Content
@
0 reply
0 recast
0 reaction
Thibauld
@thibauld
2025 is the year of cryptoequity 🔥 In 2021, @balajis.eth wrote his prescient "Mirror Table" article, arguing that the simplest way to bring equity onchain was by mirroring a company’s cap table. Fast forward to 2025: we can go beyond mirroring because the infrastructure now exists to make cryptoequity a reality. First and foremost, capitalization data now has an open-source format. Back in 2021, cap table knowledge was proprietary. Actors like Carta & AngelList thrived by keeping their "secret sauce" locked up. But things changed when the Open Cap Table Coalition—backed by all top-tier US law firms (Gunderson, Orrick, Cooley, etc.)—released the first-ever open-source cap table format. This started the commoditization of cap tables. And @fairmint pushed it further by putting this format onchain with the Open Cap Table protocol. No more "mirroring." Fully compliant onchain cap tables are now a reality. 2025 is the year cryptoequity takes off 🚀 https://x.com/balajis/status/1881239201657876895
3 replies
1 recast
6 reactions
Vinay Vasanji
@vinayvasanji.eth
You're very well positioned for this new regulatory environment :) For the open cap table protocol, what's the timeline for the actual tokens to be the actual ownership, natively onchain? It's easy enough to do with LLC member units as those are primarily private, and relatively under regulated, and OtoCo offers it. But would love to see an equivalent option for equity, my hunch is we're still in a regulatory grey zone, right?
1 reply
0 recast
0 reaction
Thibauld
@thibauld
Thanks for the very interesting question! Having your cap table onchain != having tokens. You can "add" tokens on top of your onchain cap table but if you want your tokens to represent actual ownership, you need to have the legal securities contract you signed with the issuer actually say so.... which is a huuuuge friction for many companies! We witnessed first hand an immense inertia: People want to use the YC SAFE, not the YC SAFE tweaked for tokens. The good news is that it's not unsolvable. First you don't need tokens to make your onchain equity tradeable. Second, tokens are possible but they should not represent ownership. The smartest way to go about this is something like what Ondo finance is proposing: having a token that is treated like an API. Moving your token around is interpreted by the broker dealer as directives from the securities holder. This is most likely where the industry will converge when it comes to tokens and equity: https://blog.ondo.finance/introducing-ondo-global-markets/
1 reply
0 recast
1 reaction
