Ignas | DeFi

We are seeing historic growth in tokenized stock trading volumes: Across all chains, monthly tokenized stock trading volume hit a record $5.3 billion last month, up 44% MoM. On Solana, total transfer volume of tokenized stocks is now officially above $10 billion for the first time in history. Over the last month alone, tokenized equity volumes have surged +180% on Solana, driven primarily by growing demand for tokenized RWA products which can be traded 24/7. On Jupiter, the most popular venue for trading these assets, 33% of tokenized asset traders are now trading over the weekend. Tokenization has created 24/7 markets.

Today, the EF is changing shape, concluding a months-long process of reorganization as part of the implementation of the Mandate and the Treasury Management Policy. We come out of this process with the structure, activities, and people necessary for execution on the critical tasks ahead of us, but also with 54 fewer colleagues, roughly 20% of the EF, many of whom will be finding ways to contribute to Ethereum from outside the EF in the coming weeks. Find a brief introduction to the new structure, and learn more about how we are supporting the people who are leaving in the full post below:

Gnosis DAO voting on one-time, pro-rata treasury redemption. Logic: - GNO trades at ~$106 - The treasury behind each token is worth ~$115 So GNO trades below the assets backing it. GIP-151 lets holders: - Redeem your GNO for your pro-rata share of the $156M treasury at NAV. Liquid assets in kind, the rest in stables - Or keep your GNO. That's about 7% discount. Seriously, if you're a $GNO holder and even if you believe in Gnosis, you should redeem, and buy back more of $GNO (although taxes would complicate the calculations). Ideally, $GNO price catches up with the Treasury value before the vote ends.

RFV Raiders are back. Gnosis DAO is the new target. It's a fun game, but first... a reminder: In 2023 Real Value Raiders took down Rook (5x return), Tribe (Fei wind-down), and you'll probably remember they pushed Aragon to repurpose its treasury (they fought back). Old playbook was finding DAOs where token mcap < treasury value, accumulate enough tokens, force a dissolution vote, distribute the treasury pro-rata. Now the playbook is harder to fight. ---- GIP-150 on Gnosis is the new playbook: Gnosis treasury sits at $223M (ETH, stables, ecosystem tokens). 1.3M GNO tokens are eligible to redeem against it. So each redeemable GNO has ~$170 of treasury behind it. But GNO trades at $135.95. That's a ~$33 per GNO discount to NAV. Or 24% gain risk free if redemption goes through. (Although RFVs likely bought at lower price). So holders started asking: why am I funding Ltd while my GNO trades below treasury? GIP-150 proposes opt-in redemption. Holders surrender GNO, get their share of the treasury back. Liquid assets (ETH, stables) distributed at face value. Illiquid investments (offchain investments, Gnosis Ltd value) gets a claim token (gLTD-CLAIM) that pays out as values realize.. So this opt-in design is supposed to protect non-participants. The RFV logic has a point: If Gnosis Ltd takes ~$30M/year of DAO money and produced $400k of revenue AND token trades below NAV, token holders' aren't happy. So these 'attacks' put responsibility towards token holders. It also protects holders from teams that slow-quit by burning treasury in salaries while not really building anything. But for RFVs this is pure arbitrage trade, not some moral mission. In this case almost every DAO and projects beyond Hyperliquid and Tron should be shut down and Treasuries returned to token holders. Whatever Gnosis Ltd is actually building (Gnosis Pay, Circles, Gnosis Chain) loses funding, and some of that work has real users. That is why I voted Against. And building takes time. Plus market is bad so it is common that token trades under NAV for years. Every other DAO trading below NAV becomes a target. Beefy is next btw. Builders at DAO-funded entities now have to plan for potential redemption votes from coordinated holders. Think to do buybacks, pump token or whatever. Exciting times. P.s. If I made any mistakes, sorry. It is my night night time. GN

Here are the top 10 crypto projects by revenue + holder revenue. What do you notice?

Every bull cycle has a new CEX in town: • 2010: Mt. Gox • 2012-14: Coinbase, Kraken, Bitfinex, Bitstamp... • 2017-19: Binance, Bybit, OK(e)x • 2020: FTX Only the last bull run was an exception with a DEX, Hyperliquid, changing the rules of the game. Wonder if Backpack's $BP could be a new runner CEX this time. Especially as Binance might lose the EU license from July and Backpack received one from Latvia. Backpack's metrics are still very low: - $18M in 24 spot volumme - $68m in perps OI (vs $9b for Hyperliquid) Even their native $BP token is more liquid onchain vs their CEX. Thus BP's current moat is tokenized equities. Here the Solana and Backpack have unique synergy as Solana has lost its mojo post memecoin crash and perps failed to pick up. To become a true Nasdaq onchain, Solana needs BP to do well to bring onchain traders, arbitrageurs, yield chasers etc onchain. Funny, that the Solana <> Backpack partnership reminds of Solana <> FTX close relationship in the past: In fact, Backpack was founded by ex-FTX members and they acquired FTX's EU license, too. Pls don't shoot me, but even BP's CEX interface reminds me of FTX. Or is it just me? Anyway... $BP is up by 150% in 7 days with $150m market cap. FDV of $600m already looks relatively high but consider the unique tokenomics: - $BP airdrop 25% of the supply to users at TGE. That's the only tokens trading now - 37.5% will unlock when KPIs achieved: regulatory approvals, new products, etc. Will go to users - The other 37.5% will unlock after the IPO. And with at least 1 year timelock. And if you stake your $BP for at least, you could get allocation to the Backpack IPO itself. Thus FDV is less of an overhang than most time-based unlock projects have. Disclaimer: not paid post. Non financial advice. Anything I missed?

There's always a bull market somewhere Last 30d: $BP: +328% $CARDS: +148% $JTO: +58% What's your next big bet?

There may have been a $7M+ drain from a victim wallet. It looks like it involves JaredFromSubway MEV. If anyone can figure out what happened, kindly do. Address: 0x3e37f4A10d771Ba9dE44b6d301410b1BEdeA65d0