DeFi Dev Corp UK (DFDV.LSE)

DAT preferreds are quietly creating a new asset class. @apyx_fi is built to capture it. @defidevcorp (DFDV) was the first non-Bitcoin DAT in the US, and we've filed to issue our own variable rate perpetual preferred. Running a DAT is what got me so excited to work on Apyx. A year ago, there were a handful of DATs. Now there are nearly 200. The initial flywheel was: trade at a premium to NAV, issue stock, buy more crypto, grow crypto per share. That flywheel has slowed. NAV premiums have compressed and capital raises have gotten harder. Enter variable rate perpetual preferred stock. @MicroStrategy and @saylor pioneered this with STRC — a preferred that targets a $100 price and pays a variable monthly dividend. When STRC drifts from $100, the board adjusts the rate to push it back. It's essentially an algorithmic stablecoin backed by Strategy's entire balance sheet. @strive followed with SATA. DFDV has filed on similar terms. These preferreds extract volatility from the price and push it into the dividend rate, which transfers that volatility to the common stock. DATs want this — more vol means better convertible debt pricing, more opportunity to sell stock at premiums, and more opportunity to buy back below NAV, all of which are accretive for the DATs. I expect many DATs will issue instruments like these. As long as treasuries are managed carefully and crypto grows over 5-10 year horizons, these preferreds will be very successful — and there will be a lot of them. This is where Apyx comes in. Apyx is a stablecoin protocol backed by a basket of DAT variable rate perpetual preferreds, which currently yield 11%+. Diversifying across issuers reduces concentration risk while capturing higher yields from smaller DATs. Apyx uses a two-token model similar to Ethena's USDe/sUSDe: apxUSD is a non-yield-bearing stablecoin designed as collateral across CeFi and DeFi, while apyUSD captures yield from all the backing assets — providing leveraged exposure to pref yields, potentially well above 11% APY. Apyx is my bet that this trend has legs — and that crypto-native infrastructure is the best way to unlock the value in these instruments. Blog: blog.apyx.fi/introducing-apy… Website: apyx.fi Docs: docs.apyx.fi/