Entering the market in 2017, there have been two rounds of bull and bear markets. The first two rounds of bull markets have experienced millions of retracements, all of which are related to DAO.
Hello everyone, I am Jimmy. Today I will tell you about my experience in participating in DAO in the past few years.
1. NASH DAO
After joining the circle in June 2017, after more than half a year of study, I decided to allin the blockchain at the beginning of 2018.
I basically spent the first half of 2018 on Bihu, basically maintaining a writing speed of about 3,000 words of original articles every day, and gained a number of fans as a result.
In June 2018, after the Coinhu Baika Show organized by Jinma Boss, because we were very optimistic about the development of chain games, Huoshan Brother and I hit it off and decided to establish the Number One Players Guild. This should be the earliest chain game DAO with Chinese coupons. We even issued a creation declaration on the ETH chain. For details, see: https://etherscan.io/tx/0x877a7469554704d89b11ffbc6438bff9d22f6a81140c73fa93dab519b646b335
Soon, on June 22, 2018, we welcomed our first in-depth cooperation with the blockchain game "NeoWorld". The game type, landing speed, innovative design, etc. of this game deeply attracted the attention of our DAO, so our DAO invested a lot of energy, time and even money, and soon became the first guild of this game.
I have written dozens of related articles, and have gradually reduced the frequency of creation to focus on the ecological construction of NeoWorld. The entire DAO has contributed countless articles, emoticons, tools, comics, websites and other ecological content.
However, because blockchain games were still in the early stages of exploration, the development team did not have a good grasp of the speed of NASH output, and in fact issued it too quickly. In addition, the overall cryptocurrency market entered a bear market, and three months later, the price of NASH began to fall. At that time, our DAO did not have sufficient data verification, and was still continuously buying at the bottom, causing a large number of members to be deeply trapped.
Despite this, we did not give up in 2019 and continued to assist NeoWorld in improving its products and building its community, hoping to find a way out. During this period, Huoshange became the chairman of the Ecological Committee, and I was fortunate to become the Chinese ambassador. Many senior members of our DAO also held important positions in the Ecological Committee and continued to contribute to NeoWorld. On June 22, 2019, we even planned and hosted the offline meeting of NeoWorld's first anniversary.
We originally thought that this product would continue to iterate until the bear market was over. However, due to various reasons, the product team decided to suspend development in early 2020 and wait for the right time to restart.
This wait lasted until the end of 2021. At that time, it was restarted with a new project DGN, claiming to empower NASH, which caused NASH to rise more than tenfold in a short period of time. If calculated based on the peak price, I would actually make a small profit. But it was still in the early stages of the project, and it was mainly the friends in the DAO. I couldn't bear to cut off each other in the group, and I still hoped that the project would be successful and the market value would grow before getting a return.
But soon, a new round of bear market came. The development speed of DGN was far slower than that of NeoWorld at that time, and the price of the currency returned to the bottom again. In this way, I withdrew more than one million. After about half a year of observation, I thought that DGN had no chance, and NASH had no chance either. Coupled with work pressure, I liquidated most of the NASH that I had held for more than 3 years, and only kept the bottom position as a commemoration of my first in-depth participation in the project after entering the circle.
To be honest, it was very painful for me to clear my inventory at that time, because I had experienced the game deeply for about 500 days, invested a lot of creative passion and money.
The amazing thing is that although everyone is deeply trapped, many people in this DAO are still active. This is the DAO that I have been in the cryptocurrency circle for the longest time, and it has been nearly six years. In January 2024, Huoshan decided to restart NASH DAO. After a series of preparations and considerations, it was upgraded to the new THLM DAO at the end of February.
The new THLM DAO will abandon the problem of NASH DAO's all-or-nothing strategy and work hand in hand with more high-quality blockchain games. At the same time, a membership system has been added to THLM, providing a simple and sustainable destruction model. I believe that with the efforts of THLM DAO, this earliest Chinese blockchain game DAO will get the rewards it deserves in this bull market.
The Genesis exchange of THLM will end at 20:00 on April 7, so let’s wait and see.
Goodbye, NASH DAO. Hello, THLM DAO.
2. DFS DAO
At the beginning of 2020, the suspension of NeoWorld hit me hard. Not only was I deeply trapped, but I also spent so much time and energy. As a result, my family no longer supported me to continue freelancing in blockchain and asked me to go back and find a stable job. After much consideration, I accepted this suggestion and went back to living the life of a social animal, without even experiencing March 12.
Unexpectedly, March 12 became the starting point of a new round of bull market. DeFi is here. This is the biggest killer application I have seen in the cryptocurrency world besides Bitcoin and Ethereum. Because of the DeFi craze and the liquidity brought by the US interest rate cut, the bull market gradually started after the Bitcoin halving in 2020.
Because I had not been away for too long, I soon smelled the scent of a bull market. Around the National Day of 2020, I returned to the cryptocurrency circle. Of course, I did not go all in this time, and I did not even add any new money.
This time, I started from Bihu. I really want to thank Bihu, where I met many capable friends and accumulated some assets to help me start over in the second round of bull market.
Because of Bihu, I came into contact with Dafengshou. As the top SWAP on the EOS chain, its innovation, ease of use, iteration speed and even the founder's grand and interesting words deeply attracted me. I became a member of DFS DAO.
I began to deeply experience every update of the DFS ecosystem, every function, and even every new product in the Dafengshou ecosystem, including the whole family. During this process, I gradually increased my position. Although I did not dare to buy a large amount due to the failure of NeoWorld, it also became the new coin with the largest position in that bull market.
Because all the data is on the chain this time, I like doing data analysis (although my level still needs to be improved). It is very different from the NeoWorld experience, and I think I can have more control.
I started building the DAO again, participating in the community, writing articles, doing daily reports, organizing activities... The big harvest did not let me down. After half a year of rapid iteration, it came up with its own killer product: the algorithmic stablecoin USDC.
After nearly two months of stable high annualized returns, it experienced a major explosion in March 21, and DFS soared 20 times in less than a month. You may ask me, I should be making money by now, right?
To be honest, no. Maybe it was because I was too optimistic about the success of Dafengshou, maybe it was because I was too confident in the algorithmic stablecoin mechanism, or maybe it was just because of greed. I went through the whole madness but did not make any profit.
After the failure of the algorithmic stablecoin USDC, I still persisted for quite a long time. But I found that the ecosystem of EOS was too bad. High-quality projects like DFS could not get any support at all. The outside world was also biased against projects on EOS. It was difficult to attract people's attention without absolutely high-yield projects. At the same time, after many failures, the popularity of Dafengshou DAO gradually withered. At that time, it was just after the 519, and the market environment of the market was not very good... After various considerations, I no longer chose to make a decisive decision like I did when I fought NeoWorld.
This time, my maximum drawdown exceeded 5 million.
Fortunately, I did not add more positions during the process. Fortunately, I at least achieved capital preservation in this round.
3. JIU DAO
I was deeply involved in DFS DAO for about nine months, which caused me to suffer the biggest drawdown since entering the cryptocurrency circle. It would be a lie to say that I have no regrets, so I went back to work hard to try to erase this unpleasant memory. Unexpectedly, I encountered a drawdown of millions in NASH DAO again around September 21. I couldn't help but sigh, am I not suitable for the cryptocurrency circle at all?
I am too idealistic and always hope to make money by increasing the valuation through the development of the project.
I was too obsessed and always spent a lot of time, energy and money on the projects I liked;
I was too greedy and never stopped taking profits, facing large drawdowns in various projects many times...
By 2022, the company began to reduce costs and increase efficiency, and the pressure of work was increasing. After multiple considerations, I liquidated most of my NASH and exchanged it for ETH. I exchanged most of the tokens scattered in other places for Bitcoin. At that time, I thought that maybe I was only suitable for hoarding eternal assets like Bitcoin in the cryptocurrency circle.
So from 2022 to 2023, I blocked almost all information from the cryptocurrency circle. Even when Bihu was shut down, I didn't deal with the hundreds of original articles that I spent so much effort to create.
Time flies, and it is February 24. Because NASH DAO was upgraded to THLM DAO, I started to devote some energy to the construction of DAO. In order to participate in the activities, I re-registered X account. On March 16, 2024, by chance, I saw Judy's tweet about JIU.
Although I have only been using JIU for about two weeks, I have been won over again.
It's the same as them.
It's the same as NeoWorld, I've been involved since day one.
Just like the Dafengshou ecosystem, everything is on the chain and is open and transparent.
It is different from them.
It is a MEME coin, not a blockchain game, not DeFi; but it can be a blockchain game, and it can be DeFi.
It is the new token of the DFS mainnet. It does not have to endure the high transaction fees on the ETH chain, nor does it have to endure the network-wide infamy of the EOS chain.
More importantly, it has a simple and powerful mechanism.
More public assets, stronger liquidity, and more continuous repurchase and destruction...
The starry sea of my ideal is here again, JIU is it.
Sorry, I lost my temper again. I became a member of JIU DAO.
Everything our DAO has done in the past two weeks has been recorded on X;
Everything presented is just a small part of our current ideas for DAO.
In the future, I will integrate the experiences and lessons learned from the past two DAOs to build a better JIU DAO.
I will look for more like-minded people and present my ideal DAO bit by bit.
Co-governance, co-construction, co-creation, sharing, endless vitality and common prosperity.
at the same time:
I will restrain myself and always put Pie in the first position to ensure that I have a safe enough bottom line in this bull market;
I will establish a profit-taking mechanism, and through explicit profit-taking rules, remind me to cash in when I discover value in the future;
Let all those who contribute to JIU DAO get the most reasonable returns possible.
I believe: Only in this way can this DAO be more durable and more vital.
Only then can JIU truly become my sea of stars.
