Investment ideas
Why We Added MNT to Our Long-Term Investment Portfolio
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At Terramatris, we’ve added a small position in Mantle (MNT) to our Multi-Asset Crypto Options Fund, following Bybit’s launch of MNT options. The move aligns perfectly with our focus on assets that support options trading — a key part of our long-term yield strategy.
We’re generally bullish on assets that we can build structured positions around — primarily BTC, ETH, and SOL — since these allow us to generate steady yield through systematic option selling. Seeing MNT appear on Bybit’s options chain was a bit unexpected, but it instantly put the project on our radar.
Mantle brings together a modular Ethereum Layer-2 design, a growing DeFi ecosystem, and now — importantly for us — derivative market access. That last point makes all the difference for an options-based strategy like ours.
We began by establishing a small position via put options, collecting premiums and using part of the earned premium to accumulate spot MNT for our long-term holdings. This approach lets us scale exposure gradually, with downside protection and steady income generation — consistent with how we’ve built other long-term crypto positions in the fund.
We’re not in the business of making short-term price predictions, but we did run a few internal simulations on potential valuation ranges. Seeing MNT in the $10–$20 price range appears much more realistic than $100. Still, we do enjoy a good moonshot, and if Mantle reaches triple digits someday, we’ll gladly ride that wave.
Alongside our options exposure, we’re also exploring DeFi opportunities for MNT staking within the Mantle ecosystem and beyond. Generating additional passive yield through on-chain protocols complements our options-based income, helping us compound returns while supporting ecosystem growth.
Our MNT position is modest but strategic. The introduction of options trading gives Mantle a new level of market maturity, and for Terramatris, that’s a clear signal to start paying attention. As always, we’ll continue to sell options, collect yield, and build spot exposure over time — one premium at a time.
ASR Reward from JUP Makes Us Happy
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Sometimes the crypto world brings pleasant surprises — and this week, JUP Network did exactly that for us at Terramatris.
Back in January 2024, JUP tokens unexpectedly landed in our portfolio as part of a surprise airdrop. At the time, we didn’t have any specific stance on the project — we weren’t particularly bullish or bearish.
Jupiter (JUP): Why This Solana DeFi Token Caught Our Attention
We decided to allocate a small portion of our fund to JUP, categorizing it in our “moonshot sector” - assets that we’d be thrilled to see appreciate 10x–100x in a meaningful time frame but are also ready to accept could go to zero. JUP fit perfectly into that high-risk, high-upside segment of our portfolio.
Instead of letting the tokens sit idle, we continued dollar-cost averaging into JUP over time. The tokens we accumulated are staked, and we also participate in the Jupiter DAO, engaging with governance and network updates.
These are not core trading activities for our fund — rather, they represent our contemplative, experimental side, exploring promising ecosystems without risking too much capital.
One of JUP’s most interesting mechanics is its ASR (Active Staking Rewards) system, which distributes rewards once per quarter. We’ve just received our latest round — an estimated 2% in additional tokens and while that might not sound huge, it’s a solid and consistent return for an otherwise passive position.
In a market where many assets promise much but deliver little, these ASR rewards are a reminder that steady participation pays off — even if the total exposure is small.
We don’t see JUP as a pillar of the Terramatris portfolio, but rather as a speculative satellite, orbiting around our more strategic investments. Still, when surprises like this ASR reward arrive, they make us smile and keep us curious about what’s next for the Jupiter ecosystem.
Why We Added Wormhole (W) to the TerraM Portfolio?
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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 to Invest in Liberland Dollar (LLD)
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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.
Jupiter (JUP): Why This Solana DeFi Token Caught Our Attention
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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?
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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.
Why We Decided to Invest in Trump Coin
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As part of our ongoing exploration of asymmetric opportunities in the crypto markets, we have decided to make a small, opportunistic bet on Trump Coin ($TRUMP). This position will not replace or alter our core holdings in Bitcoin, Ethereum, and Solana, but will instead be structured as a side challenge using a disciplined, incremental approach.
The 52-Week Challenge
We will allocate to Trump Coin gradually over the course of one year. Starting with $1 in week one, increasing by $1 each subsequent week, and continuing through week 52, this strategy will total $1,378 in contributions if completed.
- Initial funding: Early weeks will be financed from our existing cash balances.
- Later weeks: We may allocate a portion of weekly options premiums into Trump Coin, depending on market conditions.
This structured accumulation reduces timing risk and ensures that our exposure scales modestly.
Why Trump Coin?
Unlike our core crypto holdings, Trump Coin is not optionable, meaning we cannot hedge or generate yield from covered call strategies. By adding it, we are explicitly taking opportunistic risk.
Our reasoning is simple: with President Trump in office until 2028, this token remains a powerful narrative asset tied to politics, culture, and market sentiment. The coin has already demonstrated explosive speculative potential, with a previous all-time high near $70. While there is no guarantee that history will repeat, we view a return to those levels as within the realm of possibility during this administration.
Risk Acknowledgment
We are clear that Trump Coin is not a core holding and carries significant downside risk. This allocation is strictly experimental, sized small, and designed as a side challenge rather than a pillar of our portfolio. We may be wrong in our assumptions, and the token could lose significant value.
This is not a trade recommendation, but a transparent outline of our thinking.
Closing Thought
By pursuing this 52-week Trump Coin challenge, we are adding a small but structured exposure to a unique political-meme asset. The upside is speculative, the risk is high, and the allocation is sized accordingly. Our conviction remains strongest in BTC, ETH, and SOL—but selective opportunism is part of our broader strategy.