The $4T Capital Logjam
Singular DEX: Building the Decentralized Global Trading Engine
Abstract
Singular is creating a regulated marketplace for tokenized private equity—fractional stakes in top late-stage companies with programmable ownership, stablecoin settlement, and real secondary liquidity. One venue to discover, subscribe, and trade pre-IPO exposure with institutional-grade controls.
The Problem
Private markets (~$10T+) are where most growth accrues, yet access is gated by high minimums, long lockups, and opaque secondaries. “Liquidity” is often theater: sporadic bids, slow settlements, and paper-heavy cap-table updates. DeFi proved 24/7 rails, but lacks compliant transfer controls and fair price discovery for equities.
Inaccessible to Most
99% of investors can’t participate (accredited/institutions only).
Illiquid & Opaque
Infrequent tenders, paper workflows, no continuous price discovery.
High Minimums
Typical tickets $100k–$10M, locking out retail and most HNW.
Value Moved Private
Today’s winners capture most of their valuation before listing—making pre-IPO access the alpha.
Staying private longer: SpaceX ~$220B and OpenAI ~$90B private valuations—most gains now happen pre-IPO.
Value shifts private: Decacorns hit $100B+ before listing (e.g., SpaceX, OpenAI), leaving public markets the late curve.
Private first: Marquee names commonly exceed $50B–$200B pre-IPO; access remains limited to funds & insiders.
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