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I deep dive here on (3,3) mechanics, including the novel changes deployed on @uponrh and the next iteration of @Aborean.
There is no better model in DeFi for generating revenue and distributing it to users. Buybacks only pay you if you sell. Locking pays you while you keep the token.
up is what that model looks like fully built out, and it is early days. There is a lot more coming up.
There is no better model in DeFi for generating revenue and distributing it to users. Buybacks only pay you if you sell. Locking pays you while you keep the token.
up is what that model looks like fully built out, and it is early days. There is a lot more coming up.
Today on MCG
$UP | @uponrh w/ @nativeaborean
up. is the native (3,3) exchange and liquidity layer of Robinhood Chain.
Highlights include:
01:07 – What ve(3,3) actually means
02:41 – Why voting tokens had value
07:52 – How locking works
13:02 – The core problem with most ix
25:39 – Capital efficiency stats
26:23 – Circulating supply is actually below launch levels
32:43 – Composability pitch
36:44 – Tokenomics deep dive
47:25 – Closing thesis
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Robinhood Chain is a similar but even better setup than Base was last cycle:
- Base had Coinbase. Robinhood Chain has Robinhood, who are already trailblazing more than Base ever did by finally bringing stocks on-chain in a meaningful way. Robinhood have 25m+ customers who already trust them with their money and stocks. Base paved the way, and Robinhood seem to be learning from its shortcomings, showing a real propensity for understanding and supporting the ecosystem.
- Base had multiple billion-dollar runners (BRETT, AERO, VIRTUAL), during a bull run with heavy competition from Solana, which was also in its breakout year. Imagine what Robinhood can produce in the next one, with more builder support and more bravery around the tokenization of RWAs.
- Base had multiple seasons, as new innovations brought new seasons. Robinhood is uniquely positioned to bring the stock market and crypto together: equities trading 24/7, stocks used as collateral, private companies tokenized for the first time, and crypto-native markets built on top of real-world assets. Each of these could be a season of its own, and Robinhood Chain has only seen one in its first months since launch, with Bitcoin still a long way from its all-time high.
Be more bullish.
- Base had Coinbase. Robinhood Chain has Robinhood, who are already trailblazing more than Base ever did by finally bringing stocks on-chain in a meaningful way. Robinhood have 25m+ customers who already trust them with their money and stocks. Base paved the way, and Robinhood seem to be learning from its shortcomings, showing a real propensity for understanding and supporting the ecosystem.
- Base had multiple billion-dollar runners (BRETT, AERO, VIRTUAL), during a bull run with heavy competition from Solana, which was also in its breakout year. Imagine what Robinhood can produce in the next one, with more builder support and more bravery around the tokenization of RWAs.
- Base had multiple seasons, as new innovations brought new seasons. Robinhood is uniquely positioned to bring the stock market and crypto together: equities trading 24/7, stocks used as collateral, private companies tokenized for the first time, and crypto-native markets built on top of real-world assets. Each of these could be a season of its own, and Robinhood Chain has only seen one in its first months since launch, with Bitcoin still a long way from its all-time high.
Be more bullish.
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Robinhood Chain will be the most obvious bet of the cycle in hindsight, and it’s not even close.
Grave dancers will look like fools.
Believers will look like geniuses.
You’re still early.
Grave dancers will look like fools.
Believers will look like geniuses.
You’re still early.
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If you rely too heavily on AI to create, your creations will lack soul. Naturally, since something without a soul created them.
The same goes for crypto projects. Look for soul as much as substance (revenue, PMF, USPs).
One without the other rarely lasts.
The same goes for crypto projects. Look for soul as much as substance (revenue, PMF, USPs).
One without the other rarely lasts.
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Alexander retweeted
up is designed to stay efficient in low-volume environments through our gauge cap technology.
Less volume, and therefore fewer fees to be captured? Fewer emissions are emitted, meaning less dilution.
When volume increases on Robinhood, emissions expand to capture fee-generating liquidity, generating revenue for $UP lockers.
upfficiency.
Less volume, and therefore fewer fees to be captured? Fewer emissions are emitted, meaning less dilution.
When volume increases on Robinhood, emissions expand to capture fee-generating liquidity, generating revenue for $UP lockers.
upfficiency.
How is up so revenue-efficient?
Gauge caps.
Older ve(3,3)s paid emissions on a schedule, whether a pool earned them or not.
On up, votes set each pool's limit and fees decide how much of it is paid, as they come in. Whatever isn't earned is burned.
up.
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Alexander retweeted
Take note that close to zero large accounts are shilling $UP. Whereas a lot of smart money accounts between 1,000 - 10,000 followers are.
Why? No KOLs, no VCs.
Only smart money.
Why? No KOLs, no VCs.
Only smart money.
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up is powered by the most valuable asset there is: time.
If you provide liquidity on up and stake it, you're paid in $UP instead of trading fees, and those fees go to the people who lock.
The obvious question is why an LP would make that trade. The answer is that most $UP is locked. People commit it for up to four years to earn a share of every fee the exchange makes, and that commitment is what gives the reward its value.
The emissions are only paid while your liquidity is in range. So it stays tight on the price, the tight price wins the trade, and the trade earns a fee. The fee goes to the lockers.
Everyone wins the same way, so everyone pulls the same way, and the more aligned they are, the better up performs.
And unlike previous (3,3) deployments, the printing is capped. up only emits what each pool's fees can justify, which is how $242k went to lockers this week while barely inflating the supply to pay for it.
up.
If you provide liquidity on up and stake it, you're paid in $UP instead of trading fees, and those fees go to the people who lock.
The obvious question is why an LP would make that trade. The answer is that most $UP is locked. People commit it for up to four years to earn a share of every fee the exchange makes, and that commitment is what gives the reward its value.
The emissions are only paid while your liquidity is in range. So it stays tight on the price, the tight price wins the trade, and the trade earns a fee. The fee goes to the lockers.
Everyone wins the same way, so everyone pulls the same way, and the more aligned they are, the better up performs.
And unlike previous (3,3) deployments, the printing is capped. up only emits what each pool's fees can justify, which is how $242k went to lockers this week while barely inflating the supply to pay for it.
up.
$242,000 goes to $UP lockers in 12 hours for this week's revenue share.
Locking $UP gives you a claim on the exchange's fees. It pays every week, in the tokens that were traded, and you never have to sell $UP to earn.
Lock up.
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