João Fernandes

Grateful to win the @xStocks Hackathon by @krakenfx with @0xdivergence @0xscanty We built xPrime, a prime brokerage for onchain equities. Here's some learnings about the potential and mechanics of tokenized equities: 1. Equities are the biggest pool of idle capital in the world. ~$100T in equities, ~$40T in retail brokers sits in spot. In an AI world where value is accruing to equity vs labor, most are structurally underexposed. Services like stock loans & structured products that let users do more with their assets are inaccessible & costly. 2. Tokenized equities enable financial offerings (earn, borrow, trade, spend) on parity to traditional finance, but accessible globally to anyone with internet. 3. Programmability and composability create net new financial surface area. Traditional brokerages are walled gardens. DeFi strategies between markets for spot <> structured vaults <> lending <> perpetuals <> options <> neobanks for RWAs is the new frontier. 4. There's no free lunch. Onchain financial system for equities is not without intermediaries & counterparties. Risk is being shifted to asset issuers, tokenization platforms, KYC'd mint/redeemers, permissioned RFQs... 5. DeFi infrastructure needs to adapt. There's no (and likely not going to be) deep 24/7 onchain liquidity for tokenized assets. Swaps are currently done via KYC'd non-atomic mint/redeem, or atomic RFQ like Cowswap with variable spreads especially after hours. This creates problems liquidating loans & rebalancing vaults. Solving this with T+1 & clearing houses will enable literally trillions of collateral to come onchain unconstrained by DEX liquidity. More collateral -> more demand to borrow -> more yield for lenders -> onchain economic expansion! Thank you to the hackathon hosts, fellow participants, and sponsors for the great experience. We'll be building more!

UPGRADE: New stablecoin powered by Chainlink  @multiplifi adopts Chainlink to scale distribution of its $340M+ rwaUSD stablecoin across DeFi. Backed by tokenized U.S. equities like TSLAx & NVDAx from @xStocksFi, rwaUSD is bringing the deep liquidity of the stock market onchain

The @xStocksFi Market on Kamino has crossed $25M in total market size. Tokenized equities are becoming real collateral in DeFi, enabling users to actively borrow against SPYx, QQQx, TSLAx, NVDAx, GOOGLx, MSTRx, onchain, 24/7. Tokenized assets are scaling on Kamino.