Web3 Needs Consistent Principles

I was listening to On The Other Side with Chase Chapman and she interviewed Paul Dylan-Ennis, an academic lecturer at University College Dublin and a prominent figure in Ethereum. Known for his dual role as both an academic and an active participant in the Ethereum ecosystem, I think of Paul as the historian for culture and values within crypto.

Ennis notes that the regenerative (Regen) culture within the crypto community has receded partly due to the persistence of unresolved problems and a broader pessimism about the future of crypto innovation.

This despondency has given room for Degen's and meme coins to flourish. Characterized by a focus speculative bets and a prioritization of short-term gains over long-term sustainability, this phase has led to an environment where financial speculation overshadows the original ideals of decentralization and community governance that initially fueled the growth of the crypto ecosystem.

Let me pause - I am not degen-bashing. I spent my first full-time year in crypto as a 24x7 technical trader and I fully understand the incentives, excitement, and rewards of being a dedicated Degen in a bull market. Its intoxicating and I still feel an early bull market entry is one of the best entry points for technically competent individuals to join the space.

But I also have seen the larger promise of web3. Its easy to get caught up in the excitement of technological advancements and market potential but when projects (and individuals) prioritize short-term gains over long-term growth, they undermine trust and stability within the ecosystem. This instability not only deters potential investors but also hampers mainstream adoption. Oh, and it wrecks Degen's as the market turns.

The Dangers of Not Having Principles in Crypto

The landscape is littered with pump and dumps, but we also have legitimate projects that had solid promise but still suffered from internal disarray, lack of focus and unresolvable prioritization. The volatility of the crypto market further exacerbates these issues, making it even more crucial to adhere to consistent values to provide wayfinding for both the bull and bear markets.

My Core Principles

To build a sustainable and thriving web3 ecosystem, I remind myself of these core principles:

1. Staffing for the Bear Market Is Better Than Splurging in the Bull

   During bull markets, the influx of capital leads to lavish spending and rapid hiring. However, it's essential to maintain control and prepare for inevitable downturns. Staffing with the future in mind ensures stability and continuity even during tough market corrections. I remind myself that restraining rapid resource expansion and keeping sustainable growth and hiring practices in mind, I can avoid laying off contributors during the bear markets, fostering a better culture and greater focus.

2. Transparency Is Better Than Opacity

   Openness and honesty are critical in building trust with others and the community. Transparent operations foster accountability and allow stakeholders to make informed decisions. This is harder than is sounds. It requires regular updates, open-source code, and clear communication channels can help build a stronger, more engaged community. And that takes dedicated time and resources.

3. Collaboration Is Better Than Competition

   The web3 space thrives on innovation, which is often driven by collaborative efforts rather than cutthroat competition. Working together accelerates progress and leads to better solutions. I need to continue looking for partners in other projects, sharing knowledge, and contributing to open-source initiatives can amplify the impact of individual efforts.

4. Decentralization Is Better Than Centralization

   True to the ethos of blockchain technology, decentralization ensures that power and control are distributed rather than concentrated. This fosters resilience and inclusivity. I don't claim we have figured this out, but by designing systems that minimize single points of failure and involve the community in governance decisions can strengthen the integrity of a project. Its not about making faster decisions, it about making better decisions.

5. Righteous Votes are Better Than Expeditious Votes

   Decision-making should be thorough and considerate, prioritizing what is right over what is quick. Hastily made decisions can lead to long-term issues. Implementing thoughtful governance processes and encouraging active participation ensures that all voices are heard and respected. Doesn't mean you get your way, but it means you will be heard.

6. Getting Smarter Is Better Than Getting Your Way

   Continuous learning and adaptation are crucial in web3. Prioritizing personal and collective growth leads to better outcomes than rigidly sticking to one’s own ideas. Ego is the mind killer. I need to do better at encouraging a culture of curiosity, active feedback, and personal ownership. This should help us stay ahead of the curve and innovate effectively.

7. Good Times Equal Greater Productivity A positive and enjoyable work environment boosts morale and productivity. When people are happy, they are more likely to contribute their best work. It might just be that I am in a place in my career where I just don't have any patience for negativity and incongruent behavior. I do think that investing in each other, fostering a supportive culture yet challenging culture, and celebrating successes while learning from mistakes can get us there .

   How I Use These Principles

   In my work within the web3 space, I strive to remember these values. It's not easy and I don't do it enough, but I know that when done well, leading by example is our best mechanism to build a resilient, sustainable, and equitable ecosystem.

   Web 3 is our best chance to change the world