Stocks are about to become shitcoins

This is probably the part of the thesis that interests me the most because I think people are focusing too much on the fact that Robinhood is tokenizing stocks and not enough on what happens after those stocks are onchain.

Robinhood is already promoting 190+ stock tokens, but simply putting TSLA on a blockchain doesn’t particularly excite me.

What changes things is composability.

Now put that behavior on 24/7 crypto rails, combine it with social trading and give crypto traders permission to treat equities with the same mentality they already use for tokens.

I think we’re going to see some incredibly stupid things. I’ll probably be participating in some of them, the casino still needs somewhere to keep the money. The speculative side is obviously what gets my attention because that’s where I spend most of my time,

But hear me out the boring financial infrastructure is growing too.

Morpho Blue has $482M and Uniswap $173M, while Lighter, Arcus, Steakhouse and other pieces are building around lending, liquidity, perps and market infrastructure.

None of this is going to create the same screenshots as someone turning $5,000 into $500,000 on a random token, but it is important because we’ve already watched dozens of ecosystems become the main character of crypto for three months and disappear immediately after the incentives ended.

If Robinhood Chain eventually reached even half of Solana’s current TVL, we would be talking about $2.8B, or 3.7x current levels. Matching Solana’s current TVL would mean 7.4x.