This week's ownership coins briefing covers Credible Finance's completed raise on MetaDAO, Loyal's Earn traction during Seeker Summer, Flash Trade's Duels launch, and Solomon's new USDv site and docs.

Ownership Coin Market Snapshot

  • Total Ownership Coin Market Cap: $126M
  • Total Ownership Coin Treasury Value: $35M

Ownership coin financials, decision market and token data sourced from 01Resolved.

Key Takeaways

Credible Finance Accepts $4M From $32.8M in Commitments

Credible Finance closed its curated raise on MetaDAO on July 17, drawing ~$32.8M in commitments from 790 wallets against a $2M to $4M target, 16x the minimum. The team capped the raise at $4M, which set the launch price at $0.40 and the initial FDV at ~$9.1M. $CRED went live on Jupiter the same day, with token and USDC refund claims opening at launch.

As a reminder, Credible is a payments service provider  that works like Stripe for US businesses selling into emerging markets. Contributors now own a business with a ~$3.5M revenue run rate, more than $784M in payments processed, and a record $146M processed in June, which puts the FDV at roughly 2.6x run rate revenue.

On Ownership FM, Credible CEO Shrii broke down how the business earns. Gross fees run 3% to 6% depending on the risk of the business, and after paying banking partners, acquirers and merchants of record, Credible keeps a blended ~20 bps per transaction. Settlements run through stablecoins, so holders can track transaction volume onchain even when the end merchant is paid in dollars.

The raise itself leaned on familiar money with 54% of contributors having backed prior MetaDAO raises and accounted for 61% of the dollars committed, with 26% of Credible investors also showing up in the Laso raise, 21% in Ranger, 19% in Solomon and 16% in the Avici raise. Commitments topped the ~$25.6M that Laso drew two weeks ago, making Credible the largest raise MetaDAO has curated.

At the time of writing, $CRED trades at ~$0.53, roughly 32% above its launch price and an estimated ~99% premium to NAV (AS) per Credible's financials on 01Resolved.

Loyal Reaches 3,000 Active Policies and $385K in Deposits

Loyal reported 3,000 active policies and $385K in active deposits this week, up from the $130K TVL Earn reached in its first week earlier this month.

As a reminder, Earn routes idle stablecoins into 10%+ APY with no lockup, with the position optimized around the clock by Loyal's Milo agent and yield sourced from Kamino lending vaults. The deposit growth came during Solana Mobile's Seeker Summer, where Loyal made Round 1 and appeared on the Shipped show streamed by SolanaFloor and Solana Mobile. The two qualifying quests were to connect and deposit, then set an autodeposit threshold that tops up the position automatically.

Loyal's financials on 01Resolved show ~$364K in treasury with up to ~6 months of runway when factoring in the LP, and $LOYAL trading at an estimated ~6% premium to NAV (AS). The multi-part proposal Loyal floated for community feedback last week has not yet been initiated on MetaDAO.

Flash Trade Ships Duels and Lists 20x Equity Perps

Flash Trade launched Duels this week, a head-to-head trading competition where users challenge each other and the best PnL takes the pot.

The mechanic that stands out is the sponsored duel. The host funds both the prize and each entrant's trading balance, so players sign to enter with no deposit and no SOL, and a losing trader is out nothing. The launch shipped alongside API v2, volatility-based fees and builder codes, and Flash Trade ran live events to demonstrate it, including a five-player $50 duel settled on five minutes of leveraged trading.

Flash Trade also listed a set of tokenized equity perps at 20x leverage, including HOOD, META, GOOGL, MSFT and ASML, extending its perps venue from crypto into equities.

Solomon Puts USDv Front and Center

Solomon launched a new site and docs for USDv, its productive dollar. The pitch is that every onchain dollar generates value and little of it reaches the holder, so USDv returns the economics of the dollar to the dollar itself.

Holding USDv requires no wrapping, staking or depositing. Holders transact as they would with any stablecoin while the yield on reserves follows the dollar.

Last week we covered MetaDAO's plan to move $2M of its treasury into USDv, but that proposal has yet to be initiated. Solomon's financials on 01Resolved show ~$5.8M in treasury with ~45 to ~58 months of runway, and $SOLO trading at an estimated ~20% discount to NAV (AS), the market still seems to be pricing execution risk on the USDv rollout.

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