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What already existed

They trade on DEXes. Pyth publishes equity and xStock feeds (Equity.US.AAPL/USD, Crypto.AAPLX/USD, and siblings). Kamino listed several xStocks.

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What did not exist

  1. No perp market. You could not long or short the token with isolated margin.
  2. No interest. Kamino xStocks utilization is ~0, so supply APY is ~0. Holding in Kamino was still just holding.
  3. No one-click credit. No path from “I own TSLAx” to “that TSLAx is working in a market that pays.”

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What Vanna added

  • Isolated lending pools for those mints — borrowers create a rate
  • Margin credit against the same tokens
  • Long / short via borrow + Jupiter (real tokens, not a virtual future)
  • Farm that routes stock equity into Kamino main-market USDC/SOL, where APY is real
Transfer fees on Token-2022 are measured on every vault move. Quotes and health use the amount that actually arrived. This is the Stocklana wedge: not another stock wrapper — utilities around the wrappers that already shipped.