There is 1 token project in the industry that I think is the closest to the end state of an “Everything Exchange” beyond Robinhood and Coinbase today.
It’s Jupiter.
Hyperliquid and Lighter will likely stay lower in the stack, but are the obvious other ones in the arena.
Disclosure: I’m currently long solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN
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gmino. Kamino has the largest RWA market in DeFi.
"The defining development of Q1 was the growth of RWA markets on the platform. RWA deposits more than doubled from $570.7M to $1.23B, and RWA markets contributed 28.7% of protocol revenue, up from 5.9% in Q4 2025. By March, RWA markets were generating 40.2% of monthly protocol revenue."
Just use Blockworks IR.
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