Does the token track the share, and can you sell it?
Two measured questions about every tokenized stock on Solana. First: how
far from the real share's price has each wrapper traded, including at
night and at weekends, when the stock market is closed and only the token is
trading? Second: how much of each token sits in a single wallet, against how much liquidity
there is to sell into? Every point below is an observation with its source and time. Where
nothing was observed, nothing is drawn.
Premium or discount to the share
What the premium means for you as a holder
A premium of +1% means the token changed hands 1% above the underlying
share's reference price: a buyer paid $101 for $100 of stock exposure. A
discount of −1% means a seller received $99 for it. The token
does not track the share price on its own. The gap closes only if someone
can create or redeem tokens against real shares and profit from the difference, and
on most programmes only approved participants can. While the US market is closed
(shaded) nobody can hedge in the share, so gaps tend to widen; a gap that persists
through open hours means the redemption arbitrage is not working for that wrapper.
Each kind of point has its own shape. Colour shows which wrapper it is.
on-chain trades in one hour (median; bigger = more trades)
Jupiter's quoted price vs the reference, fetched together
daily snapshot (source of the reference not recorded)
A trade is only compared with a reference observed in the same
closed session (when the share's price cannot move) or within 10 minutes of it; any
other trade is left out (and counted), because a premium against a stale price would mostly
measure the share's move. References are Pyth where our feed is entitled,
otherwise issuer-implied; each point says which. A scaled-UI multiplier (accrued
dividends on some xStocks) is not removed, so a premium up to its size can come
from accrued dividends. Jupiter's quote is an aggregate price and can differ
from the prices trades printed at, so the two are drawn separately.
Every observation as a table
Largest holder against liquidity
Each dot is one token. Across: the liquidity in its trading pools (log
scale). Up: the share of total supply held by the single largest wallet we cannot name.
Issuer mint/freeze authorities and burn addresses are set aside first, so a
programme's own treasury does not count as concentration. The shaded corner holds tokens
where one wallet has at least half the supply and there is less than $10k of liquidity to
sell into. The price of those tokens is set by very little money, and most of the supply
could not be sold without moving it. An unnamed wallet can still be a pool vault or an
exchange's omnibus account. Tap a dot to open its card.