Sam Schubert(@minnus):The sleeper trade in tokenized equities on @solana was hiding in plain sight: AMM pools. Since this June 29 post: solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R +292% solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL +179% solana:orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE +139% Versus solana:So11111111111111111111111111111111111111112 +57%. The thesis was never that pools would beat prop AMMs at quoting every stock. It’s that the two are complementary. As more RWA move onchain, the long tail needs liquidity before professional market makers quote every asset. Pools can serve that demand while providing deeper liquidity behind prop AMMs’ competitive top of book pricing. This is giving Raydium, Meteora and Orca an opportunity to earn fees from a much broader market than memecoins. Tokenized equities developments are one reason I think the market still underestimates what that infrastructure can become. Higher

2026.10.08 02:09

The sleeper trade in tokenized equities on @solana was hiding in plain sight: AMM pools. Since this June 29 post: solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R +292% solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL +179% solana:orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE +139% Versus solana:So11111111111111111111111111111111111111112 +57%. The thesis was never that pools would beat prop AMMs at quoting every stock. It’s that the two are complementary. As more RWA move onchain, the long tail needs liquidity before professional market makers quote every asset. Pools can serve that demand while providing deeper liquidity behind prop AMMs’ competitive top of book pricing. This is giving Raydium, Meteora and Orca an opportunity to earn fees from a much broader market than memecoins. Tokenized equities developments are one reason I think the market still underestimates what that infrastructure can become. Higher

Sam Schubert@minnus

2026.06.30 01:23

The sleeper trade in tokenized equities on @solana might be pools. Prop AMMs will win the majors, but the long tail still needs passive liquidity before market makers quote every asset. In addition, pools are highly complementary to the prop AMM model. They act like the resting depth/backstop you see in a traditional CLOB, which remains important for market structure even when the best bid/ask is set by aggressive prop AMMs. It also makes prop AMMs more capital efficient. If pools provide the backstop liquidity, makers can focus capital on competing for top-of-book pricing, which means tighter spreads and better execution for users. So I don’t think pools are going away. If tokenized equities scale, they likely earn far more fees than consensus expects.

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