AI stocks

Coinbase issues tokenized stocks on Base under the B20 standard. Six of them cover the companies building the intelligence: NVIDIA, Alphabet, Meta, Microsoft, Amazon and SanDisk. On Inference Markets they do two jobs — a creator can pair a market with one of them, and any holder can ask to be paid their fees in one instead of in the market's coin. They are real assets with real markets, so nothing about them is minted or pegged here.

What a B20 token is

A B20 token is an ERC-20 extension with 8 decimals, backed 1:1 by shares custodied with Alpaca, issued to non-US persons. Holding one and trading it on a secondary market is permissionless. Three rules come with it and they matter:

• A transfer to a sanctioned address reverts.
• The issuer can pause TRANSFER for a token.
• Corporate actions never rewrite balances. A WAD multiplier absorbs splits and dividends, and the Chainlink feed reports price × multiplier, so a split changes the multiplier and leaves every balance and every pool position exactly as it was. The multiplier was 1.0 when we last read it.

Always call these tokens, not shares. A token is a claim on a share through that multiplier, and the two are not the same object.

How they are priced here

Each stock's Chainlink aggregator is a V3 interface with 8 decimals, a 0.5% deviation threshold and a 24-hour heartbeat, reporting total-return values. The PriceFeed reads latestRoundData from it at the moment a contract asks, scales the answer to 1e18, and treats a round older than 26 hours or a non-positive answer as Stale(). Nothing is pushed and nothing is cached; the price a launch or a sweep sees is the aggregator's current round.

Trades in a stock happen on its Aerodrome Slipstream pool at the pool's price, which drifts from Chainlink over weekends and trading halts. The feed sets the floors — a launch's opening price, the Treasury's minimum-out on a sweep — and the pool sets the fill. When you claim fees converted into a stock, the site quotes the route and passes a minimum-out with your claim, so a fill far from the feed reverts instead of executing.

Where the liquidity is

The stocks' on-chain liquidity on Base sits in Aerodrome Slipstream concentrated pools, tick spacing 10, on an Aerodrome-approved CL factory. The plain Aerodrome v2 pools for the same pairs are empty — the v2 USDC/NVDAc pool held $0.007 when we checked — so the AerodromeAdapter never uses them for a stock. It swaps each stock directly on its Slipstream pool with the Uniswap V3-style swap callback, trusting no router in between. Read on 2026-09-16:

A stock is offered on Inference Markets only when all three of its pieces are configured: the B20 token, its Chainlink feed, and its Slipstream pool. Missing any one, the deploy script skips it — no pair, no payout preference, no route. Depth varies between the six, and a conversion of tens of thousands of dollars into the thinner ones moves their price.

As a pair coin

A market can be paired with a stock. The launchpad reads decimals from the pair token, so a stock-paired market converts the $5,000 opening cap and the $35,000 cap price into 8-decimal units instead of 18, at the feed price at creation. Everything else about the market is the same. Trades into and out of a stock pair go through the AerodromeAdapter to the stock's Slipstream pool, and holders accrue their fee share in that stock, block by block.

As a payout asset

Set your payout preference to a stock with setPayoutPreference on the Distributor, and every claim you make converts your accrued coin into that stock before it lands. The conversion is LaunchRouter.swapCoinForAsset: coin → USDC (through the vault at the index for a synthetic coin, through Aerodrome for a native one) → the stock on its Slipstream pool, all inside your claim transaction, with the minOut you pass. The owner allow-lists which stocks can be chosen; all six are allow-listed by the deploy script. If an allowance is withdrawn after you chose it, your claims fall back to the pair coin rather than reverting.

What "held" means

A B20 transfer can refuse: a sanctions block reverts, and a paused token reverts for everyone. The Distributor does not let that fail your claim. It delivers with a low-level transfer and treats a revert, a false return or a code-less target as a refusal, parking the amount in heldOf(asset, wallet) and emitting PayoutHeld instead.

Held means credited to you and still in the Distributor. Nothing is lost and nothing is returned to the pool. Call claimHeld(asset) once the block clears or the pause lifts and the full amount transfers to you. Your rewards page shows held balances with a claim button.