Cryptso Casts | Apr 2024, Just Another Onchain Use Case
Welcome to the Cryptso Casts newsletter! Every month, I curate my best thoughts, ideas, and observations on crypto and the industry at large.
Real World Onchain Use Cases
[David Tso on Warpcast
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1/ I tried to send an angel check last week through my bank’s online wire transfer tool and got rejected because I’ve wired more than my weekly limit\
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Had to call a human, answered like five security questions, then I had to recite the wire info to them twice, hold while they played me a recorded T&C message...\
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Farcaster\
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[David Tso on Warpcast
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1/ Most merchants today pay 2-4% in fees to accept Visa or Mastercard, and you as the consumer are also taking on this fee in the form of higher prices\
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With crypto, merchants can now accept instant $USDC payments with zero fees on @base, allowing them and you to save money on payment processing\
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[David Tso on Warpcast
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It’s 2024, and this is the state of payments across North America\
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It’s time to update the system, it’s time to pay with $USDC on @base https://imagedelivery.net/BXluQx4ige9GuW0Ia56BHw/c98a6d4a-bd49-4145-3e35-35506c2fb700/original\
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[David Tso on Warpcast
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Merchants are fed up with 2-4% in fees to accept credit cards\
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Paying with $USDC on @base is borderless, free, and instant https://imagedelivery.net/BXluQx4ige9GuW0Ia56BHw/9169d18b-c6bf-4c6f-5f7c-1ac42ea24900/original\
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[David Tso on Warpcast
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Had to visit the bank today to deposit a physical check since there’s a limit on mobile deposits\
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They accepted my check but told me that the funds won’t be cleared for use until next week\
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I’m so used to instant cross-border settlements with crypto that it took me a few minutes to register what had just happened\
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[David Tso on Warpcast
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The traditional banking system that you and I use today is antiquated and filled with intermediaries taking cuts\
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A simple bank transfer still runs on SWIFT, which was created in 1973, and if you want to send remittances internationally, the average fees are 6.18%\
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Crypto is a faster, more efficient, and cheaper system\
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Event Highlights
[David Tso on Warpcast
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It was great attending the @linea Waypoint event last week to have a fireside chat about all things L2s\
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I had a fun time meeting everyone 😄 https://youtu.be/GK2d8SPRenY\
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[David Tso on Warpcast
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Had a great time at the /cornell Blockchain Conference 2024 gathering with fellow Cornellian builders and builders from across the industry!\
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Kudos to the Cornell Blockchain team for working so hard to make this happen :) https://imagedelivery.net/BXluQx4ige9GuW0Ia56BHw/5d0440c6-c515-4c5b-0c14-23cdee37e900/original https://imagedelivery.net/BXluQx4ige9GuW0Ia56BHw/aee443a0-a8d0-44be-0441-9b9c0101bf00/original\
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[David Tso on Warpcast
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Battle of the Infrastructure Panel | /cornell Blockchain Conference 2024\
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Featuring:\
Luigi DeMeo at /avalanche\
Jon Wong at /solana\
Jack Melnick at /polygon https://youtu.be/i8MrV5552ZA?si=g9aFN0TcwVENnLe6\
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Casts of the Month
[David Tso on Warpcast
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❌ dapps\
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✅ onchain apps\
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Farcaster\
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[David Tso on Warpcast
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🧠 mint anything onchain\
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🌌 mint everything onchain\
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[David Tso on Warpcast
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1/ Community tokens like $DEGEN and $BONSAI open up a wide range of ways to create and share value with an ecosystem\
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This is powerful because it enables new types of users, applications, and experiences, to live and grow onchain https://x.com/socialgraphvc/status/1776312937805656277?s=46&t=WH1NEB3O4jfMt861gchHvA\
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[David Tso on Warpcast
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Memecoins are the ICOs and NFTs of this cycle, but better:\
- They are more honest than ICOs\
- They are more democratic than NFTs\
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Memecoins are the captain now\
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[David Tso on Warpcast \
2017: ICOs\
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2021: NFTs\
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2024: Memecoins\
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[David Tso on Warpcast \
Onchain = more empowered creators, merchants, and consumers\
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[David Tso on Warpcast \
Hong Kong approves spot Bitcoin and Ethereum ETF application 🇭🇰 https://www.theblock.co/post/288237/hong-kong-approves-first-batch-of-spot-bitcoin-ether-etfs-in-drive-to-become-crypto-hub\
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[David Tso on Warpcast \
$100B+ is about to flow in crypto from China via Hong Kong\
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The bull market is just getting started...\
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[David Tso on Warpcast \
Consumer social should be onchain\
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Just like how you are sovereign in your physical identity, you should also be sovereign in your digital identity\
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[David Tso on Warpcast \
Nothing needs to be onchain, just like how brands don’t need to be online\
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But if you believe in a future where onchain ownership becomes as important as online presence, then that thing should definitely be onchain\
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[David Tso on Warpcast \
L2 = AWS EC2\
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L3 = your own data center\
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Farcaster\
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[David Tso on Warpcast \
In the future, no user will ever need to touch Ethereum L1 to enter the onchain cryptoeconomy\
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There will be hundreds of generalized L2s with direct CEX integrations and thousands of specialized L3s that are world-class consumer experiences\
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Farcaster\
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[David Tso on Warpcast \
Happy 4th Bitcoin halving! 🎉\
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[David Tso on Warpcast \
A common trend I’ve noticed these days is that once users get onchain with their wallets and start minting, trading, and experiencing what’s here, it’s really hard to leave\
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If we can get everyone onchain once and focus on making it easy and safe for them, they’ll naturally find things that are exciting to them\
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Farcaster\
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[David Tso on Warpcast \
Crypto never left https://x.com/collision/status/1783559623511011535?s=46&t=WH1NEB3O4jfMt861gchHvA\
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[David Tso on Warpcast \
Streaming is an under-explored design space of onchain social\
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e.g. @unlonely, sanko.tv\
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[David Tso on Warpcast \
Onchain ownership is so important for brands, creators, and consumers\
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It’s the wedge for a much larger vision around co-creation, new commerce primitives, better incentive models, revenue share, and more\
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[David Tso on Warpcast \
Zora mints work so well because they let anyone who was there at the time for /azuki x /arbitrum, /coinbasewallet adding /zora, /friendtech v2 launch week, @zachxbt’s investigation into Lazarus Group, etc. get a free commemorative NFT\
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Then in due course value reveals itself\
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[David Tso on Warpcast \
Mint the moment\
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[David Tso on Warpcast \
We need to stop handwringing and seeing crypto as some niche thing that needs to go mainstream\
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Crypto is already mainstream, and it is here to stay\
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Consumer Apps I Liked
[David Tso on Warpcast
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Platform for onchain-native events https://littleatlas.xyz/\
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[David Tso on Warpcast
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Facebook events for Farcaster https://events.xyz/\
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[David Tso on Warpcast
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Build authentic relationships with your audience and earn via digital collectibles https://solarplex.xyz\
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[David Tso on Warpcast
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Predict price moves and win rewards https://drawthechart.com/\
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[David Tso on Warpcast
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Onchain focus app to help you spend less time on your phone https://www.focustree.app/\
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[David Tso on Warpcast
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Social surveys for Farcaster https://www.weponder.io/\
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[David Tso on Warpcast
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Find out your onchain reputation https://nomis.cc/\
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[David Tso on Warpcast
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The easiest way to build on Farcaster https://neynar.com/\
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[David Tso on Warpcast
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A social account abstraction wallet https://timelesswallet.xyz/\
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[David Tso on Warpcast\
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(creator, fans) https://earlyfans.xyz/\
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Infrastructure Updates
[David Tso on Warpcast
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Long live the blobs! https://i.imgur.com/KM3NRFx.jpg https://i.imgur.com/gumfSz7.jpg\
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Farcaster\
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[David Tso on Warpcast
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Custom opcodes, instructions, and gas tokens for the EVM\
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Incredible work from the Reth team https://www.paradigm.xyz/2024/04/reth-alphanet\
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[David Tso on Warpcast
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The first to become a Stage 1 rollup with fraud proofs and now almost the first to become a Stage 2 rollup with permissionless validation\
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Completely decentralized and permissionless rollups will be a reality soon via /arbitrum https://docs.arbitrum.io/bold/bold-gentle-introduction\
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[David Tso on Warpcast
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Proof-of-Humanness (PoH) ⚪ https://worldcoin.org/blog/announcements/introducing-world-chain\
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[David Tso on Warpcast
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Rollups are not a point-in-time snapshot of a framework, they require continuous maintenance, hardening, and improvements\
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@conduit successfully upgraded the first Orbit L2 to post blobs on Ethereum https://imagedelivery.net/BXluQx4ige9GuW0Ia56BHw/e9fdc889-826e-472a-2ff5-636371ec3f00/original\
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And that’s my monthly roundup! Subscribe for free to receive new posts and follow me to stay in the loop.