I've made a wallet called Bask Wallet (https://baskwallet.com). It enables people to instantly trade SOL/USDC/SPYx, with one-click model portfolios that are applied to the user's assets. It's on-chain, nearly instant, and trades cost about 1 cent via Raydium.
Bask Wallet & MCMA
This wallet builds on an idea I've been promoting since 2021: MCMA. One future of crypto is where it takes over the non-digital world, which is now happening with the release of on-chain stocks/index ETFs. I explained how these work in September, following chats I had with people in the securities industry in Toronto who wanted to know how SPYx works. But the best way to understand something is to see it, and no one seems to have made a simple wallet for doing this.
I strongly believe that many people will be using wallets like Bask Wallet in the future. They'll be skipping over the world of memecoins, and protocol tokens, etc., and jumping straight to the idea of having personal control over their assets. This probably won't replace brokerage accounts, but for many people this is simpler, more accessible, and more portable.
Bask Wallet is actually in the Chrome Web Store in testing mode, but it's unlikely to be released publicly because I'm a lawyer, not a wallet developer.
Video Of Bask Wallet In Action
On-Chain Securities
There's several different index tokens but SPYx has the best liquidity on Raydium. It's not amazing liquidity, but it's enough that smaller dollar users would find the slippage acceptable. As these products become more popular there'll be greater liquidity, and eventually the costs should be nearly on-par with brokerage accounts that offer free trades.
Transactions happen in a second or two, and the user can see it on Solscan. It's quite amazing to switch back and forth between model portfolios and not suffer degradation of the portfolio value.
Why Make This?
1. Going through the exercise of making a wallet makes for a better lawyer in this space. There's no substitute for technical knowledge.
2. I wanted to see if this is possible. It is. And it wasn't particularly hard to make the wallet, despite this being my first program working with the Solana network.
3. To learn about how the UI scaling feature works in Solana, which is used by these new on-chain securities.
4. To see if I've been on the right track with my thoughts about where things are headed.
5. To share knowledge about what's happening and why it's exciting.
Future Of Bask Wallet
I'm a bit busy with being a lawyer, so probably Bask Wallet won't be launched as an actual product. The concept is relatively simple, and I'm sure there'll be more wallets catering to this market soon. Having advised a number of wallet companies (and having run one in 2017-2018), I know it's a lot more than writing some code! But that's part of the point of this: consumer-level stock/index trading applications can be written by a single person in about 30-50 hours of work. This is now at the level of a hobbyist who has a few free weekends.
Hopefully this inspires someone to start thinking about what sorts of new features could be made if stocks/indices are tokenized. It's a future that's long been discussed and is finally starting to materialize.
Future Of On-Chain Trading Of Securities
I made this wallet in late March, and then the SEC came out with a statement that any company looking at charging fees for a Bask Wallet-like product would want to read. Bask Wallet is free to use use, but any company doing this would likely have a business model that would involve some sort of transaction fees, which have always been considered by lawyers to be problematic where the tokens are securities. The SEC is offering one pathway for doing this. Whether or not a company would want to do that isn't so clear, because they'd have to consider how this would work for other countries, and they'd probably want to explore different options that might work better for a global user base. But no matter the model, it's clear that this is a growing market, and there'll be a lot of new types of applications made that make use of these new kinds of tokens.