BP tested my patience but thesis is strong: - New CEX of the cycle play (every bull has one. Last time it was a DEX (HL)) - Tokenized stocks moat on Solana: real equities, not wrappers with SEC recent regulation being bullish - Flywheel: more issuance → arb → users → fees - Tokenomics: 0% team at TGE, milestone unlocks to users, stake 1yr → equity/IPO - Solana needs this to become Nasdaq onchain (ex-FTX team + EU license + MiCA) Two concerns: - Unlocks are milestone based and Backpack hasn't published update yet. So I believe another issuance is around the corner as many milestones are reached - Illiquid as hell but still one of my bags