Welcome back to the General Magic Monthly Newsletter, your portal to the world of Web3 and Public Goods. Our team has been busy building impact solutions that will leave a mark on the future, and we're eager to share our progress with you.

Let's dive in! 👇

Impact DAO of the Month: Bankless Academy 🎓

We are excited to feature Bankless Academy as our Impact DAO of the month! 💡 

Their mission to empower Web3 Explorers resonates deeply with us, and two of our team members had the incredible opportunity to take part in their workshop at ETHBarcelona. 

The "Crypto Compass: Finding your path in Web3" workshop was an amazing experience, bringing together students and OGs in a vibrant learning environment. 🧭

Our team members were impressed by the knowledge shared and the sense of community that Bankless Academy fosters. 

Go follow Bankless Academy, explore their lessons, and embark on exciting Web3 adventures! 🚀 

Our Magic: 

This month has been full of exciting projects for General Magic!  First, we had the pleasure of working with Giveth on their design needs. It's always a joy to collaborate on initiatives that are making a positive impact in the world! 🌍

We also kicked off our work on a Pairwise Mission Proposal for Optimism. We're diving deep into this project to create an awesome voting experience and improve the process for future rounds of RetroPGF. 🌟🎲

Stay tuned for more updates on this exciting project coming next month.

🙏High Praise

It's always a joy to look back at the #praise channel and see all the amazing things our team members have achieved. 🌈 

But this month, one person stood out with a whole bunch of well-deserved recognition: Freshelle! 🎉

She has been an absolute rockstar, and we are so grateful for all her hard work and dedication. 💪

Freshelle's expertise in accounting and financial assessments has been a game-changer for us. Her careful analysis of our financials and her smart suggestions for improvement have really helped us make better business decisions. 📈🚀

And let's not forget her amazing support in the community! From making sure everyone gets paid on time to creating a positive and inclusive environment, Freshelle is always there to lend a helping hand. 🌟🤗

Deep Dives

As a part of our Deep Dives series, we are delving into the fascinating world of layer 2 solutions.

What is layer 2?

Layer 2 (L2) is a collective term that encompasses a specific set of Ethereum scaling solutions. Essentially, layer 2 refers to a separate blockchain that extends Ethereum while inheriting its security guarantees. By moving certain transactions off the Ethereum layer 1 (L1), layer 2 networks aim to address the blockchain's scalability challenges and improve its transaction throughput.

Scaling Ethereum with layer 2

Ethereum's success has led to high demand for transactions, causing congestion and soaring gas prices on the Ethereum network. As a result, the need for scaling solutions has become paramount. layer 2 networks step in to increase transaction speed and throughput without compromising Ethereum's decentralization or security. By leveraging layer 2, Ethereum can process more transactions in a cost-effective and efficient manner.

Understanding the Benefits of layer 2 

💸Lower Fees: By bundling multiple off-chain transactions into a single transaction on layer 1, layer 2 significantly reduces transaction fees. This makes Ethereum more accessible and affordable for all users.

🔐Maintain Security: layer 2 blockchains settle their transactions on Ethereum Mainnet, ensuring users benefit from Ethereum's robust security.

🛠️Expand Use Cases: With higher transaction throughput and lower fees, layer 2 paves the way for new applications and improved user experiences.

Show Your Support for Impact DAO Projects with our Merch Shop! 

At all the IRL events we attended, we couldn't help but notice the impact of swag in showcasing a community's values.

Your fashion choices have the power to make a difference, the TEC swag is rooted in Token Engineering's vision and the collection is a testament to the power of fashion as a catalyst for positive change. 

Our shop is now bursting with new stunning TEC designs. These fresh arrivals are not just stylish; they are a powerful way to show your support for projects that make a difference.

So, dive into the collection and rock the latest TEC swag to inspire and empower everyone around you! 🛍️💫

Logs from the Giveth Galaxy

July took us from sunny Barcelona to the enchanting city of Paris for Funding the Commons, and what a weekend it was! 🌈

As we set up our RetroPGF booth, we had the pleasure of connecting with the Web3 community and meeting enthusiastic visionaries from all corners of the globe. 🌍

After the weekend of inspiration and connection at Funding the Commons, we continued our journey at EthCC, we were eager to dive into a week of exciting talks and discussions.🗣️💬 

And let us tell you, it didn't disappoint! We had the privilege of listening to Griff talking about Markets for Public Goods, Livia's insights on the Token Engineering Stakeholder Study, Jonas sharing RetroPGF magic, and Justine on Optimism governance. 🌟

The week was filled with countless other fantastic talks and side events that we had the pleasure of attending, making it an unforgettable and enriching experience of learning, networking, and connecting with like-minded individuals.

Thanks for joining us on this journey, and we'll see you next time with more exciting updates!

Best,

The General Magic Team 🪄✨