Trading stocks against BONER is a new DeFi trend

A new DeFi experiment on Robinhood Chain is pairing tokenized stocks with memecoins, creating unusual markets such as BONER/HIMS. The HIMS token represents shares of healthcare company Hims & Hers, and traders have used it in liquidity pools alongside crypto assets. The article says one BONER/HIMS pool briefly held more than half of the tokenized HIMS supply, pushing the tokenized price far above the company’s real NYSE share price. Analysts quoted in the piece say these markets show how tokenized assets can function as DeFi building blocks, but also warn that thin liquidity can distort prices and weaken price discovery. The story also notes that stocktoken markets on Robinhood Chain have already generated significant trading volume, though some market structure experts remain skeptical that they will replace traditional venues. Instead, they may mainly serve as another source of liquidity and demand for tokenized equities.