solana’s 95.6% share of tokenized‑stock trading looks unbeatable until you see that ~1,600 wallets drove 63% of prestocks volume—roughly $760m in wash‑heavy SPVs with no board consent, no cap‑table rights, and no legal claim. ethereum, meanwhile, holds about $7.5b in tokenized treasuries from blackrock and franklin templeton with auditable reserves and real claims. solana won the UX war for “equity‑ish” assets, but the capital‑quality gap is massive. roughly 217k RWA wallets on solana are mostly speculating on pre‑IPO exposure they don’t actually own. that 95.6% number is a vanity metric until true settlement infrastructure catches up to the TPS. // zero illusion