Today, Growth Nest zeroed in on Institutional Business Pod during their weekly community call. @funkmasterflex, @coolhorsegirl, and the University Relations team hosted web3 University Day, which talked jobs in DAOs and university blockchain clubs with college students (recording available here).
Tomorrow, @TheYoungCrews hosts DeFridays with the Coop, this time with Halko from Dopex. As per, a POAP is available for all attendees. Remember, collect all 12 DeFriday POAPS and you’ll be rewarded.
- [COMPOUND-86] Add Market: MATIC & Update Price Oracle [MATIC]
- [UNISWAP-1.11] Should Uniswap Provide Voltz with v3 Additional Use Grant?
Nest Proposals (all approved):
Growth Nest (28 attendees) recording
Double-Lead of Growth Nest and Institutional Business Pod @Metfanmike starred in today’s community call for Growth Nest focused on spotlighting one of its pods, and this week, Institutional Business Pod is up. On Growth’s AAARRR conversion funnel, IB is focused on driving 3 consumer behaviors: Awareness (through webinars and public brand communications), Activation (through increasing listings on DeFi protocols), and Revenue (through relationship development and institutional customer acquisition).
IB has 4 core objectives for Season 1:
- Centralized Exchange Listings
- Education / Awareness
- Exploratory Efforts (Family Offices, Off-chain distribution, & Legal)
Centralized Exchange Listings
Centralized Exchange Listings bring Index Coop products to mainstream crypto buyers, retail and institutional. Pre-Season 1, traction exists with KuCoin and our partnership with marketmaker Wintermute. Challenges lie in KuCoin volume and the promise of a Legal Memo during uncertain times in crypto law. The goal for Season 1 is to get on at least 1 Tier 1 exchange. Tier 1 exchanges include Coinbase, Binance, Kraken, FTX, Gemini—all the places your normie friends love.
Custody support would bring Index Coop products to where many high net-worth individuals and institutions prefer to store digital assets (because they have a higher degree of security). Pre-Season 1, Coinbase has DPI supported for Custody, BitGo has our full thematic product suite, and MPC Fireblocks supports us as well. Few challenges: disjointed purchase experience and low visibility on product holdings that makes it difficult to see if we’re successful. Goal for Season 1 is to gain support from 2 additional custodians (we are currently talking seriously with 3) and $20m in N$Fs (a BitGo Prime integration would help with this).
Education / Awareness
Awareness and understanding of Index Coop and the themes our products support will hopefully lead to more purchases of our products. Pre-Season 1, we’ve presented at conferences, like Mainnet, Token 2049, and most recently ETHDenver. We’ve gone on podcasts like Animal Spirits, We Coach Crypto, and Pledge of Allegiance. Challenges exist with attribution and information share with partners, and we’re trying to combat this with POAPs. Using POAPs, we get the wallet address of event attendees and can track (to some degree) whether they buy our products down the line. In Season 1, things are looking good in this department, with events complete with OnRamp, CFA Institute, and JPM and scheduled with BitGo, Syngum, and Permissionless. We have a confirmed partnership with Blockdata for Q2 content and we’ve just been named to CB Insights Blockchain 50. That is huge.
Other IB efforts are three-fold, categorized under “Exploratory Efforts.” We’re striving to hit Family offices, the most nimble institutional investor type. We’re also attempting to access off-chain distribution, investors that are interested in crypto exposure but unlikely to go on-chain anytime soon. Lastly, we’re looking legal, trying to understand Index Coop’s options for incorporation.
Friday Meetings: (UTC/1-hr, UON)
2100 - ‘DeFridays with the Coop’ with Halko from Dopex (on Twitter Spaces)
DAOwlpha: “Intelligence plus experience equals wisdom.” - @naval