I feel scammed by @coinbase and @base, and here's why. Two weeks ago, I bought 3.99 tokenized Reddit shares (RDDTc) on Base. I used the token contract address listed on the official Base website. The tokens are issued by Coinbase and backed 1:1 by shares held in regulated custody. Reddit is listed there under Coinbase Tokenized Stocks, along with its prospectus and contract address. Today, I tried to sell my shares. Here's what I found: Underlying stock value: ~$590 @aeroxyz sell quote: ~$0.20 @Uniswap sell quote: ~$150 How is this acceptable? I contacted @CoinbaseSupport, but they replied that, for the best chance of getting a price close to the stock's market value, I should use Coinbase's official tokenized stocks interface on the Base website. But there's no sell option there. My concern isn't whether the token itself is legitimate. My concern is LIQUIDITY. Tokenized stocks have been live on Base for over 60 days, yet many still have almost no DEX liquidity. Out of 100+ tokenized stocks on Base, I've noticed that only around 15–20 have sufficient liquidity. Many others have less than $5K in liquidity. On October 11, I raised this issue with @jessepollak. Jesse replied: "It's coming, y'all are fast!" But we're still facing the same problem. We bought tokenized stocks because we expected to be able to trade them whenever we wanted. What's the point of bringing stocks onchain if users can't sell them at a reasonable price? Some tokenized stocks, like Apple, have sufficient liquidity, and trading works smoothly. So we know the experience can work. But for many other stocks, the situation is completely different. I've also noticed some tokenized stocks trading at significant premiums compared to their underlying shares. @base and @coinbase need to address two major problems: 1. Liquidity: Provide or incentivize sufficient liquidity across tokenized stocks, not just a handful of popular ones. 2. Price alignment: Improve price alignment so tokenized shares trade close to the value of their underlying stocks. If tokenized stocks are supposed to represent real shares backed 1:1, users deserve clarity about how liquidity, pricing, and redemption actually work. This is feedback, NOT FUD. I love Base. 💙 I build on Base, I support the ecosystem, and I genuinely want it to grow. But loving an ecosystem doesn't mean staying silent when something is wrong. Real feedback is necessary for real growth. Onchain stocks need onchain liquidity. @base @coinbase @jessepollak Let's fix this.

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