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Michael Oved
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Michael Oved
@ovedm606
Co-Founder @Harbor_DEX, @airswap. Former Partner @VirtuFinancial.
New York, NY Katılım Mayıs 2012
549 Takip Edilen5K Takipçiler
Don't think it would introduce any hurdles related to protocol development-- you'd just segment those allocations into it's own bucket and leave them out of pubco if necessary. Costs aside, this should be at least as good as status quo, as it accesses capital and unifies both markets through the lifecyle of the token.
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The benefits of exposure to trad public market liquidity are huge. However, imo this loses the forest for the trees by prioritizing token price speculation over the success of the underlying protocol. Lmk your thoughts, but my read is that, reg hurdles/going public costs aside, things like dev team comp, grant programs, validator rewards, etc. - things that promote the development & success of the protocol - would be very difficult to implement in this model. It's probably prudent to just wait for Market Structure legislation to clarify things here.
Kudos to a super innovative capital-raising structure tho! Love to see it.
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Suggesting this as a potential path to access a larger pool of capital. Crypto-native demand moves in cycles, so pairing crypto markets with US public equity markets could materially broaden participation, which moves the needle on lower market cap assets.
Wouldn't underestimate the size of US equity markets (see DAT success). Robinhood and Coinbase have broadly comparable MAUs, lots of other big retail brokerages exist, and there's more sophisticated capital which of course is harder to tap but has worked for DATs.
That said the cost and burden are significant. I'd expect this would only be attempted for projects in the >300m range, which is probably the top decile of projects.
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seems like a cool idea but imo a lot of expense/overhead compared to the benefits
CLARITY will provide clarity for direct token launches, seems like 'extra step' to distribute the token through equity that goes public first, especially when equity going public will be more burdensome then just publicly launching a token under CLARITY
if want a public equity vehicle, can always still launch one and tie it to the token later without making that the distribution method for the token
but I love experiments like these and it could be cool!
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@mcagney That’s a lot of machinery to repair a structural mismatch. PATI is designed so NAV drift, dual securities, and tender offers never arise, as the public instrument and the token remain 1:1 in perpetuity.
TCB@1984_is_today
One of the biggest problems with tokenization is that it doesn’t offer the same investors the same propriety rights and protections as traditional markets. It’s one of the reason $hype is trading at a huge discount vs Robinhood, there is no unalienable rights. You’re at the whim of the team. Harbor aims to be one of the first DEFI protocol to actually “go public” as a commodity token on chain & offer real propriety rights The result of this new model maximizes buyer access (retail + institutional via brokerages), ensuring deep liquidity pre/post-launch, maintain strict 1:1 parity while being in compliance with US regulation How? PATI is a proposed 3-step model to replace traditional TGEs for protocol tokens: 1. Public Acquisition: Protocol goes public via SPAC, reverse merger, PIPE, or IPO — creating tradable shares pre-token. 2. Token Issuance: Public company distributes tokens 1:1 to shareholders (via property dividend or foundation airdrop) under CLARITY Act safe harbor, treating token as future commodity. 3. Fusion: Convert company to ETP/SPV allowing perpetual 1:1 create/redeem between shares and tokens, arbitraging TradFi and crypto liquidity It’s exploratory, law-firm vetted but relies on CLARITY/FIT21 passing for on token-as-commodity status If regulation aligns, it’s a vastly superior distribution vs. private sales/airdrops/ICOs
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If I was running a DAT with a NAV below par, I’d start sending the crypto in the DAT to shareholders as a non-taxable distribution of capital which should drive the price back up to par. But how do you send a Nasdaq shareholder crypto?
So what I’d really do is a second DAT equity issuance (secondary) native on @provenancefdn and trading on @Figure's ATS - just like Figure is doing with its stock. The second stock would be pari pasu in rights and privileges to the Nasdaq version, but a different security. It would also be convertible 1:1 to the Nasdaq security.
I would then run a tender for the blockchain stock, where holders could swap their stock for their representative crypto ownership. That should quickly pull the price back to par. Further, holders of the blockchain stock could borrow against it to buy the underlying crypto, use the crypto as collateral to buy more stock, commingle the crypto and stock to borrow, control stock loan directly, etc. Lots of accretive value beyond the Nasdaq security.
So I’m going to try and find some DATs to work on this with. And if they won’t work with us, we can take the hard route to get it done…
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Good question and probably the core one we will grapple with. Being a trailblazer in legal structure does impose upfront cost that creates value for the wider ecosystem.
That said, the PATI path doesn't require a full IPO. It can be done with Reg A+, at a fraction of the cost, though still not trivial. Over time, a platform that gets this design right should be able to productize it and offer it as a service to other protocols, amortizing much of that initial complexity.
Ultimately believe the benefits of public market liquidity vastly outweigh the cost of launching a PATI.
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@ovedm606 Curious how you see this getting leveraged for new protocols that need all resources for development and growth?
How do they offset the cost of compliance that a PATI path would entail?
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Michael Oved retweetledi
"The team has built best in class token trading technology for different niches that ConsenSys can now help bring forth at scale." @EthereumJoseph on the latest Fluidity acquisition. Excited to bring @Airswap into the ConsenSys product suite! bit.ly/3bVIs0M
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We’re joining ConsenSys!
We're a product and tech team. They will help us grow.
More on our decision and our plans below:
@fluidityio/fluidity-joins-consensys-e59afed2bdac" target="_blank" rel="nofollow noopener">medium.com/@fluidityio/fl…
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Michael Oved retweetledi
We’re excited to introduce our white-label solution for tokenized securities trading. Today, @Securitize released a feature called Instant Access using this technology. For more information, reach us at partners@airswap.io bloomberg.com/news/articles/…
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We’re still building 💪💪
Excited to share what the @Securitize and @airswap teams have been working on.
Carlos Domingo@carlosdomingo
Today at @Securitize we are announcing Instant Access, a feature for all our issuers to enable instant compliant trading of digital securities without counter-party risk and no trading fees. Thread 👇 bloomberg.com/news/articles/…
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Michael Oved retweetledi
“Tokenizing public market equities is not interesting to users that already have easy access to Robinhood. What is exciting is tokenization of illiquid, long tail assets such as music royalty streams.” - @ovedm606 (paraphrased) #0xpo @0xProject
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Michael Oved retweetledi
Fluidity Co-founder & CEO @ovedm606 will be on a panel alongside @hal2001, Co-founder of @UMAprotocol, and @josh_harbor, CEO of @harbor, tomorrow at 0xpo: 0xpo.com
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Michael Oved retweetledi
1/ This week, @airswap delivered a major protocol update and 3 completely new products, an incredible effort by the entire team.
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Michael Oved retweetledi
Add your token, set your price. Delegates enable non-custodial, trustless limit order functionality and on-chain liquidity integrations on AirSwap. Check it out:
medium.com/fluidity/intro…
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I think it is easy to forget that the US Dollar in its current form has only been around for ~50 years
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Michael Oved retweetledi
A big congrats to Fluidity engineer @ejwessel for being one of the winners @ethwaterloo2 with his project ETH P2P VoIP, which allows people to call an Ethereum address, block unwanted spammers, and more! devpost.com/software/eth-p…
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Michael Oved retweetledi
Michael Oved retweetledi
Check out our new features in action: github.com/vkonst/notes_a…
5/
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.@airswap released a ton of new functionality this week:
Off chain limit orders, stored on IPFS => devs and traders can create and share orders
On chain liquidity => AirSwap can integrate more easily with dapps like @KyberNetwork and @UniswapExchange
1/
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