Trading stocks against BONER is the latest trend for DeFi degens

The HIMS token is designed to track shares of the teleheath company Hims & Hers, which trade on the New York Stock Exchange (NYSE). On Robinhood Chain, traders can buy and sell the tokenized stock alongside other crypto assets like memecoins.

And that’s what happened with BONER.

The deliberately ridiculous memecoin was paired with HIMS in a liquidity pool, where traders could swap between the two tokens.

At one point, the pool contained 31,198 HIMS tokens, which is more than half of the 58,714 tokenized HIMS shares that were in circulation. That imbalance briefly sent the HIMS token on Robinhood to $132.64, more than four times the $28.84 closing price of the real HIMS shares on the NYSE.

It is a bizarre glimpse of what can happen when real-world assets are put onchain and made usable in crypto markets. As Thomas Probst, a research analyst at Kaiko, tells Magazine:

“A listed stock effectively becomes a composable DeFi asset at an unprecedented scale, in the same way Ether did.”

But why would anyone want to trade a memecoin against a tokenized healthcare stock in the first place? And what happens when onchain markets make even more bizarre pairings possible?

Onchain finance is for the ‘crazy ones’