Lightspeed Tokenized Equities, Kamino RWAs and zachXBT Investigation
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Mar 5, 2026 Discussion of tokenized equities growth, composability and where trading volume is coming from. Deep dive into on-chain stock liquidity, slippage and tracking error for large trades. Exploration of Kamino's RWA expansion and new modular markets. Investigation into alleged insider trading and the cultural risks in fast-growing crypto teams.
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Pre-IPO Tokens Became A Speculative Outlet
- Pre-IPO tokenized stocks drove most recent tokenized equity volume spikes, with OpenAI, Anthropic and Anduril particularly active.
- Carlos notes crypto is being used as a speculative vehicle for non-public equities when headlines move prices.
Onchain Equities Have Noticeable Tracking Error And Slippage
- X-Stocks and similar tokens don't perfectly track underlying equities and suffer slippage; small trades can incur ~1%+ implicit cost.
- Toma shows execution worsens with trade size; buying ~$1k+ can face meaningful slippage today.
Camino Rapidly Onboarded Diverse RWA Markets
- Camino's modular B2 enabled eight RWA markets and >$1B deposits since May 2025, led by Figures Prime, Maple and OnRest reinsurance.
- Carlos highlights demand stems from uncorrelated yield (e.g., tokenized HELOCs) that loops with USDC to earn attractive returns.