REJECTEDWALL #98
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/98
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Five bullet Friday - Issue # 63
Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
It must have been dispiriting to watch all DeFi tokens drop in value by more than 70% in the last 2 months.
I can see why the sentiment turned so negative due to US Government aggressive enforcement actions against
many exchanges. The fundamentals of all the tokens we hold have improved significantly even though prices
dropped across the board.
1. In the past 2 months prices have dropped. This enabled us to compound our tokens faster than before. If
you see our retained earnings spreadsheet, on 8/28 we received 2821 tokens of SNX as our toll-booth fees.
On that day, price of SNX token was $7.33. Our yield at that time was 37%. When we compare that to
10/30, where the price of SNX has declined to $2.52. Our income is still steady, but since the market price
declined so much that we received 5696 tokens of SNX. Since the price declined, the market value of our
tokens that are locked in the smart contract dropped down to $1.6 million from $3.5 million. This helped us
get a yield of 57.94%, even though it was only for a week. As the price declines more, we end up with more
tokens, similar to Dollar Cost Averaging concept.
2. In equity markets it is considered exceptional, if a company can generate dividends of 10%. If you see the
best dividend paying stocks list from various financial magazines, the best offers only 4.8%. This dividend
payout is dependent on the company's ability to earn steady income in all market conditions and we need to
trust this centralized legal entity. We are able to generate a yield of 58%, without relying on any trusted third
party! We don't have any counterparty risk, which is common with bonds and equities. Trusted third parties
can go bankrupt and not pay out their obligations. If wall street gets a hint of what is happening in DeFi
markets, they should really get scared for their jobs.
3. This week I started a new position in HEGIC tokens. Hegic platform allows people to buy both puts and
calls, on a decentra third party! We don't have any counterparty risk, which is common with bonds and
equities. Trusted third parties can go bankrupt and not pay out their obligations. If wall street gets a hint of
what is happening in DeFi markets, they should really get scared for their jobs.
3. This week I started a new position in HEGIC tokens. Hegic platform allows people to buy both puts and
calls, on a decentralized platform with no KYC. I will not be making any option bets on this platform. In this
platform, RCIF will play the role of market-maker. We help others to trade and we collect 1% fees in return.
Based on my calculations, our toll-booth fees will be higher than Synthetix.
4. We are actively engaged in proof-of-stake mining on Synthetix helping others trade. We collect 0.3% in
toll-booth fees. This week we have generated a staking income ( 485.90 SUSD + 5696.32 SNX * $2.52 )
totaling $14840. The value of the staked SNX (667069) is $1,681,014 at a price of $2.52. This gives us a
yield of 14840 / 1681014, which is 0.8828% per week. If we annualize the yield by (1.008828)^52, it
results in a yield of 57.94% APY. This can be seen directly from this website here: https://snx.tools/address/
Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
It must have been dispiriting to watch all DeFi tokens drop in value by more than 70% in the last 2 months.
I can see why the sentiment turned so negative due to US Government aggressive enforcement actions against
many exchanges. The fundamentals of all the tokens we hold have improved significantly even though prices
dropped across the board.
1. In the past 2 months prices have dropped. This enabled us to compound our tokens faster than before. If
you see our retained earnings spreadsheet, on 8/28 we received 2821 tokens of SNX as our toll-booth fees.
On that day, price of SNX token was $7.33. Our yield at that time was 37%. When we compare that to
10/30, where the price of SNX has declined to $2.52. Our income is still steady, but since the market price
declined so much that we received 5696 tokens of SNX. Since the price declined, the market value of our
tokens that are locked in the smart contract dropped down to $1.6 million from $3.5 million. This helped us
get a yield of 57.94%, even though it was only for a week. As the price declines more, we end up with more
tokens, similar to Dollar Cost Averaging concept.
2. In equity markets it is considered exceptional, if a company can generate dividends of 10%. If you see the
best dividend paying stocks list from various financial magazines, the best offers only 4.8%. This dividend
payout is dependent on the company's ability to earn steady income in all market conditions and we need to
trust this centralized legal entity. We are able to generate a yield of 58%, without relying on any trusted third
party! We don't have any counterparty risk, which is common with bonds and equities. Trusted third parties
can go bankrupt and not pay out their obligations. If wall street gets a hint of what is happening in DeFi
markets, they should really get scared for their jobs.
3. This week I started a new position in HEGIC tokens. Hegic platform allows people to buy both puts and
calls, on a decentra third party! We don't have any counterparty risk, which is common with bonds and
equities. Trusted third parties can go bankrupt and not pay out their obligations. If wall street gets a hint of
what is happening in DeFi markets, they should really get scared for their jobs.
3. This week I started a new position in HEGIC tokens. Hegic platform allows people to buy both puts and
calls, on a decentralized platform with no KYC. I will not be making any option bets on this platform. In this
platform, RCIF will play the role of market-maker. We help others to trade and we collect 1% fees in return.
Based on my calculations, our toll-booth fees will be higher than Synthetix.
4. We are actively engaged in proof-of-stake mining on Synthetix helping others trade. We collect 0.3% in
toll-booth fees. This week we have generated a staking income ( 485.90 SUSD + 5696.32 SNX * $2.52 )
totaling $14840. The value of the staked SNX (667069) is $1,681,014 at a price of $2.52. This gives us a
yield of 14840 / 1681014, which is 0.8828% per week. If we annualize the yield by (1.008828)^52, it
results in a yield of 57.94% APY. This can be seen directly from this website here: https://snx.tools/address/
0xE787DEEc0BE77Db98A1294193E2c1600C8a8687d/staking/rewards-claims on the reward claims tab. We
currently hold 692,978 tokens of SNX.
5. We are generating good income from our dark nodes running for REN protocol on the cloud platform of
Digital Ocean. This week we collected $1698 ( per node $242.61) in new tokens as our toll-booth fees. The
full report can be seen here:https://docs.google.com/spreadsheets/d/
1QU47tR4eK0fD2ySaP88LM9U46vD7p6mt80KSfqu00DI/edit#gid=982608609. REN protocol had close to
zero transaction volume on June 1st. Today it crossed $1.6 billion. So far there are exactly 1197 such dark
nodes collecting transaction fees.
Have a wonderful weekend!
Sam Ikkurty
Managing Partner
Please read our disclaimer here
<div style="color:
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
currently hold 692,978 tokens of SNX.
5. We are generating good income from our dark nodes running for REN protocol on the cloud platform of
Digital Ocean. This week we collected $1698 ( per node $242.61) in new tokens as our toll-booth fees. The
full report can be seen here:https://docs.google.com/spreadsheets/d/
1QU47tR4eK0fD2ySaP88LM9U46vD7p6mt80KSfqu00DI/edit#gid=982608609. REN protocol had close to
zero transaction volume on June 1st. Today it crossed $1.6 billion. So far there are exactly 1197 such dark
nodes collecting transaction fees.
Have a wonderful weekend!
Sam Ikkurty
Managing Partner
Please read our disclaimer here
<div style="color:
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
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VERIFICATION RECORD
Submission trackF
StatusREJECTED
Posted2026-04-14T08:12:29.000Z
SHA-256 hashfb3cd2d325dfef548ef6f2313d94e02b7a7f0b3996c09ceada912504b0b85fcd
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