CultArtist

"imagine you take a stock token and make it programmable, like software, what can you do?" - vlad i discuss in the paper below what i believe is a genuinely new financial primitive that is now only possible because of stock tokenization i present, Isolated Exposure Tokens

it was brought to my attention that a token launched on standard's launchpad was removed from pumpfun's competition for "bundling" because 80% of its supply sits in one place i want to clarify what this actually is, and why its the complete opposite of a bundle and actually a beneficial mechanism first, what a bundle is: a deployer buys most of the supply across multiple wallets at launch, hides that theyre connected, waits for buyers, then dumps on them (or in the *optimistic* case, uses them for "supply control"). bundles are opaque and hide a token's real float standard's launchpad lets deployers do what's called a "charter drop" which is the complete opposite of a bundle: - charters are nfts held by participants in the @standard_rsv ecosystem. each holder has spent over 3 eth to join the protocol, and they've proven to be aligned, long term supporters of the projects they like - deployers can choose to airdrop a percentage of supply (up to 80%) to charter holders. these tokens are locked in a vault contract, and charter holders cant access them unless they BURN their charter - the airdrop isnt controlled by the deployer. the tokens sit in a single public contract, 0xb8748E02f07dd80F1DB99A49F92546B2210D844d, with no admin key and no owner withdrawal - nothing is hidden. anyone can verify the mechanism and lock onchain, which is the opposite of a hidden bundle - charter drops cant be dumped instantly. the tokens are split across every charter holder, not one wallet, and holders only receive their share by burning their charter. it's a public token lock with a real cost to unlock, not free supply ready to hit the market were glad bundled tokens are being policed, but if this counts as a bundle, we'd urge you to look at the majority of the other tokens in this competition as a side not, over 4M USD of tokens has been airdropped to charters and we've seen less than 5 charter burn to receive the airdropped tokens since we're on the topic anyway, let's talk about market cap versus liquidity on charter drop tokens. dashboards count the locked 80% in market cap, so the market cap to liquidity ratio looks thin but, measured against tradable supply, the pool is deeper than on other launchpad tokens since the same amount of liquidity supports a much smaller float, because most of the supply is locked. treating locked supply as tradable gives a misleading ratio

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