Director of Research @serotonin_hq • Prev: @MessariCrypto • Nomad 🌎
Chicago
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New RWA just launched, and it could set a precedent.
ARK Venture Fund by @ARKInvest is an SEC-registered fund available to retail investors that invests in both public (@SpaceX, @Figure) and private companies (@OpenAI, @Kalshi, @AnthropicAI).
The fund is tokenized on Ethereum by @Securitize, with tokens minted and delivered to your wallet T+1.
ARK will offer up to 5% redemption liquidity quarterly. This is where instant liquidity providers like @FissionXYZ and @multiliquid_xyz can step in to offer a quicker exit.
The fund is open to investors regardless of accreditation, and if instant liquidity is available, $ARKVX could become collateral on DeFi protocols like @Morpho.
The @SECGov approving this move may set a precedent. Tokenized share classes could become a standard feature for registered funds, rather than requiring one-off bespoke relief each time.
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Programmatic finance can't function when RWAs settle tomorrow.
@multiliquid_xyz enables instant swaps for funds tokenized by @centrifuge, @SuperstateInc, @Securitize, and others.
Liquidity makes RWAs usable as DeFi collateral, yield-bearing treasury assets, and working capital.
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Doubled down on $CREDITSTR by @token_works.
Market cap is $900k. Treasury holds $850k in ETH + $98k in Credit NFTs. Total value is $948k.
$CREDITSTR is trading at 0.95x NAV.
Can't help but feel this is underpriced. All Credits are now circulating. There is no more overhang. Floor price is ranging around a healthy $60.
CreditStrategy is actively cornering supply and is already the largest holder with 1.25% of all Credits.
Even if the floor drops, 89.6% of CreditStrategy's ETH remains to bid it. ETH runway is currently 7.2 days and should last until burning for Statements goes live next week.
Only a matter of time before floor price bottoms and the flywheel begins.
I missed out on the @jackbutcher mint. Bought $CREDITSTR by @token_works to compensate.
Finally looked into this post-mint and was captivated.
There are 122,080 Credits.
You can burn 80 of them to create a Statement.
There will only ever be 1,526 Statements.
The art is sick.
Floor price for Credits is ranging, currently at $88, with the NFT distribution ongoing.
$CREDITSTR is trading at $1.5M market cap, with the CreditStrategy treasury at ~$950k. Only ~2.2% of the treasury has been deployed to purchase Credits.
The price of Credits is likely to drop from these levels as more are distributed tomorrow, but with a week until they can be redeemed for Statements, a lot can happen...
Trading activity and speculation on Credits will continue, leading to $CREDITSTR volume. That would generate fees and grow the treasury. CreditStrategy could become the largest holder of Credits.
Demand for Statements could be high. A lot of people are excited. I don't recall a @token_works strategy launching simultaneously with a hyped NFT launch like this.
Onchain szn is here. There have been murmurs of NFTs heating up. Is a squeeze on Credits in the cards?
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What happens when @elonmusk takes notice?
I wonder if @elonmusk noticed that 7,162~ X accounts and 25,225~ unique wallets participated in @jackbutcher Open Edition at $8 per using @XMoney
The total supply is around 122,154 @ $8 which is around $977,232 that was sent using X Money
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I missed out on the @jackbutcher mint. Bought $CREDITSTR by @token_works to compensate.
Finally looked into this post-mint and was captivated.
There are 122,080 Credits.
You can burn 80 of them to create a Statement.
There will only ever be 1,526 Statements.
The art is sick.
Floor price for Credits is ranging, currently at $88, with the NFT distribution ongoing.
$CREDITSTR is trading at $1.5M market cap, with the CreditStrategy treasury at ~$950k. Only ~2.2% of the treasury has been deployed to purchase Credits.
The price of Credits is likely to drop from these levels as more are distributed tomorrow, but with a week until they can be redeemed for Statements, a lot can happen...
Trading activity and speculation on Credits will continue, leading to $CREDITSTR volume. That would generate fees and grow the treasury. CreditStrategy could become the largest holder of Credits.
Demand for Statements could be high. A lot of people are excited. I don't recall a @token_works strategy launching simultaneously with a hyped NFT launch like this.
Onchain szn is here. There have been murmurs of NFTs heating up. Is a squeeze on Credits in the cards?
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The longer the time to redemption, the less compatible an RWA becomes with DeFi.
Today, @FissionXYZ underwrites 8 funds tokenized by @centrifuge, @Securitize, and @MidasRWA, pricing instant liquidity daily.
Dependable exits expand utility and let tokenized assets scale.
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Keep an eye on @tarecredit. Their $13.25M seed round stood out to me last week.
Killer trio of founders in @humancapitol, @keerthimoudgal, and @lucasvo. An ambitious mission to rebuild legacy credit infrastructure, disintermediate it, and make credit more efficient. Loan origination to eventual repayment, all onchain.
Tare is on Avalanche. Awesome get for @avax. Two credit giants, @apolloglobal and @JHIAdvisors, are on the cap table, but @bcap led the round. They've been crushing it.
Amazing thought leadership in 2026. I've enjoyed articles from @jonah_b and @CremeDeLaCrypto in particular, and it seems @enaraxr has been supercharging that with her marketing efforts. Kudos!
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Hyped for Cryptosphere Fantasy Football to kick off.
Follow us on @fomo and @X to track weekly trades in our $8,400 pot!
Find us @Cryptosphere_FF.
The @NFL is here. Tonight, we kick off Cryptosphere Fantasy Football on @SleeperHQ 🏈
Two leagues. Twelve players each. Winners face off in Week 17. The stakes?
$8,400 pot on @fomo. Each week's highest-scoring player can trade. In 2024, we 3x'd from the AI meta. Run it back 📈
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Tokenization of active strategies has become a trend in 2026 as capital seeks higher yields.
@Elara_HQ has a TVL of $572K, targeting 12-15% APY through stablecoin market-making strategies executed by @ArkenYield, including cross-venue spread arbitrage and CLMM liquidity.
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Clear opportunity to introduce income-generating options strategies onchain for gold, a $31T asset class.
The PAXG Volatility Income Vault on @enhanced_defi makes tokenized gold productive by selling out-of-the-money calls 3% to 7% above spot.
Epoch #3 begins on Thursday.
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The PAXG Volatility Income Vault by @enhanced_defi makes tokenized gold productive by automating a covered call strategy for $PAXG, yielding 9.1% APR.
Enhanced is structured-product infrastructure on @ethereum. Vaults with similar strategies for tokenized stocks could follow.
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What is happening on Robinhood Chain is an exotic mixture of RWAs and crypto-native experiments.
We all viewed RWAs as fairly standard products. Finance finally coming onchain... and now, novel protocols are experimenting with tokenized stocks in ways nobody could have foreseen.
All of this is great for @RobinhoodApp! You can see how receptive their communications have been. As speculative/retail flow interacts with tokenized stocks, their onchain prices become inefficient, depegged from the real world.
That presents arbitrage opportunities that can be monetized by the sequencer, similar to how validator leaders on @solana monetize their blockspace.
@arbitrum will soon revamp blockspace monetization with Priority Gas Auctions (PGA) and Fast Feed.
> PGA will boost priority fees by allowing the market to compete for ordering.
> Fast Feed will be a paid stream giving subscribers early visibility into transactions after tx ordering is determined.
It's a redesign of how Arbitrum Chains handle and monetize transaction ordering and low-latency data. If implemented on Robinhood Chain, the frenzy across tokenized stocks and crypto-native experiments will only become more profitable for Robinhood.
Crypto is always full of surprises. You never know what might spark a wave of onchain activity.
Robinhood Chain (RH) is now at 133k+ wallets holding tokenized equities (+6.5k wallets /day)
List of protocols that have caught my attention:
1/ @ponsdotfamily ~$3b of RH DEX volume in first month (11% of entire chain)
2/ @NetNetCap : reserve manager for NET, launched RWA play; earned $677k revenue in past 24 hrs
3/ @standard_rsv : the sovereign onchain reserve bank on RH; i'll link my deeper post on the mechanism (goes live soon)
4/ @prismassets : RWA marketplace with 2k+ assets including "baskets of assets" + other interesting products
5/ @MeshGateway : agentic gateway (MPP + x402 endpoints)
6/ @longdotxyz : building the RWA liquidity layer; $155m in stock volume and memetic RWA pairings
7/ @ClutchMarkets + broader Stonkbroker eco (Mancer etc) for innovative anti snipe, stock distribution mechanism - check my prior posts
8/ @GwoodFinance : self custody Neobank
9/ @TheIndexFi : stock dividend protocol; >$1.3m (probs closer to $2m now?) in rewards distributed to token holders + customizable stock baskets in the pipeline
10/ @umia_finance : auction live (oversubscribed); the missing ownership layer on EVM including RH protocols
11/ @ArrowFinanceio : Finance mgmt protocol: ETH native options launch 31 august
12/ @EARNONHOOD : permissionless omnipools "defi for RWAs"
13/ @StockMinersRH : use "Fuel" to mine ore (stocks)
14/ @longbowlend : credit layer for RH DeFi
15/ @sherwoodagent : capital layer for agentic finance
16/ @sherw00d_cash privacy primitive - "Tornado cash of RH chain"
17/ @deltaliquidity : liquidity layer for RH; surpassed >$500k TVL
Which protocols are missing + what's their core value prop? i'll append below or add to tomorrow's
RobinHood Chain is showing the fat apps, thin chain thesis... the next phase is working out which apps can turn temporary "memetic" attention into recurring volume, fees + stock token ownership
Caveat: I've not added large multi-chain protocols like Uniswap, Morpho, sushi or lighter as they're pretty obvious
Disclaimer: this is not an endorsement to buy, I'm just struggling to keep track on the developments so want to track better + share what I'm seeing
This is all still incredibly new, but I'm adamant that the next bull will be led by RWAs (likely catalyzed by agentic activity)
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Awesome piece. I loved the @VECTORDOTFUN concept, but @fomo is the one that achieved true scale.
Finance is increasingly social and driven by narratives and momentum. Seeing @AvgJoesCrypto muse on X about the opportunity for a launchpad on Robinhood Chain and memecoins paired with tokenized stocks, and then publicly putting his money where his mouth is before running it up, has been electric.
There are still improvements that could be made, like an Elo-like scoring mechanism that elevates long-term actors and punishes pump-and-dumpers, as proposed by @tulipking.
The fantasy football leagues I've managed over the past few years make weekly trades onchain with the pot. This is a social dynamic, and one that a fomo app allows us to make public for @Cryptosphere_FF.
I helped build @vectordotfun. It was a really wild ride.
It's been fascinating watching @fomo's rise this year.
Wrote down some reflections and lessons in this piece.
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We're full at 24 players from the Cryptosphere. It felt like assembling the Avengers this weekend.
Folks from @Blockworks, @edge_pod, @megaeth, @flowdesk_co, @arbitrum, @Figure, @Dune, @TheBlockCo, and more.
Pot will be on @fomo with weekly trades. Might make an X account 👀
Time for a 2nd year of Cryptosphere Fantasy Football 🏈
Consists of folks working in the industry. The ex-@MessariCrypto team can attest to my commish abilities. DM me!
> $350 USDC
> Top weekly scorer trades the pot
> 12 players. Considering expanding to a dual-league format.
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