Communication March 23

Dear NPX community,

We would like to begin by apologising for the long period of silence in the last few months. As you may have noticed, CoinShares was exposed to the FTX collapse. FTX’s bankruptcy was a setback and had a significant impact on our capacity to deploy HAL. trading in Europe. Following Binance’s shut down of its derivative market place in Europe, FTX had a 75% market share. Consequently, in consultation with CoinShares France’s senior management, it was decided to terminate CoinShares consumer activity. However, after lengthy discussions, we have decided to continue supporting the SHPRD platform.

During the NapoleonX ICO, the management team put forth several founding principles for the project:

  • Access to trading signals: currently, the trading signals for Napoleon's strategies are available to all investors who have NPX in their wallet on the Binance Smart Chain and on the Ethereum blockchain.

  • Creation of 10 DAFs: we have created 7 Vaults on the SHPRD platform (4 on BSC, 3 on Arbitrum), which are trend-following strategies that have proven their worth since their launch and are the result of several years of research and optimization. In the coming months, we will add new Vaults to the platform with strategies developed in-house by our research team.

  • Sharing of performance fees: as previously done with the DAFs, we will share the performance fees of the Vaults on the SHPRD platform in proportion to the NPX owned by each community member. This will be done manually by our teams and without a staking feature. To avoid any windfall effects from speculators, we will send the performance fees to investors who have held NPX for at least three months, and this will be done every quarter.

Since SHPRD is a decentralised and community-based project, you are the main promoters, and we rely on you to communicate about the strategies and the platform. We understand that the current low level of assets under management by Vault does not encourage enthusiasm among DeFi investors, especially in the general context of the loss of TVL on decentralised protocols. To spark interest, we propose the following solution: seeding the Vaults of the SHPRD platform with the management fees we earn each quarter through our partnership with eToro on the @Napoleon-X smart portfolio until a certain date to be defined. Until now, 85% of these management fees were shared with NPX holders. Of course, in a community logic, we will launch a vote from the holders via Snapshot so that a collective decision can be taken.

Thank you for your continued support.

The CoinShares team

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