Dave Hendricks

CEO/Founder @Vertalo_, cofounder @LiveIntent (exit '24), founding team CheetahMail (exit '04). #RWA Tokenization Realist since 2017

[Dave Hendricks @davehendricks]

Hot off the presses: @Aptos and the @Vertalo_ Securities Protocol: A Technical Case for the Next Generation Chain. And why you should care about this, if you are serious about 'Tokenizing The World'

Link in the comments.

@RWAFoundation_ @DefiLlama @ZeusRWA @andyyy @kylegbro @AptosLabs

[Dave Hendricks @davehendricks]

@IxsFinance @julian2kwan Greetings my old friend, excellent to see you

[Dave Hendricks @davehendricks]

@JSelway3 The splice girls

[Dave Hendricks @davehendricks]

Ethereum absolutely a critical problem, discontinuity and finality and non workable compliance aware tokens compound the problem

New arrivals may not understand this acute issue

RWA narrative promoters do not understand this

The revolution will be tokenized but not the way it happened in Defi with the same liquidity pools

[Dave Hendricks @davehendricks]

@nickisanders They are also now all RWA gurus, thanks to AI

[Dave Hendricks @davehendricks]

@octal If I had the choice, I would happily keep the weather and swap out the government - I live downtown and walk everywhere. And I smell the effects of the policies.

[Dave Hendricks @davehendricks]

Interested in learning more, or applying?

Go here

https://t.co/O2ZB57oEXm

[Dave Hendricks @davehendricks]

The reason I created TTP (https://t.co/mt4C7fkXr2) was to help people understand and appreciate the nuance.

@ZeusRWA - mentioned since I appreciate your hard work and thoughtfulness.

Now I am looking for someone to join me, spend all their time on it, and grow it under my direction and our collaboration. And make real money, more money than they can get from consulting or engagement farming. Much more. Be my partner so I can focus on @Vertalo_

It's free to join. Check it out. DM me. Let's partner.

[Dave Hendricks @davehendricks]

@0xBarry_03 @ZeusRWA The Advisor is an extremely powerful tool.

It is still and will always be a work in progress.

But it learns from all previous sessions and user feedback.

I will be posting a job up on TTP this afternoon so I can find the help I need to take it to the next level!

[Dave Hendricks @davehendricks]

@CillionaireMind @Cointelegraph @Brickken The team @Vertalo_ welcomes all the newcomers!

Been on this train for 9 years. Building chain-agnostic infra.

DM or Call anytime.

[Aptos Labs @AptosLabs]

Aptos Labs joined @BlockchainAssn, @fund_defi, @Aave, @Uniswap, and others in DC for a congressional staff briefing on DeFi.

This is exactly the kind of industry-wide collaboration that moves the needle on policy, and Aptos Labs is glad to be a part of it.

[Dave Hendricks @davehendricks]

We have been approached by over 2000 companies to tokenize and/or digitize their equity, or something similar. We only took on about 100 of them. Rejected the rest, very appreciated their interest.

Some want to start right at tokenization.

I alway ask why.

That's the first disqualification gate.

We are seeing more now.

The quality has not yet materially improved.

I expect that to change.

It is not practicable to trade true tokenized equity (securities where you have an actual secured interest) in tokenized form outside of a couple of walled gardens with institutional investors.

We are still in the transition from DeFi to RWA.

We are still in the POC era.

We are not yet structured to effect true equity tokenization with regulated trading.

It's a rails and regulations issue.

As a CEO and issuer of equity (and former CFO and Corporate Secretary) and a developer of transfer agent and tokenization tech, I may be more sensitive to the nuances and challenges of scale (in the securities realm).

However, after more than 9 years, I have never been more bullish.

I just see a little more hype than substance.

I think you and your fellow influencers are instrumental in curating a community that is enthusiastic, curious, and engaged.

The synthesis will produce something more lasting than the ICO and DeFI eras did, tho they laid much groundwork.

So as a technologist building to facilitate all of this, I think we are on to something.

We just need to figure out what that something is and then scale it.

[Dave Hendricks @davehendricks]

@rleshner Sir, you are a 'ThinkFluencer'. You have responsibilities. Use your power wisely.

[Dave Hendricks @davehendricks]

Any RWAs that are issued as bearer asset tokens are by design low/no compliance instruments. No rights, no restrictions, no recourse, no ownership, no obligations, etc etc.

Compliance looks like a security to RWA/ICO investors. It cuts both ways: more governance and more friction.

Tokenizing equity is WAYYY more complex than most understand. We tokenized our own equity in 2018, and the amount of legal (and technical) work that went into it was mind-blowing. Mind you, we were the first and everyone on the project was learning on the job.

What we learned doing that was the inspiration for my pivot in May 2018 to create the Vertalo TA and Tokenization Platform, because I didn't believe that future issuers of tokenized equity should have to go through that themselves.

Tokenizing Equity is great for investor protection and record-keeping. The ability to programmatically prevent/enable transfers and trades subject to Charters, by-laws, co-sale agreements, ROFRs, etc etc. via 'tokenization' is a major improvement on current cap table management and transfer agency.

Tokenization by itself, without leveraging those capabilities, could be seen as performative and doomed to fail both issuers and investors.

Where Tokenization shines is in the creation of novel instruments, the ability to create portable forms of collateral, to reduce costs and corrections, to reduce friction while abiding by rules set by the issuer.

As a Distributed LEDGER Maxi, and builder of transfer agent technology, I see 'tokenization' as a once in a millennium system upgrade. But IMO that upgrade needs to start at the share ledger foundational layer.

So sure, 'tokenize your equity'. Unless you are doing it via a Reg A+, or via a tracking token that doesn't change the valuation of the company causing you to have to issue a new 409a, as long as it doesn't advantage the team over the investors, as long as it follows the correlation thesis that i noted above, as long as the WHY makes sense, sure. Have at it.

All of the above and more is why I am the grouchy contrariain arch skeptic in this community. Most RWAs, if they aren't t-bills or something, are really just gambling and placing unearned trust in teams that may not be aligned with you. And that especially goes for equity....since tokens without the rights and recourse etc are NOT EQUITIES, and they are barely entitlements.

[Dave Hendricks @davehendricks]

@ThomasFarley @NCAA No NILs and no transfer portal, unless you consider transferring home to compete

[Dave Hendricks @davehendricks]

@LoewyLawFirm What’s not happening is Dallas and Houston

[Dave Hendricks @davehendricks]

Another way of saying ‘full license stack’ or ‘Vertical Integration’ is…

‘Walled-Garden’

Few pull it off. Apple did.

If you’re trying to increase adoption, I am not sure it’s the right approach.

And when the pieces are just a set of acquisitions - technically incompatible - that’s something else to consider.

[Dave Hendricks @davehendricks]

@JSelway3 Otherwise known in some circles as ‘The American System’, something not taught in schools.

Wars have been fought against this system

Not always only by state actors

[Dave Hendricks @davehendricks]

@LoewyLawFirm Many top 10 days this month plus some hydration to boot