Kyle Samani：Solana 驅動 RWA 與鏈上股票新時代

0:00Solana 上 RWA 的崛起與三大浪潮

0:00大家午安，我是 Kyle Samani。我是 Forward Industries 的董事長，現在同時也是新創公司的創辦人。過去我創立了 Multicoin，也算是 Solana 生態系早期的投資人之一。今天我要談的是在 Solana 上交易真實世界資產（RWA），以及現在大家如何在鏈上獲得股票等資產的價格曝險。首先，讓我們快速回顧一下背景和歷史，看看我們是怎麼走到這一步的。Good afternoon, everyone. My name is Kyle Samani. I'm the chairman at Forward Industries and also now a startup founder. And I previously founded Multicoin and was a pretty early investor in and around the Solana ecosystem. Today I'm going to be talking about trading real-world assets on Solana and also how to think about other ways people are getting price exposure to equities on-chain today. So first, let's talk about quick context and history, how we got here.

0:37這張圖顯示過去大約 20、21 個月內，Solana 上 RWA 的價值成長。去年初，Solana 上的 RWA 大約只有兩億美元（不含穩定幣）。截至今年 10 月 1 日，這個數字已經接近 43 億美元。我們可以把這個成長分成三個浪潮。第一波主要是由 Ondo、BlackRock 和 Franklin Templeton 領頭，把貨幣市場基金和美國國債搬上鏈。第二波則是 xStocks，在 2025 年 6 月左右推出。第三波則是最近這幾個月，從今年六月開始，Backpack Securities 和 Sunrise 進一步推升了成長速度。This chart is looking at the value growth of RWAs on Solana over the last 20, 21 months or so. At the beginning of last year, there were about $200 million worth of RWAs on Solana. That excludes stablecoins. As of October 1st, that number is closer to $4.3 billion. We can think about this growth as happening in kind of three waves. The first wave was really Ondo, BlackRock, and Franklin Templeton. We were the first to kind of pioneer money market funds and T-bills on chain. The second wave really was led by xStocks, which launched in about June of 2025. And then the third wave, I think, has been more recent, really starting this past June with Backpack Securities and Sunrise. That has really accelerated the growth pretty substantially.

1:26另外值得一提的是，我在 Forward 擔任董事會成員，我們去年 12 月把自家股票發行到鏈上，成為第一個能在 DeFi 當作抵押品使用的鏈上證券。Hyperliquid 則用完全不同的方式切入股票市場。大家都知道 Hyperliquid 以永續合約（perps）交易聞名，他們擁有全球最深、最大的鏈上 perp 流動性。Hyperliquid 讓大家透過 perp 交易股票，目前股票 perp 的未平倉量大約 44 億美元，第三季 perp 交易量約 600 億美元，平均每月 150 億美元。這裡有趣的是，這些 perp 其實沒有人真的持有股票，大家只是持有一份以 USDC 結算的金融合約。Also worth noting that Forward, where I'm on the board, is the issuer. We issued our equity on-chain in December of last year, and we're actually the first on-chain security to ever be used as collateral in DeFi. Now, Hyperliquid has kind of approached equities in a pretty different way. Obviously, Hyperliquid is famous for being a place to trade perps. And, you know, they have the largest and deepest book of on-chain perp liquidity in the world by a pretty good margin. The way they've been facilitating trading equities is using these perps, and, you know, they have about 4.4 billion or so of OI on equity perps as of now, and they did about 60 billion in trading volume in perps in Q3, so about 15 billion a month. Now what's interesting about this is that with these perps, no one actually owns the equity. You know, they own just a financial contract that settles in USDC.

2:22Solana 則是走完全不同的路線，先專注於現貨市場，把股票直接搬上鏈。截至目前，Solana 區塊鏈上有超過一百萬個錢包持有代幣化股票，而且這個數字還在快速成長。我想談談 Solana 這波鏈上股票成長的技術堆疊。最底層是 Backpack Securities，我也很榮幸擔任董事，和 Armani 及團隊密切合作。Backpack 是合格託管人、註冊券商、金流業者，現在他們的金融牌照比全球幾乎任何公司都多。他們發行一比一的股票，任何註冊使用者都可以創建、贖回代幣化證券，來回切換非常順暢。過去三四個月，他們發行了約 41 種資產，交易量約 70 億美元。Solana really went the other way. They focused first on spot markets and bringing those shares on chain. As of today, there's more than a million wallets on the Solana blockchain that are holding tokenized equity, and that number is ramping up pretty aggressively. I want to talk a little bit about how kind of Solana now is the most recent wave of growth of these on-chain equities, looking at kind of layers of the stack here. The first layer of the stack and the foundational one is Backpack Securities, where I'm also fortunate to be on the board and work closely with Armani and the rest of the team there. Backpack has a qualified custodian, they're a registered broker-dealer, they're a money transmitter. They have actually more licensure at this point than basically any company in the world in financial services. And so they are issuing equities one for one. Any retail user who's registered with Backpack can go issue, or excuse me, create tokenized securities, redeem them, and move back and forth seamlessly. In the last three or four months, they've issued about 41 assets, and that about 7 billion or so in volume.

3:24流動性聚合與衍生品創新

3:24下一層是 Sunrise，他們專注於讓每個資產在鏈上有唯一標準的代表，並與 Raydium、Orca、Jupiter 等主要流動性提供者和交易平台合作，確保流動性能快速集中。再往上一層是 Phoenix 衍生品平台，大家可以用 USDC 當抵押品交易衍生品。幾週前，Phoenix 開放用 Solana 當抵押品，接下來幾週到幾個月內，會陸續支援所有主流資產，包括 Bitcoin、ETH、Zcash、HYPE，甚至 Apple、Nvidia、Google、SpaceX 等主流股票。未來一兩個月內，你可以把現貨股票組成投資組合，當作抵押品，然後在上面交易各種衍生品部位。這是一個非常強大的解鎖，實現了金融效率的願景，這也是市場這幾年努力的目標。現在所有拼圖都到位了，距離實現只剩幾個月。The next layer of the stack is a company called Sunrise, and these guys are focused on making really one canonical representation of each of these assets on-chain. And they're working with all of the major on-chain liquidity providers and venues such as Raydium, Orca, Jupiter, and others to make sure that liquidity concentrates very quickly around these names. The next layer up the stack then is Phoenix for derivatives. Obviously, you can trade derivatives with USDC as collateral, but actually just a couple of weeks ago, Phoenix rolled out the ability to use Solana as collateral in their derivatives. And over the next few weeks and a couple months, they're going to be rolling out all major assets, including Bitcoin, ETH, Zcash, Hype, but also even Apple, Nvidia, Google, SpaceX, you know, all the major equities you would expect. And so what you're going to be able to do here in the next month or two is take a portfolio of spot equities, use it as collateral, and trade arbitrary derivatives positions on top of that. It's a really powerful unlock, and it's kind of a vision of financial efficiency that so many people in the market have been working towards for the last few years. And you can see that the pieces are here now, and it's just a couple months from getting to fruition.

4:31在這些基礎之上，還有機會打造全新的金融產品和使用者介面。我的新創公司 Darwin，未來幾個月會探索這些想法。不過，永續合約（perps）對很多人來說還是有點複雜，未來會有更多有趣的新方式，讓大家學會如何交易 perps，並善用其稅務特性、流動性、24/7 交易等優勢。And then, you know, on top of all of that, there's going to be opportunities then to build new kinds of financial products, new kinds of user interfaces. On top of that, my new company that I'm working on called Darwin is going to be exploring a lot of these ideas over the coming months. But there's, you know, perps are a little bit complicated for people to understand, and there's going to be a lot of interesting new ways to learn how to trade perps and take advantage of their interesting tax properties, liquidity, 24/7 trading, and other things.

5:00Solana 股票數量暴增與套利機制

5:00過去 13、14 個月，Solana 上可交易的股票代幣數量從大約 10 檔暴增到 340 檔，實際上到 9 月底已經有 1,200 檔，這是所有主要發行商的總和。Solana 上代幣化股票會爆發，主要原因是任何人都能創建和贖回代幣。這很重要，因為像 Apple 這種股票在 NYSE 和 Nasdaq 交易量最大，鏈上價格很容易和傳統市場脫鉤。要讓價格維持一致，關鍵是不能只讓大交易商套利，必須讓任何人，包括在場的各位，都能自由移動資產、進行套利，讓價格同步。這也是 Backpack Securities 從第一天設計時就確保的核心機制。Now, over the last 13, 14 months, the number of tokens, equities trading on Solana has gone from about 10 to about 340 or so, and actually as of end of September, 1,200 now. That's between all of the major issuers. The big reason why tokenized equities are taking off on Solana is because of the ability for anyone to redeem. Create and redeem tokens. This is important because, you know, people trade Apple on NYSE and NASDAQ. That's where most of the volume is. It's very easy for the price of those same assets on-chain to diverge from the underlying venues. You know, the way to guarantee that the prices stay close together is to have the ability not just for big trading firms, but for truly anyone, including the people in this room. To be able to move back and forth and arbitrage prices to keep them in line across these venues. This is why it's been the core design of Backpack Securities from day one to ensure this property can exist.

5:59設計防止價格脫鉤與未來展望

5:59過去幾個月，尤其是在 Robinhood Chain 的晚上和週末時段，鏈上股票價格常常是 NYSE 和 Nasdaq 的兩倍、三倍、甚至五倍，這對使用者來說非常不利。因此，系統設計必須確保這種情況不會發生。總結來說，這就是我們在 Forward 如何看待鏈上股票和永續合約，以及接下來即將出現的各種有趣新機會。謝謝大家。We've seen over the last couple of months on nights and weekends, particularly on Robinhood Chain, the price of on-chain equities is two, three, four, five x what it is in NYSE and NASDAQ. And obviously that's really bad for users, and so you want to make sure you design the system to guarantee that doesn't happen. Obviously, so with all of that, guys, I just want to give an overview of kind of how we think about on-chain equities and perps at Forward, and some of the really cool and interesting opportunities that are coming ahead. Thank you.