Jack Anderson

Account Executive @ Elliptic | Villanova '20

[Jake Koch-Gallup @immutablejacob]

.@USDai_Official is launching its $CHIP TGE soon.

i just published a 30-page valuation report that is free for all to access:

https://t.co/kgR6ZLCO2s

let's break down the key points:

1) what is https://t.co/dnwHcmkify?

https://t.co/dnwHcmkify is an onchain credit protocol financing real-world AI infrastructure.

the protocol originates stablecoin-denominated loans backed by GPU hardware and related compute assets, bridging onchain capital with offchain infrastructure deployment.

https://t.co/dnwHcmkify issues two core tokens:

> $USDai – a dollar-denominated token used for minting, funding, and redemptions
> $sUSDai – a yield-bearing vault share representing exposure to deployed AI infrastructure loans

2) how does https://t.co/dnwHcmkify work?

https://t.co/dnwHcmkify sits between borrowers seeking upfront capital to deploy AI compute infrastructure and capital providers seeking dollar-denominated yield.

the protocol structures collateral, underwrites risk, coordinates funding, and manages liquidity and redemption mechanics within an onchain framework.

CALIBER provides the legal and technical backbone for representing GPU hardware as enforceable onchain collateral.

Queue Extractable Value (QEV) is the queue-based redemption mechanism used to manage liquidity against amortizing, illiquid collateral.

3) what does https://t.co/dnwHcmkify’s adoption look like?

https://t.co/dnwHcmkify currently has:
> $475M TVL
> 6.65% $sUSDai APY
> $8M in active loans
> $105M in near-term pipeline
> $1.5B+ expected loan volume over the next year

execution, not demand, is the binding constraint.

4) what is $CHIP?

$CHIP is https://t.co/dnwHcmkify’s governance and risk-policy token.

it governs:
> collateral standards
> underwriting parameters
> fee surfaces and routing
> interest rate controls
> treasury and capital policy

CHIP’s utility can be grouped into three domains:
1. governance and protocol control
2. revenue governance and capital allocation
3. staking module and insurance backstop

importantly, there is no mechanically enforced claim on protocol cash flows. Value accrual is governance-contingent.

5) how exactly did I value $CHIP?

i did not assume $CHIP automatically gets protocol cash flows, as there is currently no hard-coded revenue share.

so instead of forcing a DCF, I built the valuation from protocol mechanics up.

i model $CHIP using two complementary lenses:

>> Buyback-supported value

i project distributable surplus (Years 1–5), discount it to present value, and add a terminal enterprise value based on Year 5 surplus: PV of distributable surplus + PV of terminal EV = total EV.

Then I apply governance-contingent assumptions: buyback rate & buyback effectiveness.

This produces a buyback-supported FDV range of:

> Bear: $46.4M
> Base: $329.6M
> Bull: $1.74B

This pathway only works if governance actually routes surplus to tokenholders.

>> Insurance-capital-implied solvency threshold

$CHIP may function as recognized backstop capital in the insurance module. Under this lens, valuation is driven by:

> outstanding funded exposure
> coverage requirement
> required backstop capital
> staking participation & recognition rate
> required staking yield

the outputs are the FDVs at which staked $CHIP would be sufficient to meet modeled coverage requirements. They are not price targets, but capital adequacy thresholds:

> Bear: $270.1M
> Base: $275.6M
> Bull: $503.2M

together, these two lenses bracket the investment question:

> can https://t.co/dnwHcmkify convert pipeline into funded originations at scale?
> can it maintain capital efficiency?
> will governance establish credible, repeatable value routing?

6) disclaimer: i do not hold $CHIP at time of writing. this is not investment advice.

[Epic Vibe 🧞‍♂️|🔜 Vibecon @epicweb3]

The first panel discussion of the day!
"From Testnets to Mainstream: Building Scalable dApp Ecosystems"

@Phin_totten, Head of Marketing @AbstractChain
@0xcyp, Lead @StatusL2
@jetjet_8, Growth @ParticleNtwrk
@RegenRene, Co-Founder @Celo
@Jack_AndersonM, Business Development @MessariCrypto

[Jack Anderson @Jack_AndersonM]

Headed out to Seoul next week can't wait for dApps & Mini Apps Dat + KBW! If you're headed out lmk and let's have a week!

[Epic Vibe 🧞‍♂️|🔜 Vibecon @epicweb3]

How to ship dApps that scale without breaking UX, security, or economics?

That the topic of our hot panel “From Testnets to Mainstream: Building Scalable dApp Ecosystems” with:

@Phin_totten, Head of Marketing @AbstractChain
@0xcyp, Lead @StatusL2
@EforNad, APAC Ecosystem @monad
@RegenRene, Co-Founder @Celo

📅 September 22, Seoul, dApps and Mini-Apps Day

🔗 RSVP here:
https://t.co/K84FJjUua1

[Epic Vibe 🧞‍♂️|🔜 Vibecon @epicweb3]

How to ship dApps that scale without breaking UX, security, or economics?

That the topic of our hot panel “From Testnets to Mainstream: Building Scalable dApp Ecosystems” with:

@Phin_totten, Head of Marketing @AbstractChain
@0xcyp, Lead @StatusL2
@EforNad, APAC Ecosystem @monad
@RegenRene, Co-Founder @Celo

📅 September 22, Seoul, dApps and Mini-Apps Day

🔗 RSVP here:
https://t.co/K84FJjUua1

[Matthew Nay @NaytheForceBwU]

🚨🚨🚨 @solana Q2 just dropped

- Market Cap grew 30% QoQ to $83B
- DeFi TVL increased 30% QoQ to 8.6B
- @KaminoFinance grew 34% QoQ to maintain its lead
- RWA value grew 24% QoQ to $391M
- @OndoFinance's USDY and OUSG were the two largest RWAs
- @anza_xyz introduced Alpenglow, a complete overhaul to Solana's consensus mechanism
- The Rex-Osprey Staking ETF went live in June
- @pumpdotfun continued to lead in app revenue
- @AxiomExchange grew 641% QoQ in app rev to take the second spot
- Liquid staking rate increased to 12.2%
- @solanamobile's Seeker began shipping the first week of August
- Block limits were raised to 50M CUs, then again to 60M CUs in July
- @jito tips averaged 55% of REV in Q2

Read the full report for free below 👇

[Blockworks Data @BlockworksData]

State of Stablecoins 2025 🧵

[Jack Anderson @Jack_AndersonM]

@sebyrubino great chatting with you at Mainnet! 🤝

[Blockworks Data @BlockworksData]

Insights from @Jack_AndersonM on Messari's free resources:

- Explore the Portal at https://t.co/ftJeb1NkxI
- Check out Copilot at https://t.co/3ILotHaQme
- Dive into the Quarterlies at https://t.co/bMQ7feGywM

[Kunal G @kunalgoel]

I've improved my research process by 10x.

Before I ape, I not only assess the vibes but do quick due diligence by asking the Messari Copilot on the token design.

It's usually quicker than my vibe check and helps avoid rugs.

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[Jimmy Skuros @jskuros]

Messari Copilot saves you some time with a TLDR on HBO’s Satoshi documentary

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[Matt @m_mark_0]

Messari’s Research team has been on fire lately. Some highly recommended reads from the last few weeks:

MegaETH primer (@kunalgoel)
https://t.co/VlsskWAnhR

Crypto x AI deep dive (@bloomberg_seth)
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Navigating cliff unlocks (inaugural report from @0xSynthesis1)
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[Aidan Mott @KidKrypt0]

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[Tulip King 🌷 @tulipking]

This week in Paris @MessariCrypto announced our network fundamentals product. This is my first ever product launch in my career and at Messari.

I believe it represents a huge step forward in our mission to bring transparent & fair reporting to the crypto economy. This data is must have for value oriented actors in the crypto space so lets go over it 🧵

[Jack Anderson @Jack_AndersonM]

@robustus permisionless tx's

[Jack Anderson @Jack_AndersonM]

@socrypt The Lincoln Highway or The Magic Strings of Frankie Presto for some fiction, both 👌🏻

[Jimmy Skuros @jskuros]

🚨 Introducing Messari AI 🚨

AI -Generated news summaries are live! Now you can consume every article within our news feed in seconds.

What are these and how do they work? 🧵

[Blockworks Data @BlockworksData]

1/ Exciting news for our Enterprise Customers!

We are thrilled to announce the availability of our fully integrated Diligence Report library, offering targeted asset research to meet all compliance and research needs.🧵

[Blockworks Data @BlockworksData]

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[Ishraq Alim @ishraq8]

@AaveAave launched their V3 on Ethereum on Friday. @MessariCrypto already has full coverage of the data from the protocol! Note: switch to 24h when viewing, no data beyond a couple of days. All credit to @dylanmelotik. $aave $eth #defi $link $lido $steth