100K Deep
Abyss passed $100,000 in protocol revenue. Next up: tokenized stocks, DAOs, and tokens that don't have to be fixed supply.
Abyss has now collected more than $100,000 in protocol revenue. Here's what we're building next.
Stocks are already onchain here
Abyss runs on Robinhood Chain, where stocks like Nvidia, Apple and Tesla exist as tokens you can hold and trade like anything else. A memecoin has already launched with most of its supply priced in Micron instead of ETH.
Pricing a coin in a stock is the easy part. The bigger opportunity is everything that can be built once stocks are just another asset a contract can hold: funds, baskets, treasuries and DAOs. Every one of them needs markets, fee routing and a token of its own, which is exactly what Abyss does. So that's where we're going.
Coins that pay holders in stocks
Coins trading against USDG will be able to pay their holders in stocks. A share of the coin's trading fees goes into a basket of up to six tokenized stocks, and the people holding the coin receive them.
The creator picks the share and the weights. Say 30% of fees goes to a basket that's half Nvidia, a quarter Apple and a quarter SPY. Every time fees are collected, that slice of USDG is set aside for each stock, a keeper swaps it for the stock at the oracle price plus a small premium, and the stock goes out to holders with the next round of rewards. Holders get actual stock tokens, not points that track them.
Basket stocks come from a registry with price feeds attached, starting with 17 names, from Apple, Nvidia and Tesla to SPY, QQQ, silver and oil. Every trade in the coin buys real assets for the people holding it.
Tokens that can grow
Every token our launcher deploys today has a fixed supply: everything that will ever exist is minted at launch. That's right for a lot of coins and wrong for most organizations. A DAO that wants to reward contributors, pay for liquidity, sell bonds or raise into a treasury has to be able to issue new tokens. With a fixed supply, the only option is to pre-mint a warchest and ask everyone to trust you with it.
Mintable tokens are coming to the launcher. The creator decides at launch whether supply is capped, and the cap counts everything ever minted, so burning doesn't make room to mint more. Minting rights can go to specific contracts, like a treasury, a bond sale or a governor, instead of sitting in someone's wallet. Supply can grow, but only by rules anyone can read onchain.
Treasuries and DAOs
Once supply can grow, a token can do things a fixed supply can't. OHM and NetNet showed one version: a token that sells new supply to build a treasury, with real backing behind it. We want projects on Abyss to be able to launch designs like that.
A launch also doesn't have to stop at a token. It can be an organization, with a treasury and governance deciding how it grows. A DAO built around tokenized stocks, holding real assets and running its own market on Abyss, is exactly the kind of project we're building for.
Liquidity that votes
Stock tokens don't carry shareholder votes today. If onchain voting for stock tokens comes to Robinhood, a big share of those tokens will be sitting in liquidity pools, where nobody can vote them.
So we're building pools that can. Think of the pool as a multisig whose assets can't be touched: nobody can withdraw or move them, but the protocol or DAO behind the pool can use them to vote. That liquidity then does two jobs at once, making a market for the stock and giving the protocol a voice when the vote comes.
Build it with us
If you're building around tokenized stocks, whether that's a fund, a basket, a vault or a protocol that hasn't got a name yet, we want to be where its markets and its token live, and we want to build the parts you need with you. The same goes for any project that's outgrown a fixed supply. So far Abyss has been about launching markets your way. The next round is about launching whole organizations.
From the depths...
App: app.abyss.trading
Docs: docs.abyss.trading
Blog: blog.abyss.trading