The trading of US stocks has become a new popular trend in the cryptocurrency circle, leaving no room for doubt. When we mention US stock trading in the cryptocurrency space, we often focus on "the competition among various CEXs and Hyperliquid."
Solana, a public chain that is seen as having meme coins as its core competitive strength by many players, has received relatively little attention in the US stock trading sector. However, they have quietly entered this latest battle for market share in the cryptocurrency space.
Solana's Competition in the On-Chain Tokenized Stock Market
From the recent movements on Solana's official Twitter, we can clearly see that their tweets have recently focused heavily on US stock trading on-chain. The night before last, Solana officially announced the launch of tokenized MU stocks on Solana.
Clearly, as a public chain, Solana has also made US stock trading a key developing point recently. From the data, they are performing quite well, holding an absolute lead in the competition for US stock trading among public chains.
One week after the SpaceX IPO, Solana set a record with $1.04 billion in tokenized stock trading volume for a single week. Among them, the trading volume of $SPCX reached $439 million, accounting for 91.7% of all SpaceX tokenized stock trading volume.
In the past week (6.15-6.21), the tokenized stock trading volume on Solana reached nearly $1.3 billion, while Base and BNB followed with approximately $14.14 million and $12.91 million respectively; on the Ethereum mainnet, it was only about $312,800.
In comparison with various CEXs, Binance saw a tokenized stock trading volume of nearly $500 million in the past week, followed by Gate with nearly $220 million and Bybit with $107 million. In the data from May of this year, Solana also recorded approximately $870 million in trading volume, ranking just behind Binance (approximately $1.1 billion), Gate (approximately $1.088 billion), and Bitget (approximately $880 million).
This achievement can be attributed significantly to PropAMM. Taking the data from the past week as an example, the trading volumes of various PropAMMs like Zerofi, Goonfi, and Tessera ranked only behind Orca and Raydium.
These self-operated AMMs managed by professional market makers use 100% of the market makers' own funds, and unlike traditional simple x*y=k, open-source passive AMMs, these PropAMMs actively price their products; they are proprietary, liquidity is not publicly disclosed, and they typically do not have a front end but instead route through aggregators, allowing for quotation updates multiple times every 50ms, thus avoiding MEV attacks.
In terms of price discovery efficiency for spot assets, Solana has become quite competitive compared to mainstream CEXs. Based on this efficiency advantage in the spot market, the primary sources of trading volume on Solana’s DEXs are now all tokenized stocks.
“US Stock DeFi”
Although Solana is gaining momentum in the tokenized stock spot market, the trading volume of perpetual contracts is still far greater than that of spot trades in the cryptocurrency space. The stock trading volume of Perp DEXs reached a level in the tens of billions of dollars over the past week:
It is expected that Solana will also make an effort in this area. However, aside from trading, there is still room for growth in the tokenized stock spot market. The composability of tokenized stocks is a potential advantage for Solana.
Compared to simply trading stocks for profit, on-chain DeFi provides more diverse and flexible income channels for tokenized stock positions. On platforms like Jupiter, Raydium, and Kamino, users can utilize their tokenized stocks for lending or providing liquidity. Users can implement combination strategies on their tokenized stocks, such as partially lending and partially providing liquidity.
Besides these routine DeFi strategies, there have also been some fresh plays emerging on Solana recently. Nest enables users to mint stablecoin nUSD using tokenized stocks or USDC.
nUSD can be staked to receive snUSD, generating income from the protocol (expected annualized 6%) as well as dividends.
After the distribution of the protocol income, the remaining portion will be used to buy back and destroy the governance token $NEST.
While looking forward to more innovative plays, it is even more exciting to anticipate how Solana will promote the DeFiization of stocks in a more significant way (such as more intuitive guidance in mobile apps) through collaborations among various projects within its ecosystem. When combined with cross-chain asset portals like Sunrise, this could create network effects and produce surprising differentiated competitive results in the derivatives market for tokenized stocks.
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