DeFi platform Felix Protocol is joining forces with Ondo Finance to launch spot equities on Hyperliquid's ecosystem, dragging over 100 U.S. equity markets onto HyperEVM with a roadmap to expand to 1,000+ in the coming months. The integration leverages Ondo Global Markets to provide deep liquidity from day one, sidestepping the liquidity bootstrapping headache that has haunted spot equities onchain since the dawn of time (or at least since 2021).
"We won't be interacting with Hyperliquid spot to start to avoid the need to bootstrap liquidity on each individual market, which has been a main pain point for spot equities onchain to date," said Charlie, a Felix Protocol contributor. The setup enables multi-million dollar equity orders from launch without begging AMMs for liquidity, with all mints and redemptions routed through Felix's smart contracts for 24/7 exposure—because trading should never take a coffee break.
Ondo currently dominates tokenized stocks in DeFi, holding 53% market share with $228 million in circulating market cap. The move comes as tokenized equity derivatives continue to spark debate in DeFi over whether 24/7 perpetuals actually outperform traditional spot markets. Data shows traders prefer derivatives—TradeXYZ has hit $7 billion in volumes while Ostium's spot-focused approach recorded $1.3 billion since 2026 began, proving degens would rather leverage their rent money than hold the actual stock.
Despite the derivatives boom, tokenized stock market cap keeps hitting all-time highs, recently crossing $400 million. Solana leads the spot market with 39.2% share versus Ethereum's 37.5%, suggesting the spot ecosystem is growing alongside the perpetuals frenzy—because apparently, both can coexist without one needing to murder the other in a zero-sum game.
