Traditional VC has been remarkably durable as a mechanism, partly because the alternatives mostly weren't real alternatives.
What's changed recently is that a few primitives have matured enough to actually combine:
- continuous clearing auctions for primary price discovery
- futarchy for treasury decisions, priced rather than voted on
- zktls for programmable participation gates
- borg-style legal wrappers that make onchain decisions binding offchain
Umia put all four in one stack. ๐