Unchained

The Chopping Block: Robinhood’s Tokenized-Stock Gambit, Solana’s ETF Splash & the Proof-of-Stake Reality Check - Ep. 862

35 snips
Jul 3, 2025
Jon Charbonneau, co-founder of DBA and a crypto provocateur, joins Ryan Watkins, co-founder of Syncracy Capital and a token expert, to dive into Robinhood's bold move with its new blockchain for tokenized stocks. They debate the implications of 24/7 trading and leverage dynamics in the evolving perp wars between Robinhood and Coinbase. The conversation shifts to Solana’s pioneering ETF, tackling the intersection of decentralization and corporate ambitions, all while questioning the future of proof-of-stake systems and the broader crypto landscape.
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INSIGHT

Robinhood Chain's Tokenized Stocks Reality

  • Robinhood Chain's initial offerings are derivatives, not true tokenized stocks, with a low liquidity cap of $500K.
  • Users will not interact directly with the blockchain initially; the blockchain backend is abstracted away.
INSIGHT

Tokenized Stocks Need Stablecoins

  • Tokenized stocks mainly serve international users who lack access to US equities; domestic users gain less value.
  • Tokenized stocks rely on increasing stablecoin adoption to bring more savers into crypto for broader demand.
INSIGHT

Perpetual Futures as Market Unlock

  • Perpetual futures on stocks with high leverage and 24/7 trading offer a genuine market innovation.
  • Regulatory hurdles keep U.S. leverages low (3x), but these products expand trading opportunities and user base.
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