Hourglass launched a marketplace that tokenizes users' staked assets as Time-Bound Tokens (TBTs), letting holders trade their place in line for locked DeFi assets. The platform will tokenize lockups such as Lido’s withdrawal queue and supports trading of locked frxETH, enabling liquidity for assets that otherwise remain illiquid during lock-up periods. TBTs are issued by Hourglass custodian smart contracts as semi-fungible tokens based on the ERC‑1155 standard; although called custodian contracts, the system is non-custodial and the founding team has no control over deposited assets. Holders receive staking rewards and can redeem matured TBTs for the underlying asset at the end of the lock-up period. Hourglass said it will not charge fees for trading on the platform initially. The launch coincides with Lido’s Version 2 deployment; Lido currently holds over $12 billion in TVL across Ethereum per DefiLlama. Hourglass has raised funding to support the product, notably a seed round that closed in conjunction with the marketplace rollout.

Total raised

$4M

Funding rounds

1

Latest round

Seed

Latest activity

May 2023