DAOUSDT
DAO Maker / Tether USD
crypto Composite

**Source:** [https://x.com/ledger\_top/status/2057460796041707857](https://x.com/ledger_top/status/2057460796041707857)
**Pre-Stocks on Solana has a $23.7M market cap. But the wallets that hold these tokens collectively command $65.6M on-chain.**
https://preview.redd.it/k6f23syeao2h1.png?width=680&format=png&auto=webp&s=1e6622988347697c8d917bcd330720f101c67fef
Pre-stocks are only 30% of what these holders actually own. The other 70% is in other tokens, lending, LP positions, staking, yield, and perps across Solana DeFi.
That ratio — $1 in pre-stocks for every $2.33 these wallets hold elsewhere — is the kind of insight market cap and volume cannot show you. It is also the central question of this research series: for any on-chain asset, what fraction of its holders' total portfolio is the asset itself, and where does the rest sit?
This is the first piece in the series. We start with Pre-Stocks and will extend the same lens to xStocks, tokenized funds, yield-bearing tokens, and users of top Solana protocols.
**1/ Pre-Stocks: the headline metrics**
Pre-Stocks on Solana — tokenized exposure to private companies like Anthropic, SpaceX, and OpenAI ahead of their IPOs — have a strong top-line profile:
* $23.7M market cap — ANTHROPIC leads at 38.6%, SPACEX 26.8%, OPENAI 12.4%
* 12,100 holders, averaging $1,625 per wallet (excluding liquidity pools and program-owned accounts)
[Daily market cap in USD, broken down by pre-stock](https://preview.redd.it/aojoin3gao2h1.png?width=680&format=png&auto=webp&s=86ffd03a1e648c99783e7b75c6890db19a4283c3)
* $977M in YTD DEX volume — roughly 41x market cap annually. OPENAI $210M, SPACEX $209M, ANTHROPIC $139M, ANDURIL $120M, KALSHI $113M
[Monthly DEX trading volume in USD, by pre-stock](https://preview.redd.it/nnn5aj2iao2h1.png?width=680&format=png&auto=webp&s=7563bd512124228e7ace5b33c17b4320771fca3a)
* For scale: xStocks (the category one tier up) sits at $1B in market cap — pre-stocks is far smaller but already competing on trading velocity.
These are good metrics for understanding exposure to the asset. But they say nothing much about the wallets holding it.
**2/ The 30% question: pre-stocks are less than one-third of holder portfolios**
Looking at the full on-chain portfolio of the 12.1K wallets that hold pre-stocks:
Total wallet value: $65.6M — split three ways:
* Pre-stocks tokens: $19.6M (30%)
* Other token holdings: $26.9M (41.1%)
* DeFi positions (lending, LP positions, staking, yield, perps, governance): $19.0M (28.9%)
That is what market cap alone misses. A $23.7M market cap asset looks very different when the wallets holding it collectively control $65.6M in total on-chain capital, including their pre-stock positions.
**3/ Where the other 70% sits**
Methodology note: We excluded DEX pool addresses and other program-owned accounts, so the analysis reflects user wallets, not protocol liquidity. The full breakdown of the $65.6M, by position type:
* Token holdings (incl. pre-stocks): $46.6M across 12,100 wallets
* Lending: $6.9M across 1,087 wallets
* LP positions: $6.5M across 579 wallets
* Staking: $3.2M across 1,562 wallets
* Yield: $1.6M across 533 wallets
* Perpetuals: $688K across 87 wallets
* Governance: $33K across 53 wallets
Roughly $19M is actively deployed in DeFi — meaning a meaningful share of pre-stock holders are not passive spot wallets. They lend, provide liquidity, and stake. The perp number is small ($688K, 87 wallets), suggesting limited leverage-seeking in this cohort — these are mostly long-biased, yield-aware holders.
[Capital distribution by category](https://preview.redd.it/717v8clkao2h1.png?width=680&format=png&auto=webp&s=d928f259343f8d95edd2caebad63ea6947f8ae4d)
[Pre-stock holder wallets split by category](https://preview.redd.it/wf04l2hlao2h1.png?width=680&format=png&auto=webp&s=0814a7f805492f679729b7668976a1eacff4070b)
**4/ Protocol overlap: where the deployed capital actually goes.**
Across the \~3,200 wallets active in DeFi, the protocol breakdown reveals a deeply Solana-native user base:
By value deployed:
* Meteora DLMM: $5.3M (227 wallets)
* Kamino: $3.3M (875 wallets)
* Jupiter Lend: $3.3M (601 wallets)
* Native SOL staking: $1.8M (671 wallets)
* Jupiter DAO: $904K (935 wallets)
* Kamino Vaults: $711K (110 wallets)
* Jupiter Perps: $684K (78 wallets)
* Orca Whirlpool: $534K (201 wallets)
[Capital deployed by pre-stock holders across DeFi protocols](https://preview.redd.it/gdvsa1xmao2h1.png?width=680&format=png&auto=webp&s=6a7fbcf00d50031289ceebbdd72375b652ec6a16)
By wallet count, Jupiter DAO leads (935 wallets) — governance participation is the widest behavior. Kamino (875) and Jupiter Lend (601) follow.
[Pre-stock holder wallets by DeFi protocol](https://preview.redd.it/r44p56moao2h1.png?width=680&format=png&auto=webp&s=2d41477686aee8c029027ac514f09224e27a1b51)
This is not a speculative, short-term cohort. The same wallets holding pre-IPO exposure are providing liquidity on Meteora, lending on Kamino, and voting in Jupiter DAO. The overlap with core Solana DeFi is high — which means these holders are structurally engaged participants in the ecosystem, not opportunistic capital rotating through the latest narrative.
5/ Portfolio value cohorts: highly concentrated.
Distribution based on each wallet's total portfolio value — not just pre-stock token balance. The holder distribution is steep. 12,100 wallets total, across 8 buckets:
* Bottom 59% of wallets (< $250 each) hold a combined $326K
* Middle 37% ($250–$25k) hold $14.2M
* Top 3.6% (> $25k) — just 430 wallets — hold $51.1M (78% of total)
* Of those, 143 wallets hold over $100K each, accounting for $36.3M alone
[Capital concentration by portfolio value cohorts](https://preview.redd.it/jubjwq5qao2h1.png?width=680&format=png&auto=webp&s=ca7ca14ff8511397baf2759ab8eb9f5214a7ba39)
430 wallets (3.6%) control $51.1M — 78% of total holder capital. 143 of those hold over $100K each. These are deliberate, thesis-driven positions in pre-IPO exposure — not casual buys.
At the other end, 59% of wallets hold less than $250 each. That long tail will not drive price, but it will drive narrative reach.
[Holder distribution by portfolio value cohorts](https://preview.redd.it/w2gy4srrao2h1.png?width=680&format=png&auto=webp&s=469a90298763f9df34035cd2c989df5e429824bb)
**6/ The timing: the SEC just moved.**
Per Bloomberg, the SEC is set to release an "innovation exemption" for tokenized stocks:
* A surprise move leaning toward allowing trading of tokenized securities
* These would be tradeable on decentralized platforms
* The shift could "reshape the landscape of the American stock market"
* One of the largest US moves into crypto infrastructure yet
Pre-stocks on Solana are already live and already trading at a decent scale. The regulatory path is now catching up to what is already happening on-chain.
**7/ Why this matters: utility matters more after tokenization.**
On Solana, RWAs total \~ $18 B in market cap. \~$16 B (88%) of that is stablecoins — already deeply used as payment and settlement rails. The non-stablecoin tokenized layer adds up to \~$2B: xStocks $1B, tokenized funds $488M, YBT $342M, pre-stocks $23.7M, commodities . Most of that $2B is still held passively, not actively deployed.
That gap — between what is tokenized and what is actually being used as productive capital — is the most important number in the non-stable RWA category right now.
Tokenization created a holding market. The next phase is turning idle assets into productive capital: borrowing, collateralization, liquidity provision — without forcing holders to sell. Pre-stocks is an early data point in that transition.

Pre-stocks are an early data point in that transition. The same wallets that hold $19.6M in pre-stocks already have $19M deployed across DeFi, showing what “utility after tokenization” looks like in practice.
8/ The takeaway.
**Three numbers summarise it:**
* $19.6M — the pre-stocks assets with holders
* $65.6M — the total onchain value held by pre-stock wallets
* 30% — the share of that value that is pre-stocks itself
If you only look at market cap and volume, you see a $19.6M asset. If you look at where its holders deploy capital, you see a holder base sitting on $65.6M in diversified onchain positions, deeply embedded in Kamino, Jupiter, Meteora, and Orca, with 430 wallets concentrating most of the capital.
Same asset. Very different story.
That is the question this research series going forward will ask of every major asset and protocol on Solana: for the wallets that hold it, what fraction of their on-chain wealth does it actually represent — and where does the rest sit?
Market cap shows exposure. Capital allocation shows behavior.
How We Built This Analysis, and How You Can Use It
Every data point in this piece — wallet-level holdings, DeFi positions across 20+ protocols, balance cohort distribution, protocol overlap — was pulled through the Top Ledger API.

**What the API covers:**
* 50+ endpoints across lending, staking, yield, LPs, perps, governance, rewards, and DEX PnL
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* The analyze endpoint gives a full wallet-level summary across 20+ Solana DeFi protocols in a single call — exactly the kind of cross-protocol view used to build this research
**What you can build:**
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The infrastructure angle on this that doesn't get discussed enough: 200M gas limit is 3.3x the current 60M. That's not just more room for transactions — it's 3.3x more RPC request density per block for every application querying the chain.
More block space = more events to index, more state changes to track, more confirmations to poll. Applications that are already at the edge of their shared RPC endpoint capacity will hit that ceiling faster as Glamsterdam drives more L1 activity.
On the L1 vs L2 question: Vitalik's framing at Hong Kong Web3 Carnival was explicit — build your speed on L2, anchor your trust on L1. 200M gas doesn't flip that equation, it makes the L1 trust anchor more capable without compromising its security posture. The Kelp DAO hack is the argument for why that separation matters.
ePBS decentralizing block production is the piece most people are under-discussing here. That's the change that matters for long-term credible neutrality of the base layer — not just the gas limit number.
*Disclosure: I'm from GetBlock. We run dedicated Ethereum RPC nodes. Happy to discuss infrastructure implications of the gas limit increase if useful.*

Governance risk when it mixes with urgency. People treat “the DAO can change parameters” as background noise, then miss the concrete version: collateral factors, caps, oracle source, bridge asset treatment, pause rights, redemption rules. If one of those moves while exits are thin, you can be technically solvent and still trapped in an ugly unwind.
The check I like is simple: who can change the thing that would hurt me, how much warning do I get, and is there enough real liquidity to leave before the change matters? If the answer depends on Discord being awake, I size it smaller.

Many of us identified then as grifters when they spun up their DAO and basically funelled money to themselves through it. I am embarassed that I ever suggested people listen to them.Just add them to the monstrous pile of grifters that seem to have entirely taken over this space.

You can run a Bisq price node or seed node along side it (which requires a Bitcoin node, since the Bisq DAO runs on the Bitcoin block chain). Then you can request to be compensated in BSQ tokens (which are colored bitcoin) and sell them for Bitcoin, or use them to make Bisq trades at a discounted fee rate.

You're right. It's not a perp. I deliberately used a familiar term to draw an analogy.
RiskON and RiskOFF appeal to people and institutions with different risk appetite. Degens and perp holders can hold RiskON for leverage. Institutions and DAO Treasuries can hold RiskOFF to manage volatility risk. RiskOFF is also a great lending collateral, which gives you a higher LTV ratio.
We publish second-by-second NTV values to showcase the fundamental value of RiskON and RiskOFF as the price of the underlying ETH moves. This helps keep the values tethered, which MMs can arbitrage against.
For more info, see the litepaper and FAQs here: **docs** \[DOT\] **riskprotocol** \[DOT\] **io**. I'd love more feedback. Feel free to DM me as well.

Governance Hour #6 - Cardano Builder DAO & Initiative DAO Framework