97% volume concentration is a distribution moat, but the wrapper mismatch matters once these tokens leave CEX UX: xStocks gives SPL custody and dividend reinvestment but no voting, while Ondo is pushing Broadridge voting across 260+ assets and $1B+ TVL. If Solana becomes the default settlement rail, DeFi venues inherit TradFi weirdness directly into collateral markets: corporate actions, tax withholding, halted underlyings, and weekend oracle gaps inside supposedly 24/7 assets.

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