Michael Oved

Co-Founder @Harbor_DEX, @airswap. Former Partner @VirtuFinancial.

[Michael Oved @ovedm606]

https://t.co/A7GG9ktwKZ

[Michael Oved @ovedm606]

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.

[Michael Oved @ovedm606]

https://t.co/jdjj1VvRdO

[Michael Oved @ovedm606]

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.

[Michael Oved @ovedm606]

@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

[Michael Oved @ovedm606]

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.

[Michael Oved @ovedm606]

https://t.co/qwNpI008Dv

[Consensys.eth @Consensys]

"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! https://t.co/sBZ3elTSc6

[Michael Oved @ovedm606]

We’re joining ConsenSys!

We're a product and tech team. They will help us grow.

More on our decision and our plans below:

https://t.co/UExuvvk0UZ

[AirSwap @airswap]

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 [email protected] https://t.co/KX6O5I1jpg

[Michael Oved @ovedm606]

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 👇

https://t.co/j2wbJbvSPL

[Lindsay Lin @LindsayxLin]

“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

[Fluidity @fluidityio]

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: https://t.co/9jBK9EUlqA

[Don Mosites @dmosites]

1/ This week, @airswap delivered a major protocol update and 3 completely new products, an incredible effort by the entire team.

[AirSwap @airswap]

Add your token, set your price. Delegates enable non-custodial, trustless limit order functionality and on-chain liquidity integrations on AirSwap. Check it out:
https://t.co/TpVZrVLqBL

[Michael Oved @ovedm606]

@tushar_jain And the fed for ~100 years

[Fluidity @fluidityio]

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! https://t.co/hfaeZCUEEE

[AirSwap @airswap]

1/ Five members of the AirSwap team are presenting at @EFDevcon next week! Several more of us are attending. Check the thread below for our agenda

[Balaji @balajis]

There will be a whole new generation of fintech companies built on different types of stablecoins.

[Michael Oved @ovedm606]

Check out our new features in action: https://t.co/qHNNFsVo1x

5/

[Michael Oved @ovedm606]

.@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/

[Michael Oved @ovedm606]

Check out the new protocols: https://t.co/RlEnLpkHu4

4/