This week's ownership coins briefing covers MetaDAO's decision market approving the conversion of $2M of treasury USDC into Solomon's USDv, Umia's ICO on Base, Paystream's decision to stop operations and liquidate, Blockworks transparency filings arriving on Bloomberg Terminals, a rejected proposal to liquidate Kimia, the Deaton fossil raise, Laso taking the top spot on x402 on Solana, and updates from Rip Cars, Loyal, Umbra and Ordr.

Ownership Coin Market Snapshot

  • Total Ownership Coin Market Cap: $154M
  • Total Ownership Coin Treasury Value: $34M

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

Key Takeaways

  • MetaDAO's proposal to convert up to $2M of treasury USDC into Solomon's USDv was approved.
  • Umia, a launchpad bringing ownership coins to Base, opens its $UMIA auction this week.
  • Paystream is shutting down operations.
  • Eight MetaDAO ecosystem projects have completed Token Transparency Filings, now live across 350,000 Bloomberg Terminals.
  • The proposal to liquidate Kimia's treasury was rejected.
  • Jurassic Finance's Deaton raise is 56% filled at $376K of a $660K target.
  • Laso Finance is now the top provider by volume on x402 on Solana, and has routed $52K into its own treasury.

MetaDAO Approves Moving $2M of Treasury into Solomon's USDv

USDv, the productive dollar from Solomon that pays holders the yield its reserves earn, will replace just over 20% of MetaDAO's stablecoin balance. MetaDAO co-founders, Proph3t and Kollan, proposed converting up to $2M of MetaDAO's USDC into USDv under META-040, with yield routed back to the DAO treasury.

The proposal passed by ~9% against a -3% pass threshold, on $274K of volume across 2.44K trades. Volume by economic direction was ~53% pass-aligned and ~47% fail-aligned.

MetaDAO's treasury currently sits at $11.90M, of which $9.76M is stablecoins. Like many ownership coin projects, much of that capital is sitting idle when it could be earning between 2.5% and 5% annually simply by holding USDv. On a $2M position that is roughly $50K to $100K a year.

We expect many ownership coins to adopt a similar strategy now that the proposal has been approved, and are working to represent the yield from USDv, as well as Loyal's autonomous vault, as revenue flowing back to the DAO treasury.

MetaDAO's financials on 01Resolved show $11.90M in total NAV against a $240K monthly spending limit and ~41 to ~50 months of runway.

Umia Opens Its $UMIA Auction on Base

Umia, the highly anticipated EVM ownership coin launchpad, is preparing to go live with its own $UMIA on August 26.

Umia will be using the same Tailored Auction for its own ICO as every other project launching on Umia. Rather than a fixed price, supply is released gradually and demand prices it as the sale runs. A bidder commits a budget instead of naming a price, and pays the average of the prices set while their bid was live. 17.3M of the 40M starting supply is on offer without vesting, against a $2M minimum, and every bid is refunded in full if the auction finishes below it.

Umia has decided to reserve the first three days of the ICO for wallets that can prove they traded a MetaDAO decision market, attended the last Ownership Summit, allocated capital on Echo or hacked at an EthGlobal event, verified by a zkTLS proof generated on the bidder's own device so nothing is linked publicly. The public round opens on August 29 to anyone holding USDC on Base, and trading starts against protocol-owned liquidity on Uniswap v4 once the auction closes.

Paystream Is Winding Down and Will Liquidate

Paystream is shutting down nine months and three pivots after raising $750K on MetaDAO last October. Founder Maushish attributed the decision to remaining runway, the pivots already made, the team, market conditions and the capital the next bet would need.

Paystream came out of the Colosseum Breakout Hackathon with a top five finish in the DeFi track as a peer-to-peer lending protocol. The first pivot was an LP Terminal for managing concentrated liquidity on Raydium and Meteora, but unfortunately, the features shipped never gained adoption. The second pivot, a perpetual funding rate arbitrage screener, seemingly worked, drawing 185 positions and $232K in margin across more than ten perp DEXes with no marketing behind it.

A working product was not PMF nor enough to save the project. Users wanted a vault they could deposit into and leave alone rather than manage positions by hand, the margins on that were too thin, and conversations with proprietary trading firms went nowhere while spreads narrowed. A third pivot into payroll and compliance software signed Seismic, an a16z-backed licensing partner covering 50 countries, before the team decided it had moved too far from the original idea.

May's decision market to restructure Paystream strained the project's runway further, cutting the monthly allowance from $33.5K to $15K, withdrawing 75% of the LP and running a ~$166K Jupiter DCA buyback.

The bigger failure was owner relations. Paystream went roughly 70 days without addressing its holders, through the exact period in which a working product was abandoned, a third pivot was started and a licensing partner was signed. An ownership coin's treasury belongs to its holders, so a team that stops reporting leaves owners pricing a business they cannot see.

Paystream will be the fifth ownership coin to wind down, after mtnCapital, Ranger Finance, ZKFG and Flash Trade.

Paystream's financials on 01Resolved show $38K in total NAV against an $11.5K monthly spending limit, ~2 to ~3 months of runway, and PAYS trading at an estimated ~10% discount to NAV (AS).

Ownership Coin Filings Land on Bloomberg Terminals

Blockworks' Token Transparency Framework went live across more than 350,000 Bloomberg Terminals. Eight projects from the MetaDAO ecosystem now carry a Complete status, being MetaDAO, Credible, Umbra, Loyal, Ordr, Jurassic Finance, Laso Finance and Solomon. Umia filed the same week.

A filing standardizes what a project is, not what it earns or holds. Of the 53 filings reviewed earlier this year, only two included an income statement and just one, Loyal, a balance sheet. We have argued the framework needs an Ownership and Value Capture section covering the entity map, the value instruments, the flows that bypass the token and how any of it is enforced. Read the complete analysis.

The Proposal to Liquidate Kimia Is Rejected

A community proposal asking Kimia, a market neutral yield protocol, to liquidate its treasury and return the cash to holders at roughly $0.005 a token has been rejected. It came three weeks after Kimia received $727K in commits and reached its $60K fundraising goal.

The market failed by ~4% against a 3% pass threshold, on $45K of volume across 1.94K trades, with volume by economic direction split evenly, while traders were ~63% pass-aligned and ~37% fail-aligned.

Kimia called it a fair thing to want, but believes what the team is building is worth more than its treasury. The team explained that Solana still has no native onchain delta neutral vault because the naive version loses to negative funding and rebalancing costs. Kimia is looking to solve this with a private mainnet set for October, with capped deposits at launch and a public dashboard from day one that will show the days the strategy loses money.

Kimia's financials on 01Resolved show $49K in total NAV against a $9.6K monthly spending limit, ~4 to ~5 months of runway, and KIMIA trading at an estimated ~9% discount to NAV (AS).

Jurassic Opens the First Tokenized Fossil Raise

Jurassic Finance opened its Deaton raise last week, the first fundraise to tokenize a museum grade Triceratops skull from the Hell Creek Formation in North Dakota. The fossil is around 66 million years old and 60% to 65% complete by bone mass.

Of the total $660K raised if successful, $600K acquires the skull and $60K goes to the Jurassic treasury. There is no oversubscription, allocation is first come first served, and every dollar is refunded if the target is not met. Jurassic priced Deaton against Sofia, a comparable Triceratops skull that sold for $840K on July 1 against a $600K to $800K estimate. Omnipair will run a Deaton market from day one, making the fossil usable as collateral.

The raise reached 55% in its first 22 hours and sits at $376K or 56% of the target with roughly 24 days left to find the remaining $284K.

Jurassic's financials on 01Resolved show $160K in total NAV against an $8K monthly spending limit, ~14 to ~20 months of runway, and RAWR trading at an estimated ~86% premium to NAV (AS).

Laso Finance Takes the Top Spot on x402 on Solana

Laso Finance is now the #1 provider by volume on x402 on Solana, the protocol agents use to pay for services per call. It sat second last week at ~$79K over 30 days, crossed $100K on August 17 and passed $150K on August 21. BlockRun, which settles across Base as well as Solana, still leads the wider x402 leaderboard at ~$200K over the same window.

In addition, Laso pushed agentic banking live, giving a verified account its own US account and routing number that onramps into a wallet and offramps by ACH or wire.

To date, Laso has routed $52K of revenue into its own treasury, $28K in July and $24K so far in August.

Laso's financials on 01Resolved show $953K in total NAV against a $50K monthly spending limit, ~15 to ~19 months of runway, and LASO trading at an estimated ~5% premium to NAV (AS), down from ~26% a week ago.

Other ownership coin updates

  • Rip Cars passed CARS-001 by ~35% against a -3% pass threshold, on $25K of volume across 206 trades. The $50K unlocked from the treasury funds Hot Wheels inventory, an office deposit and prepayment, design and accounting, with the platform expected to launch this month. Rip Cars' financials on 01Resolved show $196K in total NAV against a $40K monthly spending limit, ~3 to ~5 months of runway, and CARS at an estimated ~214% premium to NAV (AS).
  • Umbra shipped the Umbra Wallet mobile app on iOS and Android, letting a user shield SOL from their phone. Umbra's financials on 01Resolved show $2.27M in total NAV against a $100K monthly spending limit, ~16 to ~23 months of runway, and UMBRA at an estimated ~14% premium to NAV (AS).
  • Loyal shipped a mini app inside Cherry, a Solana social platform combining chat, betting, trading and yield, live on Solana Mobile, iOS and Android. Loyal's financials on 01Resolved show $169K in total NAV against a $60K monthly spending limit, up to ~3 months of runway when factoring in the LP, and LOYAL at an estimated ~558% premium to NAV (AS).
  • Ordr is incorporating as an LLC to claim startup credits and act as a counterparty for business transactions, with the DAO still holding all the power, and has entered the final phase before launch while shopping for audit firms. Ordr's financials on 01Resolved show $130K in total NAV, ~7 to ~9 months of runway, and ORDR at an estimated ~24% discount to NAV (AS).
  • Spark's proposal to move 25% of Basket's liquidity from the Futarchy AMM into an Omnipair pool was approved, passing by ~8% against a -3% threshold on $43 of volume across 13 trades. It lets BASKET holders borrow against their tokens and sends all trading fees to the DAO.
  • SuperClaw shipped baskets, letting a user pick a thesis in one tap while AI keeps the weights rebalanced and the tokens stay in the user's own wallet. Three are live. SuperClaw's financials on 01Resolved show $14K in total NAV against a $5K monthly spending limit, ~2 to ~3 months of runway, and SUPERCLAW trading at an estimated ~67% discount to NAV (AS).
  • Crafts introduced an Anchor Board where curated investors meet founders, lead diligence and soft-commit before a round opens, its answer to adverse selection in liquid private markets.