ryonnixon

Blockchain & Startup Lawyer - I’ve worked with the best projects in the space. Founder Horizons Law; GP at Marin Digital VC; $PDT; Ex Solana GC, SNX, MyCrypto

[ryonnixon @ryonnixon]

Why crypto projects need both Delaware AND offshore structures, and how to get it right:

Most crypto projects start with a Delaware C-Corp which is familiar to investors, easy banking, and straightforward equity.

But stopping there is a massive mistake.

After your first meaningful raise ($1-3M), you need to establish your offshore structure BEFORE token valuation or issuance.

The gold standard:
>Cayman Islands Foundation (headless, no equity ownership)
>BVI subsidiary where token minting happens
>Professional directors ($30k/yr is cheap insurance)

Budget reality: Set aside $140-180K for proper setup. Yes, it seems expensive, but fixing structural problems later costs 10x more.

The structure creates crucial separation:
>US entity → development and research
>Cayman foundation → governance and treasury
>BVI entity → token issuance

Common mistakes:
>"I'll do it later" (creates tax nightmares)
>Using cheap jurisdictions (exchange rejection)
>Keeping too much founder control (regulatory red flags)
>US person dominance in offshore entities (IRS problems)

Second-time founders never make these mistakes. They know proper structure is the foundation that enables their project to scale globally.

Don't be penny-wise and pound-foolish. In an industry where you might build a billion-dollar protocol, the difference between proper and improper structuring can represent hundreds of millions in value.

[ryonnixon @ryonnixon]

During earlier cycles, we had Bitcoin OGs who were really here for the tech.

They were the best influencers.

Then we had Ethereum bros who were sorta here for the tech.

Now all we have are memecoin guys.

Hope we can get some better influencers soon.

[ryonnixon @ryonnixon]

This is pretty insane.

Give me 1 other company that very frequently cuts their prices by 80%.

These frontier models are in an epic race to achieve AGI and find out how to monetize it. In the meantime they need to keep everyones attention with the latest model and make a few bucks doing it.

[Sam Altman @sama]

major price cuts today:

*80% drop for GPT-5.6 Luna, now $0.20 per million input tokens and $1.20 per million output
*20% drop for GPT-5.6 Terra, to $2/$12
*GPT-5.6 Sol gets Fast mode in the API, up to 2.5x the speed for 2x the price, same intelligence

[ryonnixon @ryonnixon]

Am I crazy, or does Palantir brag about doing everything Snowden blew the whistle on?

[ryonnixon @ryonnixon]

Hyperliquid just has better marketing and offers a newer primitive.

[Stacy Muur @stacy_muur]

Uniswap 30D fees: $99M
Uniswap valuation: $3.5B

Hyperliquid 30D fees: $50M
Hyperliquid valuation: $57B

What's going on here?

[ryonnixon @ryonnixon]

This is why I do what I do.

[The Flâneur of Bushwick @defidave]

@ryonnixon Look at my lawyer dawg

[ryonnixon @ryonnixon]

I want to see benchmarks for angel investments now.

[Nick Tomaino @NTmoney]

“Top decile” DPI on a 9 year old venture capital fund is 1.18x. That’s terrible

1confirmation net DPI since we started:
Fund I (2017): 7.08x
Fund II (2019): 3.25x
Fund III (2022): 0.19x

[ryonnixon @ryonnixon]

This style of IR going to be the most obvious shift in public markets in a decade.

[Harley Finkelstein @harleyf]

Q2 is in, and it was a monster quarter.

→ $116B in merchant sales, up 32% YoY
→ $3.6B revenue, up 34% YoY
→ $654M free cash flow, 18% margin

Five quarters running, GMV has grown more than 30%.

The bigger story is underneath the numbers: every shift AI is creating happens to play to @Shopify's strengths.

[ryonnixon @ryonnixon]

@theunipcs Definitely a second wind coming

[ryonnixon @ryonnixon]

@KookCapitalLLC If volume dies there wonder what will happen to the meme season

[ryonnixon @ryonnixon]

Take a break from the hustle and hit some things.

[ryonnixon @ryonnixon]

anti-Trump, anti-crypto, pro-gaming.

Weird mix.

[Daniel Wallach @WALLACHLEGAL]

BREAKING: Kalshi has removed the New York AG's civil enforcement action to federal court. The case will be assigned to either Judge Torres or Marrero. This should delay things by a few weeks. NYAG will file an emergency motion to remand it back to state court. It will be granted.

[ryonnixon @ryonnixon]

If you ask Claude for a legal opinion, it gives truly terrible answers.

It is terrible at just stating the facts without mentioning that you should take the most risk-averse possible route without considering anything else.

[ryonnixon @ryonnixon]

I wonder about the long-term consequences of caring too much about the quick money side of their business.

They also launching Robinhood banking around the same time.

[Crémieux @cremieuxrecueil]

Robinhood introduced prediction markets and now that's their biggest segment after options.

Betting has cannibalized investment on the platform.

[ryonnixon @ryonnixon]

@lmrankhan This is mega bullish. For memecoins.

[ryonnixon @ryonnixon]

@Kaiz_294 Good advice for many people who live on here too much.

[ryonnixon @ryonnixon]

If you want to study a Neobank that is killing it, study @useTria.

[Vijit @Vijittria]

I make 5,000 USD/month from referrals. This is me without even trying/sharing referral links socially.

@useTria is gonna revolutinize earnings for ambassadors and also for users. The more you refer the more you earn.

Launching this feature for all the ambassadors soon.

Cc: @triajapan @triakorea

[ryonnixon @ryonnixon]

Don't mess with the 4chan BTC gods.

The next bull run has been ordained since 2018.

[unusual_whales @unusual_whales]

JUST IN: Jim Cramer has said he's reportedly selling all his Bitcoin, per CoinDesk

[ryonnixon @ryonnixon]

LLMs are great at a lot of things.

But it's making the dumb people dumber and the smart people more efficient.

People will just write 20-page memos with Claude and not proofread them.

Complete AI slop.

It still has trouble really understanding and caring about the right context to write something meaningful.

Very, very good at math. Science. Discrete questions. Anything with a definitive answer that requires collating a lot of disparate data.

But as of now, it's really best at being the world's best search engine.

[ryonnixon @ryonnixon]

Trade XYZ is ripping. We're going to see larger traditional players start spinning up HIP-3 market.

[Rajiv Patel-O’Connor @rajivpoc]

new feature observed on hl testnet: stars

afaict stars let deloyers make a hip-3 dex address-allowlisted for trading. testnet allowlist size currently is max 10k addresses. non-allowlisted addresses can still submit reduce-only orders / fund accounts.

see ktob ("BTC Star DEX")

some relevant txs:

0x851e0bc62988fe9e8697042529220801080023abc48c1d7028e6b718e88cd889 (register ktob:BTC)

0x54c1a9c94451ac7e563b0425292214010100c1aedf54cb50f88a551c03558668 (activate star)

0x875b29d555ffdba188d4042529221c01030041baf0f2fa732b23d52814f3b58c (approve trader address)

0x9dbce81f1a86dc269f360425292224010c000004b589faf841859371d98ab611 (unhalt ktob:BTC)

0x3130533baff0a23a32aa0425292ce1010a006b214af3c10cd4f8fe8e6ef47c24 (unapproved address funded)

0x8923485ccfdea73b8a9d0425292d2c01010060426ad1c60d2cebf3af8ed28126 (unapproved address attempts to place order and fails)

0x326fcd720ba84bd833e90425292e06010400e557a6ab6aaad63878c4caac25c2 (approved trader address funded)

0xe070d0c9f5aca692e1ea0425292e33010300e8af90afc56484397c1cb4a0807d (approved trader address places order successfully)

can think of a few reasons why this might be useful, but will refrain from speculation for the time being.

[ryonnixon @ryonnixon]

@cryptogle Very good point.