Bid Ask Spread

@jamesjasmy @Max_Rabinovitch These are fair and legitimate questions. I wonder if you’ll get an actual answer

Dear Max, @Max_Rabinovitch $CHZ #CHZ If you’re willing to take the time to answer a community member’s questions, I’d appreciate your thoughts on the following: As Chief Strategy Officer, can you explain your background in tokenomics and blockchain economics? From what’s publicly available, your experience appears to be primarily in creative direction, digital marketing, and sports partnerships rather than token design or economic strategy. In a sector where true strategy is defined by tokenomics, supply dynamics, and incentive structures, do you feel your skill set is the right fit for the CSO role? Or would your talents be better suited as Head of Marketing? Questions: 1. CHZ is down 98% from its all-time high, and most fan tokens are down 76–99% from their FTOs despite multiple championships. What measurable strategic wins over the past two years have actually improved holder outcomes? 2. The protocol distributes roughly $5.7 million per year in inflation rewards to just 13 validators at today’s prices — a number that would rise sharply if the token price increases. With minimal visible development on GitHub and the chain being largely recycled BNB Chain code, how do you justify this level of inflation? 3. Since Socios already runs validator nodes for clubs like PSG, why is the protocol diluting CHZ holders to pay external validators for infrastructure you’re already operating in-house? 4. How many full-time engineers are currently working exclusively on the Chiliz Chain L1, and how does that headcount compare to the annual cost of the validator reward set? 5. The promised 10% fan-token revenue buybacks stopped being publicly reported after May. Can you share the exact June and July 2026 figures now and explain why reporting went silent? 6. What percentage of the executive team, including yourself, holds CHZ purchased with their own after-tax money rather than received through allocations or bonuses? 7. Why does the parent company still sit on tens of millions in receivables from the operating entities, and are any of those related-party or consulting fees? 8. After years of running 80+ shallow pools with only $2.3 million TVL, why has liquidity still not been consolidated into one or two deep USDC pools? 9. When sporting success and major partnerships continue to be sold off by the market, what concrete change in tokenomics or utility is planned to stop new users from becoming the next wave of exit liquidity? 10. Looking at the gap between Vision 2030 rhetoric and the actual price, inflation, and transparency record, which three strategic decisions under your remit have most damaged long-term CHZ holder value? 11. Are you proud of the job you’ve done as CSO? What has been your greatest failure in the role, and what’s the single worst strategic decision you’ve made? 12. You’ve recently launched fan tokens for Michigan, USC, and other US university partners. Do you plan to buy any of these at launch and hold them for more than two years? If not, why not? Max, arguably you're the second most important person on the project, so these tough questions need to be answered. They're not meant personally - we just need to see what you're carrying in your locker and that you have a solid grasp of the tokenomics with a clear route forward.

@jamesjasmy @socios @michiganstateu The token model needs to be optimized dramatically. I hope @Chiliz and @alex_dreyfus and @socios understand this clearly

What are you actually going to change about the launch, the tokenomics, or the utility to stop the usual 80–99% dump? That’s the only question..... We already know you’re skilled at extracting retail value for the brand partner and the team. But now show us how you plan to deliver long term value to the holders.

In East Lansing, there is no offseason for the Green and White. 🟢⚪️ Football, basketball and hockey all form part of the Spartan story, with an official @michiganstateu FAN TOKEN® coming to SOCIOS.COM. Get to know Spartan Nation. ⤵️

Hard to believe that not one major investor/trader or liquid fund has looked at $HNT here, at $0.20-0.30 and bought a huge bag. Look at this chart. @KyleSamani made the last public statement about buying a big chunk when it was $0.55. No one else? What is the underlying problem? It almost seems impossible. 2 million daily users. How can owning the token be so unappealing? Never seen anything quite like this. No one with financial interest in this enterprise believes that showing support for the headline asset, the liquid billboard of the brand, is worth owning? Worth supporting? Has any potential expected value of taking a long position? Something is missing. @0xMetaLight @didiomario @amirhaleem @helium @abhay @keenan_hnt @jmanhnt @HNTbandit

Here’s how… the @Chiliz team tried to keep the token price high so that their contribution of tokens to a “DAT” they reported about would be worth more in USD terms and they would own more of the equity. When their bad faith negotiations blew the deal up, it all unraveled. It’s as clear as day. Who reports they “have been invited”… what a joke @alex_dreyfus . Now does it make sense @Michael91403457

How does a coin range between. 03c -.05c for a year then fall 70% in less than two months time? Now trading at .015c. Less than 2020 prices. People will study how greed and toxkenomics 2.0 KILLED a promising vision and project. Alex the coin killer... #chz $chz

@jamesjasmy “Securing the chain” is a complete joke and everyone knows it. They will have no choice but to change this idiotic token model.

$CHZ is burning through holders by unlocking and handing validators ~$15,000 every single day in new tokens. That is around 940k CHZ daily — just to secure the chain. That’s 65% of their ~5% annual inflation going straight to external validators and delegators. (To keep the numbers round) The Chiliz explorer shows the network is only doing ~65,000 transactions per day. On Cardano, users would pay just ~$2,665 a day in fees for that exact volume, while the whole reward system runs at roughly half the effective dilution rate. Charles, can you confirm this? By running on Cardano the cost to secure and process this would drop from $15k a day to around $2.6k $CHZ holders are getting absolutely fucked here — this isn’t a one-off, this is Every single day. This is madness. @IOHK_Charles @Chiliz @alex_dreyfus

Honest question for you @didiomario @amirhaleem - what can you say to us token holders who listened to all the positive growth stories of more users and more fees all year long, while experiencing 95% value loss?

@MasonVersluis - if you believe $LINK is a long term hold, and will shock us all, then $PYTH is in the same category. At least as strong intelligence on market data and technology, trading at over 90% discount to LINK. The unlock schedule is now more favorable too. x.com/bidask_spread/…

@ChrisOtt Your blind faith in the @Chiliz team is interesting. They completely fucked their US opportunity. They are bad actors. They negotiated in bad faith with major partners. Wait until the stories leak. No one trusts @alex_dreyfus. Nobody.

The US launch is the next big narrative I am looking forward to for Chiliz. Yes, the World Cup sell-off has been brutal, but the launch of tokens for US sports clubs could capture a completely new group of users. So far, the US has largely been an untapped market for Chiliz. $CHZ

Extremely disappointing to see zero buying interest in $HNT after losing 80% of its value in the last 4 months. Zero buying interest. Feels absolutely dead. I hope @didiomario and @amirhaleem and team take this seriously as they put “all the focus” into $HNT as they stated after the sale of Helium Mobile. This has been terrible for token holders.

It’s critical that the dedication to building value in $HNT is front and center. The market has spoken very loudly. There has been no bounce in price since this debacle started. Nothing. No confidence in this token. That needs to change now. We need to see real support for the token. @didiomario @amirhaleem

I honestly do not think that $HNT currently reflects the true potential value of this network. It’s so hard to stomach the disastrous value destruction in the token. Unimaginable. As a loyal (foolish?) holder, the current price seems so vastly oversold. I’m bidding. God help me.

I like looking at numbers, clearly. In crypto, liquidity and timing are everything pretty much. I took a deep look at oracles and obviously we all bow down to chainlink for leading the market for many years. $8B fully diluted valuation right now. A little under $6B circulating val as about 73% of total supply is circulating. The sleeper in oracles is $PYTH @PythNetwork and I think this past month is probably the best buying opportunity you’ll ever have for a market leader at massive MASSIVE discount. It just had its 3rd of 4 huge token unlocks last month. Now, almost 80% of the $PYTH tokens are circulating. That is more than the circulating percentage of $LINK, actually. I wouldn’t have guessed. The unlock schedule has hurt $PYTH, badly. It was a terrible schedule, but that is now over. This last unlock coincided with an equally terrible crypto market environment to boot. They now have a real revenue model and token buyback model. They are focused on building value in the token. I don’t think there is any logical reason for $PYTH to trade at a 95% discount to $LINK. 95% discount!! Nope. That’s just dumb. The market is giving us an opportunity here, and I’m taking it. My strong belief is that this will be looked back on as the best opportunity we will have to buy $PYTH. I think it has the backing and institutional support to be a leader in DeFi and traditional markets for years to come. They know financial market data as well as or better than anyone in financial markets. That’s just a fact. Do your homework on this one. These terrible market environments produce some of the best opportunities. This is one.

@ChrisOtt The $CHZ team just made an epic fumble with the US strategy. Bad faith business operators. @alex_dreyfus and the exec team fucked this up big time. Not good actors. It will come to light at some point.

$CHZ: The important 50 Sats support has now been rejected two times. Price was ranging between 50 and 65 Sats for five months, but the World Cup hype was not big enough to break out to the upside. Now we have a World Cup sell-off though. 😄 I'll keep on accumulating regardless.

gm. So we’re able to buy $HNT sub-$100m FDV with a total token supply increase of 72% taken into account. Ok. My bet is we are all going to look back at these prices and kick ourselves for not buying a whole lot more down here. I like the bet. The more people sell down here, the better. Rinse them all. This is the type of risk/reward you take all day with a product that has been around, has overcome the 0-1 challenge, and proven fit. The mismatch of liquidity will sort itself out. This is the time to bid. jmho.

Keep up the clear comms, ser. LFG. I’m bidding this heavy here. Too oversold.

@totopapillon @helium Felt alone in the order books (on the bid side) the last few days… but that’s usually the best time to get in

@totopapillon @helium Extremely long. Way too oversold

Who else is long $HNT @helium ?

New @gainzy222 vid dropped

The daily RSI for $HNT was already at an all time low after yesterday’s daily close. Today will be a new ATL after the daily close in a few minutes. Surely it can’t go down 15-20% everyday, right? Right? Unbelievable price action

What would be nice is to see a supporter with capital put their money where their mouth is…. Say… even with an increased supply, the FDV is $100m at $0.30 HNT… I’m accumulating the token because I think its value is higher. I’m making that bet. I’m buying $HNT from $0.30-$0.40 because I think the expected value is higher. The token has dropped over 80% in 3 months. More than the proposed inflation. At what point do supporters step in and buy? Show the market some confidence.

@AvvThEnTiK do existing token holders want a % of an asset that has a shrinking chance of growth or willing to dilute to have a chance to grow?

feel free to take this with a grain of salt. I’m a former team member, early deployer, and still personally advising the team. there's been a lot of discussion and some pointed but productive questions about the latest HNT proposal. here's my (hopefully equally thoughtful) read on the main ones. one worry is that selling the carrier to noble strips the network's best cash flow out of the protocol. that assumes the cash flow was ever inside it. the only part that was is carriers burning HNT to pay for offload. the arpu, the churn, the sg&a of running an mvno, none of that ever touched the token mechanically. and on its own terms, the carrier burned cash. cutting it took a real cost off the books, which is good for the network and for the focus of the core team. noble pays for offload like any carrier. so do the next 10. pointing HNT at offload across every carrier, instead of levering it to one consumer brand, is the right next step for the network. the durable part is the offload the community enables, and that stayed. second, the 72% dilution headline. it's actually a gated, metered authorization over 36 months with community oversight. authorized isn't minted, and minted isn't sold. it also prices off a baseline that doesn't exist. the network was already emitting HNT every day through PoC, an open formula paying anyone running a radio, used or not. the HIP retires that. yes, it's dilution, and the tokens still flow out to deployers and ops. the question is what the dilution buys. PoC bought coverage, used or not. a governed treasury can buy usage and growth that drive burn. that's the real debate third, the burn cut. the bear case holds volume fixed and drops price, so burn falls. burn is price times volume. 50c sits above market and caps adoption. lower the toll, grow the road, more cars. if volume more than 5x's, burn goes up. that's a usage bet, which is the right kind to make. the fair ask under a lot of this is governance that aligns network growth with holder value. that's what the proposal is: a 7-seat council, 5 community seats, quorum to terminate. more holder control over the network, and the seats are community-nominated. if that's the bar, come help set it. so the bet is pretty simple imo: do we believe, as HNT holders, that mario and the team are the best equipped to further build out the next 5x and more on demand for network usage (and thus HNT burn)? although the devil is always in the details and there are always (as with anything ambitious and multi year) a lot of paths that end in failure, i think the answer is simply: yes. they are the right, focused, team.