Q2 2026 Report
The pivot is executing. The restructure is complete. The venture studio model is producing. Six months from now, the thesis is either proven or not — and the work this quarter says it is working.
We began pivoting resources toward products that are 100% ours, crypto-native, and GenAI-native. We are executing that pivot successfully.
In progress Restructure is largely complete. YTD 36 roles eliminated at Dapper and 12 at Flow Foundation (37% reduction in combined team size). Including all YTD departures (voluntary + involuntary): 49 Dapper + 21 FF = 46% reduction. Principal reduction executed April 9th — two months ahead of plan — creating ~$8M annualized compensation savings. Post-restructure: Dapper team ~70, Flow Foundation ~15.
On track No board-quarter-relevant deliverables disrupted. AI-augmented workflows absorbed the workload departed roles previously held. Per-employee productivity has increased. NBA delivered a strong playoffs window with $2.57M April GMV (~$1.2M revenue). Disney executed Star Wars on plan. NFL wind-down landed without major disruption.
Collectibles rebuild ("Atlas") almost complete: AI-native, MCP-first ops and development — 50%+ reduction in cost, with the ability to add new IPs within days and minimal additional engineering work.
Eight sections. One argument: the thesis is working.
- CEO Note & Venture Studio Model. The pivot is executing. Three-tier framework: EBUs, BBPs, SERs.
- Collectibles Overview. New economic design proven. Atlas consolidation on track. $17M base, growth vectors mapped.
- NBA Top Shot. $6.7M Q2 GMV (+10%). April best GMV month of season. WNBA expansion, parallel architecture proven.
- Disney Pinnacle. Down quarter, clear diagnosis. D23 (Aug 14-16) as recovery driver. Rakuten Japan as new acquisition surface.
- NFL All Day. License sunset complete. Alternative monetization paths: Team Moments, ticket stubs, Disney collabs.
- Consumer AI. Two people. Four experiments. CK:ATZ running on autonomous agent at 95% reduced ops cost.
- Peak Money. <2mo from launch. $1M+ deposited. $1M ARR target 2026, $5M 2027. September gate.
- Flow Network & DeFi. 99.93% SLA. Stablecoin ATH ~$74M. Three R&D protocols: FCM, PeriPerps, Riptide.
The next three to six months are make-or-break for the venture studio thesis.
The model is a repeatable 0-to-1 machine. A bet only gets more resources after it has a recruited external cohort. Peak Money is less than two months from launch, aiming to be in-market with a credit card by EOY 2026 — unlocking a path to $M++ ARR. Consumer AI is in active testing with two products, including ChapBook: applying AI to the diary and daily quote experience.
Some bets can be funded independently via token sales — positioning Dapper Labs as a crypto- and AI-native venture studio creating and spinning out decentralized protocols and apps. Several novel DeFi and AI protocols in development with Dieter Shirley: $CREDIT / FCM, Riptide AI network, "Peri" Perps. The products are designed to function independently of FLOW price. Their success should help Flow. But the product mechanics do not require a FLOW price recovery to work.
Three tiers. Disciplined capital allocation with agile product development.
- Established Business Units (EBUs). Product lines with significant operational scale, revenue impact, and external commitments. Full studio teams, multi-quarter roadmaps, robust infrastructure. Examples: NBA Top Shot, NFL ALL DAY, Disney Pinnacle. Investment: $250K++/month. Review: quarterly board updates.
- Big Bet Projects (BBPs). High-conviction initiatives that have passed early-stage validation and now merit investment to prove TAM. Transformational opportunity with bounded risk, falsifiable assumptions, structured review checkpoints. Examples: Peak Money. Investment: up to $250K/month. Re-evaluation every 6 months.
- Sandbox Experiments and Research (SER). Early-stage explorations, prototypes, or partner experiments at very low cost. Find the fun, validate potential for retention and virality. Strictly non-committal, time-boxed. Examples: Miquela, PeriPerps, Riptide, Cheddar Battles. Investment: up to $25K per sprint.
Five bets. Each with a team, a stage, and a path forward.
| Bet | What it is | Stage | Team | Path forward |
|---|---|---|---|---|
| Dapper Collectibles | NBA Top Shot and Disney Pinnacle. The stabilized cash engine. | Mature; targeting BU cash-flow break-even by Q4 2026 | ~30 | Measured growth + 2-3 new IPs onboarded onto existing infrastructure |
| Peak Money | Consumer finance app: ~10% APY, card, prize draws | Near public launch | 4-5 | Prove profitable BU first via card-led revenue. Token optional, not the thesis. |
| DeFi bets | Flow Credit Markets, Peri-Perps, Riptide, Peak Money | Early; research-to-protocol | 2-3 each | Independent token capitalization opportunity for each protocol |
| Consumer AI bets ("Consumer AI") | Miquela, CryptoKitties (ATZ), new AI-native experiments | Early experiments | 2-3 | Cheap-to-run, AI-operated. Experiments that earn a real user cohort graduate to their own brand and capital. |
| Flow Core | Management and maintenance of the protocol | Ensuring stability and uptime | ~10 | Exploring paths ahead, including a significant cost reduction |
Licensed digital assets are a multi-billion-dollar asset class.
Top Shot proved early product-market hook: $700M+ sales in under a year, over a million signups. Every new collectible asset class goes through a cycle. Physical cards peaked at $1.2B in 1991, crashed 80%+, then recovered. Digital is following the same pattern.
Top Shot's cycle was so intense out the gate that it created a massive hangover. The problem to solve is economic balancing: supply and demand, utility, and self-expression. The same problem physical collectibles had to figure out. We believe we are solving that problem.
Same collectors, spending more. The economy design is working.
Economy design changes are proven. Next season we apply them fully across all tiers: NBA Top Shot upside from the same user base — up to 50% more revenue (~$5M). Disney Pinnacle return to previous baseline and upside to capture new golden cohort ($5M++).
One platform stack running all three IPs. AI-native. MCP-first. 50%+ cost savings.
Project Atlas is the shared AI-native infrastructure for all IPs — NBA, NFL, Disney, and upcoming: Ticketmaster. Minimized maintenance and ops: 50%+ savings including GCP. AI-native development and ops moving toward full agentic live ops and support. Minimal cost to onboard new IPs or mint fungible and non-fungible tokens for any IP.
Migration status: NFL All Day fully migrated. Disney Pinnacle migration in progress, on track to complete in July. NBA Top Shot scheduled for migration by August. End-state: a single platform stack running all three IPs.
$FAN / Token path: Could not come to renewal terms that made sense for the business today. The $FAN token launch is on ice due to current market conditions and the NFLPA situation, and comes back on the table once we unlock growth in Disney / NBA and/or add 1-2 new IPs.
Six growth vectors. Each with a current state, a target, and what it means.
| Bet | Current state | Target (incremental) | What it means |
|---|---|---|---|
| NBA new season (economy design) | $10.5M FY26 revenue | +$5M to +$10M | Same users spending more via proven Q2 mechanics (parallels 2x-5x, RTTR, autograph-as-parallel) applied year-round from season start. Grounded in Q2 data. |
| Disney+, D23, funnel fix | $3.2M FY26 (depressed, Q2 was $473K down 45%) | +$2M to +$3M (this year) | Recovery off depressed base. D23 (Aug 14-16) as catalyst. Funnel fix (FTUE rebuild) lifting 1.69% Week-0 conversion. |
| NFL franchise-first + Disney collabs | $2.6M FY26 (no NFLPA) | +$2M to +$4M | Five concepts pitched (Team Moments in legal review). Gated on NFL approvals. Internal estimate. |
| Asia (Rakuten, Jeremy Lin, Disney) | $0 (new market) | +$1M to +$10M (year 2-3) | Year-1 grounded: +$0.06M to +$3.6M. Anchors: 100M Rakuten members, 430K Japanese collectors, $1.9B Japan card market. |
| New IPs (college football, FIFA, F1) | $0 (no new IPs yet) | +$5M to +$10M | Atlas enables near-zero marginal cost per IP. 2-3 new IPs at good economics. Needs IP partners signed. |
| Peak Money (outside collectibles) | $0 | +$1M to +$5M | $1M ARR by EOY 2026. $5M in 2027. September gate: if core user hook not validated, we cut it. |
Token launch ($FAN) unlocks once any combination of the above drives growth in Collectibles.
From $17M verified base to $30-52M speculative upside.
| Tier | Revenue | What it is |
|---|---|---|
| Base (FY26 verified) | $17M | No growth |
| Tier 1: Grounded | $20-22M | NBA economy design alone. Proven Q2 mechanics. Bankable. |
| Tier 2: Probable | $22.5-28M | + WNBA first full-parallel season + Disney recovery. |
| Tier 3: Speculative | $30.5-52M | + NFL approvals + Asia + new IPs. Needs Matt's models. |
| Peak Money (separate) | +$1-5M | September gate. Outside collectibles. |
Each pod owns one job in the collector journey. It's a loop, not a list.
Activation
Make a collector. The first touch. The moment someone becomes a collector, not a visitor.
Progress
Deepen them. The progression mechanics that turn a first purchase into a habit, a habit into identity.
Payments
Make paying invisible. Frictionless deposit, frictionless purchase. The less they think about paying, the more they collect.
Express
Make collecting visible. Showcases, leaderboards, social proof. The collection is identity — make it visible.
…back to the top. The loop closes.
Each pod owns one job in the collector journey · and they hand off to each other
Q2 proves the base is durable. April was the best GMV month of the season.
Repeatable campaign architecture: proven, now a planning assumption.
Parallel architecture: Rookie Revelation delivered 2x-5x multiples across the full set. Galactic (/5) averaged $750 vs Standard $410. Omega (/1) averaged $2,100. 17x/16x box-and-case oversubscription. This went from a hypothesis to a planning assumption.
Road to the Ring: 22,500 collectors on the global leaderboard, 422K moments burned, 8,000 reactivations, 28.4% of point-earners made a purchase. The largest non-transactional engagement signal Top Shot has produced this year.
Live Breaks on X: $61K across 24 breaks, 1,500-3,000 concurrent viewers. Engagement signal, not yet a growth driver — scaling production to reach 5K-10K concurrent by season opener.
Top Shot This Playoffs: daily cadence proven operationally. 25 daily drops generated 14,015 purchases and $284K. 31K purchases across the playoffs. But acquisition signal was weak — moments largely stayed inside the existing collector base.
Doubling down on what worked. Shifting away from what didn't.
Doubling down: Parallel architecture, expanding to all WNBA tiers. Autograph-as-parallel, deepening distribution and partner count. Road to the Ring as a year-round retention layer. Live Breaks, investing in production quality to scale audience.
Shifting: Instant moments, from internal engagement to external acquisition. Historical content, from one-off nostalgia to a curated Run It Back brand that recurs seasonally. Seasonal narrative — no more one-off drops without a progression hook.
Instant moments alone did not work as a new-user acquisition channel. The distribution layer is not there yet. Drops are necessary but not sufficient. Engagement infrastructure between drops may be as important as the drops themselves.
Autographs embedded as parallels drive more collector engagement than standalone auto sets. Signature Series (first 1-of-1 rookie autograph set) generated only 3 sales totaling $18K. Set Challenge completion was 21% on sets with autograph parallels, reinforcing that autographs work harder as parallel rewards than as standalone product.
Net revenue target: ~$2.5M over the next quarter.
- NBA Finals Drop (June 24). Heroes of the Game Legendaries (Ewing, Robinson). Playoff Commons capturing the full 2026 playoff run. Live Legendary Auctions triggered by standout Finals performances.
- WNBA season (Jul-Sep). Four drops. Metallic Gold LE (Jul 8), Fresh Gems with autographed Jukebox /10 parallels (Aug 5), Holo Icon (Sep 2), Rookie Revelation with autographed Omega /1 (Sep 23). First WNBA season with full parallels and first with autographed parallels. The NBA playbook applied to the WNBA.
- Summer historical sets: Run It Back. We Believe Set (2007 Warriors), 8-moment set with Baron Davis as partner and narrator. High-margin catalog play with strong evergreen demand.
- Live Breaks & WNBA. Live Breaks scaling toward 5K-10K concurrent viewers by season opener (engagement, not yet growth). Road to the Ring WNBA: 20,000+ DAU target. WNBA autograph parallels: ARPPU lift consistent with NBA 2x-5x SE multiple.
13 quarters of data. The trajectory tells the story.
| Metric | Q1-23 | Q2-23 | Q3-23 | Q4-23 | Q1-24 | Q2-24 | Q3-24 | Q4-24 | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Direct Sales | $4.4M | $5M | $2.3M | $3.8M | $5M | $2.9M | $2M | $2.7M | $2.7M | $9.9M | $4.5M | $3.3M | $3M |
| Gross Marketplace | $9.2M | $6.7M | $5.5M | $6.3M | $10.7M | $7.2M | $4.4M | $4.8M | $4.5M | $4.9M | $3.4M | $4.4M | $5.4M |
| Total Transactions | 810k | 577k | 546k | 504k | 508k | 307k | 260k | 363k | 470k | 1.03M | 524k | 287k | 338k |
| New Accounts | 9.7k | 8.9k | 6.7k | 6.2k | 6.8k | 4.5k | 3.3k | 8.4k | 26k | 18k | 7k | 6.2k | 5.3k |
| Active Accounts | 135k | 117k | 83k | 89k | 94k | 71k | 73k | 63k | 81k | 60k | 61k | 73k | 60k |
| New Account Activation | 3.5% | 2.9% | 3.3% | 3.2% | 6.7% | 7% | 3.5% | 5.3% | 1.8% | 3.4% | 2.5% | 4.1% | 2.6% |
| Tx per Active Account | 6.0 | 4.9 | 6.6 | 5.7 | 5.4 | 4.3 | 3.6 | 5.7 | 4.5 | 7.9 | 4.7 | 3.7 | 5.6 |
| Tx volume per Active | $100 | $100 | $95 | $115 | $167 | $143 | $89 | $118 | $89 | $247 | $130 | $105 | $141 |
NBA non-blocked accounts. Source: internal analytics.
A down quarter. The diagnosis is clear: cadence and funnel, not loyalty.
| Metric | Reporting Q (Mar 15 - Jun 15) | Prior Q (Dec 15 - Mar 14) | Δ |
|---|---|---|---|
| Dapper Revenue | $473K | $858K | -45% |
| Primary GMV | $459K | $828K | -45% |
| Secondary GMV | $288K | $598K | -52% |
| Unique Spenders | 1,902 | 2,344 | -19% |
We ran the quarter on one tentpole with no follow-through content. The fix is cadence, liquidity, and the D23 activation with the all-new app.
Star Wars pulled 1,420 spenders back in a single month — 2.3x lift, revenue +90% MoM.
| Month | Dapper Rev | Spenders | Note |
|---|---|---|---|
| Mar 2026 | $156K | 735 | — |
| Apr 2026 | $127K | 618 | Trough before the tentpole |
| May 2026 | $241K | 1,420 | Star Wars: spenders 2.3x, revenue +90% MoM |
| Jun 2026 (to 15th) | $22K | 390 | Floor fell out the moment the tentpole ended |
One drop did more than the entire 30-day window that followed it. ~$237K gross GMV across the 7-day capsule, drop-to-drop repeat hit 61.7% (best in six months). When we give the base content, it shows up.
Double the spenders. Triple the spenders. That's the target.
The growth target is recovery, not acceleration off a stable base. Current spenders are 1,902 (Q2, depressed). Double = 3,800. Triple = 5,700.
Annualized against the FY26 $3.2M forecast: Q2 run rate is $473K per quarter (~$1.9M annualized). Double spenders at $249 ARPU = ~$946K per quarter (~$3.8M annualized). Triple = ~$1.42M per quarter (~$5.7M annualized).
30,000 collectors in three days. The booth is built around live trading.
Baseline revenue: $400-450K. Upside case: 10,000 downloads, 10% conversion (5x Disney+ baseline), $1,243 ARPU (5x baseline), ~$1.25M. Home run: 40,000 downloads, superfan conversion, Trading Post and in-app Marketplace improve liquidity, $7-10M+.
Rakuten Japan is a new acquisition surface. The Asian collectibles market is among the largest in the world by spend and depth of behavior. Disney IP has outsized cultural weight in Japan. Rakuten reach plus native trust equals acquisition leverage no organic Pinnacle channel can match today.
Stack the summer. Density is the fix.
| Drop | Window | Status | Details |
|---|---|---|---|
| Summer Vault Keys | Jun 15-19 | Just wrapped | Mystery Box event with 100-pin pool, set-completion bonuses. Summer warm-up. |
| Summer Splash | Jun 19-26 | Live now | Toy Story 5 Legendary + Summer Fun OE + Luca/Stitch/Cars LEs. Expected: $200-300K revenue. |
| Americana Drop | Jul 4 | Approved | July 4th Drop with Disney+ email blast promotion. |
| Rakuten Storefront | Jul 4 | Build & testing | Launch the Asia-facing storefront alongside the Americana drop. |
| Summer Sizzle | Jul 24 | Approved, not announced | Third summer drop. Keeps cadence dense through the slow months. |
| D23 | August | Planning in progress | Expected: $400-450K revenue. ~48 pins planned. Biggest scheduled bet of the window. |
Toy Story 5 Legendary + Summer Fun OE + Luca / Stitch / Cars LEs
America's 250th. Six characters. One free. July 4 — free Mickey exclusively through Disney+. The other five are yours to chase. The first Disney+ email blast promotion drives acquisition from an audience that already loves Disney but hasn't found Pinnacle yet.
D23: 30,000 collectors in three days. A booth built around live trading — tap, claim, trade in 60 seconds. The biggest scheduled bet of the window. ~48 pins planned.
Tap → claim → trade in 60 seconds.
The moment that proves whether the all-new app and liquidity improvements can convert a Disney fan into a Pinnacle collector at scale.
Three improvements. Each attacks a specific leak in the funnel.
- Trading Post (target Jun 19, alongside Summer Splash). Async trade listings layered on already-approved P2P trading. Directly attacks the illiquid-secondary problem.
- In-app Marketplace (timing in development). Bring marketplace into the mobile app. Today it is web-only. Captures the under-served trading demand the data already shows.
- FTUE / onboarding rebuild (Q3 priority). Aimed straight at addressing the 1.69% Week-0 conversion number. Uses learnings from other products for best FTUE practices. Without this, every acquisition surface leaks at the same rate.
10 quarters of data. The Star Wars spike is visible. So is the trough.
| Metric | Q4-23 | Q1-24 | Q2-24 | Q3-24 | Q4-24 | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Direct Sales | $0.4M | $1.06M | $0.7M | $1M | $0.9M | $0.6M | $0.6M | $1.2M | $1.1M | $0.7M |
| Gross Marketplace | — | — | — | — | $184k | $166k | $205k | $1.7M | $862k | $500k |
| Total Transactions | 31k | 80k | 34k | 41k | 37k | 22k | 33k | 186k | 150k | 62k |
| Items Sold | 31k | 80k | 46k | 79k | 72k | 48k | 58k | 100k | 89k | — |
| New Accounts | 10k | 59k | 12.2k | 23k | 1.1k | 1.5k | 24.6k | 32.2k | 33.7k | 21.5k |
| Active Accounts | 5.9k | 14.5k | 8.6k | 8.2k | 6.2k | 4.7k | 27.7k | 41.8k | 45.8k | 32.4k |
| New Account Activation | — | 59% | 17% | 24% | 11% | 87% | 47% | 92% | 95% | — |
| Tx per Active Account | 5.2 | 5.4 | 5.3 | 5.1 | 5.9 | 9.4 | 2.0 | 4.4 | 3.3 | 1.9 |
| Tx volume per Active | $62 | $73 | $80 | $122 | $176 | $156 | $29 | $67 | $42 | $38 |
Agreement reached with NFL, but not NFLPA. The door is open to alternative monetization.
License sunset complete in collaboration with the NFL and NFLPA. Secondary market saw increased activity followed by value decline. Exploring alternative monetization with NFL — door open to NFLPA.
Alternative monetization paths: Team Moments (moments from a team, not an individual player, avoids PA concerns), ticket stub program (custom art for every game, auto-mint at gate scan, marketplace as "the second game"), Disney x NFL mascot pins (eventized debut around Fanatics Fest / D23 in August), Team Points Store (NBA Progressions mechanics ported to NFL), NFL historical.
Baseline: $500K. Upside: $2-4M. Homerun: $10M+.
13 quarters of data. The wind-down is visible. The alternative paths are next.
| Metric | Q1-23 | Q2-23 | Q3-23 | Q4-23 | Q1-24 | Q2-24 | Q3-24 | Q4-24 | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Direct Sales | $3.8M | $437k | $3.7M | $1.9M | $2M | $708k | $1.4M | $2.3M | $1.6M | $952k | $2M | $2.1M | $1.3M |
| Gross Marketplace | $6M | $2M | $4M | $3.9M | $3.6M | $808k | $1.7M | $3.1M | $2M | $813k | $1.4M | $1.5M | $1.3M |
| Total Transactions | 369k | 172k | 203k | 311k | 190k | 95k | 149k | 190k | 112k | 64k | 130k | 163k | 112k |
| New Accounts | 6.2k | 1.4k | 1.1k | 2.6k | 3.4k | 1.0k | 2.3k | 13.1k | 9k | 0.9k | 9.6k | 15.3k | 3.1k |
| Active Accounts | 53k | 32k | 29k | 30k | 36k | 20k | 22k | 40k | 30k | 13k | 32.2k | 38.2k | 21.6k |
| New Account Activation | 5.2% | 8.2% | 10.4% | 7.4% | 11.2% | 18.8% | 4.8% | 1.5% | 4.0% | 5.1% | 2.3% | 1.9% | 2.7% |
| Tx per Active Account | 7.0 | 5.4 | 6.9 | 10.3 | 5.3 | 4.7 | 6.9 | 4.8 | 3.7 | 4.8 | 4.1 | 4.3 | 5.2 |
| Tx volume per Active | $186 | $76 | $264 | $193 | $155 | $75 | $145 | $137 | $120 | $134 | $107 | $94 | $121 |
Source: internal analytics.
Two people. They took over Miquela and CryptoKitties — two existing IP assets that were dormant or declining.
The rule: cheap experiments, tight gates, fast kill criteria. Anything that earns a real cohort can graduate to its own brand and capital.
CryptoKitties ATZ is the proving ground. Live and active. We tested whether a 100% fully autonomous AI showrunner could run the app end-to-end. Although the answer was not completely, the app is being run almost entirely via our "Reggie" agent.
HITL results: 95% reduction in operational costs, 80% reduction in manual maintenance time, 8 weekly cycles shipped at nearly zero operating cost.
The pipeline: CK:ATZ (live, monetization review), Cheddar Battles (pre-launch feasibility), Chapbook (alpha with 50 testers), LLMMiquela (pre-product R&D). Each has a critical near-term gate.
Four experiments. Each with a critical near-term gate.
| Product | What it is | Stage | Critical near-term gate |
|---|---|---|---|
| CryptoKitties: ATZ | A near fully automated version of the CK:ATZ app | Live and active | Review and improve monetization of existing users |
| Cheddar Battles | Real-money skill game with AI narrative ("DFS without the sports") | Pre-launch feasibility | Real-money deposit flow + legal clearance |
| ChapBook | AI interviewer that outputs a shareable personality artifact | Alpha shipping this week (50 testers) | D7 retention > 25% |
| LLMMiquela | Existing IP rebuilt as LLMiquela, an autonomous agent | Pre-product R&D | $2K ad-test CTR signal |
The biggest risk was pretending the legacy social media content model was still working. We pivoted.
Cut human production to double-digit hours per month and rebuilt the IP around an autonomous LLM agent (LLMMiquela) that holds the voice and drives product strategy.
LLMMiquela — an autonomous, LLM-based agent that assumes Miquela's voice while also driving high-level product strategy and tactical execution. Coordinates directly with a product lead and a partnerships VP. The goal: leverage this efficient system to seize Miquela's IP opportunities without bleeding operational cycles on declining social surfaces.
Peak Money does for DeFi what Top Shot did for NFTs: bring mainstream consumers in through a product they love.
Except this time we are building it as an open application on other people's protocols, not just our own.
Peak Money is the "un-bank" for the AI generation. Better-than-Robinhood UX. An easy to use and AI-ready consumer finance app offering ~10% APY on USD, an ultimate rewards credit card, and exciting prize draws. The 2026 target is $1M ARR. The 2027 target is $5M ARR.
Status: private testing with seeded users and team/insiders. ~100 active testers and more than $1M deposited. Public beta late Q3 or early Q4.
Two products. One flywheel.
Product 1: Yield. Users deposit USD, USDC, PYUSD, PayPal, Coinbase, Kraken, Robinhood, Base, or Arbitrum. They earn up to ~10% APY through Morpho vaults. No seed phrases. No lockups. Withdraw anytime. Positions are on-chain verifiable. Deposit from Coinbase, PayPal, bank, credit card, and crypto.
Product 2: Card. The flywheel: Top collectors get the card. They spend. They earn cashback. Cashback routes into yield. Yield accrues. The number goes up. Spend and savings become one loop.
Roadmap next 60-90 days: credit card integration, wrapped BTC support, perps integration, growing deposit count and active users toward $10M deposits, public launch by Q4.
Yield via Morpho. Peak Money is not dependent on Flow or FCM for launch. It starts on proven EVM infrastructure. Once FCM works, Peak can integrate later.
Three protocols. Each designed to function independently of FLOW price.
- FCM (Flow Credit Markets). Uses Flow scheduled transactions to automate leveraged yield management on Morpho. Morpho handles lending mechanics. FCM handles position automation. The Flow-native advantage is scheduled transactions. Status: internal alpha, restarted and rescoped in early May. Closed beta target end of Q3. 30 days to finish building, 90 days for security audits.
- PeriPerps. Pari-mutuel perpetuals. Pooled positions, mechanical rebalancing, no liquidation engine, no insurance fund. Losing positions asymptote to zero but never cross into negative value. Status: vision and spec lock, prototype phase. Four-phase plan: prototype, tracer bullet, core protocol, first product.
- Riptide. An economy for agents. Blockchain and AI to create coordination infrastructure where human and AI agents transact, govern, and build. Current experiment: group-governed agent swarms on GitHub Spec Kit, running a governance and build loop with a task marketplace. Status: shipped on mainnet, working CLI prototype, internal alpha.
Every protocol runs through legal review before anything launches.
~6 months of zero incidents since exploit recovery. Flow is operating at 99.93% SLA.
Stablecoin balance just hit an all-time high (~$74M, above the ~$41M pre-incident peak). 42.4M total user accounts. Approaching 1 billion lifetime transactions in Q2.
Engineering swings: External security audit complete. Real-time token supply monitoring live on mainnet — the direct structural defense against the class of issue behind the December exploit. Three zero-downtime HCUs shipped. 15+ Cadence security PRs released.
Growth swings: HIFI stablecoin rails drove $50M+ PYUSD and 100K+ daily transactions onto Flow (Flow is now #4 network for PYUSD). x402 AI-agent payments live on Flow EVM. Dune and Token Terminal announced as data providers. Growing DeFi ecosystem from 3rd party builders.
The consumer distribution no other L1 has.
TVL recovery is the priority next quarter, led by enshrined lending (FCM) and stablecoin-driven DeFi.
Seven wins this quarter. Each positions Flow for a different growth vector.
- HIFI stablecoin rails. $40M+ PYUSD, 100K+ daily transactions onto Flow. Main driver of the stablecoin ATH.
- x402 AI-agent payments live on Flow EVM. Sub-cent settlement for APIs and autonomous agents. Positions Flow for the AI-payments wave.
- 24Karat at 250K monthly users across 2,000 Japanese vending machines (99% with no prior crypto experience).
- PayPal tailwind. PYUSD now the premier stablecoin on Flow.
- Data providers live on Flow. Dune and Token Terminal announced — Flow now natively queryable on both platforms.
- Developer surface. Claude Code plugin launched (easiest path to build on Flow). GitHub optimized for GEO/SEO.
- KittyPunch announced Punch Markets. A non-custodial perp DEX, coming to Flow.
The pivot is executing. The venture studio model is producing. The next six months prove the thesis.
What to leave the room with
Collectibles — the new economic design is proven and the Atlas consolidation is on track. FY26 NBATS revenue estimated at $10.5M, +$3.3M over budget. Peak Money is less than two months from public beta, with $1M+ already deposited. Flow is stable at 99.93% SLA with stablecoin balance at all-time high. The next 60-90 days contain a major catalyst for each bet.
Dapper Labs · Board of Directors · Q2 2026 · Roham Gharegozlou