Arbitrum

JUST IN: Stablecoin card issuer @immersve hits record high of $14.7M volume processed in July Over 92% of this was settled on @arbitrum

Did you know @RobinhoodApp stock tokens implement ERC-8056? 👀 Every stock token on Robinhood Chain carries a "UI multiplier" in the contract: the number of real off-chain shares each token represents (redeemable only by KYB'd authorized participants). ⚠️Why? When a stock pays a dividend, Robinhood doesn't mint new tokens or increase your balance. It reinvests the dividend and raises the multiplier, so each token quietly represents a claim on more shares. Same mechanism for stock splits. ➡️ The consequence: after the first dividend or split, 1 token no longer equals 1 share. Your on-chain balance never moves, only the multiplier does. 🔴 This is not intuitive. Devs have to be careful displaying these assets (the @chainlink feeds are already multiplier-adjusted, so it's raw balance x feed price; never apply the multiplier twice). And users should know what they're actually buying: on @Uniswap the token price will slowly drift above the real share price, and that's by design. This is still an interesting experiment; existing DeFi keeps working because raw balances are untouched; that's the whole point of the standard. But the UX gap is real, so I expect ERC-8056-aware frontends (or dedicated protocols) to show up for Robinhood Chain. In the screenshot, you can see it live. "Shares/token" is the on-chain multiplier, and for these three it's already above 1: - $ORCL: 1.002211 - $SGOV: 1.000958 - $MU: 1.000075 All three have paid dividends since the tokens launched, so 1 token already represents slightly more than 1 share. That's also why "token price" and "underlying value" are two separate columns: - underlying value = share price x multiplier (what the token is really worth) - token price = what the DEX is quoting right now ORCL trades at $127.18 against $129.67 of underlying value, a ~2% discount. MU trades at $920.92 vs $905.20, a ~1.7% premium. The gap is normal: tokens trade 24/7 on Uniswap while the stock only trades during market hours, so the DEX price drifts and arbitrageurs close the gap when markets reopen. Compare with $AAPL right below: multiplier still exactly 1, no dividend event yet, token price and underlying value almost identical.