round tripper

@pythianism How does one raise capital thoughtfully via a DAT?

DATs aren't all bad PURR is up 18% today, BMNR is rolling, Michael Burry opened up a GME position (BTC) This should be obvious but buying the right assets, at the right prices, having a good cap table, and raising capital thoughtfully allows your DAT to succeed Many just didn't do this, and that is on them. The SOL DATs top blasting and trying to ignite a retail fervor with cringe hypemen was obviously not going to work

@brian_smith_0 Is the foundation legally still offshore or is that being transitioned

@TheiaResearch Bw token transparency kinda bs. Plenty of shady deals still hidden

You should not invest in tokens without tokenholder protections (no matter what the people trying to sell you these tokens tell you!) - Programmatic Guarantees (MetaDAO) - Disclosures (BW Token Transparency) - Legal Representations x.com/circle/status/…

@alexlaprade @MacroMate8 Biggest equity holder typically translates to biggest token dumper

There are structures to help prevent this! We've made the Foundation the largest shareholder of Rainbow, holding those shares on behalf of $RNBW holders. x.com/RainbowFND/sta… We're also making strides on voluntarily approaching IR to be closer to what you'd see with a public company. investors.rainbow.me

to be honest this looks suable if investors and team were completely rugged i think its time someone started a precedent

@mdudas @chud_eth downfalls of token issuance via Cayman / BVI setup exposed

this trend continues where big guns buy the roadmap (future growth prospects in the form of the talent/team/products in dev) and leave tokenholders with the current snapshot of the business which is basically worthless in 99% of cases. this idea that it's now community owned and governed is theatre, nobody will push the project forward once the team has fucked off to the comfort of circle after the luxury of dumping their vest on AXL believers. we are certainly headed towards a world where tokens are priced on their cashflows, it's just that tokens will also be priced at 0.

@Etherean007 Ask him what happened to his COO

LMFAO Retardio

@wclemente Are you part of the KOL round or is your advisory unlocked tokens?

Some thoughts on the locked token market & the biggest source of yield in crypto that no one is talking about I joined STIX a few months back, which is the largest brokerage firm for locked tokens, and have been observing/learning about the secondary OTC landscape. With this new perspective, I have become increasingly excited about a project that we co-lead the seed round on and have worked with as they've become one of our largest clients. That project is @neutrl. I believe they are taking advantage of the strongest remaining source of yield in the market, (& actually making money), which will likely only grow from here. In crypto, the market for locked tokens is very opaque, but generally the way that this market works is the following: A foundation/team/investor/fund wants to offload a position that they've taken on. They approach a seller directly or transact through an OTC firm (typically @stix), which we facilitate by tapping into our deep client base/expertise, but who is on the buyside and how are these transactions priced? Locked token OTC transactions are typically done at a discount to the underlying spot price for the asset, this is because the buyer needs to be compensated for the lockup duration and lack of liquidity for the position relative to spot. In some cases, these deals can include liquid tokens being sold at a discount with a self-enforced vest via smart contract. In some cases, lockup periods may be shorter depending on the specific vesting schedule or counterparty agreements in place. I anonymized our recent transaction data and visualized this dynamic, and as you can see, the longer the lock up, the steeper the discount to spot becomes. These discounts can reach well upwards of 50%. The buyside for these transactions is partially made up of individuals/funds that wants to take on the direct naked exposure of the asset being sold. However, a large portion of our client base is typically coming in on the buyside to source one leg of the "OTC arbitrage trade". This is done by purchasing the underlying asset at a discount to spot, shorting, often through perpetual futures, and locking in the spread. For example, say the price of XYZ token is $100, and the locked tokens are sold at a 50% discount, or $50. An entity can buy the locked tokens, short the corresponding perpetual futures associated with that token, then hold both positions to duration. Your profit is: Spot Price - OTC price - Funding rates/fees. At STIX, we expect this yield and arbitrage opportunity to continue to grow. In my view, Neutrl sits in a unique position in the market because its strategy remains attractive even in a bearish altcoin environment. As the altcoin supply continues to expand and selling pressure increases, more holders area likely to exit positions at deeper discounts, further driving the volume and profitability of OTC opportunities. So now that we've laid out the basics of the OTC arbitrage trade, I want to highlight what exactly Neutrl is doing. Neutrl announced its seed round back in April and since has been growing quickly, recently raising over $50mm from private LPs and $75mm in its pre-deposit vault. The Neutrl team has built out a team to execute the OTC arb strategy/yield & packaged it into a yield bearing vault for stakers of its native synthetic dollar, NUSD. These yields can reach low to mid percentage APY, as shown in the graphic earlier in this write-up. Neutrl also deploys capital into liquid delta neutral strategies such as funding rate arbitrage. This approach is similar to that of Ethena’s cash/carry model, but with the OTC component serving as a huge driver of yield. One thing that sets Neutrl apart is that the team is deeply connected and able to negotiate preferential terms directly with foundations, securing shorter vesting periods, steeper discounts, and repeat deal flow. As Neutrl continues to grow, this advantage compounds, reinforcing access to high-quality opportunities. Neutrl also serves as a strategic partner to counterparties by unwinding positions gradually instead of selling on the open market. This ends up being a win/win for both parties. There is not a whole lot to get excited about in the altcoin market outside of Hyperliquid and a few other projects at the moment, but I think Neutrl is the most fundamentally excited I've been about something in crypto in a while. Risks/disclosures: There are risks associated with all crypto currencies. The biggest risk to Neutrl I would say is managing the execution of the short leg of the spread trade, which is worth being aware of. This is not a solicitation to deposit into Neutrl. I have exposure to the project and Neutrl is a growing client of STIX's on the buy side so I may be biased. Never financial advice, conduct your own research, etc.

I literally moved across an ocean to access their platform, get rekt, and have them tweet this

portfolio only hurts if you look at it

@0xLouisT Which ones?

You should probably be asking why so many Foundations hire ex–hedge fund/options/quant/structuring guys as their directors… Seems a bit odd for an organization supposedly focused on "developing an ecosystem". Wouldn't have been my first pick for the job...

@0xLouisT 3. Crypto founders that are willing to spend on proper lawyers to find a solution

I never thought I'd say this, but if we ever want the altcoin sector to stop being down ONLY, we need two things: 1. A regulatory framework that gives rights to tokenholders and duties to founders 2. The end of the foundation model

@cobie @lBattleRhino Would be interesting to bring Gary gensler on

but it is a good question. i thought maybe no guests but ledger has missed 3 yrs of crypto so nothing to talk about without guests lol * jeff + shoku * prediction mkts * light if he will do it again * maybe arthur hayes, never came on before * maybe some recent founders of ok stuff * errrrr who else fk

Up only back is dope but who will they have on, we don’t have anywhere near the level of interesting main characters that we did last cycle

If all the exchanges and MM’s are fine, who is lying?

Not binance forcing teams to launch tokens on BNB to force activity

@cobie @UpOnlyTV Who’s going to launch the token w 100% of supply to be raised on echo? Proceeds used to buy new season of UpOnly Token holders to participate in rev share from sponsorships

@UpOnlyTV Willing to accept the discounted price of 5555 ETH for 1 season, otherwise I am ignoring this topic forever. Thank you for your attention to this matter. opensea.io/item/ethereum/…

Everybody tag Cobie and tell him we finally got the account back.

Your typical macro driven crypto fund is loaded 50% DAT exposure, 25% cash (for the dip), 10% BTC, 10% down only token, 5% venture

Takeaways from 2049: - Westerners crime DATs - Easterners crime tokens - the two groups do not speak to each other - both sides are deeply unaware as to how much projects rely on cheap dev shops to build such broken projects

@MoonOverlord He has Sean Farrell now

can I say something lol anyone who was around in 2017 knows tom lee was THE counter signal, he was Capo. anything this mfer said BAM exact opposite would happen the next day we need Ethereum to do well to push alts further so I hope this time is different but lol

@cobie Bring back podcast for waiting room?

Could be here a while but let’s wait in the waiting room and sing songs together

/5_bands_waiting_room

@bubbleboi Sadly no shqipe supers in SF

I am locked out of my apartment in SF with no where to stay!!! So I am going to do the only thing I can.. build a B2B SaaS in 8 hours to make enough money for a hotel room. I will have to ship fast, or literally sleep on the street. Let’s see what happens.