GM. This is Milk Road, the newsletter that gives you the same feeling as cracking a cold one on a Friday afternoon.

Here’s what we got for you today:

• ✍️ Top 7 public companies holding SOL

• ✍️ The Token Transparency Framework

• 🎙️ The Milk Road Show: Why Zeneca Is Betting Big on Hyperliquid

• 🍪 If at first you don’t succeed, vote on it again

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COTD: PUBLIC COMPANIES HOLDING $SOL 📊

We’ve written a bunch about Bitcoin treasuries…

And even covered how we think $ETH treasury plays will eventually outpace $BTC…

But what about Solana? We figured it’s probably time we fix that blind spot…

Here are all of the publicly traded companies currently using $SOL as a treasury asset:

Neat. But why would a corporation choose Solana over Ethereum and/or Bitcoin?

$ETH offers staking, just like $SOL – meanwhile both $ETH and $BTC have greater institutional pedigrees, as well as publicly traded ETFs for easy acquisition. 

(What’s Solana really bringing to the table?)

Short answer: market cap asymmetry.

Long answer: Solana has a significantly smaller market cap than Ethereum and Bitcoin, meaning it takes less to move its price.

Check this out…here’s each asset’s market cap as of 9am this morning:

• $BTC = $2.1 trillion

• $ETH = $308 billion

• $SOL = $78 billion

Now, here’re the returns each asset would see if $10B were added to their respective market caps…

• $10B added to $SOL’s market cap = a 12.8% increase

• $10B added to $ETH’s market cap = a 3.24% increase

• $10B added to $BTC’s market cap = a 0.47% increase

See the perks? Same increase in dollar amounts → roughly 4-27x greater percentage returns.

But, it’s not without its downsides…

Solana’s increased volatility cuts both ways, increasing its potential downside – which, as a treasury asset, may not be ideal.

That said, as someone who is 100% allocated to $SOL, I encourage all corporate treasurers to ignore this harsh reality and kindly pump my bags before our PRO Team ties me to a chair and forces me to diversify – as they’ve threatened to do so many times before.

(If my portfolio starts looking like this, you’ll know I lost the battle.)

BLOCKWORKS’ TOKEN TRANSPARENCY FRAMEWORK 🔍

Public commitment is a helluva drug.

Seriously, we humans tend to act in line with our public statements, as it helps maintain our self-image and social credibility.

(It’s what’s known as ‘The Consistency Principle’.)

And it’s why we’re excited about Blockworks’ new Token Transparency Framework (TTF, if ya nasty).

It asks for public transparency from founding teams via a questionnaire → helping the investing world to act as a project’s ‘accountability partner’, and track/enforce their consistency over time. 👇

Think of it like a Michelin Star rating, but for crypto transparency – in theory, will help to:

• Build trust: projects that are willing to share specific details will be marked as more trustworthy

• Reduce confusion: collecting standardized info on projects, like supply and vesting schedules, means investors aren’t left guessing/hunting this data down themselves

• Help with research: investors will be able to check a project’s risks and credibility with a one-time, easy-to-read filing

• Level the playing field: everyone, from big investors to retail, will have access to the same information (not just insiders)

• Incentivize transparency: the further back a project pulls its proverbial kimono, the higher its score becomes

If you’re keen to start snooping, you can check out a bunch of projects’ TTF scores here.

BITE-SIZED COOKIES FOR THE ROAD 🍪

New life insurance hack! We dropped an article on how Meanwhile’s life insurance actually lets you benefit from your policy while you’re still alive.*

If at first you don’t succeed, vote on it again. Arizona is looking to pass a previously failed bill that will add seized crypto to a reserve fund.

“I’m sorry, we couldn’t get ahold of Mr. Un, and unfortunately he’s your only reference.” North Korean hackers are hiding malware in crypto job applications.

3 tokens that could easily 10x. LG lays out his top 3 tokens of the week over at Milk Road Degen.

We’re hosting a meetup at Permissionless! If you’re hanging around New York next week, come grab a beer with the Milk Road team.

This DEX solves an actual UX issue! Milk Road Swap supports both Ethereum and Solana tokens in a single interface.

*this is sponsored content.

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ROADIE REVIEW OF THE DAY 🥛

Today, we’re shining the spotlight on a review from Milk Road Macro:

VITALIK PIC OF THE DAY