Brian Smith, President of the Jito Foundation, noted in his analysis that the active trading of tokenized shares and perpetual contracts on blockchain platforms such as Solana and Hyperliquid following SpaceX’s initial public offering (IPO) highlights the role of perpetual contracts as a “Trojan horse” for bringing traditional finance onto the blockchain. Smith noted that on-chain platforms have served as venues for the real-time repricing of gold and crude oil during specific periods—such as the conflict with Iran—and have even functioned when traditional markets were closed. He emphasized that the early trading volume and participation in tokenized shares of Cerebras Systems and SpaceX on on-chain platforms were substantial enough to facilitate price discovery, with the implied price of SpaceX’s perpetual contracts matching the IPO offering price almost perfectly. Smith believes that Solana possesses advantages in terms of speed, throughput, and cost structure to support these markets, and following the SpaceX IPO, the 24-hour spot trading volume of tokenized stocks on the Solana chain surpassed $100 million for the first time. He emphasized that tokenized commodities and macro derivatives represent genuine global demand and are crucial for Solana.