Discovered on Solana: A new token shows interesting trading activity. The PUMPSWAP project has recorded a purchase volume of approximately $42,147 and a sales volume of around $41,834 in the last 24 hours – the balance indicates sufficient interest. With a liquidity of $20,927 and a market capitalization of $49,363, it is still a smaller project. If you want to view the chart, find the token under the CA: 5h3SGTszocibsbKu4DsVh7MQrDAp7YXsNGoEBgjXpump. The relatively balanced buy and sell volumes could be interesting for active traders – worth a closer look.

$RAY Raydium(xStocks)and Robin Hood's stock token trading platform represent two completely different paths: one towards open finance on the asset chain, and the other towards compliant derivative walled gardens. Below is a comprehensive comparison and core conclusions: 1. Core Positioning and Legal Structure Comparison Item Raydium(xStocks) Robin Hood(Tokenized US Stocks) Nature Physical assets 1:1 mapping, xStock issued by Backed Finance, representing a senior secured debt claim on the underlying stock Digitalized financial derivatives, users purchase price tracking contracts signed with Robin Hood Europe, not direct stock ownership[__LINK_ICON] Issuer Backed Finance(Switzerland, regulated by FINMA) Robin Hood Europe UAB(Lithuania, regulated by the Bank of Lithuania) Underlying Architecture Solana blockchain, hybrid AMM+order book(OpenBook), decentralized trading Arbitrum Layer2, Robinhood's own chain(RH Chain)In development, centralized custody + on-chain settlement Custody Model Third-party compliant custody, transparent asset auditing Robinhood's own SPV holds assets, internal management Ownership Users actually hold asset rights and can receive dividends Users only hold contractual rights, dividends are at Robinhood's discretion 2. Trading Mechanisms and Core Functions Comparison Item Raydium(xStocks) Robin Hood(Tokenized US Stocks) Trading Hours Truly 24/7, no weekend/holiday restrictions 24/5, closed on weekends(Same as traditional brokerages) Matching Method Automatic best price routing, hybrid liquidity pool + order book Initial app-based matching, later on-chain AMM, centralized control Settlement Speed Solana on-chain seconds-level settlement, instant到账 On-chain settlement, but limited by platform processes, slightly slower than pure on-chain trades DeFi Interoperability Fully compatible, can be used as collateral for lending(Kamino), liquidity mining, cross-protocol组合 Basic incompatibility, tokens are whitelist-controlled, cannot access external DeFi ecosystems Self-Custody Supports wallets like Phantom, Solflare, users control private keys Platform custody, users do not hold private keys, assets within Robinhood accounts Minimum Trading Unit No restrictions, supports small fractional trades No restrictions, supports small fractional trades 3. Regulatory Compliance and User Access Comparison Item Raydium(xStocks) Robin Hood(Tokenized US Stocks) Compliance Framework Regulated by FINMA, targeting non-US users(US users are restricted from access) EU MiFID II compliant, targeting 31 European countries(US users can only use traditional broker services) KYC Requirements No mandatory KYC(Non-US users), wallet connection suffices for trading Strict KYC, EU identity verification required to use Regional Restrictions Available globally outside the US, some countries may be restricted by local laws Only available in 31 European countries, not available in the US and other regions(Traditional services excluded) Regulatory Risks Open finance model, with regulatory uncertainty, depends on issuer compliance Fully within existing regulatory frameworks, lower risk, clear compliance pathways 4. Fee Structure and Cost Comparison Comparison Item Raydium(xStocks) Robin Hood(Tokenized US Stocks) Trading Fees Regular pool 0.25%, concentrated liquidity pools as low as 0.01%, some used for RAY buybacks and staking rewards Zero commission, profit from PFOF(order flow)model On-Chain Costs Solana gas fees are very low(usually <0.01 USD), trading costs are controllable Arbitrum gas fees, partially subsidized by Robinhood Other Fees No account/management fees, withdrawal only pays on-chain gas fees No account/management fees, may charge withdrawal/transfer fees[__LINK_ICON] Profit Model Trading fees + RAY staking income + liquidity mining rewards PFOF + crypto trading revenue + value-added services(such as leverage) 5. Liquidity and Market Performance Comparison Item Raydium(xStocks) Robin Hood(Tokenized US Stocks) Liquidity Sources xStocks alliance aggregates liquidity, sharing with Kamino, Jupiter, and others, deep support from Solana ecosystem Robinhood's own liquidity + market makers, centralized control Underlying Coverage About 60 US stocks and ETFs, top-heavy(NVDAx, TSLAx, AAPLx account for over 60%)Over 200 US stocks and ETFs, including private offerings like OpenAI, SpaceX Trading Volume By early August 2025, xStocks daily trading volume exceeded $2 billion, with significant contribution from Raydium After launch, tokenized services attracted over 5 million new users, with substantial daily trading volume Liquidity Layering Small and mid-cap stocks have weaker liquidity, some 24-hour trading volume under $100 Small and mid-cap stocks have more balanced liquidity, Robinhood's active market making supports niche assets 6. Strengths and Weaknesses Summary Raydium(xStocks) Strengths - DeFi native: fully interoperable, enabling "holding stocks for yield" + lending + portfolio investment, unlocking asset liquidity - Truly decentralized: users control private keys, no risk of platform collapse or freezing - 24/7 borderless: breaks traditional trading hours, captures global market volatility - Asset transparency: third-party audits, clear holdings and dividend rights Raydium(xStocks) Weaknesses - Regulatory uncertainty: cautious stance from US SEC, restrictions for non-US users - Liquidity fragmentation: strong in top assets, weaker in small/mid-cap - Counterparty risk: relies on Backed's custody and compliance, trust needed for security - User threshold: requires familiarity with crypto wallets and on-chain operations, less friendly for beginners Robin Hood Strengths - Regulatory certainty: EU regulatory backing, legal protection for user rights - Zero commission: lowers trading costs, attracts retail investors - User experience: simple app, smooth KYC process, easy for traditional investors - Wide coverage: includes private offerings, meets diverse needs Robin Hood Weaknesses - Centralization risk: platform can freeze/restrict accounts, asset control remains with Robinhood - DeFi isolation: tokens cannot access external ecosystems, asset utilization is low - Trading restrictions: 24/5, cannot fully capture global market fluctuations - Lack of ownership: users only hold contracts, no real equity, dividend policy decided by platform 7. Recommended Use Cases - Choose Raydium(xStocks) if you: - Are familiar with crypto ecosystems, prefer self-custody and asset control - Want to incorporate stock tokens into DeFi strategies(lending, liquidity mining) - Need 24/7 trading to catch after-hours/weekend major events - Value asset transparency and actual ownership - Choose Robin Hood if you: - Are traditional investors, unfamiliar with crypto operations, prefer simple app experience - Seek zero commissions and regulatory guarantees, with low risk tolerance - Mainly trade mainstream assets, with no need for DeFi portfolio strategies - Want to invest in private offerings(such as OpenAI, SpaceX) 8. Future Development Outlook Raydium is collaborating with Ondo's Global Market Alliance to promote cross-chain standardization of stock tokens, planning to include more global stocks and ETFs, and exploring leverage and options derivatives. Robinhood is focusing on developing the RH Chain, building a dedicated RWA Layer2, expanding more assets, optimizing 24/5 trading experience, and strengthening compliance frameworks to enter more markets. Both represent two paths of stock tokenization: Raydium embraces open finance, Robinhood adheres to compliant walled gardens. As regulations clarify and technology matures, these paths may converge in the future.

The trading activity of Peecoin on the Solana chain has been quite interesting these days. The 24-hour buy volume reached $15,493, while the sell volume is around $12,398, indicating that there are still quite a few people participating. However, the liquidity is currently at $0, and the market cap is only $11,644, making it an early-stage micro-cap project. These types of projects carry high risk and high reward. If you want to follow up, you should do your homework well. For real-time monitoring, you can check the candlestick charts, as the changes are quite rapid.