LP Farming Tokenized Stocks: SPY, Silver, Costco and NVDA on Robinhood Chain (First-Mover AMA with DAO King)

Stocks Went On-Chain, and MaxFi Got There First

Robinhood launched its own chain and tokenized real equities and ETFs on it. Uniswap supplied the pool technology. That combination created something that did not exist a few weeks ago: real stocks and ETFs sitting in concentrated liquidity pools, tradeable on-chain, with swap fees flowing to whoever provides the liquidity.

MaxFi shipped onto it in about a week and became the first concentrated liquidity management system there. That is the entire premise of this AMA between Alex "YaBonks" Walch and MaxFi co-founder DAO King, recorded at 2am with the US market still hours from opening.

You can now LP SPY, SLV, COST, NVDA, TSLA, AAPL, MSFT, GOOGL, AMZN, QQQ, GME and SPCX against USDG, and collect the swap fee every time someone trades them.

What Robinhood Chain Actually Is

Worth being precise, because the whole thing depends on it.

Robinhood Chain is Robinhood's own blockchain. On it, Robinhood issues tokenized versions of real stocks and ETFs — each backed by the corresponding real-world asset. Uniswap deployed its pool technology to the same chain. That second part is what turns a tokenized share from a thing you hold into a thing that can sit in a liquidity pool and be traded, with a fee flowing to whoever supplied the liquidity.

Every genuine token carries a "Robinhood Token" issuer marker on-chain. That matters more than it sounds: ticker-squatting is real, and during onboarding MaxFi rejected a fake GME token trading at a fraction of a cent that shared the ticker with the real one. Every pool listed on MaxFi has had its issuer badge verified on-chain before going live.

The last piece is the one people miss. These tokens keep trading when the stock market is closed. Arbitrage bots and Robinhood's off-chain settlement process keep the token roughly aligned with the real share price, and the two converge when the market reopens — but in between they can drift by a few dollars. This recording happened at 2am with the US market seven hours from opening, which is part of why the numbers on screen are as strange as they are.

About Those APRs

The numbers in this video are extraordinary, and they need context before anything else.

Alex's SLV/USDG position — $129 of the iShares Silver Trust — earned $21 in a few hours, then $30, showing an APR above 34,000% and climbing toward 40,000%. Costco read 2,256%. SpaceX 1,310%. Tesla around 758%. SPY, opened live during the call from zero, was at 44% within minutes.

These figures are real measurements and terrible predictions. APR here annualizes recent fee income against position size. When a pool holds almost no liquidity and a few hundred dollars of volume passes through it, a $130 position captures a large share of those fees, and annualizing a few hours of that produces a number in the thousands of percent. It is arithmetic, not a yield the asset structurally pays.

Both hosts say this plainly on the call. The rates compress as other liquidity providers arrive and the same volume is split across more capital. They frame it as a first-mover window they hope lasts weeks to months. Alex's own framing is worth keeping: "it's hard not to make money" right now precisely because the edge is temporary and unusually large.

So treat the APR as a snapshot of an unusual moment, and the mechanism below as the part that persists.

Why Stocks Are Genuinely Good Collateral for Concentrated Liquidity

Set the rates aside — there is a real structural argument here.

Concentrated liquidity earns when price stays inside your range and struggles when price runs away from it. Crypto moves violently, which is why tight ranges break constantly and why most LPs end up wide, diluted and under-earning.

Stocks and ETFs barely move by comparison. Silver shifts a couple of percent on a busy day. SPY tracks the S&P 500. A tight, capital-efficient range on an asset like that can sit in range for long stretches and keep collecting fees — the exact condition concentrated liquidity was designed for and almost never gets in crypto.

That is why the range-width numbers from the call are so instructive. On SPY at the time of recording:

• 50% wide range — about 44% APR
• 30% wide — 138%
• 10% wide — 207%
• 5% wide — 418%

Tighter ranges concentrate your capital into the band where price actually trades. On an asset that stays put, you can afford to go tight.

The Full Portfolio, Sorted by APR

Alex walks through his live positions on screen. At the time of recording: roughly $2,800 across 27 positions, earning about $330 a day.

Sorted by APR, the picture is genuinely strange, because the blue chips are near the top:

• SLV (silver) — the highest APR position in the portfolio, above 34,000% and still climbing during the call
• COST (Costco) — 2,256%, later reading around 2,100%
• SPCX (SpaceX) — 1,310% over 13 hours
• GME (GameStop) — 1,369% over five hours
• TSLA (Tesla) — around 758%
• SPY — from 44% to 418% depending purely on range width
• NVDA/WETH — 252%, a deliberately correlated pair rather than a stable pairing

The meme pools on the chain are higher still — YOLO around 15,000%, DOHO around 14,000%, CASHCAT around 5,000%, PONS around 4,600% — but Alex is explicit that those are roughly $60 gambles where the downside is zero, and he does not research them. They are a footnote, not the story. The story is that a silver ETF was out-earning every memecoin on the chain.

The Fee You Earn, and the One You Never Pay

Every one of these pools charges a 1% swap fee. Someone trading SLV for USDG — a silver ETF for dollars — pays 1% for the privilege. That fee goes to the liquidity providers.

So the question is what it costs you to stay in position, and this is where the two systems diverge completely.

A conventional rebalancer swaps part of your tokens through the AMM to rebuild a balanced position. Every one of those swaps pays the 1% fee, plus slippage, plus price impact, plus whatever MEV bots extract — and it realizes impermanent loss in the process. You earn the fee on other people's trades and then hand it back on your own. On these thin new pools price impact is far worse than on a deep pool, so those costs bite hardest exactly where the opportunity is largest.

Snuggle rebalancing slides the range next to the price without swapping through the AMM at all. No swap fee, no slippage, no price impact, no MEV — and roughly half the realized impermanent loss of a swap-based reposition. As Alex puts it on the call: you earn the 1% and you never pay it.

On the SLV position discussed, a swap-based system would likely have rebalanced three or four times in the same window and cost somewhere around $7 to $10 in friction on a $129 position. That is not a rounding error at that size — it is a meaningful share of what the position earned.

The Rebalance Delay Is Your Principal Protection

This is the setting most people underuse, and the video demonstrates it live.

Impermanent loss is not locked in when price leaves your range. It is locked in when a rebalance happens. So if price drifts out and comes back, and no rebalance fired in between, you realized nothing.

Stocks dip on news and recover. A 24 to 48 hour rebalance delay lets that play out. During the recording, one of Alex's positions drifted out of range and came back in while they were talking — no rebalance, no realized loss, no swap. DAO King's read is that roughly 90% of the time a position that goes out of range comes back.

Alex is candid that the ideal delays for these stock pools are not known yet, because the pools are days old. He asks the community to study the price charts and experiment — and says he'll be pointing Agent Max and a backtesting engine at them as data accumulates.

Auto-Compounding on an Asset That Doesn't Move

On each rebalance, roughly half the fees earned compound back into the principal and the other half go to your wallet.

The compounded half enlarges the position, which raises what it earns next period, which compounds again. The paid-out half accumulates in your wallet as the stock itself and as USDG. Run that on an asset that barely moves and you are growing both a position and a stock portfolio without touching anything.

DAO King's framing: it is like owning a blue-chip stock that pays a dividend, except the dividend arrives daily instead of quarterly and you decide when to collect it.

How to Actually Get In Without Hurting Yourself

Both hosts are emphatic about this, and it is the most practical section of the call.

Liquidity on these pools is thin. That has two consequences:

1. Scale in. Start with a few hundred dollars. Watch how the pool behaves. Size up once you understand it.
2. Batch your swaps. Buying $5,000 of a tokenized stock in a single trade can move the price against you significantly. Split it — for example ten swaps of $500 with a few minutes between them — and watch the price impact figure your DEX displays.

Or avoid the swap entirely with a single-sided deposit. USDG liquidity is deep and easy to get. Deposit USDG alone and MaxFi opens the position just outside the current price: no swap fee, no slippage, no price impact, no MEV. The tradeoff is patience — you start out of range and earn nothing until price drifts in and begins converting your USDG into the stock for you. If you want to earn immediately, go double-sided.

What You're Actually Exposed To

An LP pair is not the same as holding the stock. TSLA/USDG is roughly half stablecoin, so a 10% move in Tesla lands closer to 5% on the position — in both directions. Smaller drawdowns, smaller upside, fees on top of both.

That is a meaningful part of why the hosts prefer blue-chip stocks over the memecoin pools also live on the chain. The memecoin APRs are higher still — Cash Cat, YOLO, DOHO, Juggernaut, Tendies all showing four and five figures — but as Alex says, those are gambles he sizes at around $60, where the downside is zero. A stock's downside is a stock.

Retail in the Market Maker's Seat

Underneath the numbers is the part both hosts keep returning to.

Providing liquidity to a stock pool and collecting the swap fee is, mechanically, what firms like Jane Street and Goldman Sachs do. They supply liquidity to markets and capture the spread. That role has historically been closed to individuals — not by rule, but by infrastructure.

What changed is that the asset is now a token, the venue is now a public pool, and the management layer is now something you can click. The first-mover window is what makes the rate unusual. The access is what makes it new.

That framing is also why Alex spent, in his words, a week straight coding to ship this. He saw tokenized stocks arrive on-chain and concluded the first-mover advantage on infrastructure like this is the kind that does not come back.

Where This Sits in the Bigger Picture

Snuggle and MaxFi have crossed $3 million in combined TVL across Base, Arbitrum and Robinhood Chain, roughly doubling month over month. The argument for why capital keeps arriving is the same one that makes the rebalancing matter: capital flows to the most capital-efficient system.

What comes next is data. Alex is explicit that the ideal range widths and rebalance delays for tokenized stocks are not yet known — these pools are days old, and every setting currently in use is an educated guess. He plans to point Agent Max and a backtesting engine at them as price history accumulates, the same way the existing crypto pools were tuned. Until then, he asks the community to study the price charts and experiment, and to share what they find.

That is worth taking at face value rather than as modesty. The strategy layer on these pools is genuinely unfinished, which is both the opportunity and the reason to size carefully.

Try It

Start small, and remember the rate you see on day one is not the rate you should plan around.

1. Deposit on MaxFi and switch to Robinhood Chain. Pick a pool you actually want exposure to — SPY, SLV, COST and NVDA are the blue chips discussed here.
2. Choose your entry. Double-sided if you want to earn immediately, single-sided with USDG if you would rather avoid swap costs and wait for price to drift in.
3. Set a rebalance delay with intent. For stocks, longer delays filter out news-driven dips that recover. This is the setting that protects your principal.
4. Track it on the Positions page. The new compact view puts every position on one screen with APR, earnings and range status, and filters for stocks, blue chips, alt coins and meme coins.

The MaxFi Discord is where new pools and strategies get discussed, and you can follow @MAXFILABS and @YaBonksOfficial for updates.

⚠️ Not financial advice. Every APR in this video and article is a live snapshot taken hours after these pools opened, on pools holding very little liquidity — which is precisely why the figures are so large, and why they will compress substantially as more liquidity arrives. They are measurements of an unusual moment, not a rate you should expect to earn. Tokenized stocks additionally depend on Robinhood's off-chain settlement and on arbitrage keeping the token aligned with the underlying share price, and the underlying does not trade when markets are closed. Thin liquidity means real price impact when entering and exiting. Impermanent loss is minimized by no-swap rebalancing, not eliminated. DeFi involves smart-contract risk, market risk and liquidity risk. Read the full risk disclosure at maxfi.tech/risks before depositing.