_gabrielShapir0
76.7K posts
@lex_node
16-yr corporate attorney, now tokenizing companies at @MetaLeX_Labs ex-BigLaw Buyside Tech M&A (Weil, Hogan Lovells) ex-@Delphi_Labs GC @BrownUniversity grad
Even more things you can turn into an ACE round
@_TomHoward @VietnamPenguin yes, they basically create the real terms (including a 'redemption' deadline leading to a total forfeiture if it is missed) a few days before IPO and post them on X....the standing ToS are basically just an illusory contract that affords no meaningful rights...
If you're wondering what happened to Solana @PreStocks SpaceX, they got absolutely crushed and are now trading around ~$112 (after 5:1 split), implying a ~40% discount to the underlying shares. Turns out there's a 180-day lockup before preStocks can be converted into real shares (I suspect very few people were aware of this). So holders have two choices: dump into a thin-liquidity market at a steep discount today, or wait 180 days and convert at full value. Looks like many crypto degens are choosing the former. Interestingly, this issue doesn't exist (and couldn't exist) in the $SPCX perp market. Pre-IPO markets only make sense to trade via perps. Hyperliquid.
It’s not about the mechanism, but how can we rebuild a robust DeFi with - no admin key - not relying on real time oracle (a bot that keep giving u price every millisecond) - not relying on the overcollateralized loan.
Why did we raise our last round: We’re already profitable. So why raise? For years we’ve asked ourselves what it would take to truly bring finance OnChain. We believe @CantonNetwork has finally identified the components needed to establish crypto rails as a new global settlement layer, rather than treating crypto wallets as a mere distribution mechanism (as most “tokenization” does today). Those components are: privacy, issuer control and sovereignty, governance, and alignment of economics. We have the largest organizations in the world moving their core businesses to run on Canton. That will drive utility to canton-network:native. @digitalasset’s entire business is canton-network:native. So why raise? Because we have a unique opportunity right now. Organizations are willing. Regulators are willing. Admin is willing. We could wait for organic growth, or DA can step in to accelerate it. Rather than wait for large corporates with long budget cycles to build this infrastructure, DA will build much of what’s needed to double, triple, and quadruple canton-network:native utility. We will enter new partnerships to build applications that drive more usage. Those will be announced later this year. We will partner with builders to bring burns to subnets. And there are potential M&A activities that will further align other companies with @CantonNetwork. All of this requires a healthy balance sheet, which we now have. There is still a lot of work to do, but I’m excited for what’s ahead.
the energy around this options stuff is very cool, I’ll spend some more time digging into all the various solutions across @zengjiajun_eth, @SynapseProtocol, @DeriveXYZ etc lmk if I’m missing anyone
I get asked so often how I stay optimistic when the market looks like this for years. Simple: I’ve watched this industry for almost 10 years now and it always does the exact same thing. Brutal drawdown, total despair, everyone declares it over, then the quiet recovery nobody believes until it’s already gone. Sure, valuations might be higher these days, and there are still plenty of structural problems and projects out there that look wildly overpriced. But at the same time, we have to appreciate that we’ve never had more great onchain businesses with such strong product market fit even beyond the crypto bubble. Institutional interest has never been bigger. Regulatory tailwinds have never been stronger. Obviously I know just as little as everyone else about what’s coming next, and especially not when. But one thing I know with deadly certainty: Not giving up was always the best decision I could make. Every single time.
