Farewell to the Meme narrative, Solana stages a comeback with “US Stock DeFi”
- Core Insight: Solana's public chain has achieved an absolute leading position in the tokenized stock spot market, leveraging the efficient pricing mechanism of PropAMM and ecosystem composability, challenging the dominance of CEXs in this emerging track.
- Key Elements:
- Last week, the trading volume of tokenized stocks on Solana reached $1.3 billion, far surpassing competing public chains like Base (approximately $14.14 million) and BNB (approximately $12.91 million).
- PropAMM (such as Zerofi) contributes significant trading volume, employing an active pricing, closed-source, high-frequency quotation mechanism, with spot pricing efficiency approaching that of mainstream CEXs.
- In the week following the SpaceX IPO, Solana recorded a single-week volume of $1.04 billion, with $SPCX trading accounting for 91.7% of all tokenized SpaceX stock trading.
- In May of this year, Solana's tokenized stock trading volume was approximately $870 million, ranking only behind Binance ($1.1 billion), Gate ($1.088 billion), and Bitget ($880 million).
- On-chain DeFi platforms (such as Jupiter, Kamino) support lending and liquidity strategies for tokenized stocks, while the Nest protocol allows users to stake stocks to mint the stablecoin nUSD to generate yield.
There is no doubt that US stock trading has become a major new trend in the crypto space. When we talk about US stock trading in crypto, we often focus on it as a competition between centralized exchanges (CEXs) and Hyperliquid.
Solana, a public chain widely considered by players to have meme coins as its core competitive advantage, has received relatively little attention in the US stock trading赛道. However, it has quietly entered this latest battleground for the crypto market.
Solana is Winning the Battle for the On-Chain Tokenized Stock Market
From Solana's official Twitter account's recent activity, it is evident that its tweets have been heavily focused on on-chain US stock trading. The night before last, Solana officially announced the launch of tokenized MU stock on its network.
Clearly, as a public chain, Solana has made US stock trading a key recent development priority. Looking at the data, they have performed quite well, taking a clear leading position in the competition for US stock trading among public chains.
One week after the SpaceX IPO, Solana recorded a weekly trading volume of $1.04 billion for tokenized stocks. The trading volume of $SPCX reached $439 million, accounting for 91.7% of all SpaceX tokenized stock trading volume.
In the past week (June 15-21), the trading volume of tokenized stocks on Solana reached nearly $1.3 billion. In comparison, Base and BNB recorded approximately $14.14 million and $12.92 million respectively, while Ethereum's mainnet saw only about $312,800.
Comparing centralized exchanges, Binance's tokenized stock trading volume in the past week was nearly $500 million, followed by Gate's nearly $220 million and Bybit's $107 million. In the data for May of this year, Solana ranked fourth with a trading volume of approximately $870 million, trailing only Binance (approx. $1.1 billion), Gate (approx. $1.088 billion), and Bitget (approx. $880 million).
PropAMMs have also made significant contributions to this achievement. Taking the past week's data as an example, PropAMMs like Zerofi, Goonfi, and Tessera ranked only behind Orca and Raydium in trading volume.
These proprietary AMMs managed by professional market makers are 100% funded by the market makers' own capital. Unlike traditional, simple x*y=k, open-source passive AMMs, these PropAMMs price assets actively. They are closed-source, their liquidity is not publicly disclosed, they typically lack a front-end and are routed through aggregators, can update quotes multiple times every 50ms per block, and can also avoid MEV attacks.
In terms of price discovery efficiency for spot assets, the gap between Solana and mainstream CEXs is already minimal. Leveraging this spot efficiency advantage, the primary source of trading volume for various DEXs on Solana has almost entirely shifted to tokenized stocks.
US Stock DeFi
Although Solana's momentum in the tokenized stock spot market is strong, for US stock trading in crypto, the trading volume of perpetual contracts still far exceeds that of spots. The stock trading volume on Perp DEXs in the past week was at the tens of billions of dollars level:
Solana is likely to intensify its efforts to catch up in this area. However, beyond pure trading, tokenized stock spots still have room for development. The composability of tokenized stock spots represents Solana's potential advantage.
Compared to simply trading stocks for profit, on-chain DeFi offers more diverse and flexible yield opportunities for tokenized stock positions. On platforms like Jupiter, Raydium, and Kamino, users can lend their tokenized stocks or use them to provide liquidity. Users can execute combination strategies on their tokenized stocks, such as lending a portion and using another portion to provide liquidity.
Beyond these conventional DeFi strategies, some novel approaches have recently emerged on Solana. Nest allows users to mint the stablecoin nUSD using tokenized stocks or USDC.
nUSD can be staked to obtain snUSD, earning protocol revenue (estimated 6% APR) and dividends.
After the protocol revenue is distributed, the remaining portion is used to buy back and burn the governance token $NEST.
While anticipating more innovative features, what is even more promising is Solana leveraging collaboration among projects within its ecosystem to promote stock DeFi strategies to on-chain players in more prominent ways (such as more intuitive guidance in mobile apps). Combined with cross-chain asset gateways like Sunrise, this can create network effects and deliver surprisingly differentiated competitive results in the tokenized stock derivatives market.
