lfg two fun facts about Korea: - retail investors account for ~66% of KOSDAQ trading. retail runs the show. - over 190 korean companies trading below book value despite earning above their cost of capital. altszn but with equities. tokenize the long tail

tldr of my token2049 talk: - tokenization is about the long tail. the world already has hyper-efficient access to s&p500 you can buy fractionalized NVDA on a fintech app in Indonesia… but you can’t buy trump media - historically, crypto has succeeded when it has enabled access to (1) net new assets (2) that are volatile (1) net new = assets that are hard to access/don’t exist on your bank app or brokerage (2) volatile = inefficient and retail dominated trump media > nvidia

near used to be an L1 when they started off. they're now an onchain exchange... everything you can do on coinbase/binance, you can do on near dot com. they just route to the best venue/product incredible product execution.

To all developers building stocks on @solana, the @Backpack Securities mint + redeem is open access. Transform a bona fide security entitlement to and from a token with a single API call. Docs here

The 1970s belonged to commodities and were miserable for stocks in real terms. The 1980s and 1990s belonged to financial assets. The 2000s belonged to commodities again — the last supercycle. The 2010s, overwhelmingly, to the asset-light growth machine. Every switch felt permanent while you were inside it. Every one ended, and the baton passed.

There's an underrated reason why more people are gambling than building. meme stocks/coins, options YOLOs, sports betting all at ATH -- speculation dominates because individuals can’t trust prices. Everyone is lying to you modern society wrecks price discovery through multiple layers of distortion: - central banks: QE, zero/negative rates, and currency pegs suppress true cost of capital and risk, making everything look cheaper than it really is. - governments: subsidies, corporate bailouts, capital controls, tax loopholes, and misreported inflation shield industries and consumers from reality, pushing misallocation of resources. - public markets: passive ETF flows inflate valuations regardless of fundamentals. illiquid private markets, “mark to model” valuations, zombie companies (debt > revenue), adjusted earnings, and shadow banking leverage hide leverage and true profitability, making prices look healthier than they are. - education: student loans and government funding inflate tuition far beyond actual delivery costs. housing: zoning laws, rent controls, and government guarantees distort supply/demand signals - energy: subsidies, carbon credits, and strategic reserves mask true production and consumption costs. - labour: minimum wages, licensing requirements, and immigration restrictions prevent wages from clearing naturally. - food: corn, soy, wheat, and sugar are heavily subsidized, making processed foods artificially cheap while healthier options look “expensive.” these dilute the signal prices are supposed to send. Price is a compass price discovery is a compass. it tells you whether your savings will grow safely in bonds, whether housing is affordable, whether a stock or startup is worth betting your career on. without it, you can’t plan retirement, assess risk, or build long-term wealth. you’re left guessing -- or gambling. Solana Forces Price Discovery when internet capital markets win, it will strip away many of these distortions by making every trade transparent, instant, and global. Every truth can be accessed via some price chart -- prediction markets, tokenized stock of every company, synthetic commodities etc. -- and traded 24/7 without gatekeepers. As more assets move on-chain, the fog of off-chain price obfuscation clears. Price is truth.

There is an insane loophole that makes Nu Global possible Nu Global is not a bank. Not deposit-insured Swiss law says: if a bank guarantees repayment + interest, the money is not a “deposit.” So a non-bank Swiss company can hold it The catch: they can only market in Switzerland. You “came to them.” Reverse solicitation One Swiss book. 35 countries. No local license. You don’t even own the coins. You own a claim on Nu Global AG That’s how you custody globally without opening a bank everywhere Genius. Might become the new standard for stablecoin neobanking

Commodities relative to 30 year Treasury bonds are making their highest high since 2008. That is one hell of a message. The market is increasingly rewarding ownership of real assets over long duration promises to receive dollars decades into the future.

korea may be the leading indicator for where politics is going. the current president literally campaigned on “kospi 5,000.” he pushed governance reform, tax incentives and policies that drove household capital into domestic equities. the kospi hit 5,000 eventually. stock market performance is becoming a political deliverable. many countries may choose to deliver UBI through the stock market