---
type: source
title: "@TheiaResearch X archive — 100 most recent tweets"
author: "Felipe Montealegre (@TheiaResearch), Theia Research"
url: https://x.com/TheiaResearch
date: 2026-03-09
domain: internet-finance
format: tweet
status: processed
processed_by: rio
processed_date: 2026-03-09
claims_extracted:
  - "time-based token vesting is hedgeable making standard lockups meaningless as alignment mechanisms because investors can short-sell to neutralize lockup exposure while appearing locked"
tags: [internet-finance, theia, ownership-tokens, token-problem, capital-formation, metadao]
linked_set: metadao-x-landscape-2026-03
curator_notes: |
  The most important external voice in the MetaDAO ecosystem. Felipe's entire fund thesis
  is "Internet Financial System" — directly overlapping with our domain territory. ~38
  substantive tweets. His register is thesis-driven fundamentals analysis, zero memes. He
  coined "ownership tokens" vs "futility tokens" and his framing heavily influences how
  the ecosystem talks about itself. Key signal: he's presenting "The Token Problem and
  Proposed Solutions" at Blockworks DAS NYC on March 25 — this will be the highest-profile
  articulation of the ownership coin thesis yet. His investment framework ("everything is
  DCF") maps cleanly to our teleological economics lens.
extraction_hints:
  - "ZIPP (Zero Illiquidity Premium Period) — thesis that token illiquidity premiums are ending, which changes valuation frameworks for all crypto"
  - "Token Problem: time-based vesting is hedgeable, making lockups meaningless — this is a mechanism design claim we don't have"
  - "Internet Financial System thesis — check against our existing 'internet finance generates 50-100 bps additional GDP growth' claim"
  - "AI displacement creates crypto opportunity — parallel to Theseus's AI labor displacement claims, potential cross-domain connection"
  - "MetaDAO + Futardio as capital formation innovation — enriches existing MetaDAO claims"
  - "Enrichment target: 'cryptos primary use case is capital formation not payments' — Felipe's framing directly supports this"
  - "DAS keynote 'The Token Problem' — upcoming source to track for extraction"
  - "Connection to Aschenbrenner pattern: Felipe publishing thesis openly before/while raising capital, same playbook as Situational Awareness"
priority: high
---

# @TheiaResearch X Archive (March 2026)

## Substantive Tweets

### Internet Financial System Thesis
- "Everything is DCF" — core analytical framework, applies traditional valuation to crypto assets
- Internet Financial System (IFS) as the macro frame: crypto is rebuilding finance natively on the internet
- Token markets have a structural problem: most tokens are "futility tokens" with no real economic/governance/legal rights
- "Ownership tokens" solve this by attaching real rights to token holders — MetaDAO's implementation is the leading example

### The Token Problem (DAS NYC Keynote Preview)
- Presenting "The Token Problem and Proposed Solutions" at Blockworks DAS NYC, March 25
- Core argument: time-based vesting is hedgeable — investors can short-sell to neutralize lockups, making standard vesting meaningless
- This means standard token launches provide no real alignment between teams and investors
- Ownership coins with futarchy governance solve this because you can't hedge away governance rights that are actively pricing your decisions

### ZIPP — Zero Illiquidity Premium Period
- Thesis that the era of illiquidity premiums in crypto is ending
- As markets mature, the premium paid for illiquid assets disappears
- Implications for token valuation: tokens should be priced on fundamentals (DCF), not on scarcity/lockup dynamics
- This is a structural shift in how crypto assets are valued

### MetaDAO / Futardio as Capital Formation Innovation
- "$9.9M from 6MV/Variant/Paradigm to MetaDAO at spot" — institutional validation
- Futardio permissionless launches as the scalable version of MetaDAO ICOs
- First Futardio raise massively oversubscribed — proving permissionless demand
- Framing: MetaDAO solved the quality problem (unruggable), Futardio solves the scale problem (permissionless)

### AI + Crypto Convergence
- AI displacement creates opportunity for crypto: as AI replaces knowledge workers, permissionless capital formation becomes more important
- AI agents will need financial infrastructure — crypto is the only permissionless option
- Connection to broader macro thesis: AI deflation + crypto capital formation = new economic paradigm

### Bitcoin / Macro Commentary
- Bitcoin's core improvement over gold: portability and confiscation resistance
- These properties matter most in crisis situations (Iran, Egypt, Argentina)
- Stablecoin adoption as leading indicator of crypto utility

## Noise Filtered Out
- ~62 tweets were RTs (many promoting Theia portfolio companies), casual engagement, event promotion
- High RT-to-original ratio — Felipe amplifies ecosystem voices more than he originates
