Annon Zero retweeted
@coinbase just put tokenized stocks on Base. NVDA, AAPL, META, GOOGL, backed 1:1 by real shares, with ~50 apps plugged in from day one.
So I had one question: can these become markets on @FX100Perp? Up to 100x, with a 15-minute liquidation shield, on Tesla?
Short answer: yes, it’s possible. But not the way most people imagine. 🧵👇
1. FX100 doesn’t need the stock tokens
FX100 has no order book. Every trade is priced from an oracle (Chainlink Data Streams, checked against Pyth) and settled against one shared USDC vault.
A TSLA perp only needs a reliable TSLA price feed. Chainlink already sells 24/5 US equity feeds to perp DEXs.
The plumbing exists. What’s missing is the risk design.
2. Demand is huge
In August, Binance alone did $342.9B in equity perps, 32 to 43x the volume of all tokenized stocks combined.
Equity perps on DEXs now hold $3.3B of open interest. That’s more than the entire $3.16B tokenized stock supply.
People don’t really want to hold stock tokens. They want leveraged stock exposure.
3. The hard part: weekends
Around 60% of tokenized stock trading happens when US markets are closed (59.5% on Base). Weekends are when people actually trade these.
So where would @FX100Perp get a stock price on a Saturday? My guess is the team picks one of two options:
Option A: Coinbase’s official stock oracle (Chainlink)
This is the cleanest and safest feed, and FX100 already runs on Chainlink. The problem is that it has no real data on weekends. FX100 rejects orders and liquidations when the price goes stale, so the market would freeze from Friday to Sunday. Nobody could close, and the whole weekend gap would land at once when it reopens. (which i dont this does not meet what the team want)
Option B: Prices from the Coinbase stock pools on @aeroxyz
These trade 24/7, so the price never stops. But liquidity is thin (about $3M across the four stocks on day one). Pushing a thin pool to trigger liquidations or profit against the vault is exactly how the one tokenized stock exploit this year happened.
4. Why Base?
Tokenized stocks by chain right now:
BNB: ~$1.5B (36.5% of value)
Solana: down from 99.8% to 31% of trading this year
Robinhood Chain: $148M, 26% of trading
Base: $48M, but already 18% of trading
Base have a smaller number compared to others but growing fast, and it’s FX100’s home. Competitors are already there (Avantis, Wasabi). The 15-minute shield is FX100’s edge, which is exactly why it has to be designed carefully for stocks.
6. What it could mean for @protocol_fx
When bFXN launched, 50% of supply went to f(x) Protocol, permanently locked. bFXN was built to capture revenue from f(x)’s activity on Base.
FX100 charges 0.075% per side on non-BTC/ETH markets. Every $1M of daily stock volume is about $274K/yr in gross fees.
Most of that goes to LPs, plus insurance and reserve funds. The exact share that reaches bFXN isn’t published yet.
But for scale: f(x)’s whole earnings last quarter were about $70K. Even a small slice of a stock perps market could matter a lot for f(x).
7. Bottom line
Tokenized stocks on Base are step one. Leveraged trading is where the volume actually is.
If FX100 lists stocks with the right guardrails, it gets a market that’s already proven, on its home chain, with a feature no one else has.
The real test: can a 15-minute shield work on assets that close for the weekend?
I’ll be watching. 👀
🏛️ Something big is happening on Base.
We're not just seeing stocks get tokenized. We're watching an entire financial system grow around them – with different protocols building different pieces. 🔥
@coinbase is bringing tokenized Tesla, NVIDIA, Apple and other stocks to @base, backed by real shares. But putting a stock onchain is only step one. It needs buyers, liquidity, lending markets and things people can actually do with it.
And this is where it gets fun.
🛫 @aeroxyz builds trading pools. People swap tokenized stocks for USDC, while liquidity providers earn trading fees.
🔄 @1inch finds routes across those pools. It has even run a USDC reward campaign for eligible stock purchases: 5% back, capped at $50 per wallet. A simple way to get people to try something new.
🏦 @aave and @Morpho let eligible stock tokens be used as collateral. Buy tokenized NVIDIA, deposit it in a supported market, and borrow USDC without selling your exposure.
Aave DAO has also funded USDC incentives for eligible stock deposits, distributed through Merkl – recently around 3% annualized, but variable.
Then @superformxyz takes those building blocks and puts them into ready-made vaults.
Instead of managing collateral, borrowing USDC and hunting for yield yourself, you deposit into a SuperVault. Depending on the vault, the strategy can use stocks as collateral in Aave, borrow USDC and deploy it elsewhere, while managing the debt and liquidation risk. These strategies are rolling out in stages.
Here's the wild part: Tesla SuperVault recently showed about 24% APY – roughly 10% in USDC rewards and 14% in sUP.
That's not Tesla paying a 24% dividend. Those returns were incentive-based, designed to bring in users and capital, not 24% of organic earnings from the vault.
And @pendle_fi makes this even more interesting! 🏄♂️
Superform puts your assets to work, and Pendle lets you decide what to do with the future earnings. With supported Superform positions, you can lock in a fixed return by buying PT. Or you can sell your future rewards through YT and get paid today instead of waiting months for them to arrive.
Imagine that! You can earn yield, lock in a return, or turn future income into cash right now. All thanks to DeFi!
Look at what's taking shape.
One group brings stocks onchain. Another builds trading markets. Others offer loans, manage strategies or turn future yield into something you can trade.
And @circle's USDC is the dollar moving through it all – swaps, loans and rewards. Teams and DAOs fund liquidity incentives to get those first deposits, trades and users through the door.
Think of it as the early investment needed to get a new market moving. The real test comes later: will people keep using these products when the bonuses end?
Today it's a handful of big-name stocks. Tomorrow it could be hundreds more, plus bonds, funds, commodities and other RWAs. Imagine the new markets and cash flows that could grow around them.
Of course, stocks fall, loans can be liquidated, and those juicy APYs won't last forever.
But here's what gets me: a tokenized Tesla position can become much more than something sitting in a wallet. It can trade in a pool, back a loan, power an automated strategy, or have its future yield traded separately.
It's no longer just a stock ticker. It's becoming something you can actually build with.
And we're only starting to see what's possible. 👀
Annon Zero retweeted
intern’s master plan on @protocol_fx
1⃣buy $FXN
2⃣LP into ETH/FXN or FXN/cvxFXN
3⃣stake on Convex
4⃣earn FXN emissions (46% / 30% APR)
5⃣go to step 1
infinite money glitch? no. compounding? yes.
Annon Zero retweeted
Vitalik likes privacy. Vitalik likes decentralisation. Vitalik likes RAIL. Vitalik likes ETH.
How long until @VitalikButerin tweets about private fxUSD minting on @protocol_fx?
What happens to ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 when he does?
RAILGUN already privatizes the stables you hold. DAI, USDC, USDT, any ERC-20.
What @protocol_fx built on top is private issuance: ETH goes in shielded, fxUSD comes out shielded. No public mint.
A dollar that is yours the way cash is yours.
Annon Zero retweeted
Perps seem simple... until liquidation enters the chat.
So, what is FX100?
A perpetual futures DEX on Base with up to 100x leverage and 15-minute liquidation protection on every new position.
@FX100Perp, explained in 60 seconds ⬇️
Annon Zero retweeted
53% APR on stablecoins and most of you will scroll past this.
Not a new farm. Not degen yield. Just @protocol_fx $fxSAVE's PT looped on Morpho with $6M+ ready liquidity.
@Yieldzio loops it in one tx.
+53.2% on PT-fxSAVE/USDC from .@protocol_fx is one of the best stablecoin farms around!
PT-fxSAVE's yield is locked into +8.73% for about another month and USDC borrows are cheap.
You can one-click enter this farm on Yieldz. io !
Follow for future stablecoin farms!
Annon Zero retweeted
这几天大家都在算 @protocol_fx 的20%、30%、40%，我其实反而更关注这个数字。
9月17日，FXN在block 25,997,848自动完成了一次10%的emission decay。
现在每周新增1,370枚FXN，这个数字不会像1472% APY那样引人注目，但我觉得它的意义可以看的更长远一点。
一个协议早期靠激励把人带进来很正常，真正难的是激励一点点退下去以后，交易、借贷、稳定币、费用这些东西能不能自己接上。减产本身没有答案，它只是把这个问题提前摆到了桌面上。
市场喜欢看收益最高的那一天，我更想看的是奖励少一点以后，还有多少人留下来。
1,370 FXN.
That's all the new FXN entering the market each week, as of 17th Sep (block 25,997,848).
Emissions were cut 10% yesterday, automatically and on schedule.
Meanwhile fxUSD supply, fxSAVE deposits and protocol revenue keep moving the other way.
Shrinking emissions. Growing protocol. You do the math.
Annon Zero retweeted
What caught my eye in OPEN's new review isn't the 18% weight.
It's how often ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 keeps making the cut.
@OpenMoneyIndex tested eight different ways of selecting and weighting stablecoin networks. Some put more emphasis on revenue and growth, others on TVL, valuation or liquidity.
ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 appears in 7 of the 8 results.
Even more interesting, ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 from @protocol_fx makes both of the more selective 5-token baskets, reaching 18% in one and 14% in the other.
It's still only an RFC, not an approved methodology. But that consistency across very different lenses is the part I find hard to overlook.
GM open money trenches,
If you live in one of the communities tagged below, $SQUILL governance may have landed in your wallet in 2025. It gave holders a vote over how the $OPEN Stablecoin Networks Index is built.
Sold it? No hard feelings.
Locked it as vlSQUILL? Grab a wrench.
OPEN is back in the garage testing new index methodologies. Early backtests have found options that beat ETH in both bull and bear markets. Now we need analysts, autists and enthusiasts to help stress test.
Kick the tires. Challenge the assumptions, methods and conclusions.
Have a better way to build OPEN? Put it on the table. Anything is in play.
Review and comment:
forum.reserve.org/t/help-pee…
@leviathan_news @DefiLlama @reserveprotocol @protocol_fx @aave @CurveFinance @InverseFinance @fraxfinance @LiquityProtocol @SkyEcosystem @AlchemixFi @OriginProtocol @GearboxProtocol @10b57e6da0
Annon Zero retweeted
If you missed this brilliant new @FX100Perp promo from Wednesday make sure to check it out :)
They have been absolutely killing it on the video front...
As well as on the testnet front :)
Once again, FX100 provides you 15 minutes of liquidation protection on trading with up to 100x leverage...
It is built by the absolute gigabrains from @aladdindao, based upon the liquidation-protection mechanisms and architecture they pioneered with its sister protocol @protocol_fx...
If you have not yet tried FX100Perp's testnet I HIGHLY, HIGHLY recommend doing so!
As always I am bias because I work with @protocol_fx - which is, again, the sister protocol of @FX100Perp- and I own a ton of $FXN, but I think this is one of the coolest new defi primitives to come out in years...
This seems to be the consensus increasingly too, given the popularity of their testnet, as well as the huge increases in $FXN price of late (up almost 200% in the last two months!), but I will link to some additional stuff below so you can get more info on it! :)
Get testnet-maxxing anon! 💪
FOMC lands today. Will you get SMASHED?
- 2 PM ET: Rate decision and economic projections.
- 2:30 PM ET: Press conference.
If volatility hits, perps on FX100 are protected for the first 15 minutes so that one early wick doesn’t end your trade.
Trade FOMC with time on your side: fx100.club
Annon Zero retweeted
Another TVL ATH for @protocol_fx 👀🔥
Now the question is… when will $FXN reclaim its ATH too?
TVL is making new highs. Waiting for $FXN to join the party.
Annon Zero retweeted
A new wave of incentives have just landed on @pendle_fi fxSAVE market.
Get PT fxSAVE for 8.8% APY
Get YT fxSAVE for 1472% APY
LP fxSAVE/ PT fxSAVE for 12.3% APY
$4.35M in liquidity and 41 days to maturity.
Reducing inflation + increasing the amount of locked FXN = more value
All of this on a utility token with increasing revenue.
1,370 FXN.
That's all the new FXN entering the market each week, as of 17th Sep (block 25,997,848).
Emissions were cut 10% yesterday, automatically and on schedule.
Meanwhile fxUSD supply, fxSAVE deposits and protocol revenue keep moving the other way.
Shrinking emissions. Growing protocol. You do the math.
Annon Zero retweeted
Four weeks ago veFXN pulled in 7.98 wstETH.
This week: 16.12.
Same token.
Same lock.
Twice the weekly revenue.
This is why I keep buying these weird governance assets nobody wants to touch until the cashflow gets obvious.
I don’t need FXN to become the next meme.
I need f(x) to keep building products people actually use, because the more useful the stack becomes, the more valuable the claim on its cashflows gets.
xPOSITIONs.
fxUSD.
fxSAVE.
@FX100Perp coming.
More markets, more activity, more fees.
And veFXN sits there collecting its cut in wstETH.
That is the whole game for me.
Buy the claim before everyone agrees the machine works.
Weekly veFXN revenue at @protocol_fx keeps moving up.
7.98 → 10 → 12.04 → 15.08 → 16.12 wstETH over the past four weeks 📈
The use case is unique. No other tech or service provides this.
For @FX100Perp's CLARITY Act testnet challenge, I picked XRP for my long. It's one of the assets that's been particularly sensitive to US regulatory clarity, so a positive surprise could've made things interesting fast.
Instead, the vote didn't advance and my 100x long went the other way.
XRP crossed my liquidation price, but FX100 kept the trade alive through the 15-minute protection window.
I did eventually get liquidated once protection expired 😅
But that's kind of the whole point. FX100 didn't magically make my trade right. It simply gave it time to be right, something a standard perp wouldn't have given me here.
Real-world volatility, and a pretty clear example of the difference between instant liquidation and having time to react.
Annon Zero retweeted
$FXN back on 10th of April 10:
Price: $12.02
MCP: $1.86M
FDV: $24.04M
DeFi TVL: $30M
fxUSD TVL: $18M
$FXN current status today:
Price: $28.31
MCP: $4.66M
FDV: $56.82M
DeFi TVL: $126M
fxUSD TVL: $78.6M
Price: +135.5%
Market cap: +150.5%
Fully diluted valuation: +136.4%
So much room to grow further - f(x).
Annon Zero retweeted
Need a new car?
Don’t sell your ETH to buy it.
Keep your exposure.
Borrow fxUSD against your ETH on fxMINT, then off-ramp fxUSD directly to fiat with 0 exchange fees via @mtpelerin
And when you want back in? On-ramp with 0 exchange fees too.
Your crypto doesn’t have to be sold to be useful.
Annon Zero retweeted
How about some double digit-yield on stablecoin exposure?
USDC/fxUSD LP on @CurveFinance is currently earning up to 17% APR.
Deposit. LP. Earn. 👇
