👁 A hidden upside of RWA pairs

⚫️ With Gram Wallet delayed once again, we’re temporarily continuing our tour of other ecosystems. Last week, we covered a new meta: launching memecoins in pairs with tokenized stocks. Today, let’s look at one interesting side effect of that setup.

⚫️ Most “trenchers” on Robinhood Chain keep their balances in ETH or USDG. So if someone wants to buy a memecoin paired with tokenized GOOGLx, the aggregator routes the trade like this: USDG → GOOGLx → memecoin. When they sell, the same route runs in reverse.

⚫️ That routing is where things get interesting. If you have idle capital, in theory you can provide liquidity to a pair like ETH/GOOGLx or USDG/NVDAx and collect fees from all the trading routed through it. You can still face impermanent loss, of course, but you avoid the much uglier scenario of ending up with half your LP position in some worthless memecoin.

⚫️ On TON, routes like this are a bit trickier. Because of the blockchain’s asynchronous architecture, two swaps can’t be bundled into a single atomic transaction. During periods of high volatility, the first swap may go through while the second one fails. In that case, the trader can get stuck holding the intermediate token.

⚫️ As a reminder, if your funds are on TON and you want to trade across other chains, Lockin is the easiest option. If your funds are already outside TON, FOMO is a bit nativier.

@thedailyton