Creator of ERC-3643 aka the T-REX Protocol 🦖 CTO @trex_network Chairman @ERC3643Org CBO @TokenySolutions Head of Blockchain @ApexGlobalGroup
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You may have heard about ERC-3643, the standard used by many financial institutions, banks and tradFi actors to represent RWA onchain, but what is it exactly? A thread 🧵
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MuchScience.eth retweeted
We use ERC-3643 because eligibility has to travel with the asset.
A proprietary format has to be integrated venue by venue. A standard gets read by anything that already supports it.
140+ institutional members sit behind it. That is what separates a standard from a proposal.
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MuchScience.eth retweeted
The SEC now says a venue has to give an issuer notice and a chance to object before a third party tokenizes its shares.
Should a company get a say in who tokenizes it?
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MuchScience.eth retweeted
One ownership record. Many venues reading it.
A tokenized security can trade in more than one place at once. Every venue needs the same answer to the same question: may this person hold this, right now.
If each venue keeps its own answer, the answers drift. One says eligible, another says no, and the asset's rules end up depending on where you happen to be standing.
Read from one record and they cannot drift.
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MuchScience.eth retweeted
Zenith joined DTC’s tokenization working group with the aim to mobilize ~$114T in securities with universal composability through Canton EVM.
Kaiko just extended its Series B over $110M for capital markets data provision, and they're the only team to proliferate data directly from Bloomberg and cover nearly every major CEX.
APEX Group is targeting $100B in tokenized assets on T-REX, the creators of ERC-3643, by June 2027, with a long tail of $3.4T.
You think we as an industry are stopping at $2.8T in total FDV?
Think again.
Zth.
Zenith joined DTC’s tokenization working group around ~$114T in securities. Kaiko just extended its Series B to $110M. Apex is targeting $100B in tokenized assets on T-REX.
The teams working around these shifts - Zenith, @KaikoData and @trex_network - are getting together at @token2049 for the Opening Bell. A curated breakfast for institutional leaders and builders working across tokenization, settlement and digital markets.
Request access: luma.com/ht5jyi8k
And all three teams have had a lot happening lately ↓
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MuchScience.eth retweeted
Chainlink Adoption Update 🔗
Recently, there were 16 integrations of the Chainlink standard across 6 services and 7 different chains.
Users include @ADIChain_, @arc, @bottomlinepay, @inkonchain, @monad, @MovaChain, @Neo_Blockchain, @trex_network, and @veda_labs.
LINK everything.
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The team at @merkl_xyz added support for ERC-7984, the confidential token standard, to their platform. As a result, users depositing confidential tokens into vaults can now claim their Merkl rewards in confidential tokens too. Position private. Reward private. @pablo_veyrat
DeFi incentives used to mean exposure: public leaderboards, visible rewards, traceable balances.
Not anymore.
Confidential incentive campaigns for confidential vaults are now live on @merkl_xyz, powered by Zama. Earn rewards without exposing your position.
Read more on our blog: zama.org/post/confidential-i…
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MuchScience.eth retweeted
Another big week for tokenization.
The CLARITY Act failed in the Senate. Two days later the SEC opened a five year pathway for tokenized stocks anyway.
We keep moving. We keep building.
See you Monday.
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MuchScience.eth retweeted
Compliance that travels.
T-REX x @Chainlink
CCIP moves it, ACE enforces it, Data streams prices it
ERC-3643 compliance, coming to the 60+ chins CCIP connects.
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MuchScience.eth retweeted
T-Rex 🤝 Chainlink
The infrastructure needed to turn tokenized assets into usable financial instruments.
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Breakfast is on us.
Wednesday 7 October, 9am, Token2049 week, a short walk from Marina Bay Sands.
Co-hosted with @ZenithFdn and @KaikoData
No stage, no panels. The people building tokenized markets, in one room, before the day gets busy.
Limited seats, RSVP now: luma.com/ht5jyi8k
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MuchScience.eth retweeted
The old pipes are coming out.
"The world's money moves through plumbing built when trading floors still shouted orders and fax machines felt revolutionary."
New plumbing is being laid now. The assets that run through it will not have to notice.
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Permissioning used to be the argument against us. Now it ships as a feature.
Somewhere along the way, participation rules stopped being a TradFi import and started becoming infrastructure.
Hyperliquid to Add Optional Permissioned Market Functionality to HIP-3
Hyperliquid announced that a future network upgrade will add optional permissioned market functionality (HIP-3*) to HIP-3. Once enabled, market deployers or their sub-deployers can manage onchain whitelists to restrict participants in specific markets. The feature is an optional extension of HIP-3 and will not affect existing markets. The initial version of HIP-3* is currently live on testnet. Hyperliquid said the feature is designed to help deployers operate markets in accordance with applicable regulatory and other requirements.
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MuchScience.eth retweeted
Collateral that sits idle is a fleek parked between shifts.
The average tier 1 bank holds over $35B of it.
@Vanguard_Group and @Wellington_Mgmt settled their first tokenized trades inside Nasdaq Calypso, no manual step at settlement.
The parked fleet is starting to move.
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Collateral mobility is the use case that moves real money.
The moment assets can travel 24/7 without breaking the rules that govern them, you free capital and cut risk at once. 💡
Not enough people are talking about the collateral utility unlocked through tokenization.
Tokenized collateral will release $billions of stagnant, inert high quality, liquid assets back into the economy while ironically reducing risk.
How is this possible?
Usually, if you want to reduce risk, you actually increase collateral and decrease capital efficiency. This is intuitive; it makes sense. Cleared swaps often require 7 days of risk; uncleared swaps…10 days. Together, these pool are ~$1 trillion in size. (Not small).
Why so many days? Well, it comes down to a few things.
First, traditional markets close. If you have an insolvency going into a long weekend, you already lose 3 days.
Second, during a period of insolvency, typically there is an attempt to transfer or port collateral to a solvent counterparty. This is clunky.
Finally, liquidity matters as you delta hedge the book.
Through 24/7 markets, you get your 3 days back. And that transferability thing? Much easier.
Glad to see the 💡going on at the @ecb.
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