Taran
@Taran_ss
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Founder @stix_co (crypto OTC and secondaries) | ex @camblockchains , physics @Cambridge_Uni
British Virgin Islands
Joined February 2018
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If you're going to launch a token for your protocol, treat token and liquidity management as a priority. Most of your user base is there for the token, which is not necessarily a liability. Tokens are the best incentive alignment tools, after all. You can't just focus on the
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Recent OTC prices (in FDV):
Pre-launch:
$EIGEN
@eigenlayer
6B (blocked)
$BLAST
@Blast_L2
2.5B
@gensynai
1B (blocked)
$ZRO
@LayerZero_Labs
3B
@babylon_chain
500M (blocked AFAIK)
$IO
@ionet
1B (blocked)
$BERA
@berachain
2B (blocked)
$SCR
@Scroll_ZKP
1.7B
$ZKS
@zksync
3B (blocked)
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Layerzero team spent weeks trying to anti sybil the $ZRO airdrop, zeroing allocation for millions of potential sybil wallets. They delayed their token launch by over 3 years, and STILL dumped 30+% in the first 48h after the airdrop.
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We've had OTC sellers (investors) reach out to us to sell locked ENA at 2 to 3B ever since ENA launched - even at 20B fdv! Fair value for locked ENA now is approx 1.5 to 2B (70% off). Secondaries are still blocked. Founders will learn that it's better to let sellers exit OTC.
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CT is the best marketing platform in crypto. My god, the amount of new people now reaching out wanting to buy/sell OTC is insane.
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WLD traded mid 8 figs at 10B to 30B early this year. I know all the buyers. One of the largest asian funds got in at 3B. Few other asian funds at 5B. Team blocked all sellers from selling whilst they sold non stop from treasury at 10B.
@Taran_ss
@Arthur_0x
@EtherFi
do you even have any demand for dog shit like IO or WLD at 80% off? The vesting schedules are so predatory its hard to extract any value at all
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$AVAIL raised $75M - most recent investors invested at 800M FDV in Feb/March. Currently trading at $0.16 or 1.6B FDV. Investors are on a 2x locked up with a 1y cliff and 2y linear vest. Not too shabby given it is only on Bybit out of the major exchanges atm. Liquid is still king.
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ATTENTION > TIME > MONEY
Those with money realise time is true value. Those with time and money both realise capturing attention (so people spend time and money) is where value truly lies.
Memecoins are just a representation of a hyperfinancialised attention economy
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$TIA is now at the lowest price it's been since 2 weeks after launch.
Unlocks are yet to come in October.
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In crypto, secondaries (OTC sales) may be blocked by protocol teams/foundations for a variety of valid or invalid reasons:
Recent OTC prices (in FDV):
Pre-launch:
$EIGEN
@eigenlayer
6B (blocked)
$BLAST
@Blast_L2
2.5B
@gensynai
1B (blocked)
$ZRO
@LayerZero_Labs
3B
@babylon_chain
500M (blocked AFAIK)
$IO
@ionet
1B (blocked)
$BERA
@berachain
2B (blocked)
$SCR
@Scroll_ZKP
1.7B
$ZKS
@zksync
3B (blocked)
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We receive 10M+ in locked TIA demand every week. Sellers are very few, and most buyers are looking to buy to hedge their positions almost immediately. It's a market-neutral strategy to return 25-100% by October.
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Exploring the TON ecosystem heavily atm.
@wontondotfun
is the Pump equivalent on TON. TLDR,
@RuskiTon
is prob my largest bet within TON atm (Nothing is financial advice in this thread)
Here are my observations:
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More than happy to host an X spaces to discuss secondaries, treasury sales, otc trades etc. Who should I invite?
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A lot of value in otc deals rn. Lots of distressed sellers. This is Nov 2022 for venture rn, Q3 will be a good time to bid distressed assets if you're in cash. Study $TIA.
Most alts are down 70+% and sellers are wanting 70+% discount from current prices.
Great time to bid.
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This is, hands down, the best thread I've read on Twitter this year.
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@Arthur_0x
I think 80+% is the actual discount rate. Sellers ask 50 to 60% but deals get done closer to 80% off. We just did
@etherfi
which is less than a 2y lock at 70% off
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My dad was proud of me, he was very happy and fulfilled during his final years. I love you, Dad. Rest in peace.
ਘਲੇ ਆਵਹਿ ਨਾਨਕਾ ਸਦੇ ਉਠੀ ਜਾਹਿ
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Sorry but Singapore is just one racist experience after another. It's a beautiful city but generally, terribly racist towards Indian/brown people. Walked into the
@Swatch
store at MBS to buy quite a few moon swatches but the 2 employees there started shouting at me. Never been
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$STRK is at $4B FDV, down over 80% from their previous round FDV of $22B. What's interesting is that it's now below what its OTC fair value was pre tge ($4.5B). Transfers were blocked so potential buyers are thankful they didn't participate in the otc transaction last year.
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I want to ensure I get VCs/traders/founders, not just VCs. If any founders would like to come forth and address why they've blocked secondary trades, I would welcome them. cc'ing some here:
@Starknet
(
@EliBenSasson
,
@jdiegooliva
),
@zksync
(
@gluk64
@Be1garat
),
@worldcoin
(
@sama
,
More than happy to host an X spaces to discuss secondaries, treasury sales, otc trades etc. Who should I invite?
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A quick fix to the high FDV token issue is for startups to access venture loan finance rather than raise VC. They can choose to raise cash via loans and grants (maybe form the L1 treasury), and can launch low + run 100x. There's no pressure to launch high + make returns for VCs.
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The amount of people who have made millions (8+ fig) off of crypto and haven't ever used a hot wallet or swapped on a dex is staggering. Employees/investors of L1/L2s with 10-11 figure launch FDVs cash out many millions and haven't ever played with crypto or held any tokens...
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i miss 2020 so much.
as a builder, 2020 felt like the west wild. you could deploy a protocol, slap on a token for liquidity mining, and have it trade on a DEX immediately.
today, we've lost that element of fuck-around-find-it. launching is such a huge hurdle now.
in addition
i miss 2020 so much.
as a builder, 2020 felt like the west wild. you could deploy a protocol, slap on a token for liquidity mining, and have it trade on a DEX immediately.
today, we've lost that element of fuck-around-find-it. launching is such a huge hurdle now.
in addition
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Went to a VC fund with a bid of 10M+ usd of locked $TIA in Q1 at $8.50, they laughed at us. Now I see them investing in seed rounds at 9 fig FDVs. LPs, don't give money to just anybody. Make sure they have your best interest at heart.
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OTC at <1.2B, with no sizeable bids. Make of that what you will.
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On top of this, sellers who rejected selling at 3B when we approached them with large bids are now contacting us wanting to offload. OTC value is probably sub 1.5B now - no one wants to be locked up for 3y...
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What happens to
@polymarket
volumes and usage post-elections? What's the team doing to continue their growth after their biggest catalyst will diminish?
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Fun fact: I've only ever on ramped once. It was approx 1000 USD in 2019. Have only been off ramping since.
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Solana is for wealth creation and Ethereum is for wealth preservation
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Few know this. The buyers actually bought at ~10B, and they have LPs :)
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Some of the OTC hedgooors were closing their $WLD shorts last week. Now we know why...
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The
@zksync
lazily blocked all OTC transactions and secondaries for investors and team to control natural price discovery. $ZK currently has max value of $4B FDV in the OTC markets, and I don't see OTC value rising post TGE. Early investors unlock 25% during month 12 post tge.
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I request each and everyone of you to spend more time with your parents. It's one of the most important things in life. All else is fluff.
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The
@stix_co
App ()is heating up! OTC markets are going parabolic with the recent ETF News. Some of our recent transactions in January include
@berachain
,
@MantaNetwork
,
@zksync
,
@Scroll_ZKP
,
@LayerZero_Labs
,
@Picasso_Network
amongst others!
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There's a clear interest split in the web3 secondary markets between the asset classes: tokens and equities.
The highest "quality" (the only metric in crypto as there's no revenues) token projects are settling at least at-par but mostly at premium valuations. These sales are
Blame the crypto winter: Web3 startup valuations on secondary markets are tanking as much as nearly 50%, data shows
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It's simple really: most VCs don't have their current LPs best interests at heart. They just want high brand investments to impress new LPs for future funds. That game is over though: LPs now wanna see DPI before reallocating.
Infra founders are still raising at over 1B val pre prod is a major red flag
The latest infra hot coin Avail was not listed on either Binance nor OKX, now daily real volume sub 5m
CB 2024 Q1 retail volume is only 1/3 of 2021 Q1, it won’t take anyone more than 10 mins to
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Locked $SOL buyers of the 2nd tranche bought at approx $100 per token. They literally paid 20% off current spot price for a position locked until 2028. Kinda wild that even seemingly high value OTC deals aren't good enough vs liquid atm.
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Coinbase launching
@eigenlayer
perps is a huge W. Directly competing with
@aevoxyz
and
@HyperliquidX
. Pre launch perps suck at price discovery + have extremely low liq - retail bros get shafted regularly. Coinbase perps will be a huge step up. It's also a huge 🖕 to Eigenlayer as
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$TIA may shock us all leading up to the election. We're closely watching. NFA
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It doesn't matter tbh, each of the team members are sat on 9 figs of $WLD, ready to dump on yall and otc. Happy Friday, everyone!
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I'm bullish TON long term, but there's a lot of unlocks coming next month onwards.
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It's now trading below its previous fundraise val of $3B + $50M+ of secondaries traded at $3B since 2021. Insane lol
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@eigenlayer
@Blast_L2
@gensynai
@LayerZero_Labs
@babylon_chain
@ionet
@berachain
@Scroll_ZKP
@zksync
Why do protocols/foundations block OTC trades? I'll make a new thread shortly... But tldr, it's to prevent price discovery and optimise launch price. Most of the time, it's not the right decision to block secondaries.
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Whilst it 2000x'd for private investors :D
They all unlock in October
Long TIA thread coming soon
Airdrop ppl seem to forget things like Celestia launched at 1-2bn and almost 10xed in public markets vs. private
First day FDV means 0
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3 months ago, we'd have been blessed to get the OTC sellers at the sizes and prices we're seeing now. Sellers who didn't want to sell at prices 3 months ago are now ok taking <half that. But buy interest (specifically for unlaunched protocols) has mostly evaporated. Capitulation?
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OTC discounts to spot prices REDUCE in a bear market, not vice versa. We're doing more otc volume now than we were in q1/q2. Smart buyers buy when markets are down. Simple tbh
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Almost feels like I'm not afraid to die anymore. We let go of our dad's ashes in a river in Punjab. That'll be the final resting place for everyone in our family. I'll end up there one day too, it's just a matter of when. Enjoy it while it lasts. Miss you, Dad
My dad was proud of me, he was very happy and fulfilled during his final years. I love you, Dad. Rest in peace.
ਘਲੇ ਆਵਹਿ ਨਾਨਕਾ ਸਦੇ ਉਠੀ ਜਾਹਿ
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Being a crypto native at a traditional conference + listening to the "crypto" speakers gives me extreme cringe.
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The unique thing about crypto is that L1/L2 treasuries are sat on billions of unrealisable capital. L1/L2s should start giving out loans rather than grants to eco projects - it's an investment into their own chain. For founders wanting to implement this, reach out to us.
@Taran_ss
Grants, sure
Venture debt as a category in equities is itself a troubled segment - crypto is far from mature enough at this point. It’s the ultimate mid curve asset class for folks who want better returns but are afraid of risk (doesn’t work out that well)
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100% accurate. This is clear evidence that venture funds over raised - forced companies to take more investor capital, pushed valuations a lot higher inorganically. Crypto venture will undergo a clear healing process over the next 5 years.
Public->private arbitrage is shrinking
ZkSync's Series C in November 2022 valued token at $2.4bn. It's at $4.5bn or less than 2x. BTC was around $20k pre-FTX
LayerZero's Series B in April 2022 (announced 2023) valued token at $3bn. Premarket, it's $6-8bn. BTC was $30k or so
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$750M+ of OTC demand for $EIGEN built up over the last 12 months has been diminished over the last week. People willing to pay $10B+ FDV for
@eigenlayer
secondaries (unvested) with size (largest bid $120M) are now cautious. Sellers have started reaching out to us at
@stix_co
.
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I think $ZRO marks the end of airdrops as we've known them. Gone are the golden days of massive airdrops, like the $ENS or $DYDX or $UNI...
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To those of who you haven't realised it yet: L2 cumulative value IS a zero sum game. You can't have an infinite number of L2s, and at the same time have them all be worth 10B+.
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Attention is everything in crypto, and CT's attention span grows smaller by the day.
No, your sol meme from 3 months ago that's down 90% from its peak won't return back.
Pay attention to what's all over CT today - it'll change within a few days.
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People in crypto think making a bit of money, either as a founder or an investor, gives them a ticket to be a dick to everyone. NEVER. Respect everyone as you'd want to be respected yourself. I'd have the same view if I was broke or a billionaire. Own up and become a better
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Kamala protocol is raising a pre-listing KOL round, 100% unlock in November.
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@nosleepjon
Mine was a cryptopunk that I bought for 50usd and sold for a 20usd profit...
2nd was a cryptopunk as well... That I sold for a 20usd loss..............
Ima go kms
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Extremely excited to be backing my friends over at
@shufflecom
, who are building the best and largest crypto casino! With a marquee domain, probably the best UI/UX and extremely smooth deposit/withdrawal rails, it's a no brainer for anyone to use! LFG team
@hedgedhog7
We're proud to announce that SHFL has raised $2.5 million in funding from market-leading funds and angels, marking a significant milestone as we enter our second year.
With this support, we're poised to disrupt the online gaming industry & bring trust and transparency to the
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Crypto = marketing
Not "overthrow governments and centralised systems" kinda marketing anymore but more "make more money quicker than anywhere else" kinda marketing
crypto marketing is trending zoomer.
we’re seeing this with the latest solana ad, coinbase’s recent branding, and even the distribution for memecoins
when i was 14, there were always these scammers on instagram that claimed they made millions from forex and daytrading.
i knew
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Hands down one of the most influential people in the industry,
@EliBenSasson
, Founder of both
@zcash
and
@StarkWareLtd
. Thanks a lot for accepting my invitation to speak at the
@blockchainox
Conference!
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Raise big venture funds
Either deploy into 💩 or see yourself turn into a hedge fund
Many such cases
Even funnier are those that just announced large funds and managed to only raise a small fraction of that
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@snakecharmerXBT
@based16z
@EmersonDickie
18% a year on staking rewards - making 50M a month in passive income
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Guess I should've bought that Ferrari huh... The villa too... Oh and the g wagon too... Next time I'll cash out I promise mom
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We hosted the
@stix_co
private clients event today at
@EthCC
in Paris! Thanks a lot for all of our supporters, friends, clients and investors that attended!
Big shout out to
@PsalionVC
, our lead investor, for co-hosting, and to Aglae Ventures for suggesting the venue 🫶
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It's been one of my greatest privileges to be President of
@camblockchains
, and grow it into such a strong community today. Every single one of us is GMI <3
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I turned down the biggest job offer of my lifetime in an instant, without needing to think twice. I've never had higher conviction than now.
Now is the time for
@socratix_xyz
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The Digital Assets industry lacks key infrastructure to facilitate illiquid token/equity transactions. At
@socratix_xyz
, we're building the most prominent OTC platform to facilitate these transactions, at scale.
#digitalassets
#secondaries
#crypto
#ethdenver
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This is why
@Cambridge_Uni
is magical. Singing along the River Cam to celebrate Summer at
@TrinCollCam
by the
@TrinCollChoir
💜
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$NEIRO traded $100M in volume in the first hour after launching. In comparison, most infra coins don't trade $100M on CEXs in 24h. That's more volume than most coins in the top 100 on CMC.
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@foundmyfitness
My dad passed away recently at 57. Diabetic but trained 4 times a week. Died of cardiac arrest. When god calls, you go.
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Uni Blockchain Club Twitter Spaces? Soon come...
@camblockchains
@MITSloanCrypto
@BlockchainatCU
@CalBlockchain
@blockchainox
@ldnlabs
@harvard_crypto
@PennBlockchain
@BlockchainYale
@hkublockchain
@UCIBlockchain
@StanfordCrypto
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Use STIX, give your damn LPs the DPI they deserve
On the one hand, everyone on CT seems to think VC is an extractive cabal that rinses retail by dumping on the picotops.
On the other hand, I see the DPI (cash returns) of most of these crypto VCs... and yeah, no. They wish they were doing that.
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Main use cases of crypto: cross border frictionless payments, ability to remain bankless (stablecoins), hyperfinancialisation of the meme/attention economy, perpetual futures, efficient lending/borrowing markets.
What else?
Think we should accept that it's possible crypto are not fit for mass adoption like Web 2 but instead are optimised for certain narrow but extremely high impact usecases like global state-free money, cross border payment, decentralized finance.
Chasing normie mass adoption might
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This is true leadership. Bullish UAE.
🚨
#BREAKING
: The United Arab Emirates has completely FROZEN the implementation of a contract to purchase 80 fighter jets from France following the arrest of Pavel Durov!
3K
23K
152K
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@shawnwlim
As a founder, you want to ensure downward pressure on your token is minimised. Founders are stuck in prisoners dilemma because they don't want their own investors to make money before they do. Liquidity on exchange is expensive to maintain and they should be optimising it.
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