Solana Launches Leap Beta on iPhone for Trading Tokenized Stocks and Other Assets
Key Facts
Leap, a new subsidiary of Solana Labs, launched its beta on Thursday, November 5, 2026, making it available early to iPhone users through Apple’s public TestFlight, according to Decrypt. The app brings trading in tokenized stocks, exchange-traded funds, metals and cryptocurrencies together in one place around the clock, subject to geographic restrictions. The launch creates a new mobile interface for accessing assets built on the Solana network, while the company said an Android version would come later. Trading tokenized stocks does not necessarily mean trading the underlying stocks themselves; the app displays tokenized assets within its on-chain structure. The launch comes as tokenized stocks have recorded notable activity on the network.
Leap says it will not charge its own fees at launch, but users will still pay network and routing costs, which are shown before a trade is executed, according to Decrypt. Users enter an amount in dollars, and each trade is executed as an on-chain swap. The app tracks profit and loss across deposits, withdrawals, trading and fees, including the break-even point for each position. The company uses Jupiter to route trades, Helius for infrastructure and Birdeye for market data. Leap said it plans, when it begins charging fees in the future, to use them to buy and burn SOL and fund a referral program; that plan therefore does not apply during the launch period when Leap is waiving its own fees.
After fees begin, Founders Club members are expected to receive 30% of trading fees generated by users they invite, plus 5% of fees from users invited by those users. The arrangement ties referral rewards to future trading revenue, while published information has not specified when fee collection will begin. The app relies on Jupiter to route trades, while Helius provides infrastructure and Birdeye market data, components that support swap execution and the display of asset information. Costs charged by the network and routing services remain in place even when Leap does not collect its own fees. The company said the costs will be shown before trading.
The app’s launch comes amid expanding tokenized-stock trading on the Solana network. The Solana Foundation said trading volume reached about $4.4 billion in September 2026, while supply reached $684 million, up 47% in three weeks. EL7 also reported that tokenized-stock trading on the network recorded $657 million in a single day on November 5, 2026. In a separate figure dated November 2, trading reached $657 million, more than twice the volume of any other day since September, but remained below the daily peak of $683 million in June, according to TokenPost. The figures indicate the scale of activity to which Leap is connected, with different reference periods across the September data and daily trading snapshots.
This market is also developing within a temporary U.S. regulatory framework. On September 17, 2026, the U.S. Securities and Exchange Commission announced a conditional exemption allowing eligible platforms to trade tokenized NMS stocks on-chain, with the exemption set to last five years. SEC staff require an eligible platform to publish a public notice at least 30 calendar days before beginning operations, and trading may not begin before that period has elapsed. The conditions also include limits on the number of shares and trading volume, rights for token holders equivalent to those of traditional stockholders, and a halt to trading in a token when the underlying stock’s trading is halted on its primary exchange. These rules apply to platforms covered by the exemption, while available information does not detail Leap’s regulatory status or the scope of assets its app offers under this framework.
The speed Chris Osborne, Leap’s general manager, associated with the trading experience is based on Alpenglow, Solana’s consensus protocol. Osborne said transaction confirmation takes about 150 milliseconds thanks to the protocol. The Solana Foundation describes this figure as a target finality time of about 150 milliseconds, compared with about 12.8 seconds under the previous TowerBFT protocol. Alpenglow was activated on the mainnet on October 21, 2026, at the start of epoch 1064, at around 13:36 UTC, according to the foundation. The target finality figure applies to the protocol, while the Android launch and the app’s geographic expansion remain dependent on service availability in permitted markets; the app is unavailable in the United Kingdom and other restricted regions.
Coverage points to broader challenges facing stock trading in token form. Decrypt reported that 56 companies objected to the trading of their shares on a planned tokenized-stock platform from OKX and ICE. The objections come amid debate over the rights of companies and token holders and the limits of trading, issues that intersect with the conditions set by the Securities and Exchange Commission for eligible platforms. Leap currently offers trading in multiple asset classes through an early beta on iPhone, while coverage said an Android version is coming. Access remains subject to geographic restrictions, and network and routing fees remain part of the cost of a trade at launch.