🟩 cozwyh // GG🦎 | X 🎒

Stocks private beta is now available to all Backpack VIP users.

Big week

backpack exchange doing $100m+ annual revenue at a $60m market cap. 0.6x revenue multiple with 78% YoY growth. cross-asset collateral just went live, letting you margin trade tokenized stocks against crypto positions in a single account with 10 second settlement. coinbase trades at 15x revenue for comparison. BP has 75% of supply still locked which cuts both ways but the 20% exchange equity offer to 1 year stakers is a tokenomic structure i haven't seen anyone else attempt. MiFID II license, DTCC list for october, surpassed kraken perp volume with 25 pairs vs 391. the unified margin engine that runs perps, stocks, lending, and prediction markets through one liquidation waterfall is genuinely new infrastructure. zero fees all june is going to stress test whether user acquisition converts to retention once fees return

PATTERN RETRIEVAL, a new project by me. 94 pixellated ASCII characters. Each one a memory under pressure. Stored in a Hopfield network. Shattered into noise. And then recalled. More below 👇

Not what we’re doing. The tokenization models you described (excluding superstate) are great, but they are insufficient by themselves, because you don’t actually own the security entitlement. Statutory rights do not apply to you the holder. You pay too many taxes （in your case double which is just absurd). Ultimately if you buy USA stocks, you want USA law. You need to subject yourself to USA courts. The IRS. All sorts of things. Most non USA companies don’t want to do that. Hence why they end up building an incomplete product. So what is Backpack doing? You’ll see soon. Long story short, these issues won’t apply to us. You’ll actually own the stock. IBKR/Robinhood style. You will have the correct tax rate. And the legal substance you would expect in a traditional stock product without gimmicks.