Jarsy vs DeFi Tokenization

This split reveals that tokenized equity is not one market, but two very different products wearing similar packaging. Jarsy is trying to make private stock feel simpler while still staying inside securities rules, using KYC, accredited investor checks in the U.S., and Delaware SPVs that hold the actual shares. The DeFi native path optimizes for speed, wallet portability, and composability, but it also pushes much closer to regulatory and issuer conflict.

• Jarsy sits closer to EquityZen than to pure DeFi. On the back end, both use SPVs to acquire secondaries, but Jarsy gives users blockchain tokens with economic rights instead of direct SPV memberships. That strips out much of the paperwork for the buyer, while keeping a familiar legal wrapper under the hood.
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• PreStocks represents the more DeFi native branch. It is built for tokens to move across Solana wallets and apps, with 24.7 trading, lending, and eventually leverage and shorting. That can create better distribution and price discovery, but it also depends more heavily on offshore regimes like Reg S and on users accepting less issuer cooperation.
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• A third branch is synthetic exposure, represented by Caplight. Instead of touching the shares at all, it lets institutions trade contracts on private company value. That avoids many transfer and settlement bottlenecks of spot secondaries, but it is aimed at hedging and portfolio management for professional investors, not broad retail access.
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The next phase is likely a barbell. Compliance first platforms will win institutions, issuer relationships, and eventually U.S. scale, while DeFi native platforms will keep pushing liquidity, global reach, and new on chain use cases. Over time, the strongest model is likely the one that combines real legal enforceability with crypto style distribution and trading speed.