Research and explainers
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Working notes from building StockAPY: what the data says about tokenized stock yield, where the numbers come from, and what we got wrong.
Borrowing against tokenized stocks: four risks behind the LTV number
Max LTV is a liquidation line, not a target. The weekend oracle gap, why the lend rate is a different trade, and why the cheapest borrow rate usually sits in the quietest market.
guideborrowriskEarning on tokenized stocks: six things to know before you deposit
Why base APY is the only yield that is really yours, why the biggest rates usually carry borrowed risk, and how to read a rate that does not say where it comes from.
guideearnriskProviding liquidity with tokenized stocks: fees, impermanent loss and weekend gaps
Trading fees are the largest real yield on a tokenized stock. What they cost you: impermanent loss, the weekend price gap, out-of-range positions and the venue's cut.
guideliquidityriskBase APY, reward APY and points: which yield is actually yours
Three numbers get added together and quoted as one APY. Only one of them is interest. Here is how to tell them apart in about ten seconds.
explainerglossaryHow to earn yield on tokenized NVDA
There are several tokenized NVDA tokens on three different chains, and the venues that accept them pay very different things. A walk through all of them, with the catch for each.
guideNVDAAlmost nobody is paying you to hold a tokenized stock
We checked every venue that accepts a tokenized stock. Across the venues that disclose where their yield comes from, 99.7% of it is token incentives rather than interest. The only steady rates are 2-4% on a custodial platform that will not say what funds them.
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