Moonward Capital

Congrats to all of the participants within the @virtuals_io hackathon. It was exciting building and delivering {redacted}, something we believe will change the DeFAI & broader trading landscape for good!

Konstantin Pylinskiy (@konpyl), Founder & CEO at @moonwardcapital, joins HSC Asset Management Hong Kong on April 23. Register to hear Konstantin in HK: luma.com/HSC_hong_kong * Moonward Capital builds AI-powered market intelligence and algo trading infrastructure — covering narrative tracking, technical signals, and portfolio analytics for crypto funds. Free entry (capacity-based) · Priority Pass $99 (guaranteed entry) · VIP $375 (VIP lounge + networking)

1% slippage per trade = 10% annual drag over 200 trades For a $100M treasury: $10M lost to execution, not strategy Most treasuries optimize allocation. The survivors systematize execution

The best treasuries define exit rules before entry. Most don't MOVE -93%. BERA -93%. OM -90% Pattern never changes: no predefined stops, no surviving capital

Most treasuries treat buybacks as scheduling problems The best treat them as signal detection Fixed tranches on $20M: $360K slippage. Order flow aware: $60K

The best treasuries know drift costs more than fees ±5-10% rebalancing thresholds cost 0.2% in trades. Portfolio drift costs 3% quarterly Most still optimize to avoid the 0.2%

Most treasuries hold 70%+ in one token. Yield: $0. The best ones don't They tier capital by timeline: operational stables, opportunity assets, conviction plays $100M tiered = $4.6M/year. Untiered = $0 Liquidity structure separates survivors from casualties

Treasuries optimize for yield. Survivors optimize for deployment windows Conservative: monthly rebalance, 6-12 month horizon Aggressive: weekly, 1-3 month deployment Liquidity when you need it beats higher returns you can't access

Most treasuries leak 0.3% per trade. They don't measure it Systematic execution drops this to 0.05% On $50M doing 20 trades/year: $200K saved. Hidden alpha, in plain sight

Everyone optimizes asset selection. The real edge is mandate structure 82% of DAOs lack clear mandates, leaving 19.4% in returns uncaptured Design determines execution

The best treasuries rebalance on regime shifts. Most rebalance quarterly One adapts to volatility. One breaks

We've seen this before. 72.5% native exposure. No limits. No controls A 50% loss needs 100% gains to recover Most treasuries never get that chance

Discretionary trading saturates at one operator. Systematic execution scales infinitely Renaissance: 30%+ annual returns for 30 years. Gnosis DAO: $700K lost to discretionary conviction Discipline compounds. Conviction doesn't

Judgment saturates at scale $500M discretionary treasury: $7.5M-12.5M yearly slippage $500M systematic: $250K Cognitive bandwidth caps before capital does

The best treasuries know when not to trade. Most haven't learned yet Monthly rebalancing: 1.6% annual drag Quarterly + threshold rules: 0.4% On $100M, patience saves $1.2M yearly

Most buyback programs leak 20-50% to poor execution. The survivors fragment orders systematically. The failures announce and hope

The pattern repeats Treasury holds 70% native. Market drops 30%. Runway evaporates Survivors: 50% BTC/ETH, 30% diversifiers, 20% stable Max drawdown: 25% vs 40%+

The best treasuries know correlations change with regimes. Most don't BTC-ETH: 0.3 in bull markets, 0.9 in crashes Average correlations build portfolios that fail during stress

Most treasuries chase 50% APY. The survivors optimize for Sharpe - 20% steady with 5% drawdown beats 50% with 65% volatility

Most funds plateau at $100M-$200M. Cognitive bandwidth becomes the constraint before capital does One trader manages 10-20 positions effectively. Adding more traders means adding fatigue, single-point failures, expectancy drift Systems scale. Discretion saturates

85% of DAOs hold 90%+ in native tokens Not conviction. Mandate paralysis When to diversify? Operators don't know. Token holders disagree Clear escalation rules eliminate the debate