Securitize to Launch Fully Onchain Stocks in Q1 2026

Pump.fun and Solana Lawsuit | Governance Clash Over Control of Aave Labs

Marco Manoppo & Karon Pangestu
December 17, 2025

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Good Morning.

Securitize is aiming to move beyond synthetic stock tokens by putting real, legally recognized shares directly onchain. As tokenization gains momentum, the firm is positioning this as a shift from exposure to true ownership of public equities.

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In Today's Email:

What Matters: Securitize to Launch Fully Onchain Stocks in Q1 2026 👀
Case Study: Pump.fun and Solana Lawsuit 🔎
Governance & Features: Clash Over Control of Aave Labs 👻

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Narratives: Tokenized Ownership

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TOGETHER WITH

EigenDA Reaches 1 GB/s and Pushes Data Availability to Cloud Scale

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EigenDA just hit 1 GB per second sustained throughput. This was achieved with 100 operators, simulated latency across 10 countries, and one hour of continuous performance in a production like environment.

That is a 10x improvement over current EigenDA and roughly 750x faster than the closest alternative.

This milestone is not just about speed. It shows that data availability can operate at true cloud scale while remaining trustless and verifiable. That is the missing foundation for a verifiable cloud and, ultimately, a verifiable economy.

With this level of throughput, EigenDA unlocks applications that were not previously possible, including verifiable AI, persistent onchain games, and large scale modular systems. As usage grows, more data and economic activity are secured by staked EIGEN, aligning performance, security, and value back to operators and stakers.

EigenDA is positioning itself as the data layer for the verifiable cloud. This is purpose built infrastructure designed to scale another 10x and beyond.

Crypto infrastructure is no longer the bottleneck. Verifiable systems can now run at cloud scale.

WHAT MATTERS

Securitize to Launch Fully Onchain Stocks in Q1 2026

State of play: Securitize announced plans to launch onchain stocks that represent real, regulated shares rather than synthetic or derivative products. These tokens will be legally recognized equity, recorded directly on an issuer’s cap table, and will grant full shareholder rights such as dividends and proxy voting.

The product, called Stocks on Securitize, is targeted for launch in Q1 2026.
Securitize will act as the SEC registered transfer agent, while the blockchain will serve as the authoritative record of ownership.
Trades will be executed through Securitize’s registered broker dealers in the US and Europe.

Unlike existing tokenized stock offerings that rely on derivatives, SPVs, or custodians, Securitize argues its model removes the separation between traditional shares and onchain representations.

The token itself will be the share, not a claim or price tracker.
During US market hours, trading will comply with SEC rules such as NBBO, using regulatory exemptions to allow instant onchain settlement.
When markets are closed, pricing will shift to an automated, on-chain mechanism, creating a trading environment that does not exist in tradfi.

Why it matters: This is a meaningful step toward putting real public equities onchain without wrappers or synthetic exposure.

Our take: By making the token the actual share, not a derivative, this looks like infrastructure progress rather than a marketing experiment.

For builders and investors: Real equities onchain enable faster settlement, true ownership, and new onchain financial use cases.

CASE STUDY

Judge Allows Expanded Pump.fun and Solana Lawsuit

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A US federal judge has allowed plaintiffs to file an expanded complaint in the class action lawsuit against Pump.fun, Solana Labs, and related parties after nearly 5,000 internal chat logs surfaced.

The court said the new evidence could clarify how the alleged scheme operated.
Plaintiffs allege that Pump.fun token launches favored insiders with privileged access to Solana’s validator infra and Jito Labs’ transaction ordering tools.
The access is allowing them to buy early and sell into rising prices while retail users bore losses.
The ruling places greater scrutiny on blockchain infrastructure and could test how courts assess liability when on-chain systems allegedly enable insider advantages.

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INSIGHTS

Cantor Sees Hyperliquid as $200B DeFi Infrastructure Play

Cantor Fitzgerald argues that Hyperliquid should be valued as trading infrastructure rather than speculative DeFi, drawing parallels to Solana’s last cycle.

In its report, Cantor suggests Hyperliquid could reach a $200B valuation if it captures even a small share of centralized exchange perpetual futures volume.
The thesis centers on Hyperliquid’s fee model, where ~99% of trading revenue is recycled into token buybacks, linking growth directly to supply reduction.
Cantor estimates the protocol could generate over $5B in annual fees within a decade, supporting a valuation multiple closer to a layer 1 platform than a typical DEX.
Public market vehicles HYPD and PURR are positioned as active participants in the ecosystem through staking, validation, and market making, offering exposure to Hyperliquid’s fee growth rather than passive token holding.
While competition from Aster is noted, Cantor views rival volumes as incentive driven and expects liquidity to favor sustainable execution over time.

FEATURES & GOVERNANCE UPDATE

Aave DAO Faces Governance Clash Over Control of Aave Labs

An AAVE token holder has proposed a controversial “poison pill” strategy that would allow the Aave DAO to seize control of Aave Labs’ intellectual property, brand, and equity, effectively turning the company into a DAO subsidiary.

The proposal escalates an ongoing governance dispute over who controls the protocol and how revenue should be shared.
The debate was triggered by a recent CoW Swap integration that redirected front end swap fees from the Aave DAO to a private address linked to Aave.
Critics argue this move amounts to stealth privatization of a community owned asset.
Meanwhile, Aave Labs says the change improved user experience and that the revenue was a voluntary donation rather than an entitlement.
Key figures within the Aave ecosystem have called the proposal historically significant, as it raises broader questions about token holder rights, corporate control, and how value should flow within DeFi protocols.

Other notable feature updates:

Stable launched StableChain.
Tempo launched public testnet.
Axis launched its on-chain yield protocol.
Ellipsis Labs launched Phoenix Perpetuals.
Sky Protocol bought back 35.6M SKY last week.
Aster will accelerate its Stage 4 buybacks to about $4M per day.
USD.AI approved a $200M financing facility to Quantum Solutions.

QUICK BITES

FCA finds crypto ownership fell to 8% in the UK.
FDIC proposes stablecoin application framework rule.
Securitize to launch 'real,' not 'synthetic' stocks onchain.
US senators introduce bipartisan bill to combat crypto fraud.
Exodus, MoonPay to launch US dollar stablecoin in early 2026.
HashKey shares slide 3% in Hong Kong debut after $206M IPO.
Trump to interview pro-crypto Christopher Waller for next Fed Chair.
Visa launches stablecoin settlement in US via Circle's USDC on Solana.
AAVE token holder proposes 'poison pill' for DAO to absorb Aave Labs.
RedotPay raises $107M Series B to expand stablecoin payments platform.
Gold-backed stablecoins near $4B as safe-haven demand grows onchain.

NOTEWORTHY READS & MEME

Stani’s read on Aave’s 2026 Master Plan.
Omer Goldberg’s read on Vaults, Yields, and the Illusion of Safety.
Silvio’s read on Why banks are 10x more profitable than lending protocols.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.