Legion: The Return of ICOs
Episode publishedPodcast: The Delphi PodcastThe Delphi Podcast
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You're now plugged in to the Delphi podcast. Hi, guys. Josemarie Masaidu here. Today, I'm hosting an episode of of the Delphi podcast where I'm joined by Matti and Fab from Legion. Legion is a really exciting project. It's one we've been incubating with labs for nearly 2 years and recently came out of stealth. So it's been a long time long time coming. Their goal is super ambitious and and also somewhat controversial to bring back ICOs or make ICOs great again. In this conversation, we're gonna discuss the current market structure and what's wrong with it, go through the history of of how we g
Definitely. Thanks for thanks for having us. Looking forward to this podcast today for sure. I'll kick it off with a quick personal background. So Fabrizio is my name. Originally comp sci. Backgrounds. Worked in consulting for a while, worked in freelance for a while, worked in startups for a while, then went full time crypto founder, in DeFi space. I think, like, maybe to touch on why I'm sort of interested in this domain. Growing up, I guess, to cut a long story short, I grew up broke, living off food stamps, living between different countries, different households, and not having access, at
awesome. I didn't even know all that. That that that's super cool. Yeah. Yeah. Family
is pretty intense. Pretty intense background. I'm not gonna try to match it, obviously. But, yeah, for for myself, before crypto, professional background in traditional finance, like many people, was at Ray Dalio's hedge fund, Bridgewater Associates. And I think they're, you know, also an element of noticed how just hyper specialized and inaccessible, the the traditional finance market is. Right? Especially, coming from, you know, seeing my my friends who have gone to from from public high school, like, the level of financial literacy they had versus the people I was interacting on a daily bas
Yeah. Underrated cofounder. I think all the time, always at conferences, everyone's like, oh, you're Meditokenomics. I've reached a point. I love
it. So
yeah. And I think, yeah, to stay the obvious, we are both the 2 cofounders. Obviously, we have a we've got a broader team. But
Very cool. Yeah. The this leads us nicely onto the onto the next question, which I think to understand ICOs, you kinda need to really understand the current meta, how it works, and and really what's wrong with it. So could you kinda walk us through what's the standard way that the best projects right now are are, like, raising money and then launching their token, And and why is that broken? Yeah.
I could take that one. So yeah. I mean, like, there's sort of this unspoken playbook for the best projects, and there's also probably a a spoken playbook for the for the average projects. We can maybe touch on both. But I think on the the good project side of things, it's like it almost always starts off with, you know, venture capital typically significant amounts of venture capital at a low valuation early days. And then most essentially of the price discovery happening in the private markets for, you know, the precede round, the seed round, and so on. Like, this complete opposite of what I
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