{"id":67,"slug":"2026-08-11-tokenized-equity-exit-liquidity","day":"2026-08-11","project":"markgap","title":"Tokenized equity exit liquidity — 2026-08-11","headline":"2 of 11 tokenized equities on Solana have no route out at $100k, including while the US market is open.","bullets":["$1k: median haircut -16.4 bps across 11 symbols","$5k: median haircut -0.1 bps across 11 symbols","$25k: median haircut 38.1 bps across 11 symbols","$100k: median haircut 164.3 bps across 11 symbols — 2 with no route at all","No exit at $100k in every sweep measured: AAPLx (n=1248), METAx (n=1248).","These no-route readings include sweeps taken while the US market was open, so the absence is not an off-hours artifact.","Sell-direction quotes only — a liquidated borrower is a seller, and a buy-side quote would flatter the number.","Only structural \"no route\" responses are counted. Rate limits and upstream errors are excluded, never published as an absent market.","Haircut is the oracle mark minus what a sale of that size would actually realise, measured per symbol and reported as the median across symbols."],"sample_n":54932,"payload":{"byRung":[{"notionalUsd":1000,"symbols":11,"medianHaircutBps":-16.4,"noExitSymbols":0},{"notionalUsd":5000,"symbols":11,"medianHaircutBps":-0.1,"noExitSymbols":0},{"notionalUsd":25000,"symbols":11,"medianHaircutBps":38.1,"noExitSymbols":0},{"notionalUsd":100000,"symbols":11,"medianHaircutBps":164.3,"noExitSymbols":2}],"noExit":[{"symbol":"AAPLx","notional_usd":100000,"sweeps":1248,"no_route":1248,"ok":0,"mean_haircut":null},{"symbol":"METAx","notional_usd":100000,"sweeps":1248,"no_route":1248,"ok":0,"mean_haircut":null}],"windowDays":7,"minSweeps":30,"topRung":100000},"x_text":"Tokenized equity exit liquidity, 2026-08-11:\n\n$1k — median haircut -16.4 bps\n$5k — median haircut -0.1 bps\n$25k — median haircut 38.1 bps\n$100k — median haircut 164.3 bps, 2 with no route\n\nNo exit at $100k: AAPLx, METAx.\nSell-side quotes. Rate limits excluded, never counted as an absent market.\nhttps://data.ochinimus.app/r/2026-08-11-tokenized-equity-exit-liquidity","created_ts":1786431601}