Backpack founder Armani Ferrante lost $14 million when FTX collapsed. He presents a model for tokenized stocks on Solana in which securities can move between a brokerage account and decentralized finance and can be redeemed on a one-for-one basis. He says the resulting liquidity enables arbitrage, better order execution and 24/7 trading, with dividends paid in the form of stocks. Ferrante also explains that the BP token gave no tokens to founders, the team or investors, while 20% of the company’s equity is reserved for token holders.
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