Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
NAKA Every loan in history comes with an interest rate, a maturity date, and a person with the right to take your collateral.
"When you mention 'credit' or 'debt,' these words themselves carry heavy meanings, and people naturally associate certain things with them." Colin Sinclair, chief commercial officer of Mayflower, told The Street Roundtable,"You have to pay off someone's money before a certain point in time. You need to pay interest before paying it off. And if the value of your collateral falls, the other party will liquidate your assets to avoid losses."
There is no malice in this, but an essential requirement for borrowing between humans. His solution: Remove the human factor. He called it "the core innovation of our entire system"-the "Assured Value Machine"(AVM).
"It only charges a one-time borrowing fee. There are buying, selling and borrowing costs, but no continuing interest." he said.
It's like a vending machine with a reserve price
"You can think of it as a vending machine." "I put the money in and then I took out my tokens," Sinclair said. Each dollar purchased remains inside the machine, forming a binding curve that itself is the entire market for the token.
"Now, machines have a global view of supply. Using math, calculus and code, it can set a reserve price. Even if all the new tokens decide to sell at the same time, the last one sold can still be sold at the reserve price." he said.
Because the machine knows the minimum redemption value of each token, it can borrow based on that minimum value without worrying about a gap. "So there is no need for a clearing engine. It does not even have a clearing function at all. There is no need for trust. You can leave and spend money on a beach in Mexico, and your tokens will be locked up until you pay off your debt. But if you don't pay your debts, everything else works as usual." "It's like a perpetual loan," Sinclair said."Other people holding the token will neither care nor rely on anyone to properly manage the debt."
It is necessary to state exactly what the borrower gave up. Loan limits are limited to floor prices, which are lower than the market price, and tokens are locked up until repayment is made. In fact,"non-obligated credit" is more like a partial redemption with a repurchase option. Obligations do not disappear, but are paid in advance in the form of collateral.
"Go and tell the person who bought Satoshi Nakamoto"
To explain what problems AVM has solved, Sinclair pointed to one of the largest transactions in the cryptocurrency space in 2025: the digital asset treasury. More specifically, he mentioned the Bitcoin treasury,$NAKA, formed through the merger of KindlyMD. Satoshi Nakamoto's share price has fallen about 95% from its May 2025 high, and its market value is about 25% to 30% of the value of its Bitcoin holdings. Many people will use this extremely low net asset value multiple (mNAV) to argue that NAKA is undervalued and is a good investment. But Sinclair sees no reason to think so.
"There is no correlation between net asset value and actual stock value." "Tell that to the person who bought Satoshi Nakamoto when he was below 40% of his net worth," Sinclair said. He believes that if discounts are impossible, then AVM is what the Treasury Corporation should be.
"You can think of it as an on-chain reserve, a treasury of digital assets that cannot be traded below the net asset value. It can be traded above net worth and there is a volatile area above the reserve price. But the reserve price is a hard stopping point. Mathematics and code don't care what anyone thinks or says." He said,"If you think you can sell an AVM asset at a price lower than the reserve price, it's like saying: 'Look, I'll take a calculator and calculate 4 and 4. The result is not equal to 8.'-- Good luck."
