@Codlyn7777
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I write about products, markets, and capital in Web3.
web3
Joined December 2021
- Tweets11.1K
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Imagine someone walks up to you and says:
“I’ll pay you 10% a year.”
What’s the first thing that comes to mind?
Probably not just the percentage.
You’d want to know:
“For what?”
I think yield deserves the same question.
We usually look at the APY first and only later ask where it comes from.
But two products can show the exact same APY while the money behind them comes from completely different places.
That’s the question I started asking when I came across @Apyx_Fi .
codlyn retweeted
The “each new yield-bearing primitive expands pendle’s surface area” part got me thinking for a bit.
Does a new yield-bearing asset actually expand pendle’s TAM just because it exists onchain?
i'm not sure it does.
Yield existing onchain doesn't mean there's a market for it.
That's the part i think is easy to miss with pendle.
There's a difference between yield existing onchain and people being able to price plus trade the future of that yield.
The significance of @pendle_fi only continues to compound as newer narratives + asset classes emerge onchain.
Pendle has always been more than simply a yield layer.
It has increasingly serves as an avenue for value discovery across entire sectors, allowing the market to price + trade the future yield generated by whatever assets happen to matter at the time.
Narratives rotate, but each new yield-bearing primitive simply expands Pendle's addressable surface area.
That's probably one of the strongest characteristics of its PMF.
Pendle doesn't need to predict which sector wins next.
As long as increasingly more assets move onchain + generate yield, there will be demand to price, trade + hedge those future cash flows.
“As long as DeFi wins, Pendle wins."
$PENDLE
The “each new yield-bearing primitive expands pendle’s surface area” part got me thinking for a bit.
Does a new yield-bearing asset actually expand pendle’s TAM just because it exists onchain?
i'm not sure it does.
Yield existing onchain doesn't mean there's a market for it.
That's the part i think is easy to miss with pendle.
There's a difference between yield existing onchain and people being able to price plus trade the future of that yield.
The significance of @pendle_fi only continues to compound as newer narratives + asset classes emerge onchain.
Pendle has always been more than simply a yield layer.
It has increasingly serves as an avenue for value discovery across entire sectors, allowing the market to price + trade the future yield generated by whatever assets happen to matter at the time.
Narratives rotate, but each new yield-bearing primitive simply expands Pendle's addressable surface area.
That's probably one of the strongest characteristics of its PMF.
Pendle doesn't need to predict which sector wins next.
As long as increasingly more assets move onchain + generate yield, there will be demand to price, trade + hedge those future cash flows.
“As long as DeFi wins, Pendle wins."
$PENDLE
codlyn retweeted
We've spent a lot of time thinking about tokenized stocks as a way to bring traditional stocks onchain.
But looking at what @RobinhoodCrypto is doing, I think there's a much more interesting possibility.
What if the stock token isn't just the asset people come to buy?
$NVDA can be the quote asset for a memecoin.
It can provide liquidity for a pool.
It can be used as a referral reward, a loyalty reward, or an incentive to keep people trading.
And that's the beauty of tokenized stocks to me.
You're not just putting stocks onchain.
You're making them usable inside an entirely new financial environment.
Robinhood just flipped @RealityFi_xyz to become the world’s 5th largest tokenized stock issuer.
And the real story isn’t the ranking
It’s that stock tokens have finally found a incentive layer on RH ↓↓
_______
On @RWA_xyz's tokenized stocks dashboard, Robinhood now sits at #5 by distributed value, behind:
→ @Ondo | $832.3M | 395 RWA count
→ @bstocksfinance | $648.3M | 74 RWA count
→ @xStocksFi | $611.8M | 832 RWA count
→ @Securitize | $284.0M | 3 RWA count
→ @RobinhoodCrypto:
$154.5M in distributed value
1.27 million holders
$13.73B in monthly transfer vol (up 568% in 30D)
189 RWA count
$170M+ AUM onchain
None of this is proof of incentive but it's proof that RH is gaining traction in RWA, and for the right reasons.
Now let's get into how stock tokens are being used virally as an incentive layer and why no other RWA chain built this loop until Robinhood did.
The chains that carried RWA never made stocks an incentive layer even though they had more value than RH.
All real-world assets are on; Ethereum ($17.4B), BNB Chain ($5.6B), Solana ($4.3B), Avalanche ($1.7B), Stellar ($3.4B), Arbitrum ($0.9B) and Base ($0.4B).
But none of them optimized to include retail in what they loved the most - memecoins.
Robinhood, however, has the least distributed RWA value at $0.19B and has since made U.S. stock exposure the quote asset for memecoins.
They did so by issuing ERC-20 trackers for NVDA, TSLA, AAPL, HIMS, and 180+ other stocks.
Launchpads like @longdotxyz were built so community tokens launch into stock-token liquidity.
A revolutionary model that attracted even trafi attention to the point that @StoneX_Official analyst, Mark Palmer, called it the memecoin–tokenized stock flywheel.
This equally led RH to being the highest trading venue onchain, consecutively for weeks and the top application seeing insae volume and revenue worldwide happens to be a RH app - @ponsdotfamily.
So were other chains asleep or is Robinhood running the most aggressive marketing experiment in onchain equities?
Both, and neither, exactly
All chains optimized for what their services requires.
Robinhood did pure retail marketing
→ subsidize gas inside its wallet
→ celebrate meme culture
→ and let stock tokens become an incentive
And they've been doing this since last year, we all just caught on
→ EU Stock Token giveaway for new eligible customers: €5 NVDA + €5 VOO | 19 Nov 2025 → 31 Mar 2026
→ Gas subsidy + approvals for crypto and stock token swaps in Robinhood Wallet: threshold cut to >$0.50 | Launch → 29 Sep 2026
→ Long(.)xyz stock-paired launches and token rewards LP’s against stock tokens
→ Points for LPs on meme×NVDA, meme×TSLA, meme×HOOD pools
→ Referral bonuses paid in stock tokens
→ Loyalty points redeemable into stock tokens
This sent the memexstock market category parabolic that, on the 2nd of Sptember, meme×stock pairs saw a daily trading high of $217M.
I believe this category will grow even stronger as long as the incentive layer stays up.
Thanks for reading,
tradeguru
We've spent a lot of time thinking about tokenized stocks as a way to bring traditional stocks onchain.
But looking at what @RobinhoodCrypto is doing, I think there's a much more interesting possibility.
What if the stock token isn't just the asset people come to buy?
$NVDA can be the quote asset for a memecoin.
It can provide liquidity for a pool.
It can be used as a referral reward, a loyalty reward, or an incentive to keep people trading.
And that's the beauty of tokenized stocks to me.
You're not just putting stocks onchain.
You're making them usable inside an entirely new financial environment.
Robinhood just flipped @RealityFi_xyz to become the world’s 5th largest tokenized stock issuer.
And the real story isn’t the ranking
It’s that stock tokens have finally found a incentive layer on RH ↓↓
_______
On @RWA_xyz's tokenized stocks dashboard, Robinhood now sits at #5 by distributed value, behind:
→ @Ondo | $832.3M | 395 RWA count
→ @bstocksfinance | $648.3M | 74 RWA count
→ @xStocksFi | $611.8M | 832 RWA count
→ @Securitize | $284.0M | 3 RWA count
→ @RobinhoodCrypto:
$154.5M in distributed value
1.27 million holders
$13.73B in monthly transfer vol (up 568% in 30D)
189 RWA count
$170M+ AUM onchain
None of this is proof of incentive but it's proof that RH is gaining traction in RWA, and for the right reasons.
Now let's get into how stock tokens are being used virally as an incentive layer and why no other RWA chain built this loop until Robinhood did.
The chains that carried RWA never made stocks an incentive layer even though they had more value than RH.
All real-world assets are on; Ethereum ($17.4B), BNB Chain ($5.6B), Solana ($4.3B), Avalanche ($1.7B), Stellar ($3.4B), Arbitrum ($0.9B) and Base ($0.4B).
But none of them optimized to include retail in what they loved the most - memecoins.
Robinhood, however, has the least distributed RWA value at $0.19B and has since made U.S. stock exposure the quote asset for memecoins.
They did so by issuing ERC-20 trackers for NVDA, TSLA, AAPL, HIMS, and 180+ other stocks.
Launchpads like @longdotxyz were built so community tokens launch into stock-token liquidity.
A revolutionary model that attracted even trafi attention to the point that @StoneX_Official analyst, Mark Palmer, called it the memecoin–tokenized stock flywheel.
This equally led RH to being the highest trading venue onchain, consecutively for weeks and the top application seeing insae volume and revenue worldwide happens to be a RH app - @ponsdotfamily.
So were other chains asleep or is Robinhood running the most aggressive marketing experiment in onchain equities?
Both, and neither, exactly
All chains optimized for what their services requires.
Robinhood did pure retail marketing
→ subsidize gas inside its wallet
→ celebrate meme culture
→ and let stock tokens become an incentive
And they've been doing this since last year, we all just caught on
→ EU Stock Token giveaway for new eligible customers: €5 NVDA + €5 VOO | 19 Nov 2025 → 31 Mar 2026
→ Gas subsidy + approvals for crypto and stock token swaps in Robinhood Wallet: threshold cut to >$0.50 | Launch → 29 Sep 2026
→ Long(.)xyz stock-paired launches and token rewards LP’s against stock tokens
→ Points for LPs on meme×NVDA, meme×TSLA, meme×HOOD pools
→ Referral bonuses paid in stock tokens
→ Loyalty points redeemable into stock tokens
This sent the memexstock market category parabolic that, on the 2nd of Sptember, meme×stock pairs saw a daily trading high of $217M.
I believe this category will grow even stronger as long as the incentive layer stays up.
Thanks for reading,
tradeguru
codlyn retweeted
I came across a post from @apys_co saying you could deposit USDC and earn NVIDIA, Apple, Strategy or SpaceX as the interest.
I stopped at SpaceX.
My first thought was basically, “wait, how are they doing that?”
So I went down the rabbit hole to understand what was actually happening here.
I came across a post from @apys_co saying you could deposit USDC and earn NVIDIA, Apple, Strategy or SpaceX as the interest.
I stopped at SpaceX.
My first thought was basically, “wait, how are they doing that?”
So I went down the rabbit hole to understand what was actually happening here.
But then I had to go back to the part that started this whole thing for me.
What does “earn SpaceX” actually mean?
We're not suddenly receiving a normal $SPCX share in our wallet. The thing we receive is a tokenized representation of the equity, and the structure behind that token matters.
apys says it supports tokenized stocks from both xStocks and Backpack. Those aren't exactly the same product either.
xStocks are structured as tracker certificates that give us economic exposure to the underlying stock, without making us registered shareholders.
Backpack's tokenized securities use a different structure and are designed around a redeemable claim on the underlying security.
So for something like SpaceX, the interesting part isn't just that the interest can become stock exposure. It's what that stock exposure actually represents.
There were still a couple of things I couldn't fully establish from the public docs.
Which exact token does apys deliver for each stock reward?
For SpaceX specifically, is the reward the xStocks version, the Backpack version, or does that depend on the route being used?
And when the earned interest is converted into that stock, is the token being minted through the issuer or bought from existing liquidity on a DEX?
Those details matter because “earn SpaceX” can describe very different things under the hood.
I think that's where I'll leave it for now. I understand the mechanism a lot better than when I first saw that post, but there are still a few pieces I'd want to hear directly from the @apys_co team.
codlyn retweeted
Honestly i think we're still at the beginning.
Technology has this crazy way of compounding, where every breakthrough becomes a foundation for the next one.
AI feels like we're just starting to see what that can lead to
we are perhaps witnessing the greatest technological transition era in human history
humans transitioned from hunter-gatherer groups to settled agricultural communities using pottery and early tools
mechanization, steam engines, and electricity transformed global manufacturing and daily life
computing, the internet, and mobile devices connected the world in real time
we are in the AI era where advanced systems can now perform complex multi-step tasks and match or exceed human cognitive workflows
the biggest shift In human history is happening right now
codlyn retweeted
It’s not slowly becoming one. It already is.
And it’s not just software engineering either. AI is already creeping into fields you wouldn’t immediately expect, even medicine and radiology.
And I don't think it always means jobs disappearing.
In a lot of these fields, it could just mean AI taking over parts of the work and making the job easier.
It’s not slowly becoming one. It already is.
And it’s not just software engineering either. AI is already creeping into fields you wouldn’t immediately expect, even medicine and radiology.
And I don't think it always means jobs disappearing.
In a lot of these fields, it could just mean AI taking over parts of the work and making the job easier.
Honestly i think we're still at the beginning.
Technology has this crazy way of compounding, where every breakthrough becomes a foundation for the next one.
AI feels like we're just starting to see what that can lead to
we are perhaps witnessing the greatest technological transition era in human history
humans transitioned from hunter-gatherer groups to settled agricultural communities using pottery and early tools
mechanization, steam engines, and electricity transformed global manufacturing and daily life
computing, the internet, and mobile devices connected the world in real time
we are in the AI era where advanced systems can now perform complex multi-step tasks and match or exceed human cognitive workflows
the biggest shift In human history is happening right now
A few days ago, I saw a post about Solana developing a “nucleus.”
It made me think about something I've noticed while researching projects.
I rarely end up where I started.
So I followed that thought a little further.
After writing this, I had to look into what @solana is doing about quantum resistance.
Turns out, they’ve been thinking about this for a while.
Anza (@anza_xyz) and Firedancer, two of Solana’s validator client teams, independently studied the migration problem and arrived at Falcon as a candidate for post-quantum signatures. Both already have initial implementations.
There’s also the Winternitz Vault, a quantum-resistant solution that has been running on Solana for more than two years.
But the part that stood out to me is the migration itself.
When the threat becomes credible, the plan isn’t simply to swap out one cryptographic algorithm.
New wallets would move to the post-quantum scheme first, while existing wallets would eventually need to migrate too.
So Solana isn’t waiting for quantum computers to become a real problem before figuring this out.
The infrastructure and the migration path are already being worked on now.
I was going through LayerZero's article on Akita, and one question kept bothering me.
What actually happens when quantum computers become powerful enough to break the cryptography we use today?
Private keys that are practically impossible to derive today could become recoverable, allowing attackers to forge signatures and potentially move funds they don't own.
You can't wait until that happens to start fixing it.
By then, the accounts, signatures, ZK systems and other cryptographic pieces securing these networks would already need to be using something quantum-resistant.
Which means the work has to happen years before the threat becomes practical.
Ethereum is already planning toward full post-quantum protection, while LayerZero is putting a quantum-resistant commitment scheme into Jolt with Akita.
And in Akita's case, the upgrade also makes proving faster and the proofs smaller today.
Preparing for a problem that doesn't exist yet means the transition has to start while everything still looks fine.
Sources:
Anza on the post-quantum work and the migration path
anza.xyz/blog/securing-solan…
Winternitz Vault
blueshift.gg/research/quantu…
