🔥 Burning RSR 🔥

[Chihiro @CryptoChihiro]

GM Team $RSR next good news just arrived
The 2nd new DTF by @reserveprotocol reached today the $1mio marketcap mark too 🙌🏼

It’s called $BUILDOUT

[Reserve 🌐 @reserveprotocol]

GM 亚洲！以下是我们收到的一些关于全新 AI DTF 产品线的中文提问，以及我们的回答：

1. 底层的法律结构到底是什么？我是直接拥有底层的美股，还是仅仅持有对某个离岸 SPV 的一种债权（IOU）？

当你持有 DTF 时，只有你本人拥有提取底层代币的密钥权限，因此你对这些底层代币拥有法律所有权，并实际掌控它们。这些底层代币本身并不代表对股票的法律所有权，但它们由 Ondo 持有的真实股票作为支持。如果你把底层的 Ondo 代币提取出来、拿去向 Ondo 赎回，你有权按股票的现金价值进行赎回：你赎回代币 → 他们在市场上卖出对应股票 → 你拿到现金。赎回汇率从 1:1 开始，随着分红的累积而缓慢上升——这就是他们在不引入链上复杂机制的前提下，把分红（扣除少量费用后）传递给持有者的方式。

2. 底层的美股由哪家"实体券商"托管？

这些股票托管在 Ondo 于 Alpaca Securities 开设的账户中。Alpaca 是一家技术驱动的美国券商，拥有出色的 API 化产品，目前市面上几乎所有代币化股票产品都在使用它。它现代、稳健，但只提供在美国交易的资产——这也是为什么我们的产品目前还不包含非美股的代币化股票：因为那些资产尚未被代币化。

3. 二级市场流动性如何保证？

这里的流动性分为好几层：

DTF 代币本身有常规的 DEX 流动性池，可应对较小额的交易。已有套利者在这些池子里交易，使价格维持在接近公允市场价的水平。出于合规原因，我们会做地域限制以匹配 Ondo 的国家名单，因此这些池子不会出现在常规的 DEX 聚合器界面上。

有几家做市商通过 RFQ / solver（询价 / 求解器）接口为这些 DTF 提供报价，比如 PancakeSwapX 和 CoW Swap（1inch Fusion 即将接入）。他们既能使用 DEX 池的流动性，也能实时在 Ondo 那边铸造 / 赎回 Ondo 代币（速度快得惊人），再通过 Reserve 的智能合约铸造 / 赎回 DTF。这些界面会做访问限制以匹配 Ondo 的资格要求——Ondo 允许中国、日本和韩国的用户。
在 https://t.co/zlQXa5cNiZ 上（以及第三方网站上），系统都会根据你的交易规模，自动为你路由到更优的价格——要么铸造，要么直接从池子里买入现有代币。
对于小额交易，时间点无所谓。对于大额交易，在美股交易时段操作能拿到更好的价格，因为部分资产的 Ondo 铸造 / 赎回只在美股开盘时段可用（他们正在推进 7×24 小时，但尚未覆盖所有资产）。如果一笔大额交易预计滑点会超过 1%，我们的网站会提示你这一点，并告诉你什么时候回来能拿到更好的价格；第三方平台没有这种提醒。
4. DTF 是否有分红？

有——见第 1 点的回答（分红会累积进不断上升的赎回汇率中）。

5. 持有这个链上 ETF 的综合费率是多少？

每年 0.6% 的费用（按 TVL / 锁仓量计算）。铸造会额外收取 0.3% 的费用，但如果通过 DEX 池买入更便宜，系统会自动为你走更便宜的路径，你就无需支付铸造费。设置这笔费用，是为了当 MEV 搜索者在 DTF 池里套利时，协议能捕获他们原本会独吞的一部分价差——实际上，绝大多数铸造交易都是 MEV 机器人发起的。

6. 如何应对智能合约漏洞和超额抵押方面的风险？

指数型 DTF 是 1:1 足额支持的，没有超额抵押（收益型 DTF 确实使用超额抵押，但那是另一个独立的产品）。所以风险主要取决于代码的可靠性：我们已做过多次审计，并设有一个长期有效、金额达 1000 万美元的漏洞赏金，至今无人领取。风险永远无法完全降到零。

7. 合规与 KYC 限制是什么？相比中国用户在盈透（IB）上买美股，本质区别在哪里？

在不受限制的国家 / 地区，链上买卖这些资产不需要 KYC；而向 Ondo 赎回则需要完成 KYC。通过盈透（IB）购买时，你直接拥有股票，并附带美国方面额外的监管保护——但你的账户能否使用，取决于盈透是否在你所在国家继续开展业务，而 DTF 代币则由你自己自托管。如果你习惯链上交易，DTF 可能是更好的选择；如果你更偏好传统金融，盈透可能更合适。需要注意的是，这些产品中有一部分目前并没有对应的 ETF，所以走传统渠道的话，你需要一个一个地去买这些公司的股票。另外，正如上文所述，对于小额交易，代币化产品能提供更好的 7×24 小时流动性；而在美股交易时段，其传统金融层面的深度流动性与之相当。

[Chihiro @CryptoChihiro]

.@reserveprotocol still cooking something big 👀

like and share $RSR fam 🙌🏼

[BSCN @BSCNews]

Reserve And Ondo Bring AI Stocks To BNB Chain

Reserve (@reserveprotocol) has launched five tokenized AI equity funds on BNB Chain (@BNBCHAIN), backed by Ondo Finance (@OndoFinance) Global Markets tokenized stocks.

The funds cover AI infrastructure, power, photonics, cloud compute and robotics. They are also available for trading on PancakeSwap (@PancakeSwap), expanding onchain access for eligible users.

The products are available across about 145 countries, excluding the United States due to regulatory restrictions.

[Sam Badawi @Sam_Badawi]

Perpetual futures are already taking hold in 24/7 trading.

DTFs, or Diversified Token Folios, are essentially ETF-style baskets built on-chain, giving investors exposure to a group of tokenized assets through a single tradable token rather than a traditional ETF wrapper.

[Reserve 🌐 @reserveprotocol]

Own your share of the AI industry

Today, Reserve launches not one, but five new tokenized equity DTFs, each for a unique layer of the AI revolution: infrastructure, power, photonics, cloud compute, and robotics.

Live on @BNBCHAIN and powered by @OndoFinance, eligible users can trade them onchain at https://t.co/zlQXa5cftr and @bitgetwallet, or on DEXes like @PancakeSwap X and @CoWSwap.

Read the full launch article below to learn more about $BUILDOUT, $POWER, $PHOTON, $NEOCLOUD, and $ROBOTS ↓

[CoW DAO @CoWSwap]

Tokenized AI-sector baskets from @reserveprotocol are now routable through CoW Protocol, alongside their other supported venues.

Mooooo 🐮

[BNB Chain @BNBCHAIN]

AI momentum continues to build on BNB Chain.

Five new tokenized equity DTFs from @reserveprotocol are now live on BNB Chain, offering users exposure across five layers of the AI economy.

Note: This post is for informational purposes only and not financial advice. DYOR.

[Chihiro @CryptoChihiro]

.@reserveprotocol just kicked open the gates to the Al revolution 🚀

5 new tokenized equity DTFs
$PHOTON
$NEOCLOUD
$BUILDOUT
$ROBOTS
$POWER

each basket a slice of the AI industry 🤖

This isn't "investing in stocks" anymore
This is the future, onchain, in your wallet

Wake up, fam.🔥 $RSR @OndoFinance

[Nevin Freeman @nnevvinn]

And so the next stage begins.

For years now we've been searching. Searching for which type of DTF would catch on first and turn "DTF" from just something RSR holders say to something you hear every day across financial news.

We haven't found it yet. Or... maybe now we have!

Today we release five thematic AI index DTFs, each representing a slice of the AI supply chain, backed by tokenized stocks from Ondo Global Markets.

We're launching these products at a very special moment in time. The world is on track to spend an estimated $7.5 trillion on the AI infrastructure buildout by 2031, markets for AI supply chain companies are booming, and we have an interconnected world of online investors hungry to own their share of what's next. Until a few days ago, that would only have been possible through TradFi platforms, but @OndoFinance stepped up to tokenize everything across the category, so naturally @reserveprotocol stepped up to index it.

The question I keep asking myself is: are we already at the top? How are these categories going to perform?

Of course it's anyone's guess and this is not investment advice, but I keep coming back to my long-term view on AI:

I think most people are very far from understanding how impactful AI is going to be to our world over the course of our lifetimes, and if that's correct, the market is nowhere near pricing it in, broadly speaking.

Analysts project increasing token spend in the coming few years. Meanwhile, we believers project solving biology and living to be 1,000.

(Or majorly messing things up along the way. Making sure things don't go awry is a key challenge for our society in the next few decades. This product does nothing to address that bigger issue, it just helps ordinary people around the world own their share of the stack in the success case. Your portfolio doesn't matter much in worlds where everything's f*cked.)

This is not to say any given company is undervalued; it's easy to imagine the category being massively dominant over the coming decades while many individual companies go bust or end up irrelevant.

But isn't that the point of an index?

[Reserve 🌐 @reserveprotocol]

https://t.co/8hbii0kqwk

[Nevin Freeman @nnevvinn]

For a long time I've kept quiet about AI in favor of focusing on asset-backed currency. But today my two interests converge, so I'm starting a podcast on the full implications of AI for (a) investing and (b) the world overall. I hope it provokes you to consider how to own your share of the AI buildout and think critically about where AI will ultimately take us.

[Reserve 🌐 @reserveprotocol]

████████▒▒
Launch loading...

Turn on post notifications 🔔

[Nevin Freeman @nnevvinn]

We’ll be releasing five AI thematic index DTFs. Since the tokenized stocks they wrap are not US-accessible, they will not be available in the US. We are of course still working with the SEC to release a system that will bring all of this onshore, but that’s a ways out still.

[Nevin Freeman @nnevvinn]

It’s been a ton of work but we are very close to launch! Looking forward to going live soon!

[🔥 Burning RSR 🔥 @Reservelover]

@CryptoChihiro

[Reserve 🌐 @reserveprotocol]

“A tokenized equity DTF wins for one reason. It reaches buyers locked out of the underlying everywhere else.”

Probably nothing.

[PostAurum @PostAurum]

This is what I want from @reserveprotocol.

A product that either works in week one or never works at all.

As some of you know, Index DTFs have a property most crypto products hide from you. The fee runs buy-and-burn on $RSR . So the question was never whether the tech is good. The tech is fine. The only question that moves RSR is whether the product gathers capital, because capital is the input the burn feeds on.

And capital gathering in this category is brutally binary.

Look at what just happened in TradFi. A memory-chip ETF went from zero to roughly $9B in a little over a month. The index was not clever. Foreign retail genuinely could not touch Samsung and SK Hynix any other way. The product solved a real access gap. The flows followed the gap.

Now the counter-example, same season. A photonics ETF launched into the same hype wave. Six weeks, around $340M. Below the memory trajectory at the same point. Same theme, same AI supply-chain story BUT a fraction of the flows.

The reason sits in one detail. The photonics winners are already US-listed and tradeable. No access wall to break. No reason for the flood.

That comparison is the whole thesis.

A tokenized equity DTF wins for one reason. It reaches buyers locked out of the underlying everywhere else. Non-US, crypto-native, no clean path to the stock. When that lockout is real, the product explodes. Zero to billions before anyone writes the thinkpiece.

When the lockout is thin, the same product is a rounding error. $5M in week one, $5M in week ten. Dead on arrival, wearing the costume of "innovation".

This category has no slow build. The chart in week three is already written by the flows in week one.

So here is the filter I am holding.

If the first equity DTF opens on an underlying that non-US capital genuinely cannot reach, the burn catalyst is live and the re-rate is mechanical. If it opens on names already liquid and listed and reachable, it's a beautiful product solving a problem nobody has... and the fee accrual to RSR stays noise.

One more thing nobody is pricing.

This whole structure rides on the tokenizer that issues the underlying. Launch day is chained to their release day. We already watched one tokenizer this month get forced into refunds north of $1B over botched IPO allocations. The fragile point is the entity minting the shares the index holds.

So I am not watching the marketing. I am watching two data.

First: Week-one flows.
Second: Which underlying they open with.

Everything else is noise at this point.

🐸 AD MAIORA! 🌊

[Davide Alba @davide_will]

“Reserve Protocol is great because you can give people options to use whichever thing they want. And hopefully the best thing will win out. We have seen people move to better money over time.

I think the flexibility of Reserve Protocol is something that is very valuable. And I hope allowing that competition will allow you to create the best money possible.”

🗣️ Thomas Hogan at Monetarium 1:

“All kinds of different goods were used in different societies. […] Wheat and grains were easy to transport, storable, easily divisible: a pretty common one. Shells were another. Human teeth, not common.

We have all these weird examples of things that people used. But they tend to move to something better once something better comes along. And eventually, almost all these societies all over the world converge on gold or silver.

Some people would say the government did this. Maybe in an econ textbook they say we had barter and then the government gave us money. I don’t think that’s really how it worked. It could be that every king and chieftain around the world happened to have picked gold and silver – but that seems like a pretty big coincidence.

It’s much more likely that the market evolved to using these two metals because they were the most useful. And then the government saw people using those already and started to recognize that as money.
That’s what happened in the United States. When we founded the United States, the government wasn’t producing money, but we had Spanish dollars that were being traded. And that becomes the US dollar once we have our US government.

So from these commodities, we get bank notes where banks are willing to give you a piece of paper that you can redeem for the commodity. You don’t have to carry it around all the time – it’s much easier to just use the paper and have all the heavy metal stored in the bank.
Banks also had deposits where they would just record that they owe you some money and you can come in and take your money whenever you need.

Bank notes were for most of US history supplied by private banks. And that was pretty successful. But of course then we eventually moved to central banks. Many of them originally were also redeeming dollars for gold, but then eventually all moved to fiat. […]”

“Gold has a really established reputation. It was on the gold standard – everyone believed we would always go back to a gold standard. […]

My typical recommendation when people ask me about money is: we should have free money, we should have competition. Use whatever you want.
People want to use gold, they use gold.
People want to use stablecoins, use stablecoins. And I believe the best thing is likely to win out.

Larry White would say: if we give people choice, they’re going to go back to gold. It’s the one thing people have converged on through all of history. It’s very likely that that still acts as an anchor in people's minds. And maybe he's right, but I don't know. I don't know that answer. None of us do.
That’s why the Reserve Protocol is great…”

[🔥 Burning RSR 🔥 @Reservelover]

@reserveprotocol Time has come 🔥