This week's ownership coins briefing covers Flash Trade's decision to wind down unless it finds a buyer, the resolution of the malicious proposal on Umbra's treasury, Solomon's USDv deployment, Spark's first completed IdeaCoin loop, Fair.Club's deal room, and updates from Umbra, Loyal, Omnipair, and Credible.

Ownership Coin Market Snapshot

  • Total Ownership Coin Market Cap: $159M
  • Total Ownership Coin Treasury Value: $34M

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

Key Takeaways

  • Flash Trade will wind down unless it finds a buyer with FAF down 90%.
  • The decision market to transfer $1.5M from Umbra's treasury was rejected.
  • Kimia closed its $60K raise with $727K committed from 58 funders.
  • KIMIA, ORDR and Basket all trade at a discount to NAV after over contributed raises.
  • Solomon deployed the $USDv program on Solana mainnet.

Flash Trade Will Wind Down Unless It Finds a Buyer

Flash Trade is shutting down unless it finds an interested party for an acquisition with FAF falling ~90% over the news. Founder Anas attributed the decision to internal struggle, a shrinking market, and failure to bring in substantial revenue.

Flash Trade would be the fourth ownership coin to wind down, after mtnCapital, Ranger Finance and ZKFG. Ranger and mtnCapital were liquidations that returned treasury value to holders through a decision market, and ZKFG ended in a structured buyout of its IP. Flash Trade is seeking a buyer for a live business, and because FAF is issued under the MetaDAO ownership standard, proceeds from a sale of the tech, brand and IP should go to token holders. 

Umbra's Decision Market Rejects the $1.5M Treasury Attack

A proposal that would have moved $1.5M out of Umbra's treasury has failed. The pass TWAP settled at $0.2335 against a fail TWAP of $0.2798, failing by ~20% against a 3% pass threshold, on $358.3K of volume across 255 trades from 20 unique wallets.

The attempt cost the attacker about $4.6K. Had it passed, the same trades would have cost around $2.5K and taken $1.5M. We looked at every trade, what the attack cost to run, and suggest three changes that would make the next one harder. Read the complete analysis

Umbra's financials on 01Resolved show $2.4M in total NAV against a $100K monthly spending limit, ~17 to ~24 months of runway, and UMBRA trading at an estimated 22% premium to NAV (AS).

Kimia Closes 12.1x Oversubscribed, and Futardio's New Coins Open Below NAV

Kimia, a market neutral yield protocol, hit its fundraising goal within a second of the window opening and closed four days later with $727K committed against a $60K target, roughly 12.1x oversubscribed.

Kimia is building delta neutral vaults on Solana, enabling depositors to hold a long and a short position of equal size and earn the funding rate as yield. Ethena has turned the same playbook into a multi-billion dollar protocol on Ethereum.

Kimia has committed 60% of platform fees to buying back KIMIA. Buybacks are not necessarily new to ownership coins, but they are typically introduced through decision markets when the token is trading at a discount to NAV rather than engineered into the protocol. 

Kimia's financials on 01Resolved show $47.7K in total NAV against a $9.6K monthly spending limit, ~4 to ~5 months of runway, and KIMIA trading at an estimated ~67% discount to NAV (AS), around ~70% below its ICO price. 

Ordr, which closed 62x oversubscribed the week before, is in the same position. Ordr's financials show $123K in total NAV, ~7 to ~8 months of runway, and ORDR at a ~61% discount to NAV (AS), ~63% below its ICO price. Both coins are thinly held, at 75 and 165 holders. 

Solomon Deploys USDv on Solana Mainnet

Solomon has officially deployed it’s long awaited  $USDv program to Solana mainnet, nine months after raising $8M on MetaDAO against $102.9M in commitments. USDv is a dollar designed to stay liquid and productive wherever it moves, returning the value normally absorbed by the issuer back to holders. 

USDv is built on Token 2022, with a component called Chancery governing its core operations under what the team describes as a deliberately asymmetric security model. The system can move quickly to a safer, more restrictive state when something goes wrong, while any change that expands authority or relaxes a constraint must clear an enforced timelock and become visible onchain before it takes effect. 

Solomon's financials on 01Resolved show $5.8M in total NAV against a $100K monthly spending limit, ~44 to ~58 months of runway, with SOLO currently trading at a ~8% discount to NAV (AS), narrowed from ~20% in July with the token up 6.6% over the week.

Spark Completes Its First IdeaCoin to Futardio Loop

Basket, a curated thematic index token, closed its raise on Futardio with $18K committed from 29 funders against a $10K goal. It is the first project Spark has carried from an idea posted on the platform through to a completed raise.

Spark is a platform where anyone can post a startup idea. Each idea gets its own IdeaCoin, and the money that goes into that coin forms a small treasury its holders control. Rakka of Omnipair posted Basket there, where it won Spark's hackathon, and its IdeaCoin holders later voted through a decision market to invest $3K of that treasury in Basket's Futardio raise. The stake returned ~2M BASKET when the raise closed.

With Basket, a holder mints one share and gets exposure to an entire category, AI compute, DePIN, LSTs, bluechips or RWAs, instead of buying and managing seven tokens by hand.

Basket's financials on 01Resolved show $10.1K in total NAV against a $1K monthly spending limit, ~8 to ~10 months of runway, and BASKET at an estimated ~3% discount to NAV (AS). 

Fair.Club Opens Its Curated Deal Room

Fair.Club announced the launch of its platform this week, a fundraising operating system for sourcing, structuring, closing, and governing private rounds, covering equity, SAFEs, SAFE-Ts, SAFTs, and token launches. Its Deal Room currently shows four live deals:

  • LITA, domain specific AI for hotel operations, is raising up to $6M in equity at a $26M post-money valuation on a $10K minimum, curated by Beaumont Partners. 
  • Anodos, a consumer banking product, is raising up to $500K in equity at a $20M post-money, curated by Superteam Balkan. 
  • Dapital, a social neobrokerage, is raising up to $900K on a SAFE-T at a $25M post-money, curated by ICM.RUN.
  • Dominion, yield bearing physical silver on Solana, is raising up to $250K on a SAFE at a $2.5M post-money, curated by ICM.RUN. 

We covered Fair Club in the July issue of our Ownership Coin Monthly.

Other ownership coin updates