Investments @PolygonVentures | @cartography_cap | Former @Cartainc, @cshift_io | Community: https://xitter.cf/t.co/7UfFQPUZrv
Joined April 2020
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the department of fomo left me a briefcase. i've been told not to ask about the pickle. @FomiesNFT #Fomies
A memecoin's fees leak to a team wallet & nothing remains when attention fades & the dev sells.
A mechanized stock-accrual token converts every trade - automatically, verifiably, onchain - into a growing position in real equity.
It's the difference between renting attention & building a balance sheet.
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Memecoins & altcoins are going to be paired with every major stock in the world & major corporations are soon going to be forced into an unavoidable game-theory choice with DeFi...
Do they deploy legal teams to fight memecoin developers who may be infringing on IP & not-aligning with their core branding, or do they hit the 'like' and 'follow' buttons & embrace the protocol locking up their float?
The game has changed. We saw it this week on X with the Netflix intern & the $chill token. A 'follow' from Nvidia could be a 1,000% daily candle.
This new DeFi paradigm could strip power away from traditional corporate boardrooms & replace legacy marketing with a new crypto-economic framework:
1) Internet attention, culture & nostalgia is tokenized and mathematically pegged directly to a hard corporate equity.
2) Every buy/sell order for the memecoin automatically triggers the smart contract to buy & lock up the underlying tokenized stock to balance the pool. DeFi legos are also used to generate revenue to increase this flywheel.
4) As the meme pumps, the community effectively runs an automated, decentralized share-buyback program that also ties their community ethos with the corporate brand.
5) Alignment financially & culturally.
And the end game goes beyond trading volume & hype, it's founded in programmatic revenue. Devs are routing product fees, bot revenues, arbitrage fees and tokenized stock dividend yields directly into the pool or back to users. Even if trading volumes decline heavily, the token flow keep buying the asset & locking the float.
What will each corporation do as more & more of their tokenized stocks are locked in a AMM pool created by a 3rd party developer on a decentralized blockchain?
Great map. There will be multiple $1B+ FDV stock-paired altcoins this cycle.
Different stocks will get an altcoin winner on different chains, making it hard for the trenchers to know which altcoin on which chain is going to take the crown for a given stock.
We have 2 dashboards tracking stock-paired altcoins for Robinhood & Base and will add BNB shortly.
Robinhood: snowy-heron-5zas.here.now/
Base: crisp-pepper-3kpx.here.now/
Tokenized stocks are becoming the battlefield for CEXs.
@krakenfx has @xStocksFi
@binance has bStocks
@Backpack has stocks and ETFs @solana
@RobinhoodApp has Stock Tokens on its L2
Now @coinbase launches its own version of tokenized stocks on @base.
What's the difference?
1. Coinbase B20: You get a claim on shares held by Alpaca under ADGM. The structure is bankruptcy-remote from Coinbase. But only KYC’d “Vested Holders” can redeem or vote. Everyone else can trade but can’t redeem directly.
2. Binance bStocks: ADGM certificates that can be wrapped and unwrapped 1:1 with the underlying shares, with zero fees. $100M AUM in 15 days.
3. Kraken xStocks: Jersey tracker certificates. You’re a creditor of the issuer rather than a direct shareholder. Still, xStocks has built the biggest DeFi presence, with $10B+ in volume.
4. Robinhood: Stock Tokens are Jersey debt securities with no shareholder rights. They also settle on Robinhood Chain, giving Robinhood control over the issuer, venue, and chain.
5. Backpack: US broker-dealer structure using UCC Article 8 entitlements. Holders get dividend and corporate-action rights similar to regular shares. $1.06B in July volume.
A few things stand out.
The competition now is around who controls redemption, where the token can trade, and whether it can be used as collateral or earn yield onchain.
Dividends are another wrinkle. Coinbase and Binance use balance-neutral multipliers. Kraken and Ondo rebase, which can create problems for lending pools.
Ondo still has ~70% of the market, with $1B+ across 430 tickers.
But now major CEXs have their own tokenized wrapper. That could change quickly.
Who's next?
It's comforting to know memecoins are alive & well and will be large part of the global economy in the digital age.
Web2 companies that could launch their own industry-specific blockchain over the next 2–10 years. Robinhood are showing the way.
@zillow → Real Estate Chain
@Redfin → Real Estate Chain
@eBay → Collectibles Chain
@Ticketmaster → Ticket Chain
@StubHub → Ticket Resale Chain
@DraftKings → Sports / Betting Chain
@FanDuel → Sports Chain
@espn → Sports Chain
@FIFAcom → Soccer Chain
@Disney → IP / Entertainment Chain
@Nike → Sneaker / Sports Chain
@stockx → Sneakers / Collectibles Chain
@Sothebys 's → Art / Collectibles Chain
@ChristiesInc → Art / Collectibles Chain
@amazon → Commerce Chain
@Walmart → Consumer Commerce Chain
@Costco → Membership / Commerce Chain
@Airbnb → Travel / Property Chain
@bookingcom → Travel Chain
@Uber → Mobility Chain
@DoorDash → Food / Restaurant Chain
@CarMax → Auto Chain
@Carvana → Auto Chain
@AutoTrader → Auto Chain
@Fidelity → Investment Chain
@CharlesSchwab → Brokerage Chain
@Vanguard_Group → Index / Fund Chain
@BlackRock → Asset Management Chain
@Visa → Payments Chain
@Mastercard → Payments Chain
@PayPal → Payments / Stablecoin Chain
@stripe → Internet Commerce / Payments Chain
@Shopify → Merchant Chain
@Spotify → Music / Royalties Chain
@warnermusic → Music Rights Chain
@UMG → Music Rights Chain
@Tesla → Vehicle / Energy Chain
@nvidia → AI Compute Chain
@OpenAI → AI Agent Chain
@PalantirTech → Data / AI Chain
@SpaceX → Space Economy Chain
@Google → Data / AI Chain
@Apple → Consumer / Device Chain
@Meta → Social / Identity Chain
@Microsoft → Enterprise / AI Chain
@salesforce → Business / Identity Chain
@LinkedIn → Professional Identity Chain
@X → Social / Creator Chain
@Reddit → Community / Social Chain
@YouTube → Creator / Media Chain
@netflix → Entertainment / IP Chain
@LEGO_Group → Digital Collectibles / Gaming Chain
@Mattel → Toys / Collectibles Chain
@Hasbro → Gaming / Collectibles Chain
@nytimes → Media / Information Chain
@Uber → Restaurant Chain
@Expedia → Travel Chain
@Marriott → Hotel / Loyalty Chain
@Delta → Airline / Loyalty Chain
@Starbucks → Loyalty / Consumer Chain
@McDonalds → Consumer / Loyalty Chain
@CocaCola → Consumer / Brand Chain
In the future I can see 3rd-party apps & protocols burning tokenized-stocks & destroying them. Currently the meta is distributing tokenized-stocks to memecoin holders or NFT holders, very fun.
Some people just want to see the world burn...
What if a dapp is created that uses revenues to buy tokenized-stocks & sends those stocks to 0x..dEaD or uses the burn() function?
Currently, this is pointless due to legal structure. Burning the wrapper doesn't retire the share. The custodian still holds it, the burner just gifted the issuer a free asset. With burn() the issuer is now long one real share with no corresponding liability. With 0x..dEaD it's worse, supply never drops, so the liability never even clears.
But what if this changes in the future for TradFi companies? What if holding a tokenized-stock becomes holding the underlying share, with the issuer's terms being burn = redemption = deliver the underlying to the company for cancellation as treasury stock...
Also, we will have public companies in the future that trade solely onchain, bypassing legacy exchanges, with their whole cap table living onchain. In that world, native cap tables make dividends, buybacks, voting, vesting, & secondary transfer all composable & atomic. Burn-to-retire becomes a side effect of that.
🔥🔥🔥
1st public widget share from @fomo. Hopefully many more to come.
Get 10% off fees:
fomo.family/r/cartographer
It could be that every major public stock has a related 3rd-party-created NFT collection for their cult followers.
And other entities will follow suit.
We've seen it for artists already
We'll see it for musicians eventually
We'll see it for influencers
Maybe for athletes
Maybe for celebrities
It'a always been about identifying your top 100-1000 users and giving them more.
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