ETFs, ETPs, and the new ERC standard that brings it all on-chain: 🧵 👇 Everyone’s talking ETFs again. Grayscale’s launching staking spot ETPs. S&P just rolled out a new Digital Markets 50 Index. And BlackRock’s IBIT their spot BTC trust is about to cross $100B AUM. But let’s slow it down for a sec. What’s the difference between an ETF and an ETP? The Mezcal Analogy All Tequila is Mezcal. But not all Mezcal is Tequila. Same deal here: All ETFs are ETPs… but not all ETPs are ETFs. Think of ETPs (Exchange-Traded Products) as the Mezcal of finance: → A broad, complex category that includes all flavours, stocks, bonds, commodities, and now, crypto. → One ticker, diversified exposure, traded on exchange. Inside that bottle, you’ve got: • ETFs, exchange-traded funds (the smooth kind, tracks baskets or indices). • ETNs, exchange-traded notes (think bonds). • ETCs, exchange-traded commodities. So while ETPs cover everything, ETFs are the ones that go down easiest. They hold the assets directly, the reason BlackRock and friends are quietly loading our bags. The Bigger Picture Sure, the nuance matters structure, regulation, fund mechanics all that jazz. But here’s what actually matters: These are TradFi fossils, and the comet is already in the sky. Everything they built, the trillion-dollar ETF markets, the index products, the yield funnels and it’s now onchain. Programmable. Composable. Transparent. Borderless. Live 24/7. The Onchain Successor Only one protocol has the ERC standard (7621), the infra, and the timing to pull this off: Alvara. The onchain successor to ETFs. The standard that turns index funds into composable baskets. The Shopify of tokenised markets. ERC-7621 = The Basket Token Standard I’m working with the Alvara team to let you know the evolution of ETFs aren’t something from the future. They’re here. It’s live right now, you can go and make a basket of assets to invest in right now: 👇

Genuinely have a think about this tech for a second. Did you think this was a real possibility? A token standard that creates any group of on-chain assets you want together in one basket? Insane.