Builder Roundtable 001: Tokenized Equities

Okay, one sec, let me see. Yeah, awesome. Finally, can you guys give me now? Yep, yep. Okay, awesome. Is that Jesse as well? Let's see him space. Yeah, the Jesse's. Okay, yeah, very excited to be here. And I mean, this is the first time we are doing this. And the broader goal with these round tables, discussions is, I'm not sure if I'm round table is the best name for these spaces yet. It's more like the pit where we discuss, you know, all the builders we get everyone together, we get all the branches together and we talk about what is exciting on pace and what is trending on pace and what is like the latest that people are building here. So yeah, I mean, quite excited to be hosting this. It's very similar to the builder call in a way, but where we package it in a week because there's just so much happening week on week on week. And and we pick a theme. So for this week, for instance, the theme is to talk about tokenized equities. There's a lot of action on tokenized equities, especially with the fuels right now that came up around the US innovation and people, you know, being able to just the US folks being able to interact with openized stocks as well. So with that exception, I think like the space is becoming there's more and more clarity around the space. So I mean, also, I feel like we have legends here. I'm so psyched to be hosting, you know, Jerry and Ray and the strong ex team and my good friend, Todi. Who I don't see is a speaker yet, but I just added it. Yeah, so should be a fun one. I'm quite excited. Yeah, let's go. Awesome. Yeah, I think Todi would have, I think, gotten the ability to speak just while you are on that. But awesome, guys, I think let's just jump right into it. And before we just proceed to make our legal counsel happy and satisfied, today's conversation is for information and educational purposes only. Does not constitute financial technical or legal advice. The views expressed are our own and do not represent base or coin base. Nothing shared today should be considered an endorsement or any official statement by us base or coin base tokenized equities are not available to us users. Awesome. Now tokenized equities were finally here with them. I think this massively expands what is possible in the space. It massively expands primitives that have come out in the past few weeks. It massively expands the design space and of course, the overall volumes that we've been seeing. So guys, I want to kind of like go around the table and rejerry, toady, any of y'all feel free to start. And then we'll go one by one. Want to understand, like, what do you guys think after tokenized equities have come? What is when the biggest unlock so far? Yeah, I'm happy to start. Hey, everyone, this is Ray, co-founder of Maranta, formerly a Vantis, Fresh Off, rebrand this week. I'm super excited by tokenized equities. Actually, it goes back to a lot of my backgrounds before building. Ferranta was my good friend. I was actually a track by hedge fund investor investing in literally single stocks. So a lot of the names that base has added in the past two weeks. So it's like back to my roots in a way. I think the thing I'm most excited by is to create this new on-chain financial ecosystem that is synergistic between tokenized equities spot and derivatives, which of course is our specialty at Ferranta, the derivatives lay with perps. And we've had this roadmap now for the last month since our launch of our big upgrade to add 500 plus RWAs by year end and to have the most stocks, commodities, currencies, on-chain of any exchange kind of out there for perps. So for us, I think there's a lot of really cool interplay of things you can do now with tokenized equities, having so much volume and ownership along with derivatives. And I'll talk a lot about more examples, but just off the bat, the big one I'm really excited by that a lot of folks have started to do is earnings plays in a sense that with 24 or 5 trading on perps and 1,2,2,4,7 soon, and then on the tokenized side, effectively, 24 or 7, you can drastically adjust exposure, whether a tag or take a greater position into earnings and various other events to kind of dynamically adjust that. And I think that's super exciting and is something commonly done in my track five days amongst investors that now you do on-chain. Super exciting. Thanks, Ray. I can't kick it off. Jerry, I want to want to change. So I think it was like tokenized equity initially. I was like sort of wondering what are the target audiences of the product, right? Because effectively for us in Americans, we can trade in on Robinhood of Coinbase that we don't need a broker. We don't need like, launching equities. But as we build more, I really start to appreciate the programmability and composability brought by launching equities, part by the composability of EVM. So effectively, now US users, retails, institutions can basically have massive unlock to these assets exposure. So if we just have equity in a store in the broker, like Robinhood initially, then basically, it's just an asset, it's just a quote asset. But now it can be a quote asset, can be a collateral, can be a poor position, you can even be a payment. It was like, there's a joke, right? For Valentine's Day, when you and your girlfriend want to basically share each other a share of Coinstock, there's no way to do it. But now you can do it. So we have stock meme pairing. We even have like funding with Albatrad that is able to be done by sort of does a neutral and D1 positions of these like actual tokenized equity positions. And these are massive unlock. So our company, given by the product revenue, we also have a portion of our foundation treasury as the bag of tokenized tech names. And for us, we're able to do more interesting things with it, like, oh, do the LP on ErroDrome. So there's a lot more financial derivative that I think we starting to realize that are actually being fully unlocked. Just a month after release. But I think as it unfolds, more welcome, like personalized ETF. Because I know a lot of people like to do these sort of text harvesting on different brokers. So all these can be done on unchain, in a more systematic program, a grow-away, basically. I'll pass it off to TauDee. Hey, guys, can you hear me? Yep. Yes. We can hear you. Excellent. I just got booted from the space like four times trying to join. Every time I joined spaces, I'm amazed at how bad the text was, but I'm really glad to be here. Yeah, no, glad, glad to have you, TauDee. And did you, were you able to hear the question at the start or did you just join in because you heard booted? Yeah, no, I didn't hear it. If you can repeat it, please. OK, no, no. I was just like, I mean, quickly, we were just talking about, like, OK, tokenized equities are live now. They've just been like a new primitive that's been unlocked. And I'm also gone live on base recently. So the question is very simple. What is the biggest unlock in your opinion that tokenized equities bring? For me, I think what's the most exciting is just how composable things are on chain. And that hasn't been possible before for people who won't stock. Now they can own on chain equities. And it's really exciting to see all the things they can do by borrowing against them, using them in D5 protocols, making means that are paired against them. And I think that's a really exciting new primitive. Yeah, awesome, awesome. I think we can pass it on to a strong six-change. Guys, are you here? Yes, yes. I'm here. Can you hear me? Yeah, I can hear you. Fantastic. So thank you very much for inviting us out here. So I'm going actually to just echo what Geri and Todi said. I would say that the biggest unlock certainly is the composability of tokenized equities, right? Because as Geri was saying, a brokerage account is just a brokerage account. You buy an equity, buy stock, and it just sits there. On chain, it locks a whole different universe of possibility. Stuff that we've been used to since we on the D, the early days of D5. And basically, on chain, the tokenized equity becomes a building block, right? So it sits in the wallets, such as in Syria, there's any other token. And it's there 24, 7 is programmable. You can do a bunch of different things with industrial shift, I would say, for on chain equity. So it's not just trade the Apple stock after hours. It's actually a unit account for a new market. And specifically to us, I would say for everyone, this allows creators to launch culture against the various stocks and video, Apple Amazon. And the pair becomes the equity itself. And on top of that, of course, there's the self-customy topic, which is very important. There's no brokerage. As Jerry was saying, it unlocks a whole set of user base across the world. So basically, it really expands who can even sit in the market itself. Awesome. No, I think Ray, you are unmuting. Are you going to say something? Oh, no, no. I'm just the last thing. OK, awesome. I was just saying, I think a bunch of solid takes. And just to quickly sum this up, guys, I know you talked about what they enable, but recently in terms of what you're building or what you've seen, like other builders or on the timeline, have you come across any really interesting experiments that you just caught your eye while just going through this? We're just going through this entire meta. Yeah, I can expand a little bit more on the earnings catalyst plays of how some of our traders on branch are being cooperating, tokenized equities. So I think no surprise, you know, Evidia is obviously like one of the largest stocks in the world at this point. Most people in tech have a pretty big spot bag. What I've been seeing as some really cool experiments now is user port earnings around like 4.30 pm. So people actually have a spin of agents to analyze like the earnings prints, like the 8K and even the conference call itself. To then kind of get a sense of is it bullish or bearish and try to create price action and then try to adjust their spot exposure through Buranta, which is pretty cool. Because for some of the Nvidia, we offer up to 25 times leverage. So you can get in a very capital efficient way. You're a lot more, a lot less exposure based on how these things are doing. And like it's been one of the biggest agentic trading use cases for us is like having agents help analyze earnings much faster than humans can do. That's really cool. Thanks for it. So from our perspective, right, it's like it's almost feel like a cliche now. Like, you know, like, you know, stock means are so incredible. But a month ago, it's such a brand new thing. And people are so hyped about launching different stock pair of memes, right? And this is the matter. Like, instead of those cat dog and all of this, because you see Blue Chip go listed on Quimbechik Change is ballasting, which is like, you know, the first listed stock memes. And these are really interesting. Because think about this, like what's the job of the CEO right, to the board? It's basically, you know, producer responsibility, shareholders of the board. And effectively it's like pump stock price. So effectively, it's a lot of the, you know, like low float, like, FDV, like stock or tokens. Effectively, these like, you know, like CEOs or whoever that need to pump the bags, basically need to have like new buyers. But the fact is, you know, the NASDAQ change liquidity is actually worse than finance, up at Quimbech, right? So effectively, these are the new narrative. Essentially, the more we look at it, like, like, all the stocks are essentially meme. It's more of these attention assets right now as the fundamental driven today's consumer economy, attention economy. And given that, like, we see some of the interesting experiments with it, right? Like, you know, Blue Chip, paired with Nvidia, we see like, you know, 1% of circle stock is out of our own chains. So imagine if you're the Jeremy, like, you know, circle CEO, like, like you were basically so happy to see how it's like, you move the needle. Like imagine when Quimcee, you know, got lives, you know, at some point, you know, in the future, like, there would be a lot of means. And then basically like, Quimbech leadership will also be very excited, you know, like Brian Jesse will be excited to see like how it's actually moving the needle for the stock price. Like, of course, you know, now financial vice. But, you know, like the sort of the fundamental structure of this alignment is interesting, right? It's like, token means are essentially like a couple, like sort of a, basically a team,