I write about products, markets, and capital in Web3.
web3
Joined December 2021
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Imagine someone walks up to you and says:
“I’ll pay you 10% a year.”
What’s the first thing that comes to mind?
Probably not just the percentage.
You’d want to know:
“For what?”
I think yield deserves the same question.
We usually look at the APY first and only later ask where it comes from.
But two products can show the exact same APY while the money behind them comes from completely different places.
That’s the question I started asking when I came across @Apyx_Fi .
Four products can all sit under the label “private-company token.”
But that label doesn’t tell you what the holder actually has.
The company’s name may be right there on the screen, but it doesn’t tell you whether the token gives you an interest in shares, exposure to their value, or a claim against an issuer.
An unanswered question about a holder’s rights is not proof that the holder has no rights. It means the available description has not settled the question.
The rSPAX terms describe this offering, not every historical Mirror Token offering. Each offering has to be assessed on its own terms.
When a product is described as a “private-company token,” ask what exactly was issued to the holder.
Does the holder have an interest in shares? Economic exposure through another entity? A contractual right to a payment calculated by reference to share value? Or a depositary receipt whose own terms define the holder’s position?
Then look at the party responsible under those terms, along with the rules governing transfers, withdrawals and payments.
The company name tells you which business the product refers to. To understand what the holder actually owns or can claim, the instrument and its terms still have to be examined.
codlyn retweeted
50,000 downloads in two weeks is no small start. Now I’m curious to see what people discover with the new update and that growing AI catalog.
@potentially_agi
🤝 Paid partnership
codlyn retweeted
I keep seeing predictions that tokenization, stablecoins and other crypto sectors
will attract huge amounts of capital over the next few months.
There's already activity in these sectors,
but how much of the capital people are talking about is actually flowing in, and how much is still expected to come?
I keep seeing predictions that tokenization, stablecoins and other crypto sectors
will attract huge amounts of capital over the next few months.
There's already activity in these sectors,
but how much of the capital people are talking about is actually flowing in, and how much is still expected to come?
codlyn retweeted
BACK TO BACK wins on Jack.com and N3on is acting like it's just another day
Someone explain this luck to me @N3onreload
codlyn retweeted
I actually think “we’re still early” still makes sense.
Electricity existed for decades before most homes had it. The internet existed long before it became something most people used every day.
And people who started building around those technologies years, even decades later, could still be early relative to what they eventually became.
So crypto being 15 years old doesn't automatically mean we're late.
Maybe we just don't know how far along we are yet.
I actually think “we’re still early” still makes sense.
Electricity existed for decades before most homes had it. The internet existed long before it became something most people used every day.
And people who started building around those technologies years, even decades later, could still be early relative to what they eventually became.
So crypto being 15 years old doesn't automatically mean we're late.
Maybe we just don't know how far along we are yet.
codlyn retweeted
The $21B gain is obviously the headline.
But last week Strategy also repurchased $176M of $STRC , about 1.77M shares at $99.39.
$STRC has a $100 par value.
Back in July it was around $84. Now the discount is only about sixty cents, and the repurchases are still going.
That’s what I’m paying attention to.
Strategy reports a $21 billion gain on digital assets in Q3 2026. Last week, we acquired 334 $BTC and repurchased $176M of $STRC. As of 10/4/26, we hold 848,000 BTC and $5.7B of USD Assets. $MSTR strategy.com/press/strategy-…
The $21B gain is obviously the headline.
But last week Strategy also repurchased $176M of $STRC , about 1.77M shares at $99.39.
$STRC has a $100 par value.
Back in July it was around $84. Now the discount is only about sixty cents, and the repurchases are still going.
That’s what I’m paying attention to.
Strategy reports a $21 billion gain on digital assets in Q3 2026. Last week, we acquired 334 $BTC and repurchased $176M of $STRC. As of 10/4/26, we hold 848,000 BTC and $5.7B of USD Assets. $MSTR strategy.com/press/strategy-…