Maxos Update 27 August
Maxos Mutual
Maxos Mutual is a crypto native bank, built for long term growth and adaptability.
We tested the Maxos Mutual token code with an extensive list of features:
- It’s mintable. Building for long-term growth and adaptability, the mutual can mint new governance rewards to support additional insurance. Minting will initially be controlled by the signer list on our Gnosis Safe. We are building the signer list in the style of a startup board of directors, with slots for management, investors, and an outside expert.
- Upgradeable, using the standard OpenZeppelin code
- It contains hooks for Compound governance. OpenZeppelin has identified Compound governance as a best of breed and included it in their code. We like it because it supports delegated votes, which will speed up decision making.
- It contains pluggable transfer controls that will help with regulatory compliance. The first version will not be transferrable. We can plug in new transfer rules that enforce whitelists or lockup lists. We will release the transfer controls for public use. Any token will be able to use the rules, lists, and investor qualifications that we develop. We have already started talking to partners about ways that they can use it.
Tech lead David Lee has been driving our smart contract architecture from his desk in Osaka Japan. Thanks David! Along with finishing the token, David has been implementing the architecture for investment strategies and strategy contribution.
Team member Vojtech Hromek added the first version of an Anchor investment strategy, using the new release of the EthAnchor bridge from terra.money. It’s not obvious, but Anchor yields come from the ANC token rewards distributed to “borrowers” in the protocol. The 20% yields from Anchor are a good indicator of the farming rewards that are going to be offered on more emerging DeFi chains.
The design team finished the first draft of a valuation model, which will be available so that investors can make their own scenarioes. We iterated on the “symmetric subsidiaries” architecture for multi-chain payments and investment.
Presail
Presail is like an open-access, crypto-native version of Angel List. Join at presail.club. Follow on Twitter to be notified of offers. Read the white paper and let me know what you think. Explore some of the background reasons for Innovating in Venture Capital.
You can now propose deals. I’m looking forward to learning how people want to use this capability.
We have granted 132,000 out of the 10M tokens.
We had our first meeting of the Presail team and community on August 27, with seven people attending.
- Sesha and Andy presented their analysis of the gaps in the VC market. In 2020, 45% of VC funding came from non-traditional investors (not normal VC funds). A lot of the money is from PE funds in big late stage deals, which is not our market. There has also been a big influx into earlier stages from family offices, super-angels, operating entrepreneurs outside of Silicon Valley, and crypto winners. That’s our market. Our goal is to serve this market with mechanisms that are open access, so that you can participate from anywhere in the world and you do not need to be a Stanford insider. We also want deals to be crypto-native so that we can support low-cost escrow, and new deal structures that are not allowed on Angel List, which is hemmed in by its narrow status as a US VC fund.
- Everyone in the group will be retweeting our offers and announcements.
- We agreed on a two-step process, for recruiting. First we will get some deal activity and a good “vibe” with a small group of people. Then we will promote the membership and grant/airdrop
- Andy will bring a deal through a proposal process, first proposing it on the deal form, and then bringing it to the token gated “deals” channel. When this deal or other deals that we are soliciting get the green light, our app team will customize the front end to fit the mechanics of the offer.
Here is CoopahTroopah on the social token concept
