Martin Koopman

@mcagney @Figure @moomoo Yes the spreads are tight and it is trading in line with the regular stock. Does anyone know what the best execution requirements are here?

Very excited to see the tight markets for @Figure stock on OPEN. We're working to extend this liquidity to 24x5 (first step) for the benefit of @moomoo customers, among others. Moving as fast as we can!

@mcagney @Figure This makes a lot of sense however there is no demand at Decentralized Prime to borrow Figure shares yet. While the borrow rate is 20% in traditional markets it’s only 3% on Decentralized Prime.

So 50% of @Figure's stock float is being shorted. And it underscores why we have OPEN. If you are holding FIGR in a brokerage account, most likely they are lending out your stock to short sellers and you aren't getting paid. If you are fortunate enough to have a prime broker, they are paying you something close to fed funds for your stock loan. My guess is the borrow rate right now is over 20%. This isn't about whether you should be long or short FIGR (or me trying to cause a shorts squeeze), but about long shareholders getting paid. You can move your shares to OPEN (on the blockchain) and lend them out there. By doing so, you force whoever borrowed your shares to cover, and move to OPEN to borrow directly from you. And you can move your shares back to Nasdaq when you want to sell if you have concerns around OPEN liquidity/pricing.

@RwaLlama @Figure Does anyone know anything about the details of how proxy voting will work?

Three days ago I posted about @Figure pricing a secondary offering of its Series A Blockchain Common Stock. I said I'd follow up once the issuance hit the explorer. So here we are 🦙🔍 On February 18, FGRD closed. 4,375,000 shares of public equity - natively issued, traded, and settled entirely on blockchain. Goldman Sachs, Morgan Stanley, and Cantor ran the books. SEC registration went effective Feb 17. Priced at $32/share. Goldman Sachs underwrote a blockchain-native equity offering that bypasses DTCC entirely. Read that again. What Actually Happened The offering was upsized. Originally 4.23M shares - ended up at 4.375M. Total shares sold by selling shareholders: 4.6875M (457,500 more than planned). Demand showed up. Structure: non-dilutive. Existing investors sold Class A shares to underwriters, Figure repurchased 312,500 Class A shares back into treasury for ~$10M. No new share issuance. Clean. FIGR (the Nasdaq-listed Class A) is sitting around $35.50 today. $7.96B market cap. Analyst consensus Buy, avg target $59 (+66%). Q4 2025 earnings drop Feb 26. The Full Stack, Live I mapped out the architecture in my last post, but now every layer is operational: → Issuance: onchain (Provenance Blockchain) → Trading: Figure's non-custodial ATS - 24/7/365, limit order book → Settlement: instantaneous via $YLDS → Custody: self-custody wallets → Lending: Democratized Prime (DeFi protocol on Provenance for stock-based borrowing/lending) → Governance: direct onchain voting, no proxy firms → Convertibility: 1:1 into FIGR (Nasdaq Class A) Every layer of the equity capital markets stack - rebuilt on blockchain. Running. Figure Securities (FINRA/SIPC member, BrokerCheck verified) operates the ATS. Third-party wallets can plug in directly - no introducing brokers needed. $YLDS Update I checked the chain again. explorer.provenance.io/asset/uylds.fcc Three days ago when I posted: Supply: $463.9M Holders: 2,491 Transactions: 34,276 Today: Supply: $593.7M Holders: 2,583 Transactions: 36,149 That's +$130M in supply and +92 new holders in three days. $YLDS - Figure's SEC-registered, yield-bearing stablecoin backed by Treasuries + repo - is the settlement currency for every FGRD trade. Your settlement layer earns yield while idle. The growth tracks with the FGRD launch activity. More equity trading onchain = more $YLDS needed for settlement. FGRD Onchain : Live Data Last time I checked, the blockchain stock marker on Provenance was empty: a shell waiting for the offering to price. It's not empty anymore. explorer.provenance.io/asset/nfgrd Asset Name: fgrd Supply: 4,744,999 Holders: 61 Transactions: 484 Marker Status: Active Marker Type: Restricted Mintable: true Governance: enabled 61 wallets holding onchain equity in a publicly traded company. 484 transactions already processed. Restricted marker type - same compliance-gated structure as $YLDS. Onchain governance enabled, meaning FGRD holders can vote directly from their wallets. No proxy firms. The holder distribution is live too - top wallet holds 2,800 FGRD, and it fans out from there. You can see every single holder address on the explorer right now. Public equity. Fully onchain. Verifiable by anyone with a browser. FGRD ≠ xStocks Plenty of projects have "tokenized equities." Most of them wrap existing DTCC-settled shares in a blockchain token. A receipt sitting on top of legacy rails. FGRD is the equity. Natively issued on Provenance. No wrapper. No custodian holding the "real" shares somewhere else. No DTCC. SEC-registered. FINRA/SIPC member ATS. Convertible 1:1 to Nasdaq-listed Class A. The bridge design is what makes this work at scale: → Hold FGRD → convert → sell on Nasdaq → Hold Nasdaq shares → convert → trade 24/7 onchain → Use onchain shares as collateral via Democratized Prime Same equity. Two venues. Two settlement systems. Bridged. Liquidity fragmentation? Solved. The Ladder Update In the last post I mapped the RWA complexity curve: → Treasuries (BUIDL: @BlackRock / @Securitize) ✅ → Credit (ACRED : Apollo / @Securitize) ✅ → Equities (FGRD : @Figure / Provenance) ✅ ← NEW The hardest asset class on the ladder. Real-time price discovery, continuous trading, deep liquidity, a century of regulatory plumbing. Done. Goldman-underwritten, SEC-registered public equity settling onchain in a yield-bearing stablecoin. 24/7 trading. DeFi composability from Day One. Three days ago the marker was empty. Today it has 61 holders and 484 transactions. The full stack is live. 🦙🔍

@UnburdenedRadno @RwaLlama @Figure You can see it here: explorer.provenance.io/asset/nfgrd

@RwaLlama @Figure As someone new to all of this, where can one publicly access the info about how many holders, transactions, etc. Great thread btw.

@RwaLlama Thanks. I saw your posting yesterday. Your research and analysis is very helpful.

@martinkoopman great walkthrough. dug into the Provenance side of this — the issuance structure, Goldman underwriting blockchain-native shares, the ATS setup. it's a fundamentally different model from xStocks-style wrapped synthetics x.com/RwaLlama/statu…

Today Figure launched its blockchain-native common stock FGRD and I took it for a test drive. It's the first SEC-registered common equity issuance native on the blockchain. Like Galaxy's tokenized stock, this isn’t a tokenized wrapper of a DTCC-held security; it’s the security itself. You can trade it 24x7 on the Figure ATS with deep liquidity, it settles instantly, and you can loan it out and borrow against it. This evening I bought one share of FGRD on the Figure ATS. Here is the play-by-play: * Easy Onboarding - Opened a brokerage account at Figure through their app, passed KYC and funded the account. You can only buy FGRD through the Figure app for now. * 24x7 Trading with Deep Liquidity - Bought 1 share of FGRD on the Figure ATS at 9pm. The ATS uses a central limit order book with more liquidity than I expected courtesy of Jump Trading. The spread was wide at $31.31/$31.94. See the image for the full order book. Payment has to be made in YLDS which is Figure's stablecoin. * Atomic Settlement - I sold the share, received YLDS and converted this to USD. The USD was immediately available. * Democratized Prime - via Figure’s 'Democratized Prime' I attempted to loan FGRD out on a transparent stock loan limit order book (there was no demand), and could borrow against it. Figure call the ecosystem they have created OPEN - On-chain Public Equity Network, and it's an impressively sophisticated step into the future.

@ZawadaJacob Yes I did. Thank you.

@martinkoopman Glad to hear you had a smooth experience.

Update: The spread has significantly narrowed to 4-10 cents now that regular markets are open. Bid $30.43 / Ask $30.50 And it is being quoted in line with the BBO of Figure stock FIGR on the traditional markets.

@Figure @mcagney

@TuongvyLe12 @Stanford_JBLP Thank you for your novel thinking. This is very helpful to the debate.

What does “best execution,” a foundational duty in our capital markets, mean when execution is transparent and programmable by default? Pleased to share that the Stanford Journal of Blockchain Law & Policy (@Stanford_JBLP), which I've long admired for its policy analysis of emerging technologies, will be publishing my paper, Fairness By Design: Verifiable Execution in On-Chain Markets, as a peer-reviewed Article in its next bi-annual issue. So much talk of on-chain capital markets focuses on speed, cost, and efficiency. I wanted to spur deeper discussion of fairness and integrity - in some ways the harder, but equally important, issue confronting the transition to tokenized equities markets. My paper explores how experiments in verifiable execution are showing how on-chain markets can achieve these important policy goals via the unique properties of decentralized, blockchain-based systems themselves. 👇

@NattyZ I believe

🦬

@TheRealAdamG 2 4 8 16 32 64 128 256 512 1024 2048 4096 8192 16384 32768 65536

I feel like much of the world doesn’t understand exponential growth. Linear growth = +2, +2, +2... steady steps forward. Exponential growth = x2, x2, x2... hockey stick.

@MaiaWoodhouse @mangimarsch Not sarcasm. Thank you for your thoughtful view.

AI generated art at MOMA in NYC. Saw live yesterday. Input is all publicly available MOMA pics. My point of view is all art is generative and builds on others. Picasso created cubism from African death masks. Taylor Swift followed Madonna. The algo is simple I think. I’m tempted to try to re-create it using the public data set. Video shot by me on iPhone 14. Listen to sound.

What ChatGPT plugins do you find useful? Do you use plugins more or less compared to a few months ago? OpenAI launched 11 plugins on March 23. Today there are 868 plugins in the plugin store. I can't find data on adoption so interested in your view. Thanks openai.com/blog/chatgpt-p…

@MetaAI Very cool.

Today we’re releasing Code Llama, a large language model built on top of Llama 2, fine-tuned for coding & state-of-the-art for publicly available coding tools. Keeping with our open approach, Code Llama is publicly-available now for both research & commercial use. More ⬇️

Is this the end of super long prompts? Yesterday OpenAI announced fine-tuning for GPT-3.5. OpenAI claim that prompt size can be reduced by up to 90% with a fine tuned model, cutting costs and speeding up API calls. Will anyone miss long prompts? openai.com/blog/gpt-3-5-t…

🚨Midjourney just dropped with "In-Painting" feature And people are already creating insane images Here are 10 mind blowing examples (with tutorial at end):

@TheRealAdamG Yellow brick road…

@WillHurd Totally agree with problem. And thank you for proposing a solution.

Today marks 100 days of the WGA strike. While Hollywood is currently on the frontlines of the AI battle, it won't be long before it infiltrates other industries and threatens to replace American jobs.