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zkmage
@zkmage
private ownership for public assets
questionable onchain experiments
Joined April 2026
144 Following
81 Followers
108 Posts
Get cash
Get a bike
Get a hooded sweatshirt
Get generic clothing
Get 2 large covid mask
Get black sun glasses
Get 1 roll of electric tape
At night ride the bike for a few hours
Hide the bike
Take the cash out of the wallet
Leave your phone and wallet with bike
Walk >60 minutes to the biggest computer store around
Put your mask, glasses, and hoodie on before getting close in private
Don’t make any eye contact with anyone
Buy a laptop Pay cash, don’t take any change
Walk the nearest clothing store
Buy new generic clothes and a backpack
Put new clothes and labtop in the backpack
Keep in mind security cameras
Don’t look directly at any camera
Pay cash, don’t take any change
Don’t talk, only mumble softly if needed to not cause suspicion
Walk to a crowded açaí shop
Open the labtop but in the opposite direction you normally would
Put electric tape over webcam and entire border of screen
Start up the laptop
Use a Tor browser
Never search for anything related to your identity or location ever on that computer
Never login to any account or interact with any previous wallets or NFTs
Set up a fresh ZEC wallet
Fund wallet with non KYC exchange use a protocol that obfuscates on-chain links
Send using multiple transactions but only using round numbers 1/10/100
Once you have the ZEC in the wallet
Buy @zksnarks_ , private digital artifacts, and Zcash miners.
Shut the laptop off and remove the battery
Go to the bathroom
Stand on top of the toilet so no one sees your legs Switch clothes, switch mask
Put the backpack on your stomach side and put your new clothes over it
Walk back to your bike
Get your phone and wallet
Then hail a cab back home
Buy guns and surveillance system
Protect that laptop at all cost 😷🔫
the more issues I see with the current ux on Zcash the more bullish I become on the zecathon,
and the more I see people saying.
zec assets aren’t even on chain, they just exist on a drive.
the part you’re missing is cypherpunks don’t ask for permission,
they just build it.
zkSNARKS presents ZECATHON — a $ZEC privacy hackathon.
The goal is simple: put real resources behind people building useful technology on Zcash. Bring new builders in, support the ones already here, and help turn strong ideas into products people can actually use.
$100K prize pool. Submissions are open for the next 30 days.
https://t.co/qKPaKmHRxU 👇
can't stop thinking about this.
zkSNARKS presents ZECATHON — a $ZEC privacy hackathon.
The goal is simple: put real resources behind people building useful technology on Zcash. Bring new builders in, support the ones already here, and help turn strong ideas into products people can actually use.
$100K prize pool. Submissions are open for the next 30 days.
https://t.co/qKPaKmHRxU 👇
@WazzCrypto did a breakdown of the rugs on rh, the numbers are insane and we arent even in a bull market
https://t.co/dS3vGnGdb3
A total of 25m has been pulled in the past 7 days.
Thats 3.11m$ every single day.
Stats 🔽
lmk if you want the whole report
Zcash has no NFT standard yet.
@zksnarks_ have paved the way for dreamers and builders to build standards on top of existing zcash guidelines.
After reading through a fuck ton of ZIP's.
I can assure you, the standard exists.
The implementation is being and will be hacked together in record time.
Builders don't wait.
The technology will be democratised.
_Cypherpunks don’t ask for permission_.
Zcash has no NFT standard. @zksnarks_ minted 10,000 NFTs on it anyway, and some of the loudest complaints are coming from inside the $ZEC community.
The standard everyone is waiting on is Zcash Shielded Assets, ZIP 226 and 227. It would let anyone issue private tokens on Zcash, with ownership hidden in the shielded pool. It's written and scheduled for NU7, and today it doesn’t exist on mainnet.
zkSNARKs built on the chain as it stands and settled the whole auction in real ZEC. The complaint is that they should have waited.
Waited for whose approval, exactly?
In 1993 Eric Hughes wrote that nobody was going to grant us privacy, and that we would have to defend it ourselves. He put the whole movement into three words: cypherpunks write code. Zcash launched private money in 2016 without asking a single regulator if private money was allowed. Through years of exchange delistings the developers kept shipping, and in 2022 they removed the trusted setup entirely.
Hold any team to what it promised. Holders deserve that. "They built before ZSA shipped" is a different complaint, and this chain answered it before the chain existed.
Zcash exists because a handful of people decided nobody's blessing was coming. Telling a builder to wait for one is the least cypherpunk thing anyone has said on this chain.
@0xbfun @hinpingkai39067 It’s essentially an indexer built to comply with mainnet which makes it super interesting, consensus level things will come with more versions of the protocol. But rn this is a good step forward
@laz1m0v covenants aren’t understood
CRC-20 programmability ?
CRC-721?
ICO -20 fundraising ?
LOCK ?
CRC-20: The last meta on Bitcoin.
Feels like $NEAR goes on a $ZEC type run soon.
Feels like $NEAR goes on a $ZEC type run soon.
crypto feels different rn
it’s the best time to build
its the best time to buy
it’s the best time to learn
it’s the best time to experiment
don’t let anyone tell you otherwise
publics assets, private ownership.
Just getting started, a few more bids in place.
SELL ME YOUR SNARKS!
@arc looks like a lot of fun
@AnarchyAlchemis There is no curve/graduation in this case with a v4 uniswap hook.
on sol, its about how much of the curve is being bought, i.e token/stock pair created. when someone buys token - atomically sol is swapped into the stock. which means a certain sol reserve is the grad number
I keep coming back to the same thought:
we might have finally found an actual use case for tokenized stocks that is way more interesting than "trade NVDA at 2am."
The first version of tokenized equities was basically Robinhood with extra steps.
Take a stock. Wrap it. Put it onchain. Let crypto people trade it 24/7.
Cool, I guess.
But then people in the trenches started doing what they always do: taking serious financial infrastructure and doing stupid shit with it.
$BONER / $HIMS.
$AI / $NVDA.
$MOO / $MU.
solana:GKjAe1bQXXLoEitJYSuyw6qt97tTVoKkGEgWPEo6pump / $MSFT.
$SPACEHOOD / $SPCX.
And I think the stupid shit is actually pointing at the bigger product.
The pair itself.
https://t.co/QXlehlB4BS just opened Custom Pairs, which means the quote asset doesn't have to be SOL or USDC anymore. You can launch against tokenized stocks, majors, metals, whatever is supported. They launched with 93 possible quote assets.
That sounds like a feature.
I think it's the start of a completely different market structure.
Because everyone on CT already intuitively understands what memecoins are.
They're attention markets with a ticker.
That's it.
There is no DCF on PEPE. Nobody is modeling discounted cash flows on a fucking frog.
You are trading mindshare.
You are trading whether the timeline cares more tomorrow than it does today.
You are trading whether a ticker gets bid, whether the community keeps posting, whether a new meta forms around it, whether some whale decides to ape, whether the trenches rotate into it, whether it gets enough attention to escape the trenches and become something normies recognize.
Memes are probably the cleanest financialization of attention we've ever built.
The funny thing is that, until now, all of that attention mostly terminated in itself.
PEPE/USDC.
BONK/SOL.
WIF/SOL.
The meme gets attention, attention creates flow, flow creates price, price creates more attention.
Closed loop.
Now put a stock on the other side.
$AI / $NVDA.
All of a sudden NVDA isn't just something the meme references in the lore.
NVDA is the quote asset.
That is a very different thing.
When people trade the meme, they are literally moving between the meme and tokenized Nvidia.
When LPs provide liquidity, part of that LP inventory is Nvidia.
When the community talks about what moves the pair, Nvidia matters.
NVDA earnings matter.
Jensen matters.
Blackwell matters.
AI capex matters.
GPU demand matters.
The entire Nvidia news cycle becomes content for the meme.
And the meme becomes another distribution surface for Nvidia.
That's the part I think people are underpricing.
Look at $BONER/$HIMS.
At one point the BONER pool held 31,198 of the roughly 58,714 tokenized HIMS shares then outstanding on Robinhood Chain. More than half the available onchain float was sitting inside a memecoin market. During the weekend, that tiny tokenized float got squeezed massively above the NYSE close before eventually converging back. The actual NYSE-listed HIMS stock did not get squeezed with it, which matters. This was an onchain float event, not some magic way to move a public company through a shitcoin.
But look at what BONER did anyway.
Suddenly the trenches were talking about HIMS.
People who had never given a shit about the company were looking at the ticker.
People were learning how much tokenized HIMS was actually onchain.
They were talking about float.
They were talking about HIMS shorts.
They were watching what happened when TradFi opened.
The stock got dragged into the meme attention machine.
That is interesting as fuck.
Because distribution is one of the hardest problems in finance.
There are thousands of publicly traded companies nobody gives a shit about.
There are ETFs with perfectly reasonable construction nobody talks about.
There are tokenized RWAs with "utility" and zero mindshare.
Meanwhile someone can launch a frog at 3am and get 50,000 people staring at the same Dexscreener candle by breakfast.
Crypto is insanely good at distribution.
Arguably better than it is at almost anything else.
So maybe the point isn't that memecoins somehow make stocks fundamentally more valuable.
The point is that memes can route attention into them.
A stock-paired meme gives the underlying ticker another place to live.
Another community.
Another chart.
Another LP.
Another reason for people to hold the tokenized version.
Another stream of posts every time something happens to the company.
Another group of financially interested people whose bags are literally tied to the narrative.
If attention is upstream of flow, that starts getting pretty reflexive.
And now take the idea one step further.
Why the fuck are we pairing memes with only one stock?
Seriously.
Why does the denominator have to be NVDA?
Why can't the denominator be a portfolio?
Imagine:
PEPE / FUTURE
where FUTURE is:
NVDA
SpaceX
QQQ
Now you've created something totally different.
PEPE isn't trading against one company anymore.
It's trading against a worldview.
If PEPE rips 60% and the FUTURE basket does 15%, PEPE is outperforming the future.
If PEPE chops sideways while NVDA, SpaceX and QQQ all send, PEPE/FUTURE gets nuked.
That's the actual market.
Long PEPE / short FUTURE.
Or long FUTURE / short PEPE.
One ticker versus an entire narrative basket.
TradFi has spent decades building this exact mental model through benchmarks.
Every PM is measured against something.
SPY.
QQQ.
A sector index.
A factor.
A benchmark.
But those benchmarks are mostly created top-down.
Committee decides methodology.
Index provider picks constituents.
ETF issuer wraps it.
Broker distributes it.
Then maybe somebody cares.
Onchain you can compress that entire stack.
Pick a worldview.
Put assets behind it.
Make it redeemable.
Seed an LP.
Now there's a ticker.
And then somebody puts a fucking frog against it.
This is where I think it starts getting really interesting.
Because the best baskets probably aren't going to look like traditional ETFs.
TradFi loves categorizing companies by what industry they're technically in.
Crypto people think in metas.
That's a huge difference.
Imagine I'm bullish AI.
I don't actually want an "AI software index."
My view might be:
AI demand keeps going parabolic.
That means more compute.
More compute needs more memory.
More data centers need more power.
So my basket is something like:
NVDA + MU + CEG
Nvidia for compute.
Micron for memory.
Constellation for power.
Three completely different companies if you're looking at a sector screen.
One trade if you're looking at the actual bottlenecks behind the AI capex cycle.
Call the basket MACHINE.
Now trade:
PEPE / MACHINE
This is the kind of shit I want to see.
Because MACHINE now has multiple independent attention engines.
Jensen says something insane at GTC? MACHINE gets mindshare.
HBM pricing goes vertical? MU is the narrative.
Hyperscalers start signing insane power deals? CEG is the narrative.
Data center power demand becomes a political issue? Same basket.
AI capex estimates get revised up? Same basket.
Memory shortage? Same basket.
Nuclear renaissance? Same basket.
And separately, PEPE has its own giant attention graph operating 24/7.
You're connecting two totally different attention markets through one pair.
That's much more powerful than $AI/$NVDA.
A single-stock pair has one main real-world narrative surface.
A basket can have a bunch.
You could make the basket even weirder.
Maybe your thesis isn't AI.
Maybe it's:
the world gets hotter, grids get tighter, compute demand explodes and electricity becomes the bottleneck.
Fine.
Build that.
Semis + uranium + grid infra + cooling + some climate name.
Maybe someone thinks the next decade is basically:
AI agents + GLP-1s + private space + nuclear.
That basket would make zero sense to an ETF committee.
It makes perfect sense as somebody's actual worldview.
Put it onchain.
Give it a ticker.
Let the market decide whether the thesis has legs.
This is basically permissionless thematic indexing, except the interesting part is what happens after the index exists.
You can pair shit against it.
That's the unlock.
The basket doesn't need to be the final product.
The basket can become money inside another market.
It can become the quote asset.
LP inventory.
Collateral.
Treasury inventory.
The denominator for another ticker.
Then the graph starts getting wild.
You could have:
PEPE / MACHINE
DOGE / SPACE
BONK / NUCLEAR
AI / COMPUTE
some completely new meme / LONGEVITY
and then maybe another token launches paired against PEPE.
Then another token uses MACHINE as collateral.
Then some vault farms fees across all of them.
Then an arb bot is constantly routing between the underlying basket, the basket token, USDC and five meme pairs.
At that point you're not really talking about "tokenized stocks" anymore.
You're talking about ICM in the literal sense.
Internet Capital Markets.
Assets become composable.
Anything can be the numerator.
Anything can be the denominator.
The market graph gets denser.
And attention starts routing through that graph.
That's the part I think is potentially huge.
Crypto spent years obsessing over what new asset we could launch.
We barely fucked with what we price the asset in.
Every new shitcoin, same denominator.
SOL.
ETH.
USDC.
USDT.
Change the denominator and the market starts expressing completely different views.
PEPE/USD tells me whether PEPE is worth more dollars.
PEPE/NVDA tells me whether PEPE is outperforming Nvidia.
PEPE/MACHINE tells me whether PEPE is outperforming an entire thesis about AI infrastructure.
Those are different trades.
Different holders.
Different catalysts.
Different reasons to care.
And the denominator itself now has distribution.
This is where the attention argument gets really bullish for tokenized equities.
Say you own some boring tokenized basket.
Nobody cares.
Maybe it does $2m of volume and CT never mentions it.
Now somebody pairs a cult meme against it and that meme catches a bid.
Suddenly every degen holding the meme needs to understand what the hell is on the other side of the pair.
People start posting the basket.
People start posting the components.
People start tracking which component is carrying.
Someone makes a dashboard.
Someone starts posting NAV dislocations.
Someone starts arbing it.
Someone launches a second meme against the same basket.
Now the basket has a meta.
That sounds insane if you come from TradFi.
On CT it is basically how markets already work.
Mindshare is liquidity's annoying little brother. It follows you everywhere.
The trenches rotate from ticker to ticker because attention rotates. The winning ticker captures the timeline, captures flow, captures liquidity, attracts more builders, attracts more pairs and then sometimes becomes a base asset for the next thing.
We've already seen versions of that behavior inside crypto.
What tokenized stocks do is let real-world assets plug into that attention graph.
And I think people are sleeping on how valuable that distribution can be.
https://t.co/QXlehlB4BS turning on Custom Pairs matters because Pump doesn't need to teach the internet how to launch or trade shitcoins. That PMF already exists.
It is swapping out the quote asset underneath the exact same behavior.
That is a ridiculously simple change.
The bonding curve can feel the same.
The ape button can feel the same.
The trenches can behave exactly as badly as they always have.
Except now the other side might be NVDA instead of SOL. Creator fees on those launches are even collected in the paired asset.
The rails are getting there too.
"Internet Capital Markets" has already become a real Solana narrative around issuance, trading and settlement moving onto public chains, and tokenized equities are becoming a meaningful part of that market. Nasdaq putting $100 million into Kraken's parent this month to deepen their tokenization work should tell you this isn't some side quest nobody serious is watching.
But CT probably isn't going to onboard to tokenized equities because somebody publishes another PDF explaining instant settlement.
It'll onboard because there is a ticker to trade.
That's crypto's distribution advantage.
TradFi packages capital.
Crypto packages attention.
Put the two together and you get something that starts looking very different from an ETF.
You get an index with a community.
A basket with lore.
A benchmark people actually shitpost.
A quote asset with a cult on the other side of it.
And because all of this is onchain, every unit of attention can potentially turn into observable flow.
Obviously there are ways this goes wrong.
Thin tokenized floats can get completely dislocated from the underlying. Basket design can be dogshit. Liquidity can fragment. Some "stock tokens" aren't economically equivalent to holding the actual stock. Regulation gets ugly very quickly when you're wrapping securities, indexing them and then permissionlessly building shitcoin markets on top.
Fine.
The trenches are not famous for waiting until the lawyers have finished the deck.
What I care about is that the primitive exists.
And the early demand is already there.
Bitquery counted $5.97B of volume across 148,782 stock-paired coins in the 31 days through September 10 across the launchpads it tracked. Most of those coins are obviously going to zero. That's almost beside the point. People are already hammering the primitive hard enough for billions of dollars of experimental flow to show up.
To me the progression looks pretty obvious from here.
First it was:
one meme / one stock
BONER/HIMS.
AI/NVDA.
Then:
one meme / one basket
PEPE/MACHINE.
Then:
one meme / one worldview
AI.
Space.
Power.
Longevity.
Robotics.
Defense.
Whatever the current meta is.
And eventually I think the terminology flips.
People won't say "this meme is paired with a tokenized stock."
They'll just ask:
what's the quote?
Because once every asset is programmable, the denominator is part of the product.
Maybe even the most important part.
A good meme captures mindshare.
A good basket captures a thesis.
Put them in the same market and you've got culture trading directly against a worldview.
That's a much more interesting end state than putting the Nasdaq onchain so people can buy it on Sunday.
And imo that is where the actual alpha in this meta is.
Everyone is staring at the new tickers.
I'm staring at what they're paired against.
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