This week's ownership coins briefing covers Rip Cars' ICO success on MetaDAO, Loyal's autonomous vault proposal reaching a live decision market, Flash Trade's exploit and recovery, and updates from Credible, Star, Spark, and Ordr.
Ownership Coin Market Snapshot
- Total Ownership Coin Market Cap: $147M
- Total Ownership Coin Treasury Value: $35M
Ownership coin financials, decision market and token data sourced from 01Resolved.
Key Takeaways
- The Rip Cars ICO closed with ~$32M in commitments on a $250K raise.
- Loyal's first team-sponsored proposal is passing by 2.38% against a 1.5% threshold.
- Flash Trade paused after a $98K exploit, acting quickly to safeguard users.
- Credible expands its offering to the Vietnamese market.
Rip Cars Draws $31.9M for a $250K Raise
The Rip Cars ICO quickly met and then surpassed its fundraising goal.
Following the success of Credible, Rip Cars quickly pulled in ~$9M from 192 contributors in just over 30 minutes, passing $22M of commitments within a day, and then closing with ~$32M in commitments against a $250K cap. The raise ended up being 128x oversubscribed, launching at $0.025 per $CARS with an initial FDV of $645K.
Rip Cars, founded by the team behind Ownership Ventures, is building the first Hot Wheels gacha platform, where users open digital mystery packs backed by real inventory. A $25 pack returns a random car with a fair value around $15. The broader market behind it is large and growing with eBay alone moving roughly $66M a year in collectible-grade Hot Wheels. The $250K raise funds nine months of runway, with the largest allocations going to user acquisition, physical inventory, and an initial LP.
The raise was also a test of MetaDAO's mechanics. Half the allocation was decided by the new Ownership Score, an experimental system that weights participants by their history in the ecosystem, with the rest distributed on standard time-based allocations and a boost for early depositors.
You can now track Rip Cars token metrics, financials and decision markets on 01Resolved.
Loyal's Autonomous Vault Proposal Reaches a Live Decision Market
Loyal first floated its omnibus proposal for community feedback two weeks ago. After securing enough stake to begin trading earlier this week, it is now nearing the end of the TWAP window and passing by 2.41%.
Support is directionally strong. The market has generated $5.86K in volume across 46 trades and 13 unique traders, with 84.24% of volume pass-aligned and 15.76% fail-aligned.
Loyal's “Autonomous treasury vaults, OTC, incentives and governance updates” proposal asks the market to price four actions at once, an autonomous treasury vault, a strategic OTC deal, burning the current team incentives in favor of a new program, and a move to optimistic governance.
The vault is the highlight in our opinion. Loyal pitches it as the first autonomous vault built for MetaDAO treasuries, aimed at the roughly $35M of idle capital sitting across ownership coin treasuries, putting it to work while keeping the same investor protections. The proposal accumulated stake earlier in the week before it had enough to begin trading.
If approved, Loyal would unwind roughly half of the DAO’s Futarchy AMM position, releasing about $182K in USDC and 1.37M LOYAL. The USDC would be deposited into Loyal Earn and routed through Kamino at a variable yield of 6% to 10%, generating an estimated $11K to $18K annually on capital that is currently idle.
Separately, the OTC transaction would allow the DAO to sell up to 2.14M LOYAL. If the proposal passes and Loyal is able to complete the OTC deal and put its idle LP to work, the project stands to extend its runway to ~8 months.
Flash Trade Handles a $98K Exploit
Flash Trade detected an unauthorized withdrawal of $98K from its ephemeral instance on July 21 and paused all trading, deposits, and withdrawals while it investigated.
Trading came back the next day, and Flash Trade replenished the exploited amount in full with no user affected, crediting the MagicBlock team for helping fix the bug around the clock. It then added a hard limit in response, capping worst-case outflows at $100K per hour with no exceptions, on the argument that being audited has not stopped other protocols from being drained this year.
Other ownership coin updates
- Credible went live in Vietnam with VND support and VietQR in its first week post-raise, opening a new corridor from the US into an emerging market. Credible’s financials on 01Resolved show its NAV(AS) at an estimated ~$0.41 with $CRED trading at an ~88% premium and 13 to 18 months of runway.
- Star ran The Shot on July 23, a live pitch event where four startups pitched three sharks from Anagram, Privy, and the creator side, with ComputeCompany raising $115K for a decentralized GPU network.
- Spark integrated Omnipair so every idea launched through the platform deploys on Omnipair for instant liquidity, and opened a live decision market for Basket, an onchain index token project. Omnipair LPs separately hit an all-time high of $377 earned in a single day across its GAMM pools.
- Ordr announced the next Futardio raise, targeting $150K at a $387K FDV to take its onchain order book from private to public mainnet, with a 25.8M total token supply.
- Ownership FM ran Report #11 with Rip Cars founder David Khosroshvili and Report #12 with the Ordr team.
