Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
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Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
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Foresight News | April 25, 2025, 16:00 Neutrl, a stablecoin protocol, buys locked VC tokens at OTC discounts and hedges via shorts. But behind its “everything can be stablecoin” promise, are risks overlooked? Author: Alex Liu, Foresight News
**Project Overview: M−BackedStablecoin Disruptor∗∗OnApril17,syntheticdollarstablecoinprotocolNeutrlannounceda5 million seed round led by STIX and Accomplice, with participation from Amber Group, Figment Capital, Ethena founder Guy Young, and others. Its model mirrors Ethena’s USDe but with a twist: instead of perpetual funding rate arbitrage, Neutrl’s yield stems from OTC discount arbitrage on VC tokens.
The Mechanics: OTC Discounts + Short Hedging VCs and institutions often acquire tokens at steep discounts with multi-year lockups. Neutrl capitalizes on this by:
Buying locked VC tokens at OTC discounts (e.g., 50%+ for tokens vesting in 1 year).
Shorting equivalent tokens to hedge price volatility, locking in spreads.
Example: Buy 400 50900k,offsettingOTClosses.IfOMrises50150k, still netting $60k profit.
Risk 1: The Funding Rate Trap Heavy shorting could force Neutrl to pay exorbitant negative funding rates—up to 10% daily in extreme cases. Over multi-year lockup periods, these costs might erase OTC gains. Bull markets ease this via positive rates, but bear markets spell trouble.
Risk 2: The Infinite Margin Nightmare If token prices surge beyond 100%, shorts risk liquidation before OTC unlocks. Surviving requires infinite margin—a near-impossible feat. A short on a rallying token like TIA could backfire catastrophically.
The VC Dilemma: Why Sell Discounted Tokens? Why would VCs offload tokens instead of hedging themselves?
Reputation risks: Shorting their own holdings could anger LPs.
Market depth: Large VC positions (e.g., 10%+ of supply) exceed exchange liquidity, forcing OTC sales.
Conclusion: High-Risk Arbitrage in Stablecoin Clothing Neutrl’s model is essentially a leveraged hedge fund masquerading as a stablecoin. While its risk management may outpace retail traders, the protocol’s stability hinges on volatile funding rates and token unlocks. Like Ethena, it democratizes niche strategies but demands extreme caution.
Neutrl remains in pre-launch; interested users can join its waitlist via the official website.
Foresight News | April 25, 2025, 16:00 Neutrl, a stablecoin protocol, buys locked VC tokens at OTC discounts and hedges via shorts. But behind its “everything can be stablecoin” promise, are risks overlooked? Author: Alex Liu, Foresight News
**Project Overview: M−BackedStablecoin Disruptor∗∗OnApril17,syntheticdollarstablecoinprotocolNeutrlannounceda5 million seed round led by STIX and Accomplice, with participation from Amber Group, Figment Capital, Ethena founder Guy Young, and others. Its model mirrors Ethena’s USDe but with a twist: instead of perpetual funding rate arbitrage, Neutrl’s yield stems from OTC discount arbitrage on VC tokens.
The Mechanics: OTC Discounts + Short Hedging VCs and institutions often acquire tokens at steep discounts with multi-year lockups. Neutrl capitalizes on this by:
Buying locked VC tokens at OTC discounts (e.g., 50%+ for tokens vesting in 1 year).
Shorting equivalent tokens to hedge price volatility, locking in spreads.
Example: Buy 400 50900k,offsettingOTClosses.IfOMrises50150k, still netting $60k profit.
Risk 1: The Funding Rate Trap Heavy shorting could force Neutrl to pay exorbitant negative funding rates—up to 10% daily in extreme cases. Over multi-year lockup periods, these costs might erase OTC gains. Bull markets ease this via positive rates, but bear markets spell trouble.
Risk 2: The Infinite Margin Nightmare If token prices surge beyond 100%, shorts risk liquidation before OTC unlocks. Surviving requires infinite margin—a near-impossible feat. A short on a rallying token like TIA could backfire catastrophically.
The VC Dilemma: Why Sell Discounted Tokens? Why would VCs offload tokens instead of hedging themselves?
Reputation risks: Shorting their own holdings could anger LPs.
Market depth: Large VC positions (e.g., 10%+ of supply) exceed exchange liquidity, forcing OTC sales.
Conclusion: High-Risk Arbitrage in Stablecoin Clothing Neutrl’s model is essentially a leveraged hedge fund masquerading as a stablecoin. While its risk management may outpace retail traders, the protocol’s stability hinges on volatile funding rates and token unlocks. Like Ethena, it democratizes niche strategies but demands extreme caution.
Neutrl remains in pre-launch; interested users can join its waitlist via the official website.
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’d love to see a follow-up exploring [related angle/region/demographic]. Any plans to dive deeper into [specific question]