co-founder @glider__ 🦇 | @MIT 🎓 | ex-@Anchorage, @XTXmarkets
New York, NY
Joined August 2024
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Introducing Automated Token Portfolios (ATPs).
The first institutionally managed strategies that live directly in your custody.
Today, @Bitwise is launching the Mag7X, the first in a series of ATPs.
Today, Bitwise is launching Automated Token Portfolios (ATPs): institutionally designed model portfolios for tokenized stocks that live directly in your crypto wallet—powered by @Coinbase Tokenized Stocks.
Bitwise designs the model, you hold the tokenized stocks in your own wallet, and @Glider__ keeps your holdings aligned automatically, without ever taking custody.
Only available to non-U.S. persons (as defined in Regulation S of the Securities Act of 1933) in eligible jurisdictions outside of the U.S. 🧵
Points freeze on November 11 at 1 pm EST.
You have 5 days left to accumulate.
Two ways to earn points:
1. You earn 1 point per dollar per day held in Glider. Just dump all of your wallet holdings into Glider and hold.
2. You earn 1 point per $10 traded. Trade on Glider.
“Permissionless markets can more easily overcome the cold start because they face fewer supply constraints”
Permissionless or bust.
(OKX x ICE tsv is bust)
Literally missing the two biggest market makers (aka 50%+ of global spot volumes)
As someone who’s worked in HFT, it’s always funny to see crypto folks pretend they understand market making.
33 of 63 stocks have opted out. 🪦
This market structure has made a mockery of tokenized equities.
I expect zero traction on the OKX x ICE joint venture.
Irregardless of these companies opting out of tokenized versions of their shares, there is no maker or taker demand. No professional market maker wants to use AMMs (they are not capitally efficient). And investors/traders already have traditional access, why would anyone look for an alternative? (As a reminder these stocks are permissioned with no DeFi composability).
The even bigger problem: it’s anti-American to settle stocks on xLayer, a corporate offshore chain.
ICE you could have chosen a neutral chain like Ethereum or Solana. Now, instead, every trade benefits a non-American corporation.
In the end, @coinbase, @RobinhoodCrypto, @Ondo, and @xStocksFi permissionless equities will win. It’s not a matter of if, it’s a matter of when. And btw they are already winning: just look at their market share vs. permissioned competitors.
