0% Interest Loans on Tokenized Stocks: The Two Pauls Behind Spout Finance
Two Pauls from Spout Finance join Pirates Parley — Dutch co-founders and childhood friends going on 24 years, building a lending protocol where you borrow at 0% interest against your tokenized equities. The trick: sell covered calls on the collateral to generate the yield lenders want, so borrowers get stock-backed liquidity without paying rate.We get into how the covered-call mechanic actually works, why they abandoned EVM's global fee market after building on Starknet and Aptos, what three months in the Solana Foundation Incubator was actually like (weekly sessions with Eman, a one-on-one with Nigel Eccles who exited FanDuel for $440M, Nick Ducoff as a repeat helper), and the multi-jurisdiction setup — US corp, BVI for RWA issuance, Panama for the lending piece — that's currently the price of doing this legally. We also cover DTCC-land vs on-chain market structure, transfer agent licenses, which kinds of MEV are actually load-bearing, DoubleZero and validator geography for a real global order book, and why building a company with your kindergarten friend works if you can fight and go get tacos afterwards.Also: why Rust is better than Solidity, and where NYSE-on-chain actually lands.Mainnet in ~1 month, larger go-to-market push ~2 months out. Test net access by pinging them on X or Telegram. Hiring BDs when go-to-market kicks off.
0:00 Welcome — Two Pauls from Spout Finance, 24 years of friendship1:22 Paul on Starknet privacy, Aptos in NYC, and finding co-founder Mark4:16 Why EVM's global fee market was a dealbreaker6:53 Paul's Bitcoin origin: a Call of Duty payout, then a smart-contract thesis8:50 Pivoting from corporate bonds to tokenized equities12:14 The pitch: 0% loans against tokenized stocks, funded by covered calls16:01 How lenders still earn when nobody's borrowing (T-bill backstop)19:11 Three months at the Solana Incubator: Iman weekly, Nigel Eccles from FanDuel24:24 Coming from Ethereum: how much hands-on help Solana gives DeFi teams27:22 Building with your kindergarten friend: fights, trust, and tacos after31:55 Chicken-and-egg: launching a lending protocol that needs both sides34:49 US corp, BVI, Panama — one protocol, three jurisdictions39:44 Transfer agents, NYSE-on-chain, and direct ownership vs the DTCC43:04 MEV on-chain vs Nasdaq, DoubleZero, and a global order book49:12 Audits, mainnet in a month, biggest fumbles, and why Rust beats Solidity
0% Interest Loans on Tokenized Stocks: The Two Pauls Behind Spout Finance
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