Most people will look at the new Island Capital raise and think it’s just another on-chain fund. I think it’s the beginning of a new ownership primitive. 1. This isn’t an investment. It’s a communal vault. You can withdraw your share of the treasury at regular intervals. That’s a subtle but important distinction. Today, thanks to @MetaDAOProject, we have mechanisms where markets can decide whether an entire treasury should be liquidated. But that’s an all-or-nothing decision. If one person wants to leave, today they usually sell their tokens. They don’t take their proportional share of the treasury with them. This is the first time I’m aware of where individuals can exit with their share of the treasury without requiring the project itself to wind down. That would have fundamentally changed the outcome for projects like @fairscalexyz and @ranger_finance. I think this becomes a new primitive that eventually extends beyond communal vaults to project raises themselves. 2. This is the most active form of DAO participation I’ve seen. Most DAOs aren’t dead because governance is impossible. They’re dead because participation is mostly symbolic. A whale or the team proposes. Everyone else reacts. Here, every token holder can become a capital allocator. In this vault, someone with $250 of tokens can direct a $2,500 treasury trade within predefined risk parameters. If they’re right, they earn 25% of the profits. Responsibility isn’t voted on. It’s earned. 3. This is only practical because of Solana’s composability. Under the hood this combines @realms, @JupiterExchange and soon @perps into a single coordination mechanism. This isn’t just about lower fees. It’s about enabling an institutional design that simply wasn’t practical before. 4. Why participate? I don’t expect this vault to outperform every memecoin. That’s not the goal. The goal is much bigger. Imagine if Vanguard had been designed from day one so that every participant could help steer capital, and the people with the best judgment gradually earned more responsibility. That’s the experiment. I don’t know if this is the future. But I think it’s worth finding out together.

Wouldn't be able to do this if teams like @craftsdev and @fairdotclub were not here to expand support for tokenized equities and corporate governance No matter how much we all love innovating with futarchy, the reality is that corporate governance will insist on using the systems they have been using for the last century! Internet Capital Markets need what you are building as well as the innovation we love working on

Governance update on @solana: It is becoming increasingly clear that Solana is a futarchy ecosystem. Ownership coins have ushered in a new era of governance and participation, evidenced by the performance of launches like @JurassicFi, the investor-friendly wind down of @ranger_finance, and the growth of supporting media projects like @ownershipfm and @01Resolved. The @realmsdaos team has seen this firsthand through our own work in Sowellian Governance, an evolution within the broader family of futarchy-based governance systems inspired by @robinhanson. Participation in IslandCapital and the new @ridemarkets conviction platform has been exponentially higher than traditional token-voting systems. Realms is now transitioning into a fully decentralized protocol. This means making the SPL Governance 3.1 program immutable. On July 1st, the freeze will be complete and the UI will be shut down (This will impact DAOs like @metaplex that rely on this UI for voting and proposing) If governance infrastructure can be changed unilaterally, it is not truly neutral infrastructure. Many DAOs, like @jito_sol, already operate their own governance frontends for voting and proposal creation. Others will now be free to build specialized interfaces and governance experiences on top of SPL Governance. The current Realms team is transitioning into a new organization: Realms Lab, a governance agency focused on future innovation across the SPL Governance ecosystem. Our first projects include supporting new launchpads like @craftsdev and @fairdotclub, pioneers in bringing TradFi companies into the web3 governance stack. This newly formed team includes both existing Realms contributors and new additions that will be announced later this year. As for the rest of us, we are fully locked in on Ride. Operational futarchy is the most exciting thing we have collectively worked on. It finally solves how groups can coordinate capital in a truly decentralized way. The design space is massive and we intend to spend all of our energy bringing futarchy to more Solana users.