Sam Ikkurty - Constitutional Rights & Legal Advocacy

Dear Partners,

We had superb growth in the month of February. I can estimate that our growth in the month of February should exceed 200% based on the growth of KLON. Almost all of the growth came from this position alone.

1. I have been a follower of Synthetix for a long time. In recent months, it ran up a lot. This prompted me to sell our Synthetix position last week. Staking Synthetix is useful only in large quantities. For smaller sizes, it is cost prohibitive considering the high ethereum gas prices. I sold our Synthetix positions and converted the profits into KLON.

2. We continued to add to our KLON position.We hold 14,158 tokens as of now. We hold 14% of the supply. Last week we claimed our income from the month of february. This gave us 3.65582 KBTC tokens for the first time in this transaction. Our total income from February is 7.70212 KBTC tokens. This is reflected in our Retained Earnings spreadsheet here.

3. Now KLON stabilization fund has grown in size to $8.5 million in a mere 1 month. This fund is a real thing of beauty. It holds close to 200 bitcoins. As you can see, DIGG token is not holding its peg to bitcoin at all. It has dropped to $30,000 while bitcoin is trading at $48,000. In contrast, KBTC is now trading at close to $48,000. The circulating supply of KBTC as of now is, 222 tokens. This gives KBTC a market cap of $10 million. We have 80% of KBTC market cap sitting in our stabilization fund to protect its peg.

4. I added a new column to the spreadsheet to track claimed income. Column B shows the cumulative value of KBTC we received. Column C shows the total value of income claimed. This is 3.65582 KBTC as of last week. Column D shows the market price of KBTC. Column E, adds current income and claimed income then subtracts the previous week's amount to calculate the income for the current week. Check the formula in Excel. I calculate weekly income by multiplying our KBTC tokens we received with market price on Friday in Column F. Column G shows the market price of KLON. Column H shows the number of tokens we staked. Column I calculates the value of staked tokens in dollars by multiplying the F and G. Column J calculates weekly yield by dividing the weekly income by the value of staked tokens. Column K simply takes the Weekly yield and convert it to annual yield. Column L helps you verify the numbers based on a screenshot. Once this protocol is integrated with Zapper you will be able to track our income directly on Zapper or on Ethereum's blockchain.

5. Badger and YFI are collaborating together to increase the Total value locked in the smart contracts. YFI has made major architectural changes and its effect will be felt very soon. At this point, it looks undervalued. Our portfolio can be seen here: https://debank.com/profile/0x168fa4917e7cd18f4ed3dc313c4975851ca9e5e7

I request all of you to whitelist my address so that these emails don't go into spam.

Have a wonderful weekend!

Sam Ikkurty

Managing Partner

RCIF II - Five bullet Friday - Issue # 5