N8

[「 𝕲𝖔𝖔𝖓」 @goon_crypto]

pendle proved yield tokenisation works on crypto...

@PareStocks is running the same shape of trade on tokenized stonks, and that asset class has basically nobody else touching it..

robinhood chain stonk tokens don't pay cash dividends into your wallet. the dividend gets auto-reinvested straight into the token's own multiplier, so your raw balance sits flat while each token quietly represents more shares underneath it. nobody's holding a visible claim, it's baked into the token itself.

$PARE's whole insight is that this multiplier growth is a yield stream, and yield streams can be stripped off and traded like anything else.

deposit the stock token into a vault, one series at a time, asset times maturity date, and you get two erc20s back:
> pAAPL-MAR27, the stock minus the drip, trades close to spot, redeems the full baseline at maturity
> yAAPL-MAR27, just the dividend stream between now and maturity, costs a sliver of the share price, no liquidation risk because there's no leverage sitting under it

fee is 10bps, taken once, on the way in. merge, recombining PT and YT back into the underlying, costs nothing, and that free exit is the whole peg mechanism.
> price PT+YT above a share, split and sell
> price it below, buy both and merge

arbitrage polices the peg on its own, no keeper defending a band.

the part i think is underrated is the pool design. both legs trade against the stock itself instead of a stablecoin:
> PT pool runs the 0.05% tier, tight range just under par
> YT pool runs the 1% tier, wider range, since it's the smaller leg and swings harder in percentage terms

quoting PT against its own stock instead of usdc means both sides of that pool move together, so LPs aren't eating IL every time the stock rallies.

on redemption, the only toll is 5% of the drip on YT, yield only, principal untouched.

that fee does two things:
> buys the stock and deepens the protocol's own PT/YT pools, tightening every series after it
> market buys and burns $PARE

fixed 1b supply, 97.74% straight into the launch pool, 2.26% locked to a dev wallet, zero emissions. whatever accrues to $PARE comes from usage, not from printing.

right now series 01 on AAPL is sitting at 5.8 out of a 1k vault cap, so the liquidity story is still mostly theoretical. every yield-stripping protocol looks unimpressive at that stage.

the mechanism is pendle's shape, deposit, split, trade the pieces, merge whenever, pointed at an asset class nobody else is stripping yield from yet. that's the bet i'd take.

@pendle_fi's tvl topped $12b at the peak of the last cycle. if $PARE only captures 10% of that once tokenised equities get fully underway...

the token starts looking cheap right here.

[N8 @N8theAlchemist]

@Walta61 You got a screenshot

[Vlad Tenev @vladtenev]

Everyone should be able to access high-quality financial assets, wherever they live.

That's what tokenization unlocks: taking the best of US capital markets and making them available on a global scale.

The industry is still small compared with global finance, but the advantages are becoming harder to ignore. Traditional market infrastructure was built around fixed hours, closed networks and layers of intermediaries. It was never designed for 24/7 execution, programmable assets, composability or self-custody.

The needs of investors have moved faster than the rails underneath them. We're working to change that.

What gives me confidence is seeing how many different people are now pushing this industry forward. Founders are building new products, LPs are bringing liquidity, traders are finding new uses, and infrastructure teams are making the whole thing work.

It's a privilege to be in the trenches with all of you.

We are still early, and there is a huge amount left to build. It will also take time and effort for the old guard to get onboard. This is worth fighting for.

[Sounder Liquidity @SounderLiq]

The label says 5%. It takes 5.09%.

A pool advertises its LP fee. Beside it, in the same storage word, sits a protocol fee taken off the input first, and the two do not add.

We read the composed fee out of 193 pools on this chain. Median 30 bps. Thirty of them charge over 1%, topping out at ROBINCAT/USDG on 6.09%.

Nine basis points sounds like nothing until you notice nobody was showing it to you at all.

[N8 @N8theAlchemist]

@PareStocks Genuinely good tech. Hoods up

[Pare @PareStocks]

Most people haven't clocked what the principal token actually is.

pPFE trades at 0.91271 PFE. hold it to march 2028 and it redeems for exactly one baseline share. that's a 9.56% return over 574 days, or 5.98% a year, denominated in pfizer shares rather than dollars.

and here's the part that surprises people: that return doesn't depend on the dividend at all. if pfizer raises it you get 1.00000. if pfizer cuts it you get 1.00000.

the token redeems d0/dT of the raw balance, and raw is worth dT/d0 more by then. the two cancel exactly.

a zero coupon bond, denominated in a stock.

[Ibanez @ibansson]

Repricing incoming

How is a DEX with amazing tokenomics and fees distributed through top memes only 170K mc ?

$MEMEDEX

[MEMEDEX @MEMEDEX_token]

The Memedex trading terminal just got some more upgrades

I built a custom router so more pairings route cleanly, through more pools and more hops than before. Faster quotes, plus one-tap approve + swap on supported tokens

Jobs not finished - more upgrades coming soon

[MEMEDEX @MEMEDEX_token]

With more than 4% burned, that's over 9% of the $MEMEDEX supply taken off the market

with the automated buybacks & burns, that number will only grow from here 📈

[N8 @N8theAlchemist]

@lawmanvenezuela @RobinhoodApp That’s the wrong chill, don’t get rugged

[N8 @N8theAlchemist]

@RealSpitfire That’s true, these women supporting Lindsey would kill their own children. Can’t imagine what they’d do to someone who disagrees with them

[N8 @N8theAlchemist]

@printer_brrr It’s hldn szn

[Murad 💹🧲 @MustStopMurad]

In the next 3 years, you will be blessed with more Wealth than you know what to do with.

[N8 @N8theAlchemist]

@miraatwt $titcoin

[CryptoAmsterdam @damskotrades]

that moment your internet tokens start going violently higher after years of suffering

[DavidInfinity @DavidInfinity_]

The new $Titcoin / bitcoin:native pair has a really important bitcoin lore

"Satoshi Nakamoto once playfully considered naming Bitcoin "Titcoin" in 2009, believing the provocative name would naturally grab more attention and draw people in. "

https://t.co/YbKbCyjp0l

[N8 @N8theAlchemist]

Can’t even bid anything in the bonding section right now with fees so damn high. A $10 trade only worth $2 when filled smh

[N8 @N8theAlchemist]

@0xSweep This works both ways though. Means you can roll the stock rewards over at night for more and just stack cash

[Bill- Late Night Onchain @lateniteonchain]

Gm

Daily reminder that the main @netflix account actually followed the $chill account before

Let’s run it back turbo guys and do it again guys

For the culture

[N8 @N8theAlchemist]

This cycle is going to be unlike any other

Anyone on Robinhood right now, hold the line. Don’t over rotate or chase. Hold your bags, wait your turn and retire your family

[Myko Fly @mykofly416]

Current meta is clearly stock paired tokens with a meme component involved.

I think we’re about to see a meta shift away from these tokens that store no intrinsic value to tokens that accumulate value and have a backing.

@NetNetCap is creating a store of value no different than a Hedge Fund. Owning the token gives you exposure to its underlying treasury. Not to mention you get an insane APR by staking.

@TheIndexFi is doing something similar, but rather than storing value and creating embedded value in the token, it’s distributing the stock to its holders.

Now Index has definitely made a run and will go much higher, but there are coins launched on Index/Pons that are so fresh and young. And most of all, not only do they have the dividend aspect to them, but they also have the meme aspect.

@BoomerOnRobin needs no explaining - hold the meme, get boomer stock

@NFLXCHILL again needs no explaining - chill and you get Netflix. But the event that really is going do be deep in the lore is Netflix account following and commenting before deleting.

@hold401k is one of the ones I’m most excited about. We might be so early on this one. It hit ATH of 600k+ and then rugged. It’s now being CTOed by someone who seems very professional and on the ball. I like what I see so far and I’ll keep researching.

@navdotfun is the one I’m hoping that turns into a huge success because it has both components. It accumulates value in the treasury but then you can redeem your token for a distribution in kind. 🤯

Other notable mentions include $blackrock but I’m not following them and too lazy to look for their socials now.

(I also like @S_L_V_R_FUN but that doesn’t fit into these so I’ll save that for another time)

If you got to the end of this I’m impressed. I hope you win big.

MF