01Resolved

October's Ownership Coin Monthly is now live.

This month we look at how AI has made token research cheap, but hasn't fixed the underlying data or replaced the judgment needed to understand what a token holder actually owns.

Also inside:

▪️ @MetaDAOProject earned $106K in protocol fees and approved a $1.91M ecosystem fund to back early-stage consumer apps.

▪️ Our valuation analysis of @LasoFinance, comparing its operating business against publicly traded companies Fold, Exodus and Paysafe.

▪️ A spotlight on @overdotcomputer, a prop trading firm built for AI agents that eliminates upfront trading challenges.

▪️ Financial moves and their consequences across @Solomon_Labs, @JurassicFi, @UmbraPrivacy and @ripcarsio.

▪️ Five completed raises on @Backabledotbiz totaling $819K, and 14 decision markets resolved on $105K in volume.

▪️ Why ownership coins will increasingly be compared to equities rather than to other tokens.

Read the full report [link in reply].

We're pleased to announce @LasoFinance's Rights page is now live on 01Resolved.

solana:LASocYgQAo8GfypSjedNQgLft8y8DVGg1kSqR3smeta holders govern the DAO treasury through decision markets. The DAO treasury holds the mint authority, so new LASO can only be issued by a passed proposal. Laso Finance LLC, a U.S. company, runs the product, sets fees and owns the IP and brand.

For Laso, the “How Value Flows” map traces user payments to Laso’s revenue wallet. Laso’s policy is to sweep all revenue to the DAO treasury in USDC every day. All of the transfers are tracked on 01Resolved.

Since July, Laso Finance has sent ~$115K to the DAO treasury.

Explore Laso Finance’s Rights [Link in reply].

We’ve started rolling out token Rights for every asset listed on 01Resolved.

What token holders own, what they control, and how value reaches them is often unclear. Rights makes these relationships explicit, so investors can understand what they hold and compare it with other crypto assets.

Open an organization’s Overview page and click “Rights” to explore.

Using @UmbraPrivacy as an example, you can see solana:PRVT6TB7uss3FrUd2D9xs2zqDBsa3GbMJMwCQsgmeta holder's treasury and governance rights, who owns the IP and brand, and who controls token issuance and protocol fees.

For Umbra, the “How Value Flows” map traces shielding fees through the protocol to a revenue wallet. Umbra’s documented policy is to transfer revenue to the DAO monthly. Distributions or buybacks then require a passed proposal.

Each Rights tab includes an 01Resolved review date and change history, and distinguishes documented policies from verified flows.

Explore Umbra’s Rights - [Link in reply].

You can now see exactly how NAV and NAV/AS are calculated on 01Resolved, including the treasury assets include and what accounts for adjusted supply.

As a reminder, NAV/AS represents the net asset value per token, calculated by dividing the DAO's total non-native token value divided by non-DAO controlled token supply.

To explore the breakdown, navigate to a project like @LasoFinance. Open the "Financials" tab and click "Breakdown" under Total NAV.

See the value of non-native assets included in NAV, alongside the native-token value excluded from the calculation.

For NAV/AS, click "Breakdown" to see whats included in Adjusted Supply.

For Laso, you can see Adjusted Supply is 10.06M after removing the FutarchyAMM, Meteora AMM, and Team Performance Package positions from the Total Supply of 29.99M LASO.

With Total NAV sitting at $897.01K, this brings NAV/AS to $0.0891, which at today's solana:LASocYgQAo8GfypSjedNQgLft8y8DVGg1kSqR3smeta price, means the token is trading at a ~17% premium.

One of the most interesting things about ownership coins is the cross-holdings.

About 1,000 wallets hold $5k+ in an ownership coin. ~11% hold $5k+ in two or more. Among wallets with $100k+, ~25% have ownership coin cross-holdings.

The top 10 largest cross-holders alone hold $22.2M in ownership coins.

We haven’t compared this to other capital formation platforms yet, but the pattern is that the bigger the investor, the more likely they back several ownership coins.

That’s very good for founders. Launch an ownership coin and you get access to a roster of well-funded investors already spreading capital across the ecosystem.

Data via the 01Resolved API/MCP.