Tokenized stock volume is almost all broker IOUs on broker chains. Companies tokenizing their own shares will not do it that way. They will use Ethereum mainnet (the commons), or an L2 they run themselves--a "company town" with a guaranteed open-gate.

.@SlopCash will be one of the first projects to launch on Umia. Built by @shawmakesmagic, who took ai16z to $2B, and @mil_itia. Now they're leveraging Umia to build a real solution for rewarding open-source contributions, with a stronger moat and a much more solid token framework. Imo it's clear that OSS runs the internet, and the way we fund it is completely broken. If you reward activity, you pay for volume, and now that AI agents write code, low-effort work is almost impossible to tell apart from useful work. Slop Cash solved this by paying contributors for merged PRs and accepted reviews, in a fully programmatic, blockchain-native way. Slop is at the perfect stage to launch on @umia_finance, where the product is at the point where early traction can turn it into a real business. Since July, ~10,000 merged PRs and 4,700 code reviews scored, 108 contributors in the elizaOS August cycle alone, and the first 6,005 USDC paid out in September. The business is fully onchain, which makes total sense for an ownership coin. The raise is deliberately small, and the tokenomics align closely with Umia: no previous rounds, a public auction, a treasury managed by decision markets, and a large float at launch. The team has been extremely professional and collaborative from day one. I'm excited to work with Shaw and Drew. They're two builders with decades of experience who understand what the market needs. Over the coming weeks, we'll do roadshow with funds and the community to better showcase the potential of slop.cash. Then we launch!!

are you guys ready for equity secondaries on @MetaLeX_Labs ?

we've added many new lexbots to the pfp picker, including crossovers with @ethereum @base @Zcash @Bitcoin have a request for a new type of community crossover pfp? let us know!

The best part? It's permissionless

I’ll be in Singapore🇸🇬 for @token2049 are you - raising capital - issuing assets onchain - building onchain infra - or a coffee addict? hit me up here or on telegram (same handle)🫡

one result of yesterday's cyberCORPs protocol upgrade: a new, much cleaner format for your securities NFTs when we first started MetaLeX, we thought NFTs could function as securities certificates--this was @lex_node's original vision from 2018 (substack.com/home/post/p-153…) the NFTs representing your securities on MetaLeX were therefore very 'skeuomorphic' to paper stock certificates...this had a certain charm but also included fairly useless formalisms & was limiting in certain ways since then, the legal discourse & theory around tokenization has cleared up considerably, including through @lex_node's work with the Permanent Editorial Board of the UCC. . .it's now clear that tokens cannot function as securities certificates in the U.S., and instead should function as 'ledger entries' representing uncertificated securities we've upgraded the protocol for consistency with this approach...what used to be called 'cyberCERTs' are now referred to as 'ledger entry tokens' (LETs) and there is a cleaner, more informative visual representation to go along with that . . . all of this remains as programmable SVG metadata in your NFTs, the images displayed in NFT wallets do not depend on IPFS there will be incremental upgrades to cybercorps.metalex.tech and cyberraise.metalex.tech to reflect the new approach and leverage its new capabilities

I’d love to see investors using a lending protocol to borrow against equity tokenized with @MetaLeX_Labs You might want to keep your stake in a company but need cash before an exit. Being able to borrow against it would give you another option MetaLeX’s cyberScrip is an optional fungible token layer linked to registered securities positions. With the right structure and lending integration, you could pledge those tokens as collateral and get them back when you repay the loan For this to work, lenders need a way to value the equity and a clear path to liquidate the collateral if the borrower defaults, including who can acquire it under the company’s transfer rules If you’re building in onchain credit, my DMs are open

MetaLeX is back online with an upgraded smart contract protocol!!! important guidance: you can upgrade your cyberCORP from the mission control tab of cybercorps.metalex.tech/ if you already started a cyberRaise, do not upgrade until that raise is completed or terminated upgrading is not mandatory but may be a prerequisite to some future app features

A Better System For Onchain Stocks Most stock tokens still inherit TradFi's structure and limits, because they point to shares recorded somewhere else. They're wrappers around TradFi's outdated tech. This piece argues for the real version: the company itself onchain, with the onchain record as the legal source of truth.

read the SEC's new crypto assets FAQ the securities laws are starting to look opt-in now, at least as applied by the SEC to crypto if you raise money by selling a non-rights-bearing token, are careful about what you represent or promise, and have a functional crypto system, there is now an extremely broad path outside the securities laws--arguably 'functionality' is not even necessary but there's some equivocation on this the buyback guidance goes further than I expected. once the system is functional, even announcing a token buyback *program* (which I guess even could be a 'perpetual program') does not, in the staff's view, constitute a promise of essential managerial efforts. same for promises to improve the system or grow its network effects so you can retain enormous influence over the thing, keep developing it, support its price with buybacks (including under a permanent "program"), and get many of the benefits of having a public investment instrument, without giving holders the rights or protections that normally come with one they have opened a loophole in a regulatory regime whose whole point was supposed to be that you couldn't draft your way around economic reality (see e.g. papers.ssrn.com/sol3/papers.…) can't really say if this is good or bad, but VCs etc. got a lot of what they wanted & the market should absorb all the implications of this among others, I am growing skeptical how much of a 'long tail' there will be for tokenized equity. . .if you can get people to buy a coin in the style of BNB, HYPE, PUMP, etc., with minimal regulation, why voluntarily take on the burdens of selling them equity? if you are not mag-7 level, it doesn't seem there would be much reason to focus on equity securities for your capital-raising. . . if you want to access 'traditional buyers' you can wrap the token in an equity instrument like an ADR for those institutions. . . the obvious next question is how far this extends beyond crypto businesses. can an ordinary company attach a functional token to its business and apply 100% of its profits to discretionary buybacks, without giving holders any right to those profits or making representations about future business efforts that independently trigger Howey? the FAQ doesn't expressly resolve that, but it opens a pretty enormous door equity still gives investors something a discretionary buyback token doesn't. . .the question is whether the market will pay enough for those rights to make granting them worthwhile. otherwise the incentive is to keep the equity for insiders and sell everyone else the coin crypto's current focus on hyping tokenized equity may be misguided, the bigger trend is "get all the benefits of equity with none of the burdens" of course this is SEC guidance, not a repeal of the statutes or a command to the courts. a private plaintiff or a future SEC could have other ideas but did not think I'd see it in my lifetime. . .the securities laws are being "disrupted" in substantial part by incentivizing making fewer commitments to investors. and if Warren Dems eventually take control and try to undo all this, after an entire market has organized around it, the resulting chaos will be something to behold sec.gov/about/divisions-offi…

they may not know, but many are already quietly rooting for MetaLeX

“I’m interested” and a funded investment are two different things In cyberRaise’s bid/approve mode, investors back their bids with funds held in smart-contract escrow You review each bid and decide whether to accept it and how much to allocate within the investor’s stated range On acceptance, the investment closes: the allocated funds settle to the company and a digital security is issued to the investor’s wallet. Any surplus is credited back to the investor You decide who gets into the round and how much to accept, without having to chase signatures or payments once you’ve approved their investment

the SEC's new innovation exemption is a great step, but I'm requesting five changes focused on tokenization quality controls

Getting an investor to say yes is hard enough, and closing their investment shouldn’t become another project. Chasing signatures, matching payments to agreements and updating spreadsheets is work founders should be able to hand over to software. That’s what cyberRaise is built for. Set your terms, share your raise link and let investors sign and fund from their wallets. Accept eligible investments automatically or review and approve allocations yourself. When an investment closes, funds settle and a digital security is issued directly to the investor’s wallet. The paperwork and closing process should be the easy part, leaving you more time to convince investors to back your company. Start a raise: cyberraise.metalex.tech

longer form thoughts and clarifications on today's historic exchange/dealer exemption from the @SECGov on tokenized nat'l market securities trading on AMMs