On-Chain Pre-IPO Tokens Hit $1.25B in Trading Volume as Tokenized Equity Market Expands

TLDR: The pre-IPO token market has recorded $1.25B in cumulative trading volume with over 20,000 active holders on-chain. SPV-backed protocols like PreStocks and Paimon Finance lead adoption by offering real share-backed token exposure via DEXes. Synthetic contracts carry no underlying share claims, introducing basis risk between oracle prices and actual private valuations. Closed-end fund structures [...]

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