Raydium

This is purely coming from one, I think, really the power of Solana DeFi and you have to give the entire ecosystem tons of credit.

Everyone from the Sunrise team to Radium to the rise of Stock.Fun and all of the crazy experimentation that's been happening.

But then also just due to the market structure.

Again, this is the only tokenized stock product in the world that can flow back and forth between DeFi and TradFi at the speed of a token.

Yeah, I mean, Finn, he has the crystal ball, right? He's just been getting a lot of things right.

Like he was early to Radium, right? Like he was talking about Radium a while back and it has just absolutely ripped.

You know, I feel like I got a little lucky, right? I feel like Finn's probably the better trader if you look at the two of us, but I just kind of like believe in things more.

So I was kind of aping into Zcash and Hype a little bit earlier in our portfolio.

But I feel like an underappreciated reason why Stonk has been doing so well is that they have kind of buy-in from a lot of the core DeFi protocols on Solana.

It's not just this new launchpad, but they're partnering with Radium and they're partnering with Backpack.

Sunrise is helping all these stocks.

The main

And they're solving a huge problem because as Robinhood chain grows, there's going to be all kinds of different DEXs launched.

There's going to be so many different DEXs, just like there are Ethereum, Solana, Jupiter, Meteora, Radium, whatever.

Different pools, different token pairs, different projects.

But the more fragmentation there is in decentralized trading on Robinhood, the more of a need for a single aggregator that roots it all very simply for all projects, right? So that's one reason I'm bullish on it.

So you're going to miss out on that fees that those coins are supposed to buy and release stocks into your wallets.

However, the way Stonk Fund runs is they have like an official partnership with Radium where they do like this whole technical thing where they've kind of enforced all of this on chain.

So all of the ecosystem is routed through their pools so people cannot evade the fact that they are paying these fees when they're buying or like selling, which essentially gives rewards to holders.

The reason I think it's like super bullish is you have to think and this is very similar to my thesis on like Quartrons and like it was with like strong brokers is when you have early buyers who buy something for a couple of hundred dollars, that's up like five figures, six figures.

Exactly.

Okay, so Ondo tokenizes the asset, but then where does it actually trade? The newsletter points to decentralized exchanges and automated market makers, venues like Uniswap, Radium, and Aerodrome.

Right, and for those unfamiliar, an automated market maker, or AMM, functions very differently from Wall Street.

How so?

On Wall Street, an exchange uses an order book to match a specific buyer with a specific seller, and AMM replaces that middleman with a smart contract.

Users pool their own assets together to provide liquidity, and an algorithm determines the price based on supply and demand.

Uniswap, Radium, and Aerogrome stand to host these new regulated pools of tokenized traditional assets.

And to make sure the blockchain actually knows the real-time price of that Apple stock, the newsletter highlights infrastructure plays like Chainlink.

If you want to do some level two or three DeFi, my assignment for you is going to be first, check this out.

And two, it might involve learning to deploy a pool on something like Uniswap or maybe Radium.

I went to DeFi Llama.

I went to yields.

Okay, let's see.

Let's see what the options are in DeFi to earn a little yield on your Robinhood.

This also is a pull on Radium.

HoodX and USDC earning a casual 130% APY.

in Uniswap.

It kind of reminds me of Radium in 2023, 2024, where POM was graduating tokens to Radium and Radium saw a huge growth in volumes.

I think you're kind of seeing the same dynamic right now with POMs and Long and other launchpads in Robinhood chain that just graduate their tokens to Uniswap who is like consolidating as the main beneficiary there.

Obviously their hook architecture has also been quite positive.

And if you look at where this is all coming from, um, you know, 50 to 70% of that uni burn is from the Robin hood chain deployment.

So, um, definitely, uh, a pretty clear winner from Robin hood chain success.

Carlos, you call out, this reminded you of Radium in 2023, 2024, but then the launchpad pump that was fueling all of this ended up vertically integrating itself and cutting Radium out of the loop.

Is this a risk to Uniswap on Robinhood Chain? Would it make sense for Ponds to do something similar?