building @dopplerprotocol | advising @variantfund | prev @uniswap
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Today, we are happy to announce the launch of the world’s first dynamic bonding curves from @dopplerprotocol
We believe this is the largest upgrade to bonding curves since their inception and will power price discovery for new and old assets classes and products.
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Austin Adams retweeted
Pretty wild how @longdotxyz has been one of the main catalysts for bringing tokenized stocks onto @RobinhoodApp Chain, with every $1 of stock that buyers paid into Long pools followed by ~$1.90 of new minting of that same stock within three days and ~$2.80 within a week
That holds after controlling for each stock, each day's market-wide minting, and the stock's normal DEX volume, and buying into Long pools shows no link to minting in the days before it. Even in raw, uncapped data with AMC and SPY left out, it is still ~$1.40 within three days and ~$2 within a week. Scaled across every stock, the main estimate works out to Long being behind roughly a fifth of the ~$160M of stock minted on the chain since July, while pools on other launchpads like Bankr, PONS, and PAIR show a weaker and less consistent link and have released more stock than they absorbed over the same stretch
The clearest examples came from Long's biggest launches, as onchain AMC went from 112,732 shares the day before "A Meme Coin" launched on 09/03 to ~2.9M the day after, HIMS went from 275 shares to ~2,400 in the three days after Boner Coin launched on 08/20 with Long pools absorbing 41% of the new supply, and NVDA supply rose 158% in the week after Artificial Inu launched on 07/14, compared to 35% for the median stock
MONITOR took longer to get going, with PLTR supply up 64% in its first week against 87% for the median stock, but it kept climbing. When @JTLonsdale quote-posted MONITOR on 09/23, its value went from ~$1.1M to ~$10M in under two hours, and its pool traded 1.4x all tokenized PLTR in a single hour, while PLTR supply rose ~11% that day to double its pre-launch level as Long pools took in ~1,250 PLTR, and supply was still ~3% above its pre-post level the next day
Long isn't the whole story, since Long pools hold only ~$14M of the ~$170M of tokenized stock onchain and the size of the estimate depends on capping a cluster of $2M - 7M mint days, mostly in SPY and AMC, that otherwise swamp it, but the pattern is consistent enough to say the Long memecoin trading is pulling new shares onchain rather than just recycling the ones already there
These pairs have also started to attract real social capital, with @vladtenev following "A Meme Coin", @AndrewDudum following "Boner Coin", and @JTLonsdale following + quote-posting MONITOR, all for something that is still relatively nascent
The next catalyst could come from Robinhood itself, since @vladtenev says 1:1 in-kind redemption and voting are coming to Robinhood Stock Tokens, which would give holders a reason to keep shares onchain rather than just trade them
/board_sit
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Austin Adams retweeted
Check out @CooleyLLP’s new AI platform for going public, developed in collaboration with @OpenAI
This is the first of our internal AI projects to be made public… stay tuned for more
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Austin Adams retweeted
$100M paid to the creators and builders shipping on Doppler 🎉
Integrators, app builders, token creators, anyone running launches on top of the protocol.
Build, launch and trade on Doppler.
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Austin Adams retweeted
The resurgence of onchian volume and, in particular, the the growth of tokenized stocks is showcasing the power of Doppler as a platform to launch custom markets for any type of token (meme, stock, asset, etc.)
Year to date, @dopplerprotocol has earn $5m in revenue and is on pace to make ~$3m in revenue in September alone.
The market is waking up to how better infrastructure for token launches will create a more suitable market structure for tokenized assets.
Markets for everything are coming.
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wait until everyone starts pairing tokens against paired tokens - double the reflexivity with a market that can only exist within onchain rails
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coupled assets thesis never fails
I had a look onchain & nobody just one-clipped $20M into AI & lost it... but it's pretty bullish for AI/NVDA nonetheless
A whale routed two buys through Relay, spending $900K for 4.37M AI at an average $0.206
The erroneous UI:
Part of the route used NVDA as an intermediate asset.
DexScreener briefly valued NVDA at ~$24,600 instead of ~$218 (wild I know!) printing AI at $24.44 & FABRICATING the $20M of volume
The actual AI/NVDA execution was ~$165K at $0.20 per AI
The real buyer now holds 24.37M AI, worth ~$6M (total wallet value ~$23M):
I'll link the tx below for reference
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Custom pairs are now live on Zora 👇
Create and trade new tokens paired with anything from memes, majors, and tokenized stocks.
Multichain issuance and crosschain trading available across Solana, Robinhood, and Base.
Create your custom pairs at zora.co.
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Austin Adams retweeted
interesting projects keep shipping on @base
@Gon0x_ & the @charmsdotai team are thoughtful, easy to work with, plus the right amount of delusionally ambitious
excited to feel this out
powered by @dopplerprotocol 🚀
The race to become the #1 launchpad on @base starts now.
Feel.cash is officially live.
Backed by @cbventures bef.
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yea we might be back
The @SECGov just proposed Regulation Crypto Assets, its first actual rulebook for token offerings.
The gist: you can raise money selling tokens under a $5M exemption or a $75M one, and there's a defined way for the token to stop being a security when the company's work is done.
For a decade, the SEC's answer to "how do I sell a token legally" was "register it like an IPO" (or the infamous "come in and talk to us"). Nobody could since public company requirements don't track well for a distributed system.
In March, the Commission finally wrote down what a lot of us had been arguing: the token itself usually isn't the security, the promise to build the network is. That promise is the "investment contract" and today's proposal builds the on-ramps around that idea. Call them the startup exemption and the fundraising exemption.
The startup exemption: Sell or give away up to $5M of tokens over 4 years, once per token. Capital raises count, but so do airdrops, points-style usage rewards & validator or governance rewards. The paperwork is light. File a short notice to the SEC, plain-English disclosures on your website (who's building, what you promised, how you're doing on it), and a report when the 4 years are up. Retail can buy, you can market it publicly & the tokens aren't restricted.
The fundraising exemption: Reg A (the "mini-IPO" rule) with a token skin: up to $20M or $75M per year, prepare a formal offering document the SEC reviews, and make ongoing reports after. This higher threshold comes with a few hooks, though. Retail investors are capped at 10% of income or net worth, reports never turn off, and only US companies with US management can use it (and at the $75M level they need audited financials).
The Safe Harbor. If you've finished (or permanently stopped) the work you promised token holders that you would do and you file a report saying so, the SEC treats the investment contract as over and the token is just another thing that a company made and distributed.
@HesterPeirce floated a version of this back in 2020 tied to decentralization, but this one turns on whether YOU finished your job rather than how many validators the network has.
Why does this matter? The biggest problem with tokens wasn't the sale, it was that nobody could say when the security stopped being a security. So what happened? Exchanges, custodians & funds treated every token like it was radioactive forever. A filed, dated, public exit is the thing every one of them wanted to point at when questioned about their treatment.
There's much more to cover in the proposal than a single not-too-long post can get to, but here's a few other fun easter eggs:
State securities laws are preempted, both for the offering and for people trading the token afterward (as long as filings are kept current, no pressure).
And second, slipped into a footnote, the SEC says these investment contracts aren't "equity securities," so a big holder count won't force you into full SEC registration. They ask whether to make that official. Please do 🙏
The two exemptions are definitely a useful step, but Congress can rewrite them, and every commissioner said today they still want the Clarity Act.
How far we've come. A few years ago "is this token [offering] a security" led to a high six-figure legal bill, a memo that ends in "maybe," and possibly a subpoena from a government agency. Now that same question is about to have a real answer and a real pathway.
ALT Infographic by Larry Florio. Source: SEC, Proposed Rule 33-11434, August 18, 2026, titled Regulation Crypto Assets. A token's life in four steps. 01 Raise: two exemptions from registration, retail welcome (startup up to $5M over four years, once per token, airdrops and rewards count; fundraising up to $20M or $75M a year with an SEC-reviewed offering document, retail capped at 10% of income or net worth). 02 Disclose: who is building, what they promised and progress against it, posted online or filed with the SEC. 03 Build: deliver the promised work; state blue-sky laws preempted for the offering and later trading, antifraud rules apply, fundraising route open to US companies only. 04 Exit: the issuer files a report certifying the promised work is complete or permanently stopped and the SEC deems the investment contract over. Tokens sold under either exemption are never restricted securities, tradable day one. Larry's reading: two ways in, one way out.
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