Jito Foundation: Perpetual Contracts Are the "Trojan Horse" of Traditional Finance Going On-Chain, Solana Must Win This Battle

TechFlow news, July 29, according to CoinDesk reports, Jito Foundation Chair Brian Smith wrote that as SpaceX completes one of the largest IPOs in history, Solana and Hyperliquid are fiercely competing for perpetual contract and tokenized stock trading market share. The article argues that perpetual contracts (Perps) are the core gateway for bringing traditional finance traders on-chain—during the US-Iran conflict, on-chain platforms have become real-time pricing venues for gold and crude oil when CME is closed, and traditional traders are gradually migrating on-chain. After the SpaceX IPO, the 24-hour spot trading volume of tokenized stocks on Solana surpassed $100 million for the first time, the discrepancy between Cerebras Systems stock opening price and the implied price of on-chain perpetual contracts was only 3%, and the SpaceX implied price of $171 also matched the IPO offering price exactly.