Sam Ikkurty - Constitutional Rights & Legal Advocacy

Dear Partners,

This week Crypto markets have received a big shot in the arm. Gary Gensler is going to be nominated as Securities Exchange Commission's new chairman. He is a big promoter of blockchain technology and has taught classes at MIT. I have seen numerous SEC enforcement actions under the previous administration that looked like an overkill going after companies incorporated in Seychelles and other tiny islands around the world.

1. This week we have added a new position in a protocol called Thorchain with the token RUNE. At this point, RUNE has not launched on mainnet yet. This does not give us any income today, but I am acquiring in the hopes of staking it in the future and generating income from cross-chain token swaps. It is similar to REN and very good competitor. Depending on their execution, both could be winners.

2. I continued to like the business model of Whiteheart protocol. They enable buyers of ETH or BTC to hedge their market value directly on-chain using HEGIC options. This is such a great idea and will be used by everyone. I also like the fact that it has a low supply of 8888 tokens. We currently own 492 tokens. Unfortunately this token is not integrated with Zapper site. It can only be seen on Debank or Etherscan. We are the largest single holder of $WHITE tokens around the world.

3. This week I continued to add to our ZLOT position. ZLOT is superior to other tokens as it has the highest yield in our portfolio at 51.33%. It is producing more income than Synthetix but its price has been falling. I have increased our position to 1785 tokens of ZLOT. I feel comfortable holding it for a long time as it produces steady income.

4. This we have added a new position in BUILD token. Build is a decentralized, community-driven venture capital incubator company. I took a position because I liked the developer of this protocol and his ability to ship code. It is like owning a piece of Y-combinator ( they own a piece of airbnb). They have many irons in the fire and even if one of them is a success it could be worth a lot more. It has a Marketcap of $1 million dollars and we own 12,835 tokens of BUILD which is same as owning 10% of the protocol.

5. I have been talking about Synthetix launching futures like a broken record for the last 4 months. Looks like time is finally come. Synthetix has started the upgrade of their protocol to Layer 2 solution with optimism tomorrow. Our income has gone up as can be seen from our retained earnings spreadsheet. However, the yield is low because the denominator ( value of staked tokens) has gone up a lot. Our income from REN protocol also tripled in just in one month.

Right now lot of my time is going into getting the audit completed by our auditor, Richey May & Co. Since they are performing the audit, they will complete the tax work as well. They have committed to sending the schedule K-1s by March 1st of this year.

Wishing you all a wonderful weekend!

warm regards,

Sam Ikkurty

Managing Partner

2. White token

3. zlot

4. BUILT token

5. Synthetix and REN

Five bullet Friday - Issue #73