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Most networks publish token updates. Few open their books. Today, the Syndicate Network Collective (DUNA) published its Q3 2025 financials—the first full, accrual-basis report from a decentralized network operating under U.S. law. A new standard for transparency. ↓
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The DUNA elected to be treated as a U.S. C Corporation for tax purposes—establishing clear obligations and standardized reporting. Financials are prepared by Cowrie – Administrator Services LLC using accrual and fair-value accounting, reflecting true economic activity across the network.
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