Is this a scam?

No—but I do appreciate the strangeness of getting a cold call from (332) 285-0396 and the irrationality of being offered equity in a company for pocket change.

40M of the 80M Class A Common Stock shares will be offered to a maximum of 1,800 agents across the country—this provides LSTdao with the strongest base for building.

I’ve been working through how to structure and execute this for a few years and have made a lot of effort to be thoughtful, honest, and legally compliant.

If you invest/subscribe, are you required to use LSTdao?
Can you still use Zillow, CoStar, or YOUR LOCAL MLS?

No—and YES.

Using LSTdao: I’d love for you to contribute advertisements—the more ads there are, the more valuable your equity and the platform become— but nothing is built yet so its irrational to have you commit to using it.

Other Platforms: If platforms like Zillow, CoStar, or your MLS are working for you and providing the leads or data you need at satisfactory terms—by all means, keep using them even after LSTdao is built.

My responsibility is to make LSTdao the more compelling option over time.

Who am i?

I’ve worked as a generalist broker (residential- leasing/sales; commercial- leasing/sales) and property management (mixed-use, commercial, co-op, and condo) in New York City since January 2012.

My goal was to be a landlord, not a team/brokerage owner. Brokering deals was a way to purchase property, and managing other people’s buildings allowed me to learn how maintenance, tenants, and regulations interact before I owned property myself.

I misunderstood credit/debt, policy/politics, and the history of housing as an asset class; the Housing Stability & Tenant Protection Act of 2019 and the pandemic caused me to reevaluate my desire to be a landlord and, in turn, my hunger for sourcing and brokering deals diminished.

The concept for LSTdao—compensating advertisers with tokens for providing data—came to me in early 2022 shortly after reading Naming Infinity by Loren Graham.

LinkedIn: www.linkedin.com/in/cameron-wyllie-b9b80621/
Instagram: www.instagram.com/cdwyllie/

Tungsten Property (Jan. 2012-Mar. 2014): focused on residential and commercial leasing in and around NoLita

Wyllie Real Estate (Apr. 2014-present): specialized in the sale of HDFC cooperatives, non-profit real estate advisory, and the exclusive residential/commercial representation of ~30 properties in Manhattan and Brooklyn

Wyllie Real Estate Management (Apr. 2017-present): focused on the management of 2nd/3rd generation-owned properties in Lower Manhattan (residential, commercial, and mixed-use) as well as cooperative and condominium buildings

*In anticipation of LSTdao, I’ve begun phasing out brokering deals and managing property.

High School and College
I am originally from Pine Grove, Pennsylvania and played soccer at a competitive level earning All-State and Regional All-American honors which led to a soccer scholarship to Binghamton University in upstate New York.

I transferred in the second half of my sophomore year to Elizabethtown College in Pennsylvania and graduated a semester early in December 2011 with a degree in Entrepreneurship.

Interests
I have spent most of my life thinking about four things: soccer, treasure hunting, real estate, and blockchain.

I live in Soho with my wife (Zhiwei), our dog (Eero), and a baby (!) coming December 2025.

Why is Lstdao being built?

Data is the most mis-valued asset in real estate.

SHORT:
Current property advertising platforms function as closed ecosystems, requiring advertisers to pay for direct consumer communication or for access to essential data needed to advise their clients. In either case, advertising costs and data access are opaque at best and monopolistic at worst.

LSTdao will adopt a rarely used corporate structure designed to thoughtfully distribute equity, compensate advertisers for their data, increase and offer transparent pricing for its products.

LONG:
Data can currently be pooled into four (4) categories:

  1. Active, exclusive property advertisements

  2. Expired/sold/leased property advertisements

  3. Public property data (city-county-state)

  4. Surveys

Advertisers currently provide this data to three (3) business models:

  1. Local MLSs/NAR: Agents are required to submit data to their local MLSs and pay subscription fees in exchange for access to a geographically-restricted

    1. NAR/REBNY/real estate trade organizations provide genuine value to members in relation to lobbying for pro-member policy but they have been unable (REBNY) or unwilling (NAR selling Realtor.com) to provide a compelling, consumer-facing marketplace

  2. Zillow: Advertisers willingly provide data— OR their local MLS provides data— and leads are sold to a small group of “Premier Agents” or back to the original advertiser via “ Agent Spotlight”

    1. Zillow believes their customer is the consumer, not the advertiser. Acquiring brokerage licenses in all states allows charge fees based on the sale price of the property; programs like this will continue to absorb higher percentages of fees from both agent and brokerage

      1. See Zillow’s “Premier Agent Flex Pricing” schedule here where they sell buyer for a 15-40% referral fee

  3. CoStar: Advertisers willingly provide data and pay subscription fees for access to deeper/broader sets of data

    1. Homes.com (CoStar) is using a “freemium” model in an attempt to gain market share from Zillow/subsidiaries and, if succesful, the pathway is available to transition to the same subscription model used by the other CoStar marketplaces.

How is lstdao different from zillow, costar, realtor, etc.?

Zillow and CoStar are dominant companies that have been built by intelligent, thoughtful people— LSTdao cannot beat them trying to play the same game, so we’ve created a new one!

  1. Advertiser-Centric Model—consumers are your clients, not ours

    • LSTdao is “your ad, your lead” first

    • Corporate Bylaws prohibit LSTdao from acquiring brokerage licenses

  2. No Paywalls or Subscriptions—data on LSTdao will be free and *open

  3. Predictable Marketing Costs—advertisers can anticipate general marketing spend ~5 years into the future

    • Advertising fees are an ~80% savings compared to current models

    • Same price to advertise a $2,000 rental or a $2,000,000 sale

  4. Rewarding Data Contributors—LSTdao will utilize blockchain to compensate Contributors for adding data to the platform

    • Tokens are paid for creating a profile, adding active/exclusive sale and rentals, and eventually for adding expired/sold/rented advertisements

  5. Unique Corporate Structure—LSTdao is a Public Benefit Corporation rather than C-Corp.

    • Allows Stakeholder participation during strategic decisions

  6. Equity for Top Agents—strategically distribute equity (Shareholders) to successful agents (Contributors)

    • Gives top real estate professionals an opportunity own the platform they use every day

  7. Transparent Product Pricing—LSTdao product pricing and algorithms will be transparent and predictable

  8. Clear Communication—transparent communication between Contributors and consumers

  9. Portable Reputation—your advertising history travels with you if you change team or brokerage

  10. No Learning Curve—LSTdao will deliver the same user-interfaces and experiences all agents and consumer

    • Renderings of LSTdao can be viewed here (external link to LucidChart—registration required; may crash your browser due to lack of memory)

*LSTdao may make efforts to prohibit/limit data scraping

what is a public benefit corporation?

A Public Benefit Corporation (PBC) is a for-profit company that is legally required to pursue a specific public benefit in addition to generating Shareholder value. Unlike traditional corporations, a PBC must consider the impact of its decisions on Stakeholders—not just its Shareholders.

This structure has most recently been used by AI-companies (Anthropic; OpenAI is attempting to transition from a non-profit to a PBC), private companies (Ben & Jerry’s, Patagonia), and public companies (Warby Parker, Lemonade Insurance).

Stakeholder groups are curently defined as:

  1. Contributors are advertisers-- primarily licensed real estate agents, property managers, and property owners-- that have real estate to sell or rent

  2. Stockholders are people or entities that own Common or Preferred Stock in the Corporation

  3. Builders are employees of the Corporation who design, develop, or maintain products and services for Contributors and consumers.

*Stakeholder groups may be added over time (examples: token holders, board of directors, etc..)

how will blockchain be used?

Blockchain is a powerful tool.

LSTdao will eventually use it in two ways: the transfer of value (tokens) and the confirmation of opinion (voting).

Tokens: Tokens can be earned for providing data to LSTdao (see below How are LSTdao tokens earned?)

Voting: The company being structured as a Public Benefit Corporation allows LSTdao to take into account the opinions of its Stakeholders—not just its Shareholders—which, in time, allows for strategic decision making distributed across Stakeholder groups using blockchain.

How are LSTdao tokens earned?

Tokens can be earned by Contributors under four (4) instances:

1. REGISTER VERIFIED PROFILE

  • Eligibility: When a Contributor registers a verified profile on the marketplace.

  • Year 1 Allocation: 20 Tokens per verified profile.

  • Decay Schedule: Allocation decreases by 10% annually to reward early adopters.

  • Reference: See the accompanying 30-year decay schedule TABLE (jpeg)

2. EXCLUSIVE ADVERTISEMENT

  • Eligibility: When a Contributor uploads an exclusive, active sale or rental advertisement to LSTdao.

  • Year 1 Allocation: 10 Tokens per exclusive advertisement.

  • Variable Scaling: Token allocation scales up or down in sync with the Daily Advertising Fee.

  • Reference: See the 15-year schedule TABLE (jpeg) assuming a full (100%) Step-Up pricing increase every five (5) years

3. PEER REVIEW PARTICIPATION

  • Eligibility: When a Contributor engages in Peer Review activities which will be LSTdao’s mechanism for settling consumer disputes and maintaining a standard of honest data

  • Token Allocation: To be determined (TBD).

4. SUBMITTING ARCHIVED PROPERTY DATA (“OLD DATA”)

  • Eligibility: When a Contributor uploads their expired, sold, or leased property advertisements.

  • Token Allocation: To be determined (TBD).


Tokens can be earned by consumers under one (1) instance:

1. REGISTER VERIFIED PROFILE AND COMPLETE A TRANSACTION

  • Eligibility: When a consumer buys or rents a property through LSTdao’s marketplace.

  • Token Allocation: Up to 3 tokens.

  • Token Transfer: Consumers may mint and transfer any un-minted tokens not spent on filing complaints.

  • Minting Steps:

    1. The consumer must submit or confirm transaction details.

    2. The advertiser must verify that the consumer completed the purchase or rental within seven (7) days of the advertisement being marked as Sold or Rented.

What is the value of a LSTdao token?


One (1) LSTdao token ALWAYS equals one day of advertising for a sale or rental on the LSTdao platform.

What happens when tokens are traded on blockchain exchanges?

If the token’s market price goes up, advertisers benefit:

  • Example: Token price = $2.00, but still covers $1.00 of daily advertising.

    • Option A: Sell the token and double your ad budget.

    • Option B: Hold the token as an appreciating asset.

If the token’s market price goes down, advertisers still benefit:

  • Example: Token price = $0.70, but still covers $1.00 of advertising.

    • You’re effectively paying $0.70 for $1.00 worth of service.

    • You have the opportunity to purchase tokens on 3rd party exchanges at a discount

What will LSTdao look like?

LSTdao will be built to feel familiar

The User Interface (UI) will be similar to what you’re used to from leading platforms—LSTdao is not trying to break the design-wheel but will evolve over time.

Curious to see what it looks like? View the early wireframes and UX flows here (external link to LucidChart)

  • LucidChart registration required

  • May crash your browser due to lack of memory

What will it cost to advertise on LSTdao?

LSTdao has structured the pricing of it’s primary product (advertising exclusive properties for rent/sale) similar to a commercial lease: annual escalations and an opportunity every five (5) years to adjust to inflation, market maturity, or marketplace demand.

In general, the daily advertising fee will increase 10% every year and the token reward paid will decrease by 10% alongside it. If the daily advertising fee doubles going into Year 6 to $2.93, the token reward paid will also double to 13.12 tokens per exclusive advertisement.

In Year 1 it will cost…$1.00/day/ad OR one (1) token
In Year 2 it will cost…$1.10/day/ad OR one (1) token
In Year 3 it will cost…$1.21/day/ad OR one (1) token

But remember! You earn tokens for every exclusive advertisement you post

In Year 1 you earn…ten (10) tokens/ad
In Year 2 you earn…nine (9) tokens/ad
In Year 3 you earn…eight and one tenth (8.1) tokens/ad

This table illustrates the maximum fee/day/ad over the first 15-years:

  1. Token Allocation per Active, Exclusive Advertisement (highlighted in light blue “Initial Advertisement Allocation”) and

  2. Daily Advertisement Fee in USD (highlighted in light pink “Annual Fee Escalation”).

The purpose is to maintain value alignment between Token incentives and the Corporation’s revenue, while adjusting to inflation, market maturity, or marketplace demand; it demonstrates how both values evolve annually, applying standard decay or escalation unless a Step-Up Adjustment occurs.

Why is equity being sold at par value ($0.00001/share)?

  • If I can execute building LSTdao—YOU WIN; if I am unable to execute—you will not have lost time or capital.

  • I am trying to make it as easy as possible for you to say “yes”

    • You owning equity improves the odds that if I can execute on building the platform you will be incentivized to participate

  • I’ve made the assumption that you’re too successful brokering deals to be overly excited about:

    • Marketing savings

    • Earning tokens

    • Transparency in data, product pricing, algorithms, consumer communication

  • It is harder to build a sustainable business than it is to build the platform.

*Technically, you are not “purchasing” equity—LSTdao has waived the need to transfer money to receive equity because the amounts being transferred are all less than $3.00

**Capital will be raised later from investors at a higher valuation.

Why do you need to receive accredited investor certification via 3rd party(accountant/attorney) or share financials for accreditation to purchase shares?

In short…because I cold called you— this eliminated the ability to self-certify under SEC Rule 506-b.

This offering is made under SEC Rule 506-c of Regulation D so the Corporation is legally required to take “reasonable steps to verify” that all investors are accredited. To comply, we must collect verification from:

  • An independent, qualified third party

    • A licensed attorney

    • A certified public accountant (CPA)

  • Directly from you in the form of

    • Two (2) most recent tax returns showing income in excess of $200,000 (single)/$300,000 (married)

    • OR proof of funds (savings, investment, trust) in excess of $1,000,000

506-c and Accredited Investor Info. via SEC: https://www.sec.gov/resources-small-businesses/exempt-offerings

Why is LSTdao unable to split share allocations between partners/team members?

Private companies are limited to a total of 2,000 shareholders and it is more valuable to all of us the equity to be distributed widely.

I understand you may work closely with business partners or team members, but unfortunately, I cannot accommodate requests to divide or share allocations between multiple individuals.

Each allocation is made to a single eligible investor/entity and must remain in that investor’s or entity’s name.

BUT shares may be purchased by an existing LLC/Corp/partnership that is owned by multiple individuals assuming all equity owners of that Entity meet accredited investor status or the entity has assets in excess of $5M.

While private agreements among parties may exist, the Corporation will only recognize and communicate with the recorded shareholder on our books.

This approach ensures transparency and helps the Corporation remain compliant with Section 12(g) of the Securities Exchange Act of 1934, which limits the number of shareholders of record a private company may have to no more than 2,000.

I appreciate your understanding and cooperation in helping maintain a clean and compliant cap table!

how were agents selected and allocated shares?

I began with a national dataset of approximately 10,000 licensed real estate professionals (June 2025 RealTrends gross sales).

To ensure geographic and market-relevant representation, I also identified the U.S. cities/counties/states with the highest number of real estate advertisements (sales+rentals= total ads) over a three (3) year period.

From there, 1,800 agents (with an additional ~3,000 as backups) were selected based on:

  • Gross sales performance, prioritizing top producers

  • Geographic weighting, where agents were proportionally selected from counties with the highest volume of real estate activity

I will do my best to contact the initial group of 1,800 selected. However, it is likely a portion will not respond, and some may ultimately decline the opportunity to subscribe for shares.

The Corporation reserves the right to expand beyond the original group of 1,800 agents and will prioritize those operating in areas with high concentrations of real estate advertisements, as these regions align closely with platform activity.

Additionally, the Corporation may offer equity to high-potential Contributors not included in the original list of 10,000 agents — including those who focus primarily on rentals or those who did not report sales data but are otherwise strategically valuable.

Any remaining allocation of the 40M shares not subscribed to by the initial group may also be used to attract key advisors or strategic Contributors, at the discretion of the Corporation.

What happens if the 70% subscription threshold is not met?

If we don’t reach the 70% subscription threshold—equivalent to 28M of the 40M shares offered—I’ll take it as a signal to reassess. After cold calling thousands of agents, falling short of this mark likely means I haven’t been able to communicate the offering clearly, made the offer compelling enough, or the problems I perceive with Zillow/CoStar/MLSs are not shared by others.

I’ll recalibrate and continue pressing forward but your subscription agreement will not be countersigned and no shares will be issued.

The 70% subscription contingency is outlined in the Offering Memorandum (pages 4 and 21) and in the Subscription Agreement (page 1).

What could your equity be worth?

*Everything below is an projection, there are no guaruntees of revenue or that your equity will go up in value.

That said, over time LSTdao can and will scale:

  • Geographically (into other countries)

  • Across asset classes (residential, commercial, vacation)

  • Into related products (non-exclusives, featured ads, mortgage, insurance, etc..)

The numbers below only project the possible income from Daily Advertising Fees via exclusive rental and sale advertisements and does not account for token payments.

The chart below reflects the gross revenue of the two largest real estate platforms (Zillow and CoStar)
from 2020-2024.

Since 2022, I have been tracking how many active rental and sale advertisements have been available on Zillow which helps provide an estimate for what AMOUNT OF ACTIVITY IS POSSIBLE.

These numbers can be viewed and have been broken down into City, County, and State here (external link to Google Spreadsheets)

  • Cities: The ten (10) most active cities account for ~235,000 daily sale and rental advertisements

  • Counties: The ten (10) most active counties account for ~400,000 daily sale and rental advertisements

  • States: The five (5) most active states account ~1,400,000 daily sale and rental advertisements

Below is chart showing the value of lstdao shares at different market caps assuming 100M shares outstanding.
lstdao share values assuming market caps equal to zillow and costar have been added for reference.

controversial (?) Topics:

You are an active user of Premier Agent— will LSTdao sell leads?

Maybe…but that is for you to decide!

In general, the advertiser of a property is the person best suited to provide information to the consumer.

That said, Premier Agent has been a valuable resource to participating agents— particularly “junior” agents who do not have their own clients and those agents who were earliest to engage with the Premier Agent program—but Premier Agent lacks transparency in lead pricing, consumer communication, and limits which agents can participate.

BUT if Stakeholders feel—you will vote!—that it is valuable to provide buyers’s agents with the ability to advertise their services on another agent’s advertisement, LSTdao can provide the option to do so.

The changes LSTdao would make to a Premier Agent-eque program all feel very obvious to me but it starts with simple things: transparency, reciprocity, and choice.

Your client wants a more curated advertisement— will LSTdao allow “private” advertisements?

Again, maybe but you will decide—that said, “private” ads are not a priority for LSTdao because we are “your ad, your lead” first.

Rationally, the more potential buyers there are, the higher the price of something can be—this is generally enough to induce co-broking between sellers’ and buyers’ agents—but I can envision scenarios where sellers and their agent may want to limit access to their property.

LSTdao will provide an outlet for “private” advertisements and I have some unique ideas as to how this can be implemented over time .

Co-broking

Most agents operate under NAR or similar trade organization rules that require co-broking and sharing of advertisements among members.

LSTdao will not enforce mandatory co-broking—as long as the property owner has agreed to limit property access to only “direct” buyers/renters that should be their right and forcing mandatory co-brokes seems counterproductive— but I would love to see more transparency between agents and consumers alike.

The changes LSTdao would make to a private advertisement option, again, feel very obvious to me but it starts with the same, simple ingredients: transparency and reciprocity.

Clear cooperation

The hub-bub over “Clear Cooperation” is just a battle over fees.

Directly and transparently connecting consumers to advertisers is the first step in solving this problem.

  • Agents and brokerages want to maximize their share of commissions

  • Zillow wants to maximize their fees for selling leads

    • NAR sold Realtor.com to NewsCorp/REA but..

      • NAR still mandates that memeber agents/brokerages upload advertisements within ~24 hours of becoming active

      • (Most) MLSs have signed agreements with Zillow to provide direct feeds to the Zillow platform which has caused a conflict of interest between NAR/MLSs, member agents, and Zillow

      • Historical property data (expired/sold/rented) is limited

        • This causes agents to have to pay for MLS subscription(s) in order to perform comp research and advise clients

Will LSTdao allow non-exclusive or “open” advertisements?

Yes.

Non-exclusive or open listings make up a significant portion of the market but are often hidden from consumers because most platforms do not support them OR do support them but it creates confusion for consumers.

LSTdao will permit the same property to be advertised by different brokerages, but not by multiple agents within the same brokerage.

Advertisers:

  • Will not receive tokens for submitting a non-exclusive/open advertisement

  • Pay 2x the Daily Advertisement Fee

Consumers and agents:

  • Will be clearly notified that the listing is non-exclusive/open

  • Will be shown all other active advertisements if the property has been posted more than once

Will LSTdao have a “featured” advertisement option?

Yes.

But this will occur over time as the number of results returned from a search request becomes excessive and, therefore, the option becomes valuable to an advertiser.

Current formulas used by platforms are rigid in their design and pricing— LSTdao would aim to provide more flexible options to advertisers.

Will LSTdao accept advertisements via 3rd party feeds or syndication software?

No.

LSTdao relies on accurate, directly submitted data from advertisers.

Advertisers will be compensated with LSTdao tokens for contributing data directly.