Sam Ikkurty - Constitutional Rights & Legal Advocacy

Dear Partners,

My happiest day of the month is today. It is always the day, I send dividend checks to all of you. I have mailed out the checks from Chase bank today and expected to be received by next Thursday. Please check to make sure they are correct. In case of any errors, please let me know and I will be able to fix it. In a couple of months, I will move to electronic deposits.

This week, I have added a new token to our portfolio called, YFI. When I first started tracking it, it was traded at $35. I kept doing more research on the smart contracts and really liked what this protocol is trying to do. It is a meta-protocol, which optimizes the yield by distributing stable coins across multiple other protocols. Before I realized, the price went to $1000 very quickly. I purchased 90 tokens between $1000 to $1100 per token. I have sold out our positions in LEND as we don't have a lot of capital readily available.
YFI is the governance token for yearn.finance protocol. It was launched with full transparency, with no allocation for the team. The developer did not even try to maximize his own return.There are only 30,000 tokens minted so far. This mining of these tokens will stop tomorrow. After that there is an absolute scarcity. YFI brings us a fat income, which is around $104 per week for each YFI token. YFI has locked around $400 million in value locked in its protocol which shows how popular it is. When I was buying on Saturday of last week, its entire market cap was $8 million! This is a micro-cap but still has great potential.
We are currently amongst the top-15 holders of YFI tokens around the world, based on the etherscan data. This allows us to play an active role in the governance of this token. There are a lot of proposals being put forth and with our tokens we can vote and help grow the protocol in the direction we like. I came across a good article that covers some of the developments here:https://insights.deribit.com/market-research/yfi-a-tale-of-fair-launch-governance-and-value/
We are actively engaging in proof-of-stake mining with Synthetix. Synthetix will pass the trading fees (0.3%) generated on the exchange to the token stakers. This week we have generated a staking income of ( 175.05 SUSD + 2810.12 SNX * $3.65 ) totaling $10,431. The value of the staked SNX (448608) is $1,637,422 at a price of $3.65. This gives us a yield of 10431 / 1637422, which is 0.6371% per week. If we annualize the yield by (1.006371)^52, it results in a yield of 39.13% APY. This can be seen directly from this website here: https://snx.tools/address/0xE787DEEc0BE77Db98A1294193E2c1600C8a8687d/staking/rewards-claims on the reward claims tab. We currently hold 479,962 tokens of Synthetix.
Our 7 darknodes running on the Digital Ocean platform are generating good income for us. Last week each of the nodes generated an income of $26.55. These are the fees generated from operating our digital toll-booth. These fees are in bitcoin but I calculate their value based on the current market value of BTC. Our current track record is maintained in this Google Sheet.

Have a wonderful weekend!

Sam Ikkurty

Managing Partner

Cell:813.389.3380

calendar to book time: https://calendly.com/ikkurty

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Five bullet Friday - Issue #48