DoubleZero: Mainnet Launch & SEC No-Action

We remain constructive on DoubleZero, with heightened confidence following the SEC no-action relief and accelerated stake adoption into mainnet. The 21.5% stake penetration at mainnet-beta launch significantly exceeds our April projections and validates the protocol's value proposition to validators.

Key catalysts ahead include validator revenue uplift data post-mainnet, early burn rate metrics establishing 2Z tokenomics, FPGA rollout for full edge filtration capabilities, Shelby network launch, and expansion to additional high performance blockchains beyond Solana in 2026. The combination of regulatory clarity, technical differentiation, and organic adoption momentum positions DoubleZero as critical infrastructure for high performance distributed systems.

The SEC precedent is particularly significant for the broader DePIN category, confirming a viable regulatory path for projects compensating network participants for work performed rather than passive investment. This clarity should accelerate institutional and regulated entity participation across DePIN infrastructure projects.

Execution risk in scaling fiber infrastructure, hardware deployment challenges, and supply-side onboarding of professional operators remain key risks to monitor. However, the successful validator presale (260 validators, 18% of stake, at $750M FDV) and rapid organic adoption suggest strong ecosystem alignment. While meaningful growth is priced in, we like the 2Z token at its launch valuation. The supply schedule features immediate liquidity for the Foundation's 29% allocation, near-term unlocks for non-US validators in October 2025, an April 2026 unlock for US validators, and a four-year gradual vesting period for the majority of team, institutional, and contributor tokens starting from the October 2nd launch.