Georgian Tax Residency: A Strategic Option for HNWIs and Crypto Individuals
| Research | 73 seen
At Terramatris, we examine how funds and financial structures work across different jurisdictions. We don’t provide legal or tax advice, but we do explore how certain models stand out in the global landscape. One of the most compelling examples today is Georgia’s tax residency framework, which offers particular advantages to high-net-worth individuals (HNWIs) and crypto investors.
What Is Georgian Tax Residency?
The most common path is the 183-day rule:
- If you spend at least 183 days in Georgia during a rolling 12-month period, you qualify as a tax resident.
There is also a High Net Worth Individual (HNWI) track, where residency can be granted even without the 183 days, provided you can demonstrate certain global income or asset thresholds. This makes Georgia appealing to internationally mobile individuals who do not want to tie themselves down geographically.
The Georgian Revenue Service issues a tax residency certificate, which is critical for establishing Georgia as your tax home in the eyes of other jurisdictions.
Why It Matters for Individuals
Territorial Taxation
Georgia taxes only Georgian-sourced income. For HNWIs and crypto holders whose wealth is generated abroad (for example, from trading on international exchanges), this can dramatically reduce tax burdens.
Crypto-Friendly Environment
Georgia has signaled openness toward digital assets. While regulations are evolving, the environment remains relatively light compared to more restrictive countries.
Flat and Simple Personal Taxes
Georgian-sourced income is taxed at a flat 20%, while certain statuses (such as small business regime) can lower effective taxation significantly. For individuals with mixed income streams, the simplicity is attractive.
Wealth Protection & Lifestyle
Residency in Georgia offers more than taxes: low cost of living, access to banking, and a strategic location between Europe and Asia. For individuals seeking to diversify lifestyle and financial risk, this creates added resilience.
Potential Downsides to Consider
No jurisdiction is perfect. Before considering Georgian tax residency, individuals should be aware of the following limitations:
Changing Regulations
Georgia is still shaping its crypto policy and broader financial regulations. What looks advantageous today may be revised in the future as global standards tighten.
Perception of Tax Residency
Other countries may not automatically recognize Georgia as your main tax base if you maintain strong ties elsewhere (property, family, business). This can lead to dual-taxation disputes, especially with more aggressive tax authorities.
Banking & Financial Services
Although Georgia’s banking system is accessible, it is not as internationally integrated as Switzerland, Luxembourg, or Singapore. Large crypto-to-fiat transactions may attract scrutiny.
HNWI Track Limitations
Proving wealth or income for the HNWI residency track requires documentation and sometimes discretionary approval. It may not be as straightforward as the 183-day rule.
Reputation Risks
Some investors may view Georgia as an “emerging” jurisdiction rather than a fully established financial hub. This perception can matter when dealing with conservative institutions or international partners.
Relevance for Crypto Individuals
Unlike funds or firms — which we’ve discussed separately in our article on crypto fund structures and Georgia’s role — individual investors face different challenges. Residency and taxation directly impact how profits from trading, long-term holding, and portfolio rebalancing are treated.
For a crypto individual:
- Establishing Georgia as your primary tax residence can help avoid dual-taxation conflicts.
- Gains from foreign crypto trades may fall outside Georgian taxation under the territorial system.
- The HNWI track provides flexibility for those who prefer not to spend long periods in one country.
Important Caveat
As always, Terramatris emphasizes: we are not providing legal or tax advice. Each person must consult qualified advisors before acting. Our goal is to analyze global financial structures, and Georgia stands out as a particularly innovative jurisdiction for individuals navigating the complexities of crypto wealth.
For HNWIs and crypto individuals, Georgia offers a unique mix: territorial taxation, flexibility in residency options, and a crypto-friendly outlook. But with potential downsides — from regulatory changes to perception risks — careful planning is essential.
At Terramatris, we see the Georgian tax model as one of the most interesting cases globally, and one that deserves close attention from anyone serious about cross-border wealth and crypto management.
And for anyone going through the process, a great helper for tax document translations and notarization services is caucasustranslations.com.
Why Registering a Small Crypto Trading Firm in Georgia Makes Sense
| Research | 28 seen
The global crypto market is becoming more institutionalized, and even small proprietary trading firms need to think about jurisdiction, compliance, and taxation. While the U.S. (Wyoming, Delaware) and offshore hubs (BVI, Seychelles) remain popular, Georgia, the country in the Caucasus,has quietly emerged as an attractive option for crypto-friendly businesses.
Below, we’ll explore why Georgia might make sense for a small crypto trading firm, what the registration process looks like, and the pros and considerations you should keep in mind.
Why Georgia?
Crypto-friendly environment: Georgia does not have hostile legislation toward crypto. Trading, investing, and holding digital assets is not restricted for companies or individuals.
Low taxes: Georgia applies an Estonian-style corporate tax model — you only pay corporate tax (15%) when distributing profits as dividends. Reinvested earnings are tax-free. For small businesses, a turnover tax regime exists with just 1% tax on revenue if annual turnover is under GEL 500,000 (~USD 180,000).
Banking access: Unlike some offshore jurisdictions, Georgian banks (TBC, Bank of Georgia) are relatively open to fintech and international clients.
Ease of incorporation: An LLC can be registered in a few days. Remote registration is possible through a power of attorney.
Steps to Register a Trading Firm in Georgia
Incorporation
- File Articles of Association and register with the National Agency of Public Registry.
- Typical turnaround: 1–2 business days.
Tax ID & VAT Status
- Obtain a tax identification number.
- For small trading firms, VAT may not be required, but it depends on your turnover and activities.
Bank Account
- Open a corporate account at a Georgian bank (TBC, Bank of Georgia).
- Alternatively, apply to fintech solutions like Wise or Payoneer for global transfers.
Exchange Accounts (Corporate KYB)
- Exchanges like Bybit and Deribit allow corporate accounts.
- Provide incorporation docs, tax ID, and proof of ownership.
Compliance & Reporting
- Maintain accounting records.
- File annual reports; tax only applies when distributing profits.
Tax Advantages
Reinvestment Freedom: Retained earnings are tax-free until distributed. Perfect for proprietary firms reinvesting in crypto.
Small Business Regime: Under GEL 500,000 turnover, pay 1% turnover tax instead of standard rates.
Dividend Withholding Tax: When distributing profits, an additional 5% applies, making the effective tax burden about 20% — still competitive globally.
Considerations and Challenges
Enhanced banking oversight: Financial institutions in Georgia, like in many jurisdictions, apply rigorous due diligence for companies engaged in digital assets. Firms should be prepared to provide clear documentation and transparency in operations.
Evolving regulatory framework: While crypto activity is currently accommodated within existing structures, digital asset regulation worldwide continues to develop. Firms should anticipate potential adjustments and align with international compliance standards.
Operational requirements: Maintaining proper accounting, local reporting, and engaging qualified advisors is essential for full compliance and efficient tax planning.
For a small proprietary crypto trading firm, Georgia offers a combination of low taxation, ease of registration, and access to international banking that few jurisdictions can match. It is particularly compelling for firms reinvesting profits into spot crypto rather than distributing dividends frequently.
Important Note: We are not offering legal, tax, or incorporation services in Georgia. This article is for informational purposes only. However, if you are considering setting up a small trading firm and would like to have a meaningful conversation about structuring, strategy, and practical experiences, we would be open to a discussion.
Discovering Derive: Our First Steps into True DEX Options Trading
| Research | 27 seen
At Terramatris, we’ve always been fascinated by the evolution of crypto markets and the growing range of opportunities they create for traders and investors. For years, our main focus has been on more traditional centralized exchanges (CEX) such as Bybit and Deribit. These platforms have provided liquidity, stability, and advanced trading features—making them indispensable for our operations.
But one thing has always been missing: a true decentralized exchange (DEX) for options trading.
Recently, while researching potential institutional partners for our US operations (Kraken), we stumbled upon Derive, a DEX options trading platform. If liquidity and market makers keep growing, Derive has the potential to become a central piece in the future of decentralized derivatives trading.
Why Derive Matters
Decentralized trading isn’t just about ideology—it’s about resilience, accessibility, and innovation. While we still rely heavily on CEXs for their speed and liquidity, a truly functioning DEX fills a crucial gap. Derive does just that.
At the moment, Derive supports BTC and ETH options trading. Naturally, we would love to see Solana integrated in the future, especially since we’re actively running our Solana Covered Call Growth Fund. But even without Solana, having BTC and ETH live on a fully decentralized platform is an exciting step forward.
The fee structure is another point of interest. On first glance, trading fees seem higher compared to centralized competitors like Bybit or Deribit. However, Derive’s native token (DRV) plays an important role. Traders receive partial refunds in DRV, effectively cutting fees in half. For us, this means not only do we get exposure to a new instrument (DEX options), but we also add a new token to our portfolio. We see this as a learning opportunity, and we’re happy to take a small position as we continue exploring the ecosystem.
Who’s Behind Derive?
As we dug deeper, we learned that Derive is backed by the Lyra Foundation, a team known for pioneering decentralized derivatives. While our knowledge so far only scratches the surface, we feel increasingly confident about their vision and execution. It’s rare to find a DEX team that has both the technical expertise and the financial infrastructure to compete with established CEXs.
Our philosophy at Terramatris has always been simple: we like to put our money where our mouth is. That’s why, even at this early stage, we’re committing a small portion of our portfolio to Derive.
How It Works in Practice
Getting started on Derive was straightforward but requires some familiarity with DeFi tools. Here’s how we approached it:
- Wallet Setup – Derive connects through MetaMask, making onboarding seamless for anyone already using DeFi applications.
- Network Choice – We opted for the Arbitrum network, which offered us lower fees and reliable transaction speeds.
- Funding the Account – We deposited USDC and ETH into our wallet on Arbitrum, ensuring we had both stable collateral and trading capital.
- First Trade – To test the waters, we opened a 0.1 ETH put contract. This small initial trade is our way of learning the platform mechanics while limiting risk exposure.
So far, the process has been smooth, and the interface feels intuitive compared to other DEX platforms we’ve tested in the past.
Our First Impressions
- Accessibility: The MetaMask integration is seamless, making it easy for anyone with a Web3 wallet to get started.
- Transparency: No KYC requirements keep the platform true to the spirit of DeFi. But that might be challenging in the future.
- Innovation: The DRV token and fee refund system provide an interesting incentive model, even if it’s something we’re still learning about.
- Potential: If Derive manages to attract enough liquidity, it could become a serious competitor to the established CEXs.
For us, Derive represents more than just another trading platform—it’s a proof of concept that decentralized options trading can work. While we still rely on centralized exchanges for the majority of our trading activity, having a DEX option is something we’ve been waiting for.
We are genuinely excited about this development. Even though our current position is small, it feels like the beginning of something important. In the future, we would love to see Solana integrated, which would align perfectly with our existing strategies.
For now, Derive has already earned a spot in our portfolio and in our watchlist. It’s rare that we come across something that feels both innovative and practical—but Derive checks both boxes.
As always, we’ll continue to share our journey and learnings with our community. If you’re curious about decentralized options trading, we encourage you to give Derive a try—all you need is MetaMask and some ETH.
Why We Added Wormhole (W) to the TerraM Portfolio?
| Investment ideas | 45 seen
At Terramatris, our core strategy is straightforward: we focus on established assets like Bitcoin, Ethereum, and Solana, and we use them to generate a steady flow of options premium. That premium is what drives our consistency. It’s boring, it works, and it’s repeatable.
But there’s another side to our strategy. We also keep a sleeve of moonshot bets — small, speculative positions that could one day turn into something much larger. The logic is simple: in crypto, a single asymmetric bet can change the shape of the portfolio. We’re not reckless, but we are opportunistic.
How Wormhole Landed on Our Radar
We like to make the discovery process fun. Instead of pretending we can out-research every token ourselves, we let AI help us dig. (Thank you, ChatGPT.)
The process brought us to Wormhole (W), an interoperability protocol connecting more than 20 blockchains. Does it become the TCP/IP of crypto? Or does it get outcompeted? Honestly — we don’t know. That’s exactly why it fits in the moonshot sleeve.
Our belief in Wormhole is neutral. We don’t say “yes” or “no.” We just recognize the possibility that today’s small bet could become tomorrow’s big win — or fade into nothing. That’s the asymmetric tradeoff we’re looking for.
From Pengu to Wormhole
Earlier this year, we allocated to another speculative token — Pengu. After raising 5,000 Pengu in our portfolio, we decided it was time to rotate into a fresh opportunity. The replacement? Wormhole.
At current prices, we’re targeting an allocation of 2,000–3,000 W tokens in 2025 before reassessing. The sizing is intentionally small: enough to matter if it works, but never large enough to endanger the core fund.
Funding Arbitrage
We didn’t just buy spot W. To make things more interesting, we started with a funding fee trade:
- Buy spot W
- Sell perpetual W contracts
This simple arbitrage setup allows us to collect funding fees in the form of W itself. Today, those fees are tiny. But over time? Who knows. Maybe they turn into a meaningful kicker, maybe not. Either way, it’s a low-risk way to enhance the position while staying neutral on short-term price moves.
The Opportunistic Outlook
Our core remains BTC, ETH, and Solana — the proven majors that power the fund. They’re the workhorses generating the premium we rely on.
But we’ll continue to take small, opportunistic bets. Some will fail. Some may deliver 10x, 50x, or more. That’s the nature of moonshots.
Wormhole is simply the latest entry into this sleeve. It could be glue for a multi-chain crypto future, or just another protocol that fades. Either way, we’re in with eyes wide open, position size under control, and curiosity intact.
In short: Wormhole is not our conviction core holding. It’s a deliberate experiment — a small seed planted in 2025, left to see if it grows.
Why We Decided Not Yet to Tokenize Our Solana Covered Call Fund
| Research | 35 seen
When we launched the Solana Covered Call Growth fund, one of the exciting questions on the table was tokenization. The idea of creating a fully on-chain, tokenized representation of fund shares is appealing: transparency, liquidity, and a modern Web3-native structure. However, after careful consideration, we decided not to tokenize—at least not yet.
We are still in the early stages of building and refining this strategy. At this stage, our focus is on performance, repeatability, and reporting, rather than infrastructure. Tokenization can add a layer of complexity—both technical and regulatory—that distracts from the main goal: executing our options strategy consistently and profitably.
We did explore how tokenization could work in practice. For example, we spent several hours testing with Squads, one of the best DAO and treasury tools on Solana. The experience confirmed that while the tech is powerful, it also requires commitment to developer resources, maintenance, and onboarding—all of which might be premature for us.
Instead of rushing into tokenization, we decided to stick with a more traditional approach for now:
- Personal, direct NAV reporting to our investors.
- Simple and clear communication about fund performance.
- Avoiding overhead and not burning resources on developer teams.
This also aligns with our lean early-stage philosophy: we want to deploy capital efficiently, not on infrastructure we may not yet need.
What excites us is that we can already operate efficiently and transparently without heavy dev costs. Tools like ChatGPT help us with reporting, automation, and investor communication. This allows us to move fast, keep costs low, and focus on strategy execution.
Our decision is not a rejection of tokenization. We see clear benefits in the long run, and tokenization will likely play a role in the future of this fund. But timing matters. For now, we’re confident that a personal, streamlined, and cost-effective approach best serves our investors.
In short: we chose to walk before we run. Tokenization remains on the horizon, but today our energy is better spent on building trust, delivering returns, and refining our core process.
Delta-Neutral Arbitrage in Crypto: Inside Terramatris Solana Strategy
| Research | 32 seen
At Terramatris, we are still an early-stage crypto hedge fund. Our core strategy leans toward directional exposure—going long on assets we believe in and applying quantitative options strategies to generate income. Specifically, we sell puts and calls on assets like Ethereum and Solana, capturing option premiums while managing risk.
This allows us to grow the fund more aggressively, as we participate directly in upside movements while securing steady cash flow from option sales.
However, as outside capital gradually flows into the fund, we are also introducing arbitrage strategies alongside our directional and options trades. These arbitrage trades are not designed to rapidly grow a small fund, but they add balance, protection, and consistency to our overall portfolio.
Why Arbitrage Matters
Arbitrage trades offer a delta-neutral position, meaning the overall market direction doesn’t affect the outcome. Instead, returns are locked in by capturing spreads between different markets or instruments. While these trades may seem modest in terms of short-term profit, they provide peace of mind and stability for investors who value risk-adjusted returns over volatility.
From a more classical investment perspective, arbitrage can be very lucrative. Some of our strategies—like those in Solana markets—can reach annualized yields of around 9%, which is a strong, consistent return profile compared to many traditional asset classes.
Our Preferred Arbitrage Trade: Solana Spot vs. Futures
One specific trade we enjoy is:
- Long spot SOL (holding Solana directly)
- Shorting Solana futures with a set expiry
This structure allows us to lock in the spread between spot and futures prices, effectively hedging away price movements while securing a predictable yield.
Such trades don’t move the needle much when working with small amounts of capital, but with larger inflows they become a reliable way to enhance the fund’s stability and protect against sharp market swings.
Where We Use These Trades
Currently, arbitrage plays an important role in our Solana Covered Call Growth Fund, where they complement both our long positions and our quantitative options strategies. Looking ahead, we may consider launching a dedicated arbitrage fund. However, that approach would be more capital-intensive—since arbitrage yields scale best with size—and at this stage, our focus is still on growing assets under management.
Conclusion
At Terramatris, we believe in combining growth-oriented directional trades, quantitative options strategies, and risk-managed arbitrage trades. This blended approach allows us to capture market upside while offering investors stability and reliable returns. As our fund grows, we expect arbitrage to play an even more prominent role, potentially shaping entire fund structures dedicated to such strategies.
Why We Decided to Invest in Liberland Dollar (LLD)
| Investment ideas | 59 seen
At Terramatris, we are always exploring opportunities that align with our values of innovation, independence, and forward-thinking. Sometimes, these discoveries come through structured research, and sometimes they appear unexpectedly. Our recent investment into Liberland Dollar (LLD) belongs to the second category — a pleasant surprise during our ongoing research into projects that combine crypto innovation with strong community values.
Over the past year, we’ve attended few crypto-related meetups and brunches in Tbilisi, Georgia, a city that has become a lively hub for blockchain conversations. At nearly every event, we’ve run into Samuela, an enthusiastic Czech representative of Liberland, who passionately shares updates about the micronation and its ambitions.
At one of our recent gatherings, Sam shared some updates about Liberland. While going through them, we discovered that Liberland has its own native token — the Liberland Dollar (LLD). That revelation was the spark that pushed us to take a closer look.
What is Liberland?
Liberland, officially known as the Free Republic of Liberland, is a self-proclaimed micronation founded in 2015 by Czech politician Vít Jedlička. It is located in a small piece of no man’s land between Croatia and Serbia, on the west bank of the Danube River.
This territory, historically unclaimed due to border disputes, became a unique opportunity for Liberland to establish itself as a symbol of freedom, minimal governance, and voluntary cooperation. While not officially recognized as a sovereign state by the UN, Liberland has built an active community of supporters worldwide, with ambassadors, representatives, and even its own crypto-driven economy.
The Liberland Dollar (LLD) is part of that vision. It reflects not only an attempt to build an alternative economic system but also a way for supporters to engage with Liberland’s ideals directly through decentralized finance.
At Terramatris, we don’t shy away from unconventional projects. We believe that innovation often comes from unexpected corners. What sold us on LLD was a combination of factors:
- Shared values: Liberland promotes freedom, independence, and voluntary participation — ideas that resonate with the principles of decentralized finance.
- Unexpected discovery: Learning about LLD firsthand from Sam was a reminder that the crypto world is full of hidden gems waiting to be explored.
- DEX availability: Finding out that LLD is already available on Raydium AMM, a Solana-based decentralized exchange, made us even more excited. A true DEX-first token aligns perfectly with our preference for decentralized investments.
This is not a capital-intensive investment for us. Instead, we see it as a supportive, fun, and value-sharing step. At this stage, our goal is to accumulate no less than 100 LLD tokens — a symbolic position that signals our support for Liberland’s vision while keeping exposure modest.
We believe in staying open to diverse projects, and while LLD may not become a cornerstone of our portfolio, it represents an important part of our ongoing research into alternative economies and governance models.
Liberland Dollar is more than just a token; it is a fascinating experiment in combining political ideals, territorial claims, and blockchain technology.
Sometimes the best investments are not measured only by financial return but also by the value of being part of a shared vision. With LLD, we’ve found exactly that.
Why We Launched Solana Covered Call Growth Fund
| Funds | 74 seen
On September 4, 2025, Terramatris LLC officially launched its Solana Covered Call Growth Fund, a specialized investment vehicle designed to combine the growth potential of Solana (SOL) with disciplined income generation through covered call strategies. The fund began with an initial seed investment of $100 from TerraM and a net asset value (NAV) of 1.00, setting the foundation for future expansion.
Economics Behind the Fund
The economic rationale of the fund is straightforward yet ambitious. By holding SOL tokens as the core asset, the fund is directly exposed to the appreciation potential of one of the fastest-growing blockchain ecosystems. At the same time, by systematically selling call options against these holdings, the fund generates additional yield, enhancing returns during periods of sideways or moderately bullish markets.
This dual-approach strategy allows us to:
- Capitalize on token growth while maintaining long exposure to SOL.
- Collect option premiums to generate cash flow and reduce volatility.
- Balance risk and reward in a way that reflects both traditional fund management and modern crypto-native strategies.
We classify the Solana Covered Call Growth Fund as a high-risk, high-reward investment, reflecting the volatility of digital assets combined with leveraged derivatives activity.
Fund Structure and NAV Framework
Unlike previous experimental funds at Terramatris, this initiative is structured as our first traditional private fund, operating on a private open model. NAV is calculated using widely accepted traditional investment fund methodologies, allowing investors to track performance transparently and consistently.
- NAV Launch Point: 1.00
- Structure: Private, open-ended fund
- Core Asset: Solana (SOL)
- Strategy: Long SOL exposure + covered call writing
- Investor Access: By invitation, with a minimum ticket size of $5,000
The fund is not designed for mass participation. Instead, we are positioning it as an exclusive growth product for a select circle of investors who understand both the opportunity and risks inherent in crypto markets.
Commitment and Capital Growth
While we are actively working to raise additional investment capital, Terramatris itself maintains skin in the game. Beginning September 2025 and continuing until at least September 2026, Terramatris LLC will commit to bi-weekly contributions of $100 into the fund, demonstrating confidence and alignment with investors.
For its own capital, Terramatris is employing a leveraged x2 approach, amplifying the exposure to both SOL growth and the fund’s covered call yield strategy. This ensures that the management team shares both the risks and rewards alongside external investors.
Fee Structure
The Solana Covered Call Growth Fund follows a fee model that balances sustainability with investor alignment:
- 2% annual management fee
- 20% quarterly performance fee, calculated with a high-water mark provision to ensure fees are only earned when true new performance is achieved
This structure incentivizes consistent performance while maintaining transparency and fairness for investors.
Strategic Importance for Terramatris LLC
The launch of this fund marks a critical step forward in the evolution of Terramatris LLC. It demonstrates our ability to move beyond experimental trading strategies and establish a professionally structured, traditional-style investment vehicle that can appeal to both crypto-savvy and traditional investors.
This model fund paves the way for:
- Greater institutional credibility through NAV-based valuation.
- A scalable structure for future funds with diversified strategies.
- A disciplined investor base aligned with long-term growth goals.
Our objective is to grow the fund’s value from $100 to $100,000 in a reasonable timeframe, leveraging disciplined trading, prudent risk management, and focused marketing to qualified investors.
The Solana Covered Call Growth Fund represents more than just another crypto product. It embodies our philosophy of combining innovative blockchain opportunities with sound financial structures. By blending SOL’s growth trajectory with the income potential of covered calls, we aim to deliver outsized returns to investors willing to embrace calculated risk.
This launch is not only an investment opportunity p it is a milestone in the professionalization of Terramatris LLC and a strong signal of our long-term commitment to building structured, scalable crypto investment vehicles.
Jupiter (JUP): Why This Solana DeFi Token Caught Our Attention
| Investment ideas | 44 seen
At Terramatris, we believe in allocating small portions of our portfolio to projects with meaningful upside—a strategy that led us to JUP, the governance token of Jupiter, Solana’s leading DEX aggregator.
A Surprise Airdrop: A Door to Exploration
In February 2024, we unexpectedly received JUP tokens via an airdrop in our Phantom wallet. This surprise grant sparked our curiosity. Since then, we’ve been steadily exploring Jupiter’s ecosystem—staking, voting, and observing its evolving DeFi utility—without letting excitement cloud our judgment.
What Is Jupiter—and Why It Matters
Jupiter is a decentralized exchange (DEX) aggregator on Solana, routing token swaps across over 20 liquidity sources like Raydium and Orca to find the best execution with low slippage It has grown into a core component of the Solana DeFi infrastructure, handling a significant portion of swap volume on the chain
The native token JUP serves as Jupiter's governance and utility token, enabling holders to participate in protocol decisions and earn rewards through staking and an active staking rewards (ASR) system that rewards those who vote
Real Utility—Even for TerraM Token
One feature that stands out for us is that Jupiter supports Solana-based tokens, allowing seamless swaps—which includes our own native TerraM token via the Jupiter aggregator. This enables users to trade TerraM easily within the Solana ecosystem.
Moreover, Jupiter is now entering DeFi lending with Jupiter Lend, offering borrowing and lending, including using JUP as collateral . From our perspective, the ability to borrow against TerraM on Jupiter’s platform would be a highly compelling use case.
Our JUP Position & Approach
We’ve adopted a cautious, measured approach. Our current holdings stand at just over 600 JUP tokens, acquired through staking, participating in votes, and organic accumulation. We’re aiming to grow this to around 1,000 JUP by the end of the year or in Q1 2026.
Throughout, we remain pragmatic—interested in the project’s evolving features, not overexcited. We continue to stake, vote, and engage—collecting small rewards while staying alert to how Jupiter expands into full-stack DeFi.
Our Outlook on TON: Humble Investment Today, Moonshot Tomorrow?
| Investment ideas | 27 seen
At Terramatris, we regularly allocate a small portion of our fund to assets that we believe could have asymmetric upside potential — what we call moonshots. One of those tokens today is TON (The Open Network).
Our investment in TON is currently modest: at the time of writing, we hold just under 100 TON tokens, with a possible outlook to increase this allocation to 200–300 tokens in 2026. While this is a humble position compared to our core holdings, it reflects our conviction that TON has the potential to become a significant player in the crypto ecosystem.
There are a few key reasons why we believe in TON:
1. The Pavel Durov Factor
Although Pavel Durov (the founder of Telegram and earlier, VKontakte) is not directly running TON — the project is now developed and maintained by the TON Foundation — his track record matters.
- VKontakte was inspired by global social networks, but Durov turned it into a unique platform that became Russia’s largest social media company.
- Telegram entered a competitive space of messaging apps, yet evolved into one of the most advanced, secure, and widely adopted platforms worldwide.
Durov has repeatedly shown the ability to take an idea, refine it, and push it forward into something more powerful. With TON closely tied to Telegram’s ecosystem, we believe the potential for scale is substantial.
2. TON as the Ethereum of the Telegram World
We view TON as a kind of Ethereum for Telegram. It is designed to handle millions of transactions per second, integrate seamlessly with messaging, and power a decentralized ecosystem of payments, storage, and applications.
With Telegram’s 900+ million global users, even partial adoption of TON-powered features could create strong network effects.
3. Long-Term Asymmetric Potential
Our investment philosophy here is simple: allocate small amounts to projects that could either fail or grow exponentially. We are not betting the fund on TON, but by holding a small, carefully measured position, we are exposed to its potential upside without overcommitting.
Outlook
As mentioned, our current allocation is around 100 TON tokens, with the possibility of increasing to 200–300 tokens by 2026, depending on market developments and project adoption.
We are in no rush. TON is still in its early growth phase, and we are prepared to hold for several years if needed.
This article reflects Terramatris’ internal investment decisions and is published for transparency and informational purposes only. It should not be construed as financial or investment advice. Cryptocurrencies are highly volatile, and past success of related ventures does not guarantee future performance. Each reader should do their own due diligence and consult with a licensed financial advisor before making investment decisions.