which is DAO-to-DAO merges. Uh, I I expect to see many, many more in 2022, and each one having their own story. So guys, thank you for coming on the show and telling us your story about this one.

• 57:10Speaker 00

  Thank you for having us.

• 57:12Speaker 02

  Yeah, we're uh, we're really grateful. Um, we'd love to work more with the Bankless community. Like, I think we, there's a lot that we can do together. And um, yeah, we'll be at ETH Denver. We've got some great announcements coming, like Turbo is going to be a huge product, and we have a lot more that are going to be even bigger than that, that are going to be coming early this year. So um, just super stoked, and thanks again for the time. This was a really great, great chat.

• 57:37David Hoffman?

  Fantastic. All right, action items, Bankless Nation, if you have RGT tokens, you need to get those and turn those into Tribe tokens. So there will be a link in the show notes to take you to the spot to get that done. Also, I had a fun time reading both Joey and Jay's proposals to the respective communities about why this merger should go in in the first place. So if you just want to give that a read. Because it's pretty unprecedented. It's kind of a industry first, so worth just understanding what's going on. And so those documents, those forum posts will be also available in the show notes as well. As always, guys, risk and disclaimers, ETH is risky, crypto is risky, DeFi is risky. You can lose what you put in, but we are headed west.

• 58:18David Hoffman?

  We're on the frontier and we are glad you are with us on the bankless journey. Thanks a lot for tuning in. Hey, we hope you enjoyed the video. If you did, head over to Bankless HQ right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence. We recommend joining our daily newsletter, podcast and community as a Bankless Premium subscriber to get the most out of your Bankless experience. You'll get access to our market analysis, our alpha leaks and exclusive content, and even the Bankless token for airdrops, raffles and unlocks. If you're interested in crypto, the Bankless community is where you want to be. Click the link in the description to become a Bankless Premium subscriber today.

• 59:00David Hoffman?

  Also, don't forget to subscribe to the channel for in-depth interviews with industry leaders, Ask Me Anythings and weekly rollups where we summarize the week in crypto and other fantastic content. Thanks everyone for watching and being on the journey as we build out the Bankless nation.