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The $XOM float was reduced on @RobinhoodCrypto. Turns out the market maker has the ability to burn tokenized stock as well as mint it.
Safe to say tokenized stocks have not caught on like they thought they would and the mm is reducing supply in the ones that have little volume. Understandable but it changes the dynamic quite a bit.
As for BlackGold, which is the only memecoin paired with tokenized ExxonMobil, it is suuuuuper volatile as a result. Slippage on BlackGold is now between 8%-12%.
Any significant volume will cause a dislocation of the stock to the tokenized pair causing more to be minted and the price arbitraged down to the stock price. Once volume dies off, they burn the XOM supply and things get tight af again.
Soooooo, that's cool.
Safe to say tokenized stocks have not caught on like they thought they would and the mm is reducing supply in the ones that have little volume. Understandable but it changes the dynamic quite a bit.
As for BlackGold, which is the only memecoin paired with tokenized ExxonMobil, it is suuuuuper volatile as a result. Slippage on BlackGold is now between 8%-12%.
Any significant volume will cause a dislocation of the stock to the tokenized pair causing more to be minted and the price arbitraged down to the stock price. Once volume dies off, they burn the XOM supply and things get tight af again.
Soooooo, that's cool.
