@0xWismerhill

I heard you guys like unsustainable yield like STRC, but what about SUSTAINABLE LEGIT yield? Too boring for you? RE TGEd today on Binance, Robinhood, Coinbase, etc. and soon on your mother's favorite banking app. You missed it? Too bad, you are down gorillions. But you get another chance! Introducing season 2: it will last 6 mos, and reward will be min 3.5% of FDV. It started June 1st, will end Dec 1st. Attached is the math for your ROI, if you dare to participate. I used conservative numbers: a TVL doubling (more dilution), and a price at 40c (instead of 53c rn - MM are top tier, founders are SV wonderkids). The result is STUNNING: you get 7% native APR from reUSD, and ~10% APR in RE rewards on top of it. How? Because reinsurance is simply a super profitable business, with fast growth and good fundamentals. Not your Saylor ChatGPT poop. Hyperinsurance.

Today.

Following the discussion around GIP-150, we came to the table with Gnosis team and put together a one-time pro-rata treasury redemption proposal, now live on the forum. Credit to @StefanDGeorge, who engaged constructively throughout. The result is a simple, fair, and reliable mechanism: liquid assets distributed in kind at NAV, ecosystem tokens like COW, SAFE, and HOPR passed through directly, redeemed GNO permanently removed from circulation. That burn matters for holders who stay. Every redeemed GNO is removed for good, so non-participants see their pro-rata claim on the treasury rise. This isn't a treasury drain, it's a clean choice that leaves stayers better off. GnosisDAO is at a turning point. The team increasingly recognizes that DAO funding can't be taken for granted without prioritizing profitability and adapting the cost structure to market realities. The recent economic cases shared for the three core business lines, Chain, Pay, and App, are a step in the right direction. GIP-150 made one thing clear: a meaningful base of holders wanted the option to realize their pro-rata share of the treasury rather than wait on a discount that keeps widening. This proposal delivers that option. With the next Gnosis Ltd funding round around the corner, this is the founding team showing they are listening to tokenholders, and giving holders a clean choice: double down on their conviction, or exit at fair value. Full proposal and worked example here: https://t.co/k7nGEylMQM

Hyperinsurance

Good evening, yield farming enthusiasts and governance token bidders, it’s time for me to share the only token TGE that I think has legs this year. AYOC (ask your own Claude), no financial advice. Re (RE) TGEs in the coming weeks, and it's an unusual asset for crypto: a profitable business that resembles existing reinsurance businesses. Most tokens are valued on narrative. This one can be valued on premium, fees, and combined ratios, with a 338-year-old comp set (nice!, says the audience). What Re is: a marketplace connecting stablecoin capital to reinsurance underwriting. The numbers (https://t.co/pCEVNlsmL9): • $466M TVL ($81M onchain + $177M offchain capital + $208M premium receivable) • $409M premium written inception-to-date • $225.6M premium in 2026 YTD → on track to clear $400M of new business this year, roughly 100% growth • Already profitable The most comparable business is Lloyd's of London. The structural mapping is almost one-to-one: • Names (capital providers) → reUSD/reUSDe holders • Funds at Lloyd's → §114 Trust collateral • Managing agents & syndicates → licensed reinsurer clients • Central Fund → reinsurer first-loss equity • The Society of Lloyd's → the protocol Why it matters: Lloyd's is not an insurance company. It's a marketplace. 2024: £55.5B premium, 86.9% combined ratio, £9.6B profit, 21% return on capital. The marketplace layer earns ~1% of all premium flowing through it. Managing agents earn another 1-2% plus 15-25% profit commission. A vertically integrated marketplace captures 2-3% of premium plus carry — with no balance sheet risk. Apply that to Re's ~$450M annualized premium run-rate and you get $15-23M of fee-equivalent ARR at current scale, before any growth. The comps for capital-light insurance fee businesses: • Reinsurance brokers (Aon, Marsh, WTW): 22-30x earnings • Specialty alts managers: 15-25x distributable earnings • Listed Lloyd's operators (Beazley, Hiscox, Lancashire): ~0.85-0.9x premium, ~7x earnings — but they carry balance sheet risk; Re doesn't The variable that breaks static comps: listed reinsurers grow premium 5-15%/yr. Re is growing ~100%/yr. In my view the marketplace flywheel inflects somewhere north of $1B premium throughput — at the current pace, that's 12-18 months out. Three ways to frame fair value: A) Marketplace fees at current scale: $15-23M ARR × 15-25x ≈ $300-575M B) Crediting growth to $1B premium: $30-45M ARR × 20-25x ≈ $600M-1.1B C) The Lloyd's endgame (multi-reinsurer marketplace + brokerage + fronting paper): Lloyd's itself would plausibly be worth $80-100B if listed. Re today is <1% of Lloyd's premium scale. That's the option you're underwriting. The honest risks: token value capture mechanics aren't published yet (the fee switch design will decide a lot); the marketplace thesis needs multiple reinsurer clients, not one; there's no major loss event in the claims history yet; and the reinsurance cycle is softening from the 2023-24 hard market. Bottom line: RE can be valued like a business, not a narrative. Few tokens come with a comp set from 1688. Disclosure: I'm a depositor in the protocol. Not financial advice, AYOC!