Hey @fomo, @seyong and @RelayProtocol, check your team or partners: someone is front-running your users (sandwich attack) on the Robinhood chain, likely using private order info. Wallet: 0x44c0ba0b734d4b7705fcd07ddae9fbbc078d74dd Contract (since Sep 24): 0x68a04a63fd1d8eabf167ef48ed0a0ef06c2374d9 Solver affected: 0xccc88a9d1b4ed6b0eaba998850414b24f1c315be Impact on your users: ~$14k+ in the first day Sandwich attacks: 328 Typical lead over your solver: 1–4 blocks Solver volume hit: ~$412k

I spent the weekend trying to land in the same block as someone else's buy. Not the next block, the same one.

Knowledge, like always killing all fun, fruit fly can’t see and remember full picture to take action, only ~0.5% of that input reaches the mushroom body. And it learns best through the smell channel, which has roughly 30× more input synapses to the mushroom body than the visual channel. Only the Kenyon cell → MBON synapses. In a live fly, these and only these are plastic during learning, and they are can have ~100 associations

We gave a fly $100 to trade on Polymarket. It already called today’s pump in the "25 bps increase" on Fed Decision polymarket. Every second, its next move is decided by 166,700 neurons.

Robinhood memecoins <> Stock Tokens ELI5 >> The tokenized stock = base asset >> The memecoin = a speculative wrapper that routes demand through it 1. How Robinhood tokenized stocks actually work • Stock Tokens (e.g. $NVDA or $HIMS) are ERC-20s issued by Robinhood Assets • They give economic exposure to the real NYSE stock but are legally debt securities, not shares • You do not own HIMS stock, have no voting rights, and cannot redeem for the actual shares yourself 2. How stock tokens are minted • Only Authorized Participants (KYB-onboarded partner market makers) can mint or burn tokens directly with the issuer • Regular users can only buy and sell existing tokens on secondary venues: Uniswap AMMs, fomo app • The market maker buys the real shares in the traditional market (NYSE hours only) • They then request the issuer to mint the matching number of on-chain tokens (1 token ≈ 1 share) • The new tokens are sent to the MM’s wallet and sold into on-chain pools (HIMS/USDG, HIMS/BONER, etc.) to keep the token price close to the real stock 3. Float squeeze • Because minting requires buying the actual shares on the stock market, it can only happen while the stock market is open • During market close / weekends the on-chain float is frozen (whatever tokens already exist is the entire supply until market opens) • MMs decide when to mint by watching the on-chain HIMS.RH x USDG pool versus the NYSE price • If the token trades at a meaningful premium, they mint and sell. If it trades at a discount they can buy tokens and burn them • Off-hours they cannot do this, so premiums can balloon (this was what happened ytd with HIMS and AMC) 4. How a memecoin paired with the tokenized stock works (BONER <> HIMS) • When someone buys $BONER, most sizeable buys route USDG → HIMS.RH pool first, then HIMS.RH → BONER pool • Important: every net buy of BONER = creates a buy of tokenized HIMS • Those HIMS tokens get locked inside the BONER/HIMS LP as the other side of the pair. The circulating on-chain float of HIMS shrinks • BONER’s dollar price is (BONER per HIMS token) × (current HIMS.RH dollar price) • If HIMS.RH is trading at a huge premium, BONER’s “market cap” is inflated by that phantom premium 5. Off-hours / weekend events (what happened with both AMC and HIMS) • Demand for the memecoin keeps sucking HIMS tokens into the LP • The remaining HIMS/USDG pool becomes extremely thin. • Tokenized HIMS price opens far above the Friday NYSE close because nobody can mint new tokens (the memecoins like BONER looked like it is pumping hard in dollar terms) • Then when the market re-opens, partner MMs buy real HIMS shares, mint fresh tokens, and dump them into the on-chain pools (which obv the premium will collapse) • BONER holders lose in USD terms even if the BONER/HIMS ratio itself stays strong or keeps rising • LP providers can theoretically pull liq and sell the HIMS tokens to help close the premium, but the dominant new-supply source is still the authorized MMs 6. What every memecoin<>stock token’s plans are • Key goal is to squeeze the shorts on the token pairing • Degens buy memecoin → the pool “sucks” the tokenised stock tokens out of circulation and locks them as LP • Persistent demand for the memecoin forces MMs to keep minting more tokenised stock tokens during market hours • Each mint corresponds to Robinhood (or its partners) buying and vaulting a real stock • Some stocks have large short interest and over time the growing pile of vaulted/on-chain tokens is supposed to tighten the real-world float available to shorts 7. Important to note • All the on-chain stock supply is tiny compared with the actual stock • Minting currently has negligible impact on the real stock price or short squeeze dynamics unless the memecoin demand grows insanely large

Wondering about supply and demand for tokenized stocks in lending protocols. Right now, there are only 37 lending protocols (>$1m TVL) and just 6 of them accept tokenized stocks as collateral: @kamino @JupiterExchange @lista_dao @VenusProtocol @eulerfinance @Morpho (@aave isn’t there yet) Feels like we’re still very early.

Same day, different protocol (@Neutrl) And an answer to why TVL looks so bearish for most protocols nowadays. Quick math: let’s count the risk-free rate as ~3.9%. The implemented APY for my PT was ~6%, so the risk premium was around 2.1%. Even if we count this premium as the % chance of getting hit by a left-tail risk, it’s still ~1 in 50. Now the question is: how many hacks/rugs have we had across 100 protocols over the last few months?

sudo pmset -a disablesleep 1