Micron shares come to Solana just in time for earnings

Micron shares are present trading on Solana, and dissimilar connected Wall Street, the marketplace ne'er closes.

Sunrise and Backpack Securities person tokenized Micron (NASDAQ: MU) banal and brought it unrecorded connected Solana connected June 22, conscionable 2 days earlier the chipmaker reports its fiscal third-quarter earnings. 

Solana is 1 of the fastest blockchains successful the world, processing thousands of transactions per 2nd astatine a fraction of a cent, which is what makes 24/7, continuous trading of real-world assets applicable astatine scale.

The timing is deliberate. When Micron's numbers onshore aft marketplace adjacent connected June 24, the Nasdaq volition beryllium unopen but the tokenized mentation of the banal volition support trading astir the clock.

Related: One of Asia's astir regulated crypto markets conscionable said yes to Solana

How Sunrise and Backpack Securities tokenize a banal

A tokenized stock is not conscionable a terms tracker. Backpack Securities issues each MU token against a existent Micron stock held successful custody, meaning each token is backed one-to-one by an existent stock of the company. 

Holders tin deposit their tokenized MU into Backpack Exchange and redeem it for the underlying share, which tin past beryllium transferred to a accepted brokerage. Dividends and firm actions use to some the tokenized and brokerage-held positions.

The token tin beryllium self-custodied successful wallets including Backpack, Phantom, and Solflare, and traded crossed Solana's exchanges and wallets from the archetypal trade, moving wallet to wallet similar immoderate autochthonal Solana asset.

This redeemability sets MU isolated from astir tokenized banal products, which connection lone terms vulnerability without the quality to assertion the underlying share.

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Why net play changes everything

Earnings releases are designed to onshore extracurricular marketplace hours, which means the archetypal marketplace absorption is typically compressed into a constrictive after-hours model earlier trading halts wholly until the adjacent morning's open. Weekends and holidays widen that blackout further.

On Solana, those limits bash not exist. MU trades and settles continuously, done the net call, overnight, and crossed weekends. 

A holder reacting to Micron's guidance the infinitesimal it is published trades the aforesaid asset, successful the aforesaid liquidity pool, arsenic everyone else, careless of the hour.

"The companies gathering the AI system are among the astir invaluable successful the world, yet the markets for their shares inactive support banker's hours," said Saeed Badreg, CEO of Wormhole Labs.