Backpack gives users a 1:1 path between an actual brokerage position and a stock token on Solana Now these tokens can be used as collateral on Kamino to borrow USDC, a great example of the onchain equity stack coming together

Memecoins have a mission again. Meme-stocks are the new frontier in an otherwise played-out memecoin meta, turning holders into voters. A Fartcoin-sized BONER with a community LP and delegated HIMS would control ~7% of HIMS votes at the peak and ~8% today.

The best part about @Backpack's stock token model is that any brokerage user can mint and redeem the tokens themselves. This makes it much easier for anyone to run the arb between shares/tokens and bring inventory onchain when needed to keep prices in line. Went into how this works in the recent tokenized stocks report 🙏

Derive holds the top three ETH and top two SOL spots on the Delphi options dashboard. The three ETH contracts did ~$200M in 24h notional, roughly 11% of tracked ETH options volume. All are Sept. 24 calls at $2,850, $3,000 and $3,100. On SOL, Derive’s December $150 and $300 calls did another ~$3.45M, roughly 12% of tracked SOL options volume.

Tokenized equities have historically struggled with liquidity. Onchain markets often struggle to adjust inventory as demand changes. Backpack lets any user create new token supply from equity positions held in its brokerage and redeem excess tokens back into brokerage positions. This allows liquidity to scale with demand instead of being limited by the tokens already in circulation. This matters in DeFi because swaps and liquidations depend on liquidity already being available onchain. Backpack’s brokerage gives market makers a way to reliably provide inventory and quote onchain as demand changes. More reliable liquidity can improve execution and make tokenized stocks more practical as collateral. Across several equities, Backpack delivered the lowest-cost round trip execution compared to other issuer versions. Backpack’s potential edge lies in the market infrastructure behind its tokens. If execution quality holds as volumes grow, its brokerage could become a durable advantage as onchain equity markets develop.

Timely read in light of the recent performance from pearl-2:native and base:0x9b5e262cf9bb04869ab40b19af91d2dc85761722, especially if you need a primer on PoUW. 10 free access links to the full report below:

Not all tokenized stocks are created equal. Different tokens can track the same public company without giving investors the same legal claim. Tesla alone has five tokenized versions, spanning registered securities, structured notes, debt certificates, and trust interests. All are designed to follow the same stock, but they connect investors to it in different ways. Wrappers account for roughly 84% of tokenized-stock value. In most wrapper structures, investors hold a contractual claim linked to the underlying stock rather than becoming direct shareholders. The key difference is what each token represents. Some give investors direct ownership of the underlying share. Others provide economic exposure without direct ownership. The structure determines whether the token can be redeemed for shares or cash and whether holders receive voting or dividend rights. The same market exposure does not always mean the same ownership.

Our Zcash report is now unlocked to the public. Zcash sits at the intersection of expanding financial surveillance and growing demand for private money. The thesis is more relevant now than ever. Read the full report here.

ive been super bullish on onchain/defi options and i think the clear winner until proven otherwise is @DeriveXYZ - theyve been here putting in the work for years and just closed q2 as their best quarter yet. really excited to see the v3 product with stocks, commodities, and other RWA options that can be traded 24/7 by anyone at any size. i think this will be the HIP3 moment for onchain options. volume up and to the right + chart looks gud 🗿

This new STRC @Strategy report by @ADtheinternn is prob the most in-depth out there on how the whole machine works and potential outcomes. Love this slide just to visualize the basic STRC mechanics