hot_change | ETHGas ⛽

Exit for BNB Even if you have real money and real motivation to manufacture US-side demand for BNB through a public ticker, it’s not “buy token and number go up”. It’s more like: Binance makes cash -> cash (directly or indirectly) ends up around CZ’s orbit -> @yzilabs starts assembling the cast ---> a bunch of tier2-3 funds that will happily hype anything with a PIPE (Private Investment in Public Equity) headline ---> a US public shell you can steer without having to build an actual business ----> enter: CEA Industries, a company that used to sell vapes (ticker was literally VAPE), now wearing a “BNB treasury” hoodie (BNC) Then the “strategy” gets packaged: • $500m PIPE to kick it off • Structured as $400m cash + $100m crypto • With warrants that can take it up to $1.25b gross if exercised • 10X Capital as the treasury manager • YZi Labs positioned as strategic support • Pantera Capital shows up on the subscriber list too The pitch is clean: “we’re gonna be MicroStrategy for BNB, SEC-friendly.” The obvious pushback is liquidity and scarcity. @BitcoinPierre put it bluntly: “The problem with altcoin treasury companies is that the asset side of their balance sheet is far less liquid and far less scarce than bitcoin.” But, to be honest - the machine does what it’s supposed to do at first: Raise, buy, stack, start reporting like a serious treasury company. Then the incentives split. You can call it “treasury strategy” all you want, but the DAT genre already has a nickname for this move - “bullish sales.” “Didn’t realize there were so many prominent funds in crypto looking for exit liquidity on their favorite coin… time to start calling in-kind contributions to DATs ‘bullish sales’. In retrospect those will prove as awesome as bullish unlocks.” - @malekanoms December 2025, YZi basically goes: hold on, we wired money for “BNB treasury”, why are we hearing something different. They send a notice asking for written confirmation the BNB strategy is still the strategy and for basic stuff you’d expect a treasury vehicle to publish: how much BNB is held, shares outstanding, timely updates. They also point at what everyone in these fights points at: disclosures, conflicts, value destruction, and the infamous “we’re suddenly hearing Solana talk”. And CEA’s response is the most public-company response possible: Late December 2025 - poison pill (stockholder rights plan), bylaw changes and a defensive posture around who gets to control the board / consent process. Translation: “thanks for the money, you are not taking the wheel.” So the whole thing stops being “BNB demand in the US” and becomes what it always becomes once a token enters a public wrapper: • When things are calm, it’s a marketing wrapper • When things get ugly, it’s a potential forced seller • And the entire time, it’s a fight over who decides pivots, dilution, and what gets sold first A public treasury vehicle is always a sell button sitting inside a cap table. So, if you’re a BNB bull, your main risk is your own TradFi plumbing deciding it wants optionality more than purity.

Urgent proposal to acquire @THORChain and provide assistance to the holders and creditors. As the protocol serves as an open-source community-driven, true Web3 building project, this proposal will be transparent and accessible to the public. Unfortunately, we are witnessing the gradual decline of what was once a promising project. Instead of achieving great results and hitting a new ATH, the community was blindsided by $200M in toxic frozen loans, facilitated without any warning and made possible through the use of an admin key. Rather than concentrating on building Rune, the founder is pursuing nine different projects, leading to unclear strategies that raise numerous questions. WeWe / Deca Swap / Vultisig / WeWe Swap / Thor / Ruji / Vamp / YIELDI / TraitForge To prevent the current crisis, @jpthor needed to raise the large VC round by $50-100M, work on regulatory compliance, secure appropriate US network, and focus on @THORChain achieving 50-60% market fit along with Round C funding. Unfortunately, the project currently lacks any backers. In fact, the bank run has not yet started, but if it does, an amount between $5-10M could lead to a collapse in price similar to what happened in the Luna case. I understand that many supporters of the project are holding onto hope for a miraculous turnaround. "That's it, that's it, yes, that's it tomorrow." However, it's often more prudent to analyze the facts, figures, and current situation. Holders of the project are being misled, creditors are experiencing years of delays, and the founder is engaged in unclear schemes: x.com/ax1vc/status/188494423… The entire Thorchain ecosystem relies heavily on the generosity of @TrustWallet, who are outstanding builders and the largest provider. Previously, it was difficult to envision major new integrations for Rune. However, following recent events, we can only hope for a miracle. Meanwhile, competitors are actively seeking to penetrate the remaining top sites, and those sites themselves are considering hybrid models (like Exodus, which is incorporating a CEX component and plans further refinements). If @TrustWallet eventually decides to halt integrations or redirects volumes to a competing provider, we can only imagine the impact this would have on the price of Rune and the assets of its lenders. At the same time, @TrustWallet demonstrates the potential for scaling, having nearly surpassed the 200M user mark and achieving a MAU count comparable to top-tier fintech like NuBank, all while maintaining a solid reputation and avoiding big management issues. Our proposal is straightforward. We're offering a syndicated deal in which: 1) Trust Wallet will acquire THORChain (let’s set aside discussions about decentralization for now; particularly when you understand the details and nuances involved). 2) Funds will be disbursed to creditors immediately, financed by a pool of VCs led by YZi Labs (formerly @BinanceLabs). 3) @EowynChen will assume the role of CEO for both companies. 4) Rune -> TWT. 5) A portion of the protocol's revenue will be allocated to marketing support for the unified on-chain asset (with genuine marketing efforts, not painted Cybertruck). Results: a) Creditors will receive an instant refund with interest. b) Former RUNE holders will have a new asset that will consistently benefit from the protocol’s revenue, without relying on complex schemes. c) TWT and Trust holders will see strengthened valuations and multiples. d) Current contributors to the Thorchain protocol will receive bonuses, enjoy a stable future, and have the opportunity to safely develop the leading web3 product. e) Support from the family office of @cz_binance. Ultimately, this initiative will create the most reliable on-chain wallet with a swap provider in the industry.