Toe

Theia

[Toe @_ThePinkyToe]

https://t.co/S6DHqRoHiF

[Ownership @ownershipfm]

"The entire token space lives and dies off @MetaDAOProject"

Felipe from Theia Research on whether MetaDAO can bring capital back to the token market:

"Capital comes back quickly when there are good returns. If returns were really high for funds investing in MetaDAO tokens, capital would be back in 12 to 18 months. There's never a situation where returns are really high for some segment of funds, and then capital decides to abstain indefinitely"

"We are seeing people really leave the token space. The last few years have really been a testament to how good people are at following their incentives, and how broken incentives are in the local token space without MetaDAO"

"This is my most histrionic opinion that I like to recite, but I think the entire token space lives and dies off MetaDAO" - @TheiaResearch

[Toe @_ThePinkyToe]

Congrats to the @UmbraPrivacy team on a major partnership. In 6 months, Umbra has:

- Raised $3M primarily from retail anons
- Leveraged their initial hype to compete with institutional players despite being pre-product
- Continued to build despite token price depreciation, creating proposals to bring institutional capital onboard during the lows
- Announced a major partnership that unlocks billions of privacy-preserving volume

Umbra exemplifies complete validation of MetaDAO's ownership model. While the job is not finished, Umbra crowdsourced fundraising capital from the internet, bootstrapped this community as its initial users, and leveraged that to ink a key partnership set to significantly improve their bottom line. The Internet Financial System is alive and well, to those willing to look.

Massive kudos to the Umbra team. We are incredibly excited to continue working with one of the best teams in the space.

[Umbra Privacy @UmbraPrivacy]

https://t.co/6HpLYlCNOm

[Toe @_ThePinkyToe]

MetaDAO just completed its largest permissionless fundraise in less than 3 hours. Internet capital markets are alive and well @JurassicFi

[Proph3t @metaproph3t]

This is what internet capital markets look like:
- Single, unified unit of value
- Transparent & aligned process for issuing more to fund the business
- Great entrepreneurs can execute & signal trustworthiness to the markets

[Connor King @connorking]

If you're a liquid fund or individual that's a $META (MetaDAO) holder, like this & shoot me a DM please

[Felipe Montealegre @TheiaResearch]

With deference to the decision markets, we propose a $300K OTC add to Umbra at $0.45/token (33.5% premium to 14D TWAP, 10% to spot). We will work hard as a firm to ensure that this is an EV+ proposal.

[Exponent @ExponentFinance]

Today we’re announcing our $5 million seed round, led by @Multicoin

This funding directly supports Exponent’s next phase: becoming the premier platform for onchain portfolio construction

[Toe @_ThePinkyToe]

Ethena TVL down 23% from $6.5bn to $5bn) as Aave contagion triggers sUSDe looping unwinds. Hard to see a bid for ENA with DeFi yields trading at par with T-bills.

[Novora @novora_]

Novora has partnered with @MetaDAOProject as the ecosystem's capital markets & IR advisory firm.

MetaDAO is an internet-native fundraising platform where real businesses raise money with strong protections, high-float structures, and participation from both institutional and retail capital. Since launch, 10+ raises have brought in over $40M with ~$390M in total demand. The ecosystem is attracting real teams building real products with real revenue.

We evaluated many onchain capital formation platforms and chose to align exclusively with MetaDAO. The tech is differentiated, the protections are real, the design works, and the leadership is fundamentally sound and integral. That's the kind of platform we want to build around.

Novora will serve as MetaDAO's embedded capital markets function — providing investor relations infrastructure, roadshow execution, institutional GTM to projects launching through the ecosystem. Every team raising on MetaDAO now has access to Novora's institutional network and IR infrastructure from day one.

More to come on the first projects we're working with.

[Toe @_ThePinkyToe]

JLP TVL is down $120m since this tweet, amidst declining perp volumes which have traditionally accounted for >50% of their revenue.

Friendly reminder that TVL needs to hit $500m to justify a 10% APR at NTM revenues.

[Toe @_ThePinkyToe]

Believe the market is underpricing a decline in Jupiter KPIs. Since the JUP airdrop cancellation, OI fell 50%, fees are at yearly lows, yet TVL has remained relatively sticky.

Even with a material increase in volume, JLP needs to fall to $750m to maintain above market yields

[Felipe Montealegre @TheiaResearch]

There is a lot of well-deserved skepticism around tokens right now.

I believe we are close to the end of the long token bear market. The conditions that made this long bear market inevitable are obvious in hindsight, and all of them are getting better.

[Toe @_ThePinkyToe]

Theia is excited to participate in the upcoming P2P ICO on MetaDAO. Emerging market stablecoin growth represents one of the clearest secular trends in crypto. However, few projects capitalizing on this growth are accessible in public or private markets. @P2Pdotme is perhaps the best expression of this thesis.

Opaque and punitive stablecoin regulation across emerging markets has left a significant gap in serving users. CEXs restrict crypto withdrawals, and black market P2P trading often acts as a last resort. @P2Pdotme addresses this by leveraging local payment rails like UPI and PIX, enabling a 2-sided marketplace to on/off ramp fiat and stablecoins without custodians or exchanges. Their ability to settle Fiat <> Crypto transactions in under 90 seconds already has proven traction, facilitating ~$45m in annualized volume, and, with Brazil and Argentina comprising 44% of total volume, is effectively scaling outside of its core geography. The result is a business with a first-mover advantage in a specific niche it knows well, and merchant network effects are accelerating.

The founders previously built a $3m ARR food delivery app focused on a similar coordination problem: connecting merchants and users across a lossy social graph. Their solution relies on circles of trust, whereby merchants who refer their network and complete transactions attest their trustworthiness and unlock higher transaction volume limits. This creates a Polya Urn dynamic: attracting high trust merchants amplifies both the merchant incentives (larger transactions) and P2P’s broader network effects. Replicating this flywheel requires deep expertise in local payment systems and user behavior, something P2P has already demonstrated through a successful exit.

Finally, it’s worth emphasizing the continued value add of MetaDAO. P2P has a strong existing previous investor base and likely would have no trouble raising a traditional round, yet chose MetaDAO. It's clear that MetaDAO launches are not only on par with top venture bets, but in our view, actively surpassing them.

Proud to be a @P2Pdotme backer, and excited to support their continued success.

[Toe @_ThePinkyToe]

(Yet another) Win for tokenholders. Importantly, "As of this writing, Layer3 holds $19M of cash on hand. There are 1.08 billion tokens in circulation. The circulating market capitalization is approximately $7.7M."

[Layer3 @layer3xyz]

https://t.co/Kp4bCmJhuy

[Toe @_ThePinkyToe]

Incredibly impressed with this launch. Onboarding is seamless, it integrates directly with Claude and Codex, and barely scratches the surface of the payment functionality.

If you want a glimpse into the future, I encourage you to check it out.

[Tempo @tempo]

https://t.co/E6c2MpXLAa

[Toe @_ThePinkyToe]

@ambient_xyz @benfielding @gensynai @castorhat @PrismaXai @IridiumEagle Is the full conversation posted anywhere (outside of the 9 min clip)?

[Toe @_ThePinkyToe]

Believe the market is underpricing a decline in Jupiter KPIs. Since the JUP airdrop cancellation, OI fell 50%, fees are at yearly lows, yet TVL has remained relatively sticky.

Even with a material increase in volume, JLP needs to fall to $750m to maintain above market yields

[Toe @_ThePinkyToe]

@0xCryptoSam There are &lt;50 serious options desks, and of those, many are regulated and require tri-party agreements (ie hold SOL with a QC like Anchorage and sell SOL call options). Hence why Derive can create a foothold with these players given that there are so few.

[Toe @_ThePinkyToe]

This is by far the best Bitcoin doc that I’ve seen, and importantly, the most (imo) accurate with respect to its origin story. Highly recommend

[Finding Satoshi @findingsatoshi_]

The greatest financial mystery of the 21st century ends on April 22nd. Watch the official trailer for #FindingSatoshi now. Pre-purchase at the link in bio.

[Brandon @brandonkumar]

https://t.co/SlGaW3wRcd