►
Description
Chjango from dweb Foundation moderated this Graph Day 2022 panel, joined by Craig Burel from Reciprocal Ventures, Jeff Morris Jr. at Chapter One, Jake Brukhman at CoinFund and Zhen Chao from Republic. The panel kicked off with each panelist explaining what web3 means in their own words, as they then moved on to describing how their perception of web3 informs their investing style. The panelists also shared their perspective on investing during bear markets.
Watch more Graph Day 2022 talks, panels, and announcements here: https://www.youtube.com/playlist?list=PLTqyKgxaGF3SWt8ipQw-Ul9HQvmxulbUu
Keep up with The Graph on social media!
Time Stamps
0:00 Introduction
2:44 Defining web3
9:00 How does web3 dictate how you invest?
16:06 What advice do you have for investors?
Twitter: https://twitter.com/graphprotocol
Instagram: https://instagram.com/graphprotocol
LinkedIn: https://www.linkedin.com/company/thegraph
GitHub: https://github.com/graphprotocol
Website: https://thegraph.com
A
A
I
am
chango
and
I'm
part
of
the
cosmos
ecosystem
and
a
early
contributor
of
cosmos
building
the
community
back
in
the
day,
I'm
now
working
on
osmosis,
which
is
the
cosmos
decks.
So
if
you
guys
have
any
questions
about
that,
you
could
ask
me
about
that
yeah
and
also
run
a
podcast
and
validator
called
entertain
fm.
A
B
C
D
E
Hi
guys
this
is
jan
from
republic.
I
was
advisor
since
2018
and
we
are
actually
a
equity
crowdfunding
platform.
We
started
from
there
and
then
we
also
devoted
ourselves
into
initial
coin,
offering
and
in
a
regulated
way.
The
mission
is,
of
course,
like
empower
individuals
financially
and
yeah
ideology
wise
as
well.
So,
yes,
we
are
a
supporter
of
lightner
one
layer,
two
privacy
stacks
and
pretty
much
everything
and
also
dabs
and
stuff,
but
yeah
yeah.
I'm
a
gaming
focused
person,
so
yeah.
A
B
What
it
offered
was
cloud
and
compute,
but
now
you're.
Seeing
these
this
oligopoly,
like
basically
seep
into
like
every
single
web
2
primitive
that
exists
today
and
where
we
see
web
3
coming
in,
is
really
again.
The
unbundling
of
this
oligopoly
that
exists
and
really
making
things
more
decentralized
and
whether
it's
you
know,
reform,
rebuilding
or
just
focusing
on
like
these
individual
protocols
and
the
benefit
of
that
is
two
things
right:
kind
of
breaks,
the
price
controls
that
exist
in
oligopolistic
nature,
but,
more
importantly,
it
also
reduces
platform
risk.
C
C
D
As
an
engineer
and
an
investor
I
tend
to
think
of
web
3
in
a
technical
sense
to
me,
web
3
is
the
stack
of
protocols
and
frameworks
and
standards
that
allow
people
to
build
decentralized
applications,
and
you
know
at
the
bottom
of
the
stack
there
tends
to
be
kind
of
the
core
services.
Those
are
storage
and
computation
in
the
middle
of
the
stack
there
tends
to
be
middleware
kind
of
I
think
of
the
graph
is
as
middleware
it's
helping
developers
to
index
data
on
chain.
D
There
are
other
networks
as
well
like
the
ceramic
network,
which
is
middleware
that
helps
people
store
kind
of
business
level,
data
in
a
decentralized
way.
You
know,
there's
many
other
services
that
you
can
think
of
in
in
that
area,
a
little
bit
further
up
the
stack
there's
a
kind
of
an
aggregation
layer.
You
know
you
guys
mentioned
aws
right.
D
If
you
open
up
aws
panel,
you
know
you
see,
storage,
you
see
computation,
you
see
a
database
service,
you
see
a
lambda
service
and
so
forth,
and
I
think,
like
over
time,
web
3
services
will
also
start
to
compete
with
every
level
of
those
kinds
of
services.
I
call
that,
like
dws
decentralized
web
services
and
then,
of
course,
on
top
of
that
whole
stack,
you
can
build
daps.
D
You
know
in
a
blockchain
somewhere,
but
it's
also
that
your
website
and
interface
are
launched
to
a
decentralized
network.
The
domain
name
upon
which
it
lives
is
also
decentralized
network
and
the
payment
system
that
everybody
uses
to
interact
with
this
app.
You
know
lives
in
web
3
as
well,
so
that's
kind
of
my
technical
definition
of
what
it
is.
E
Yeah
for
sure
I
actually,
I
think
the
com
possibility
part
is
the
most
fascinating
on
the
website
and
for
me,
my
favorite
way
to
put
it
together
like
what
is
web3
is
web.
One
is
you
platform,
quick
content,
platform
or
money
and
web
2?
Is
you
create
content
like
normal
people
as
math,
quick
content
and
platform
earn
money,
but
then
webster
is
the
mass
crit
content,
the
mass
or
money?
A
And
just
to
add
to
jake's
definition
of
web
3
decentralized
naming
would
be
at
the
like
a
primitive
of
that
entire
stack,
and
so
you
know,
if
you
think
that
your
unique
identifier,
if
you,
if
you
think
of
it
as
an
nft,
then
you
know
why
couldn't
your
nft
act
as
your
social
handle
in
the
future
that
gives
you
access
into
this
web
three
world
anyway.
That's
just
yeah.
That
would
just
be
my
thought,
given
this
framework
about
what
web
3
is,
how
does
this
inform
how
you
guys
invest
as
vcs.
B
Yeah,
so
for
reciprocal
ventures,
so
we're
a
thesis
and
research
driven
firm.
So
what
a
lot
of
times?
What
we'll
do
is
you
know,
debate
and
figure
out
what
are
the
most
interesting
trends
that
we
really
align
with
and
believe
this
will
be
the
future
for
web
3
as
a
whole.
We
believe
that
you
know
web
3
will
be
the
next
internet
paradigm.
So
we're
super
excited
about
it.
B
You
know,
companies
like
the
graph
become
super,
exciting
and
relevant
for
us.
You
know
we
received
an
investor
in
the
graph
and
we're
continuously
supporting
it
as
well.
So
for
us
you
know,
you
know:
we've
made
a
bet
on
web3
early
on
back
in
2016
2017
and
we've
held
that
thesis
and
so
for
us.
It's
just
a
lot
about.
You
know
coming
up
with
new
thesis
that
we
see
developing
throughout
the
ecosystem
and
then
finding
opportunities
that
fit
with
our
thesis
and
then
being
able
to
invest
in
those
thesis.
B
C
Yeah,
for
us
I
mentioned,
accessibility
is
the
main
focus
and
we
find
it
pretty
shocking
how
little
we
do
on
our
phones
to
interact
with
crypto.
So
I
would
say
a
huge
focus
for
us
is
just
things
that
make
crypto
a
larger
part
of
our
everyday
lives
and
knowing
there
are
a
lot
of
applications
being
built,
but
most
of
them
are
desktop.
So
we're
trying
to
figure
out
what
I
guess,
like
the
the
the
current
stats
and
and
crypto,
are
pretty
like
we're
still
very
early.
C
When
you
look
at
you
know,
daily
or
monthly
active
traders
on
openc
being
like
500,
000
monthly,
active
traders.
I
think
metamouse
has
about
30
30
million
active
wallets
like
we're,
we're
very,
very
early,
so
we're
kind
of
searching
for
those
next
breakthroughs
that
will
really
take
crypto
to
the
mass
market.
D
Yeah,
I
would
say
you
know
just
following
up
on
on
my
like
stack
analogy,
I
would
say,
like
the
the
lower
parts
of
the
stack
they
tend
to.
Have
you
know,
storage
computation
tends
to
be
fewer.
Players
tend
to
be
like
more
stable.
You
know,
ipfs
is
a
routing
protocol
for
decentralized
storage.
The
middleware
layer
tends
to
be
more
like
diverse
and
very
and
there's
like
more
players
and
then
like
the
application
layer
on
top
is
like
really
diverse.
D
To
pick
you
know
the
right,
winning
winning
things
and
the
things
that
are
lower
in
the
stack
are
more
foundational,
they're,
more
they're,
less
likely
to
you,
know
kind
of
wholesale
get
wiped
out.
But
what
is
the
overall
thesis
that
we're
investing
in
here?
Well,
I
think
it's
it's!
You
know.
At
coin
fund,
we
think
of
it
as
a
thesis
built
around
a
decentralized
network.
This
idea
that
you
can
create
applications
that
live
on
services
that
are
open,
public,
permissionless,
global
and,
and
probably
most
importantly,
like
owned
by
the
users
right.
D
You
really
think
of
decentralized
networks
as
a
new
model
for
sustainable,
like
corruption-resistant,
public
goods
and
you've
talked
a
lot
about
that
in
his
keynote,
and
I
think
that's
when
people
ask
me
like
what
is
it
about
blockchain
that
you
think
is
really
transformative.
It's
not
really
payments,
and
it's
not
really
like
bank
settlement
technology.
It's
our
ability
to
create
new
models
of
coordination.
E
Yeah
yeah,
inspired
by
you.
Actually,
we
actually
did
support
all
the
later
ones
like
barcelona
avalanche,
and
so
we
are
chain
organistic
and
we
want
to
be
as
open
as
possible,
because
diversity
is
always
the
focus
for
republic.
We
want
to
give
more
opportunity
for
founders
in
color,
woman,
founder
and
founder
in
those
minor
like
far
areas,
and
so
that's
also
the
like
the
whole
thesis
about
crypto
right
like
giving
access
to
openness,
and
that's
that's
the
foundational
drive
for
us
and,
of
course
everything
we
do.
E
We
all
want
to
support
when
we
invest
in
a
wallet
and
we
have
millions
of
users
and
we
want
that
wallet
to
plug
in
our
website
to
actually
on
board
the
user
on
the
product.
So
so
that's
the
thesis
driving
around
us.
We
focus
on
adoption
and
our
product
is
a
gateway
for
those
newer
projects
as
an
the
zero
to
one
adoption
cases
and
then
yeah
for
sure.
Later
on,
we
we
actually
supported
tick.
E
Tock
of
india
like
changari,
and
I
invested
in
step-n,
which
is,
I
always
wanted,
a
running
app
right
because
we
like
at
the
end
of
the
day,
just
as
you
said,
ethereum,
the
intention
is
for
making
debts
and
now,
after
axis
steppen,
we
see
that
the
adoption
is
actually
happening
versus
in
2017-18.
There's
a
lot
of
speculation
and
intention
of
the
founder
were
not
right,
but
now
we
see
many
experienced
web
web.
2
founders
are
coming
into
space,
especially
in
china
as
well.
E
It's
so
interesting
because
I
was
physically
in
china
past
two
years,
and
so
normally
monopolies
are
taking
the
whole
market
share
right.
It's
so
hard
for
a
web
2
company
to
build
like
groundbreaking,
like
tick,
tocks
like
or
tick-tock
or
snapchat
they
break
through
out
of
all
those
monopolies
is
like
not
easy,
but
I
guess,
like
I
was
hoping
there's
more
and
more
web3
social
apps
and
steps
can
come
out
in
this
way
because
of
the
breakthrough
monopoly
thing
and
also
same
with
the
game
licensing
situation
in
china.
E
A
And
giving
power
back
to
the
people?
Okay,
we've
got
five
minutes
left
and
I'm
gonna
spend
it
asking
you
guys
about
what
sorts
of
advice
do
you
have
as
investors
to
give
to
people,
given
that
it
is
a
bear
market,
because
there's
lots
of
people
who
are
in
pain.
They
don't
know
what
to
do.
Given
that
you
know,
a
lot
of
their
money
has
gone
down
like
50.
So
what's
your
all-weather
strategy.
B
Yeah,
so
for
us
you
know:
we've
been
through
bear
markets
before
not
only
in
the
crypto
bear
markets,
but
also
like
the
financial
bear
markets.
So
for
us
it's
a
very
exciting
time,
because
you
know
we
are
seeing
builders
in
the
space
continuing
to
build.
We
are
seeing
the
crypto
attraction.
We
are
seeing
people
starting
to
adopt
more
and
more
crypto,
and
so
it's
a
very
exciting
time
for
us
and
we're
doubling
down.
So
we
haven't
slowed
down
investments
of
anything.
We've
actually
started
picking
up
making
seed
investments
in
series
a
seed
rounds.
B
It's
something
like
you
know,
we're
very
excited
about
we're,
also
helping
a
lot
of
our
founders
and
portfolio
companies
navigate
this
bear
market,
given
our
you
know,
experience
with
previous
bear
markets
and
really
what
to
focus
on
and
I'll
add.
Another
tidbit
is
like
our
deca.
Unicorn
investments
that
are
part
of
our
fund
were
actually
found
in
previous
bear
markets,
so
that
includes
the
graph
block.
Daemon
solana
like
these
were
all
companies
that
we
invested
in
during
bear
markets,
and
you
know
they
we
didn't
find
them
during
the
bull
market.
B
We
didn't
find
them
doing
the
hype.
It's
really
times
like
this,
where
you
find
founders,
you
find
builders,
you
find
companies
and
teams
who
are
heads
down
building.
You
know
trying
to
like
take
out
the
noise
and
not
focusing
on
really
what's
going
on,
but
really
focusing
on
what
the
future
can
hold
and
that's
what
makes
us
like
super
excited
about
finding
people
who
are
able
to
do
that.
Finding
people
who
you
know
are
just
passionate
about
what
they're,
building
and
really
believe
in
their
vision,
and
so
for
us
it's
like
super
exciting.
C
C
All
this,
like
company
building,
while
complicated,
is
often
more
simple
than
we
think
it's.
It's
really
about
finding
a
customer
problem
and
solving
a
problem
for
an
end
user
and
and
really
finding
actual
traction,
and
I
think
traction
right
now,
as
mentioned
is
real
in
crypto
like
we
have
usable
applications,
we
have
excited
end
users,
so
so
really
just
focus
on
on
building
great
products
and
and
and
yeah
we're
we're
super
active
right
now
too.
D
You
know
kind
of
a
lot
of
volatility
in
the
in
the
macro
environment
and
they're
also
sort
of
mapping
that
to
crypto,
because
they
see
kind
of
correlations
between
you
know
some
of
the
macro
environment
and
high
cap
crypto
assets,
but
actually
like.
If
you
look
at
nft
volume,
nft
volume
hasn't
really
gone
down
that
much
it's
been
pretty
resilient.
D
If
you
know,
if
you
look
around
the
space,
I'm
sure
you
can
find
a
portfolio
of
assets,
that's
still
pretty
uncorrelated
with
macro
and
the
other
thing
to
say.
As
I
work
mostly
on
the
you
know,
early
stage
venture
side.
We
just
did
permissionless
we're
all
here
graph
day
right.
It
doesn't
really
feel
like
a
bear
market,
there's
more
investors
than
ever,
there's
more
founders
than
ever,
there's
more
infrastructure
than
ever
to
start
taking
things
to
to
market.
D
As
you
mentioned,
there's
a
lot
of
web
2
founders
coming
in
for
sure,
and
one
of
the
some
of
the
reasons
that
they're
comfortable
coming
in
now
is
because
they're
seeing
sort
of
new
and
traditional
like
venture
capital,
starting
to
take
the
crypto
space
a
lot
more
seriously.
So
I
don't
see
like
valuations
going
down
in
you,
know
private
equity
markets
and
early
stage,
and
I
see
like
a
lot
of
opportunity
to
start
taking
some
of
these
web
three
products
to
market.
E
Yeah,
it
might
take
some
time
to
let
the
valuation
go
down
and
there's
still
mismatch
of
the
secondary
and
the
primary
market.
And,
yes
for
sure,
that's
how
we
met
right
during
bear
market
like
2018-19
and
yeah
like
x,
like
back
then
xc
folks
and
sandbox
folks
and
openc
folks
right
they
were.
We
were
just
all
together
and
talk
about
play
to
earn
and
that
was
2019
early.
So
so
fancy
things
happen
in
beer
market
yeah.