| Market cap | Net buying | EWY it eats | Float gone | Desk drained |
|---|---|---|---|---|
| Loading… | ||||
$KPOP / EWY
—
EWY price—
vs real ETF—
Desk returns in—
Almost every coin trades against a dollar stablecoin, and there is an endless supply of those. KPOP doesn’t. It trades against EWY, a tokenized share of a real Korean stock ETF, which means to buy KPOP you first have to go buy a piece of the Korean stock market.
How this works
three people, three parts
The one who makes them
A market maker, explaining supply
I make the EWY. One at a time, and I have to go buy a real share of the fund to back each
one. There are — in existence. That is not a rule. That is just how
many I have made.
The one who went home
The same desk, on a Friday
I have not made one since —. I do not work weekends, and Monday is
Labor Day, so the market is shut. Whatever is out there right now is what is out there until
Tuesday.
The one who bought
Anybody buying KPOP
I just wanted the tiger coin. Turns out I had to buy a Korean index fund first, and now it
is sitting in the pool. It only comes back out if somebody buys my KPOP off me.
That is the whole thing. KPOP is a claim on a pile of Korean ETF shares that cannot grow until Tuesday, and every buy makes the pile bigger and the loose supply smaller. — of every EWY in existence is already sitting in the pool.
The float
—0—