Sush K

Co-founder at Vandergrid. We make markets. Building tokenised markets with the credit and verification layers institutional money actually needs.

[Sush K @sdotsome]

Robinhood stock tokens can now be used as collateral on Morpho.

The weekend is the part I’d watch. The token can trade on Saturday, the stock can’t. So if a position gets liquidated on a weekend, whoever buys the collateral is holding something they can’t properly hedge until Monday. They’ll only bid at a discount.

And Monday’s open can gap well past Friday’s close.

So LTVs on stock collateral have to cover a weekend gap, not a normal day’s move. The depth that matters is Saturday’s, not Tuesday’s.

[Sush K @sdotsome]

@Kenz_1604 @zerufinance “Fees paid” only counts as a real cost if the fees go to someone else. If a farmer is also LPing the pool they trade in, a chunk of those fees comes straight back to them. The score needs to net out fees you pay yourself, or wash volume still climbs the board.

[Sush K @sdotsome]

@vanillacrusz The leak is in the shielding step. If the company shields one exec’s salary every month on payday, anyone watching can work out the amount from timing and size. It works better if shielding is batched across lots of payments so nothing lines up.

[Sush K @sdotsome]

@KongBTC What matters is whether it can move offshore. The kimchi premium is there mostly because of capital controls. If a KRW stablecoin can leave Korea, that gap gets arbed away. If it stays onshore, it’s a faster payment rail and the premium stays.

[Sush K @sdotsome]

@0xAltKing Without Lighter, Aster, edgeX and Paradex, 98.9% isn’t really a market share. Adding them back raises a harder question though, since some of that volume is points-driven. Volume to OI per venue would tell you more than raw share.

[Sush K @sdotsome]

@john_j_brown Makes sense for collateral that just sits there. But margin calls and liquidations still need instant dollars, and a tokenized fund often takes a day or more to redeem. So stablecoins probably move from being the thing you post to the thing you settle in.

[Sush K @sdotsome]

Good that they separate the two channels. Proof of reserves shows the gold exists, not that it’s unencumbered or that redemption holds up under pressure. From working on a gold token, the strongest proof is a public redemption record: burn tx, size, and time until the USDC was paid. If arbers trust that path, they’ll buy any discount in the pool and redeem it, and that’s what keeps the price near spot.

[Sush K @sdotsome]

@SolanaSensei @solana @toly @Backpack @sunrise @JupiterExchange @Ondo @RWA_xyz @BlockworksData @SolanaFndn 1.5M stock token holders is real growth. Next number I’d want is how many of them hold more than $100, since dust wallets inflate holder counts fast.

[Sush K @sdotsome]

@EddieClone @jessepollak @Nibel_eth @base Who can redeem for the underlying though? If it’s only KYC’d holders, the DeFi side is running on secondary liquidity, not on the claim.

[Sush K @sdotsome]

@Cointelegraph @PayPal Sending $1B in PYUSD is the easy bit. Most shares are held through brokers via DTC, so PayPal doesn’t deal with the actual owners directly. Getting the stablecoin to them is where it gets messy.

[Sush K @sdotsome]

@Cointelegraph $7M of ETH barely moves the book these days. The headline will probably move more people than the sale does.

[Sush K @sdotsome]

@adam_bawi @centrifuge @DeFinition_evt Fair, those facilities are basically the bid I meant. Theyre instant up to their capacity, and that capacity gets tested the same week every loop unwinds. Facility size vs looped supply is the number Id want published. Been working on that side, happy to discuss

[Sush K @sdotsome]

@zordcrypt Volume’s the easy number. For the stock tokens I’d want to see 2% depth, and how it holds up on weekends when the underlying market is closed and nobody can hedge cleanly.

[Sush K @sdotsome]

@MerlinEgalite @RobinhoodCrypto The weekend is the tricky bit. If a stock token gets liquidated on a Saturday, the liquidator can’t cleanly hedge until Monday, so the bid will be wide. How are the oracles and LTVs handling the gap at the open?

[Sush K @sdotsome]

@Vet_X0 Short loans that repay when the payment settles are about as clean as credit gets. The bit I’d want to see is who underwrites the payment companies, because vault depositors are taking their credit risk, not XRP’s.

[Sush K @sdotsome]

@Cointelegraph $159M out of BTC, $155M into ETH. That’s more of an ETH/BTC ratio trade than a call on either one.

[Sush K @sdotsome]

@CoinMarketCap Good to see. AML on DeFi mostly comes down to watching wallets and flows, since there’s no onboarding step to lean on. Hope the final version spells out what good monitoring looks like.

[Sush K @sdotsome]

@ethereuminsti @GolemFoundation @OctantApp Paying for grants out of staking yield instead of selling the ETH is the part more treasuries should copy. A lot of token treasuries still cover costs by selling into thin books, and the chart shows it.

[Sush K @sdotsome]

Agreed, and good to see P2P and lending sitting side by side. I’d still want a dedicated bid behind it for the bad weeks, though. It doesn’t have to be guaranteed, just priced for the time it takes to exit. That way liquidations have somewhere to land even when the P2P side goes quiet. Just thinking out loud