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Jito Foundation: Perpetual contracts are the “Trojan horse” for traditional finance on-chain, and Solana must win this battle

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Deep Tide TechFlow message: On July 29, according to CoinDesk, Jito Foundation chairman Brian Smith said in a post that as SpaceX completes one of the largest IPOs in history, Solana and Hyperliquid are fiercely competing for market share in perpetual contracts and tokenized stock trading. The article argues that perpetual contracts (Perps) are the core entry point bringing traditional financial traders on-chain—during the Iran–Israel conflict, on-chain platforms had become the real-time pricing venues for gold and crude oil when CME was closed, and traditional traders are gradually moving to the chain. After the SpaceX IPO, the tokenized stock 24-hour spot trading volume on Solana first broke $100M; the opening price of Cerebras Systems shares and the implied price of on-chain perpetual contracts had an implied price error of only 3%, and SpaceX’s implied price of $171 also matched the IPO offering price exactly.
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