股票市场正在上链：代币化股票IPO即时交易

Bankless Nation. I'm here once again with Ian Debode from Ono. Ian, welcome back to the podcast.

Thanks for having me. Uh Ian, uh real world assets pretty hot right now. Uh Hondo's been here building in real world assets for forever. It kind of feels like the rest of the crypto world is moving into your guys' domain. How how does it uh feel to just have already been in the space that now a lot of other companies are moving into? Yeah, it's it's definitely a surreal experience to see what you were saying almost three years ago now all come to life.

Um, so it's very nice. It's in a way flattering. Uh, there's definitely increased competition. I feel like every single week there is a large crypto exchange or brokerage platform launching their own version of tokenized equities. But it is very interesting and exciting to see everyone entering the space and really embracing RW.

Yeah. Yeah. Especially with the rise of per the rise of per in the first half of this year coincided with the rise of just like real world asset trading. It's like crypto volumes on crypto exchanges and also on pers is down but real world asset trading is not uh

turns out turns out people like real world assets. Uh I want to talk about the the the one particular real world asset that has caught everyone's attention this week. That's SpaceX and tokenized SpaceX. Uh SpaceX IPOed on NASDAQ on June 12th. Ono's tokenized SpaceX stock was minted on Ethereum that same day also on June 12th. How did that happen so fast?

Yeah, great question. I think we were live with trading about 5 minutes after the real thing started trading. Um so clearly this was not our first rodeo. We've done an IPO before. That one went smooth, but not as smooth as this one. So we kind of knew what to do. You deploy the token ahead of time. We really make sure that all the market makers etc already have it integrated into their systems. Our tokenized stock uh platform works best with intense based systems.

Think of your one infusion, unis swap x, cow swap, all those guys. We made sure that ahead of time all of those platforms that already integrated the token. Um, and then the moment the thing becomes tradable, we just had to flip the switch in our system, get a get a a price feed essentially to make sure that we understand what the price is and the moment that happens, anyone can buy it. So that basically only took about 5 minutes, which is why everyone more or less at IPO was able to buy Space 6 and those who did quite frankly I think are about up 30% or so.

Yeah. Yeah. Yeah. Yeah. or or I mean even if they were down 30% like you don't care because all you're doing is serving them the stock, right?

That is correct. We are a big proponent of investor choice. It does make me happier when our investors are up versus down, but yes, in the end it is all about enabling access and people are free to do with their money what they choose.

This might require just kind of a refresher on what ao tokenized stock is and how it works. Uh, but did you guys have SpaceX shares ahead of IPO or how were you guys ready to flip the switch and have those tokens trade on Ethereum actually being backed by SpaceX? How did that how does that work?

Yeah, we did not do the preIPO allocation uh this time. The problem with those preo allocations is that you are entirely dependent on getting an allocation in the IPO and that really gets handed out to large institutions, big brokerage platforms. You know, is big but not that big, right? And I think if the risk of trying to promise preIPO allocation to some of the partners is that you end up not getting it and people are very disappointed and that is exactly what we saw particularly with Xtocks quite frankly who I think uh did not set expectations in the right way.

So you had buy bit and bit and binance wallet etc all being quite disappointed because they did not get any of the allocation via xox that they wanted. So with that in mind, we did not actually try that in the first place. Um, but down the line, there are ways to do preipo stocks. I mean, there's a lot of excitement around OpenAI, Anthropic, a couple of others.

Uh, we are definitely considering offering preIPO stocks as well. But right now our main focus is always the moment the IPO happens. The moment something is tradable on the NASDAQ or the New York Stock Exchange, that is when we can tokenize something very quickly with our model with the rapper forum. So available to offshore users uh offshore investors outside the US so that the moment something trades on one of the national exchanges in the US, people can buy it in wrapped form via our platform and via our DeFi integrations.

Maybe we can illustrate a little bit of like uh the RP Goldberg machine where you have like different pieces all kind of connecting and then you know the SpaceX IPOs it trades on the NASDAQ and then everything like the wires all connect the light bulb turns on the token starts trading. Uh so what are these puzzle pieces?

Yeah, there's an onchain bit and there's an offchain bit. So onchain you have essentially the platform where the end investor is and the wallets that they hold. This could be MetaMask wallet, Phantom wallet, a Binance wallet, you name it, whatever, right?

Um, some wallets have integrated an actual stock trading interface natively in the wallet. Some have not. And then you can go to Uniswap or Cow Swap or one interface or Jupiter on Salana, right? It kind of depends. You select the stock that you want to buy and uh typically most people buy it via stable coins. So, you need to have stable coins in your wallet. You see a price that you like. that price is being streamed typically fetched via our own APIs.

It has a little bit of slippage tolerance just like you would buy any crypto. The moment you see a price that you like, you say yes, I'd like to buy. At that point, uh an RFQ is kicked off. So there are no DEX pools on our tokens, right? I mean, people can deploy them. The Wev definitely do not deploy them. Um the the token that someone wants to buy typically is not onchain yet. The moment they click that button that says buy, what ends up happening is an RFQ is kicked off.

That just means that market makers who are integrated into those DeFi tech protocols, they get a ping that says, "Hey, we have an inbound for whatever someone wants to buy $100,000 worth of SpaceX, right?" They get a they get that ping. Those market makers are onboarded with us and then ping our APIs that says, "Hey, $100,000 worth of SpaceX. What's the price you got?" We check exactly what is the price available on the New York Stock Exchange or the NASDAQ and we add five bips.

So 0.05% on top of that price. That is the price that we charge that market. We lock that price in for that market maker for a period of time so that that market maker can then go and compete in that auction process. They typically add a very small uh spread on top one to two bips. Whichever market maker offers the best execution price to the end investor wins the auction. They then take that signed at the station that we gave them on chain.

They take the user stable coins. They submit that into our minting smart contract. Our minting smart contract recognizes that signed at the stations and sees the stable coins. They mint them the tokens and that market maker sends it over to the end investor. This entire process can take about a second, right? It's pretty quick. Yeah,

the moment we minted the tokens for SpaceX, that's when we have to collateralize it. We have to actually go out and buy the underlying SpaceX stock to make sure that whatever we minted is fully backed. So within couple hundred milliseconds that we have minted the token and it is finalized, that is when we buy the SpaceX on the open market. It is possible that the price of SpaceX has since moved a little bit since we locked in that price.

That's why we charge that five bibs is basically to pro

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