Exchequer

Sources: • Memento Research, State of 2025 Token Launches — x.com/mementoresearc…

Tokens launched at $1B+ FDV in 2025: 0% finished the year green. Median drawdown: -81%. Tokens launched under $100M FDV: 40% finished the year green. Median drawdown: -26%. If you launch with exit liquidity valuations, don’t be surprised when buyers exit.

24 million tokens created in 2025. CEXs listed 0.01% of them. Crypto has built industrial-scale infrastructure for launching tokens, and almost no infrastructure for creating sustained buy-side demand after launch.

We wrote the whitepaper that invented LP derivatives. LP calls and LP puts now have closed-form Black-Scholes solutions. An LP call protects the holder from a drop in the LP token value below the strike, the same way a vanilla call protects against a stock drop. An LP put lets you profit from declining LP value. Put-call parity holds for LP derivatives exactly as it does in equity markets. The building blocks for structured products on liquidity positions already exist in the math. The foundation for structured products on liquidity positions is now here.

Nobody talks about this, but the FBI created a fake token called NexFundAI specifically to catch market makers wash trading. CLS Global took the bait. 98% of the token's trading volume was wash trades. They got fined $428,000. The entire crypto market maker model incentivises this behaviour. CLS Global got caught cos the FBI set a trap. How many others are running the same algo on real tokens?

@Kristian_Kho Exactly, the bug was the feature

@Exchequerfi Perhaps the old system was “designed as intended”. Time to move on to better ways, retail dont want to be dumped on anymore

If the only way to create a functioning market is to sell tokens (MM loans, DEX seeding, exchange allocations), then every form of "liquidity" at launch is mechanically identical to dumping. x.com/Exchequerfi/st…

Nobody talks about this, but most protocol-owned liquidity isn't owned in any meaningful sense. It's concentrated LP positions that drift out of range and sit there being useless. Or emissions-funded pools that empty the moment yields compress. Locked, full-range LP positions that last an entire term and can't be pulled: that's what actual project owned liquidity looks like. Everything else is renting with extra steps.

1/ Every protocol founder asks the same question after TGE: "how do I stop the dump?" Here's why the standard answers don't work, and what structurally does: 2/ Vesting: delays the sell, doesn't prevent it. You haven't changed the incentive, all you've done is just added a timer. Cliff unlocks create predictable sell events that traders front-run. The chart is the same shape, just stretched. 3/ Buybacks: you're using treasury to buy your own token on the open market, competing against your own sellers. It's a treadmill. The moment you stop, the sell pressure returns and now you have less treasury. 4/ Market makers: they provide liquidity in exchange for token loans and call options. Their incentive is volume and volatility, not price stability. You're paying someone whose business model benefits from the problem you're trying to solve. 5/ The structural fix: make holding rational by defining the worst case. PGTs use project treasury tokens as LP collateral at 2x ratio. LP collateral underwrites the downside protection up to 75%. Holders get full upside with downside protection. 6/ The side effect: every PGT campaign creates permanent, locked DEX liquidity. No emissions or retainer fees. Liquidity that belongs to the protocol.

Most people in crypto don’t want to be traders, they want to invest. We’ve built the first crypto asset actually designed for the person who wants to build conviction and invest over the long term. The winners of the next cycle will be the true believers.

The fact that projects have to do multiple seasons of points/airdrops just shows how bad of a retention mechanism airdrops are. If you gotta keep paying upside to users just to keep them around, something is broken.

Provide downside protection for your true believers instead of upside for your mercenaries and the charts will suddenly start looking different.

Crypto has spent 10 years optimising the speed of the post-TGE selloff. If you're lucky, your token pumps for a few days after listing and then it's down only. We don't even get euthanasia coasters anymore (cc XPL). No one has tackled the market structure causing this.

@EthCC looking forward to it

⚡ EthCC Agenda Overview: 4 Days of Ethereum The high-level agenda for EthCC is here and a full detailed schedule will be live very soon! 🔥 Here's what to expect each day: 🟢 Monday, March 30th kicks off with RWA Tokenisation, Stable Coins & Global Payments, DeFi, and Regulation & Compliance. 🔵 Tuesday, March 31st features Built on Ethereum Demo, Product & Marketers, Cypherpunk & Privacy, L2s, and TERSE (Token Engineering Research Symposium). 🟣 Wednesday, April 1st dives into Applied Cryptography, AI Agents & Automation, Core Protocol, Wild Cards and Blockfighters. 🟠 Thursday, April 2nd wraps up with Research, Security, and ZK Tech & TEE. 📣 Full speaker lineup and detailed session times dropping soon. See you there! 🙌

Your favourite project's market maker charges a retainer, takes a token loan, and holds a call option on your token. Here's what that actually costs: a typical MM deal on a $50M FDV token runs $300K–$500K annually in direct costs, plus 1–3% of supply in token loans with favourable strike terms. All this while you hold the bag and become exit liquidity. Maybe it's time for a change?

Crypto projects spending treasury on market makers is the equivalent of a restaurant paying people to sit at empty tables so it looks busy from outside. The food doesn't get better and the reviews don't improve. You just run out of money faster while the seat-fillers eat for free.

@game_for_one Imagine the difference if founders could provide downside protection for their holders.

The strength of a founder is shown when the token is down. Anyone can lead when price is up. People are behind you irrespective of token price. Momentum is free. None of that requires skill. The bottom is where you see the real picture. Who blames the market. Who goes quiet. Who starts really shipping. The best founders treat it as an advantage. Less noise, fewer tourists, team focused. A down token creates urgency, and urgency creates output. Those are the ones worth betting on.

@D0itdifferent We're bringing buy & hold investors back by allowing any project to provide downside protection for their true believers. People want to believe, they want to build conviction.

Investing in token sales in the public market with the current market structure is Darwin’s natural selection theory on crack. Only the quick flippers survived. Everyone else got naturally selected to extinction. Buy and hold investors? Died off around 2023/4

@DeFiVoyager_X We've all gotten rekt so naturally, we've built a new primitive that allows any project to provide downside protection for their true believers. Soooon.

if nobody on your team has lost money in DeFi, you're building for users you don't understand. not because your team is stupid. because they've never felt it. you don't need a team of degens. you need people who have enough scars to know what users actually feel.