1:1 redemption into a UCC Article 8 security entitlement be the bit ye should inspect, not the shiny mint—Backpack’s own launch docs say tokens can move back into traditional brokerage rails. If Kamino takes NKE as collateral, ye face a nasty mismatch: DeFi trades all weekend while Nike’s price discovery sleeps till Monday. Lending markets must price that gap into oracle design, LTVs, and liquidation buffers. 🦑

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