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- The SpaceX Test
Hi everyone. For decades, investors have accepted that stocks only trade during market hours. That assumption is increasingly being challenged. As markets rallied on hopes of easing geopolitical tensions, attention shifted toward today's SpaceX IPO and the growing demand for around-the-clock access to traditional assets. Below, we unpack the latest market action and why SpaceX's arrival on Solana may represent a much bigger shift in market structure
After a tough week of price action, markets staged a sharp rebound yesterday with all four major benchmarks ending in the green. Gold and the Nasdaq led the recovery, posting gains of 4.36% and 4.33%, respectively. BTC and the S&P 500 followed closely behind, rising 3.24% and 2.30%.
As has been the case for much of the past month, markets remain highly headline-driven. Risk assets initially sold off after Trump stated that the US would continue military operations against Iran unless an interim peace agreement was reached. However, the administration later walked back the threat, with Trump suggesting that a deal could be signed as soon as this weekend and that shipping through the Strait of Hormuz could resume shortly thereafter. Markets embraced the optimism, though recent history suggests investors should remain cautious given how fragile previous ceasefire and peace discussions have proven to be.
The relief rally extended across crypto, with every sector closing higher on the day. Perps led the move, gaining 10.8%, with HYPE and LIT continuing their strong run and rising 11.7% and 10.8%, respectively.
Today will be a big day for both markets and Hyperliquid with the much-anticipated IPO of SpaceX. SpaceX is by far the largest pre-IPO market listed to date, averaging roughly $51M in daily volume during its pre-launch phase compared to $4M for CBRS and $3M for QNT. If launch day activity follows the pattern of previous IPO markets on TradeXYZ, volumes could comfortably exceed $1B.
The broader trend remains clear. Demand for 24/7 access to stocks and pre-IPO assets continues to accelerate, with weekly notional volume surpassing $8.5B last week. Much of that growth has come through TradeXYZ, which has established a meaningful lead in both liquidity and market coverage.
For decades, investors have accepted that stocks only trade during market hours. The growth of TradeXYZ suggests that assumption may finally be starting to change. Crypto has long embraced the idea that markets should never sleep, and recent developments suggest traditional finance is beginning to agree. CME's decision to introduce 24/7 commodity contracts for gold and crude oil highlights how incumbent exchanges are adapting to a world where geopolitical events, earnings announcements, and macro shocks occur at all hours. The future increasingly looks like one where markets are always open, and crypto is leading that transition.
— Kunal
Solana's Market Structure Moment
SpaceX has priced the largest IPO on record, a $75B raise at a $1.75T valuation, and the stock begins trading on Nasdaq Friday under SPCX. For Solana, the market structure story is the wrapper stack that opens alongside it. Backpack Securities and Sunrise are bringing a fully redeemable version of the stock to Solana, the first time a marquee IPO gets a same-day onchain market issued by a regulated US brokerage.
The mechanics matter more than the headline. Backpack Securities buys and custodies real SpaceX shares through normal IPO channels and mints SPCX 1:1 against them; holdings carry New York UCC Article 8 protections with dividends passed through. Redemption runs both directions: tokens convert back into shares that transfer to any brokerage via ACATS, the standard broker-to-broker rail, and eligible shares can come back onchain the same way. Sunrise, Wormhole's day-one listing platform, handles the onchain deployment and routing while DEXs like Meteora seed USDC and SOL pools.
The launch lands on an already growing trend. Tokenized equity spot volume on Solana ran $1.3M in June 2025, the month xStocks went live, then $223M in January, $613M in March, and $668M in April, with May setting a fresh record near $890M. Solana remains dominant for spot equities trading, clearing 98% of cross-chain tokenized equity DEX volume recently.
Composition tells the same story. Equities flipped credit as Solana's largest tokenized asset category this year, and the SpaceX bid built early: synthetic pre-IPO SpaceX exposure ramped from $3M in January to nearly $90M in April.
The liquidity layer has been back and forth between AMM pools. Orca cleared 77% of tokenized asset volume from August through October 2025; Meteora led April at 31%; Raydium now takes over at 55% over the last 30 days with Meteora at 25%.
The more interesting development is who will quote this. Prop AMMs clear half of Solana DEX volume but 1% of tokenized flow; AlphaQ tested the category at 22.8% of weekly flow in March, then faded. It would not be surprising if they quote SPCX straight away given the volume expectations.
If we see prop AMMs deliver better-than-CEX execution (as they do with SOL-USDC and other major pairs) paired with 24/7 permissionless access to equities and now a real exit into the traditional finance system, Solana's value proposition should start to be realized for the global market.
— Sam
Shaunda Devens published a report on why HIP-3 has scaled market creation but not deployer competition. External deployers launched 113 of 119 markets in 2026, yet TradeXYZ controls 95%+ of HIP-3's $3.2B open interest; most deployers earn under 1% on the 500K HYPE bond versus TradeXYZ's 74%, with a 4-year median auction payback versus 5 months.
Strain is visible: Felix is winding down, vHYPE trades at a 20% to 30% discount, and median auction prices fell from 1,750 to 500 HYPE. The report proposes tiered bonds starting at 100K HYPE and routing 100% of fees to deployers until auction breakeven.
The piece argues that stablecoin payment infrastructure companies often focus on blockchain transactions rather than the full payment process enterprises actually care about. While stablecoins solve settlement speed and cost, businesses still need reconciliation, compliance, exception handling, audit trails, and integrations with existing systems.
The author argues that winning providers will be those that build around the entire payment lifecycle and integrate seamlessly with payment service providers and industry specific workflows. The core takeaway is that stablecoin rails are increasingly commoditized, while the real value lies in solving operational and compliance problems that enterprises face every day.
DAS is back!
Crypto's premier institutional event returns this fall in Singapore & London. Grab your seat in the most important room in the industry today.
