Stock loan
Short Apple on chain. Lenders get paid.
The first place on Robinhood Chain to borrow a stock and sell it. Whoever lends it collects the borrow fee. Whoever holds $BIGSHORT collects what the desk earns, every Friday.
Every credit desk on this chain will lend you dollars against your NVIDIA. None of them will lend you the NVIDIA. So for the first year of tokenized stocks there has been a buy button and no other button: you could own Apple on chain, and you could not be against it.
This paper opens the other side. Post USDG as collateral, borrow the stock itself, sell it into the pool, and buy it back later at whatever the price is then. That is a short, the same one Michael Burry put on, done on isolated Morpho Blue markets with a Chainlink price and no counterparty but the contract.
A short needs a lender. Anyone holding NVIDIA, Apple or SpaceX on this chain can lend it into the desk and keep collecting the borrow fee for as long as it is out. The rate is set by the market: more shorts, higher rate. It prints in the Stock Loan table on the right, and it is paid in the stock you lent.
The desk is a lender too. Three tenths of the creator fees on $BIGSHORT buy stock that the desk lends into its own markets, and every unit of interest that stock earns, plus half the creator fees, goes to whoever is holding the paper's token at 19:00 UTC on Friday, in USDG, at 20:00. The ledger of every payment, with its hash, is on the Dividends page. Nothing on this page is projected; every figure is read from the chain when the page is printed.