Frictionless

Logan Jastremski × Armani Ferrante

Backpack pairs each freely transferable Solana token with a one-to-one real share, enabling arbitrage between Nasdaq or NYSE and on-chain markets.Ferrante says this produces “40X, 45X” better pricing than comparable Robinhood Chain stocks.Backpack sacrificed $100 million to $200 million in foregone profit for a unified regulated layer that could replace idle cash and delayed settlement, but still has “a lot to prove” against incumbents within one or two years.

Logan Jastremski × Max Resnick

Constellation proposes a decentralized Nasdaq for Solana, using multiple proposers and localized ingestion instead of co-locating its 800 validators.Its protocol-enforced 50-ms economic tick could support on-chain securities markets worth far more than crypto today, while revenue design and conditional regulation remain key constraints.