Why ownership coins are the natural successor to the SAFE Michael from @dba_xyz on where ownership coins fit in the history of startup financing: "A lot of people don't know the financing history of private companies. We used to do preferred equity. A preferred equity transaction takes between 6 to 10 weeks and costs 30K to 100K, depending on what type of governance covenants are in the docs. We moved to convertible debt, then the SAFE, because people thought this doesn't make sense for the right way to finance an early company, we need a much lower friction way to get capital quickly" "When we saw this structure, I thought it was a logical next step, what comes after the SAFE for startup financing. You can do it much quicker, there's way fewer terms to negotiate, we don't spend a couple weeks on red lines with attorneys. You also get all the governance rights that a SAFE misses. A SAFE has absolutely no control or governance, it's an outstanding instrument that has to convert before you have real rights" "We don't think you need to do this traditional 10% private financing every single time. There's a world where you do ten 1% transactions, where you have clear KPIs and metrics that get hit, and companies are able to raise capital at a lower price, because they're selling less equity, quicker, and it takes less of their headache to do so" - @different_mj

Great convo on MetaDAO, ownership coins, & how they fit into the broader market backdrop from the investor perspective Must watch

Ownership Forum #2 w/ @blocmates 🏛 ft. @MetaDAOProject @TheiaResearch @dba_xyz @novora_ x.com/i/broadcasts/1lJQRRqQp…

futarchy is basically democracy but poor people can't afford to take part and that's good because they obviously make bad decisions

"I do not use AI, I prefer to do things the old-fashioned way" because google, the revolutionary technology platform which is younger than she is & would be indistinguishable from magic to prior generations, is obviously old-fashioned

market summary

continually the most annoying and cringe rivalry

if you're still buying tokens on the thesis of DAT flows, then you deserve to lose all of your money

m e t a d a o

google is selling $80 billion in stock to finance its ai spending. this is what mature capital formation looks like. couldn't be more different than what we see in crypto where most companies pluck a magic number from the sky, call it "max supply", and then cannot do atm sales

Hyperliquid, a decentralized crypto platform, is open 24 hours a day, seven days a week. The exchange has emerged this year as a go-to spot for Wall Street’s weekend warriors. on.wsj.com/4egXD8d

I genuinely have no clue how there are still so many people holding ETH $250bn just slow bleeding toward $0

watching hyperliquid go mainstream here has been especially rewarding because its the ultimate validation of what crypto people have been saying forever 24/7, permissionless, global, & instant financial rails are just so clearly better than the tradfi status quo hyperliquid

We welcome today’s CFTC actions: approval of the first U.S.-listed perpetual derivatives contract, an accompanying Commission policy statement on the listing of perpetual derivatives, related interpretive guidance and no-action relief from the Market Participants Division, and a Staff Advisory on 24/7 Trading, Clearing, and Settlement, as a long-overdue acknowledgment that perpetual derivatives are a legitimate and essential tool for price discovery and risk management. For too long, regulatory ambiguity drove these markets offshore, depriving American traders and institutions of access to regulated venues and undermining U.S. competitiveness in the global derivatives markets. Today’s actions chart a new path forward. We look forward to engaging closely with the Commission to ensure that the framework it develops is workable not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs.