SpaceX’s initial public offering last month was a headline-grabber for any number of reasons. As one of the largest IPOs ever, it briefly made founder Elon Musk the world’s first trillionaire (and, a few days later, the first multi-trillionaire); it’s among the first of the major AI labs to go public; it debuted as one of the largest companies in the world, forcing new FAANG-like acronyms. For stalwart veterans of the crypto trenches, however, it’s important for a different reason: it gave Solana and Hyperliquid, two of the places where SpaceX tokenized stocks and perps are most actively traded, fertile ground to fight over in the form of billions in perpetual futures (or “perps”) and tokenized stock volume, with both leading ecosystems scrambling for a slice of the trading pie. Brian Smith is the president of the Jito Foundation, which supports the Solana network's execution infrastructure and liquid staking ecosystem.