A prop AMM for tokenized stocks that anyone can fund. aetherlayer is live on Solana mainnet.
8 shares: SPY, QQQ, NVDA, AAPL, GOOGL, META, TSLA and MSTR. each one quotes at the actual share price, and keeps quoting all weekend while no exchange is open.
the dollars come from one shared reserve. the shares come from the people holding them.
aetherlayer.io
selling NVDA here already met one depth, whichever issuer's token you held.
buying does now too.
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each seat reads its xStock's price from Kamino Scope, refreshed about once a minute.
if that price goes 300 s without an update, the seat quotes its band instead: the last fresh price, widening the longer it waits.
16:00 ET, the seats moved to post-market. the spread floor went from 4 bps to 10, and each seat quotes a smaller size.
overnight starts at 20:00 ET, at 20 bps.
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lenders get 35% of their seat's spread, paid in the token they lent.
lend NVDAx, earn NVDAx.
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how a share gets a seat here: its xStock has a live price in Kamino's Scope oracle.
HOOD and CRCL got theirs today. the next ones open the same way.
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HOOD and CRCL have seats now. 10 on the layer, each one taking both the xStocks and the Ondo token.
the CRCL seat opening: solscan.io/tx/qXeqPYCKPgx4XH…
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a buy of NVDA now fills from NVDAx and NVDAon in one transaction. pick "any issuer" and the seat takes the cheaper one first.
the upgrade: solscan.io/tx/57kLiZSCVossvv…
1 NVDAx is 1.00170 NVDA today. 1 NVDAon is 1.00172.
each issuer pays dividends into its token's multiplier, so the two drift apart over time. the NVDA seat prices each one by its own.
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Replying to @Ondo
on Solana the same share from two issuers still trades as two markets. on aetherlayer NVDAon and NVDAx sit in one NVDA seat, one depth.
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2,053 wallets hold NVDAon. Kamino and Jupiter Lend don't take Ondo tokens.
the NVDA seat does, and pays its lenders in NVDAon.
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Galaxy ran the S&P 500 as one passive pool. in a year the index rose 11.66%, the pool trailed just holding it by about 3%.
the formula sells what rose to keep its weights. a seat only changes inventory when someone trades.
galaxy.com/insights/research…
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the token is $AETHER, launched in public on Raydium LaunchLab.
The protocol's share of the layer's fees and 0.5% of every trade in every token launched on our launchpad are set aside for it on chain.
CA : AXXRWauFkBz6wKcsbEqFS4hCKv2TsyRPPx2oc7cAETH
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that's the end of the thread. accounts replying below with a link or a token aren't us.
we're only @aetherlayer.
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A new token has no outside price, so it doesn't get a seat. it gets a curve in SOL on Raydium LaunchLab, and when the curve sells out the SOL it raised becomes its own Raydium pool, liquidity locked.
whoever launches it picks where 0.75% of every curve trade goes, and 0.9% once it graduates: to them in SOL, or into buying the token back and burning it.
aetherlayer.io/launch
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you can launch a basket of stocks. pick the shares and weights, and it sets how many of each share one basket token holds. it never rebalances.
it mints and redeems at NAV through the seats, weekends too. you set the fee and earn your cut of every mint and redeem.
aetherlayer.io/launch
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A loan here that has to clear on a sunday clears on sunday. its seat buys the collateral at the bid.
borrow USDC against shares, a lent position or a basket. a lent position keeps earning while it's pledged.
aetherlayer.io/app/borrow
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Over half of the xStocks lending pools on Kamino paid suppliers 0%.
lend NVDAx into the NVDA seat and you're still long NVDAx. the seat sells from it and pays you a share of its spread + a premium on what it's using, both in NVDAx.
exit to dollars at the seat's bid, any hour.
aetherlayer.io/app/earn
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