Dominion has created $SILV - a tokenized silver crypto token. Each $SILV token purportedly represents 1 ozt of fully allocated silver. Redemption of $SILV tokens for physical silver requires lots of 5K.
I have questions!
They claim that attestations from the vault custodian (for their vault stock / reserves that are backing the tokens) are published "on chain" and "anyone" can read them. They do not explain how or where "anyone" can read them. I'd like to read them, but don't have the first clue how or where to do so.
They do not mention who the vault custodian(s) is or are. Who are they? They claim the vault custodian(s) hold their silver in the USA, so I assume they are likely part of the COMEX vault system. They also require 5K ozt lots for redemption, which is coincidentally the size of a COMEX 5000 futures contract. This raises the question in my mind as to whether their claimed silver allocations are actually just COMEX futures contracts. Do they hold silver outside of the COMEX system, or inside of it? If inside, is it held in the registered or eligible category?
Most ETFs actually have their vault custodians publish a bar list daily that lists every bar that is allocated to them. It's curious that Dominion is apparently not doing this. Why not?
As of this moment, SILV has 92.73K tokens circulating per @CoinMarketCap . That purportedly represents 92,730,000 ozt of silver (or 2,884 metric tons). At the end of July, the COMEX had ~7,982 metric tons of silver free float vault stock. If Dominion's vault custodian is maintaining their vault stock within the COMEX system, that means 36% of what I thought was free float is actually not. If Dominion's vault stock is NOT being held within the COMEX system, when exactly did they acquire 2,884 metric tons? As someone who has been watching the global exchange vaults for a while, I would think I might have noticed that much silver being withdrawn!
A little help @Dominion_Market ?