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The recent initial public offerings of SpaceX and Cerebras Systems have ignited a fierce competition between Solana and Hyperliquid, two blockchain platforms vying to dominate the market for tokenized stocks and perpetual futures, or 'perps.' Brian Smith, president of the Jito Foundation—a key player in Solana’s ecosystem—argues that perps represent a 'Trojan horse' capable of bringing the entirety of traditional finance onto blockchain rails.