Solana Labs’ Leap opened a public beta of its iPhone app on 5 November, letting users trade tokenized stocks, ETFs, metals, currencies and crypto in one place, around the clock and subject to restrictions. The app is free at launch: Leap charges no fees of its own, and network and routing costs are shown before each trade.
That pricing is the easy part to report. Leap says the app tracks profit and loss across every deposit, withdrawal, trade and fee, including each position’s breakeven price, and you enter a trade in dollars while it executes as an onchain swap. The company frames the whole thing as a product built on two beliefs: that Solana is the network for every asset on earth, and that retail traders deserve something “engineered for discipline, not volume”.
Leap Charges Nothing Yet, and Plans a SOL Burn Later
Leap does not charge its own fees at launch. Network and routing costs apply, and the app shows them before each trade, so you can see what a swap costs before you send it.
Future fees are earmarked for two jobs: buying and burning SOL, which removes those tokens from circulation, and funding the referral program. The buyback and burn is described as planned, with no figure attached and no date for when fees start. Treat it as a stated intention, not a running programme.
What the Founders Club Actually Pays
Early waitlist members are the Founders Club, and the terms on Leap’s own site are more specific than the launch release.
Leap’s site lists a 30% fee share on Leap fees from friends you refer, dropping to 20% after 12 months, plus 10% back on Leap fees for six months if a friend referred you. Founders also get priority feedback access to shape the roadmap.
The launch release frames it slightly differently: once fees are introduced, Founders are expected to earn 30% of the trading fees generated by the people they invite, plus 5% from the people those users invite. So the site and the release describe the ladder at different levels of detail, and the second-level 5% appears only in the release.
Both versions are forward-looking. Leap is not paying these shares yet, because it is not charging fees yet.
Who Can Trade, and Who Cannot
The beta runs through Apple’s public TestFlight program, and an Android version is planned. Users can join the waitlist at leap.xyz, and Leap said the first wave of invites would go out on launch day.
The restrictions shape who can use it. The app is not available in the United Kingdom or other restricted regions, and users must be at least 18 and of legal age where they live. Tokenized stocks and ETFs are not the underlying securities and are not available to U.S. persons or in certain other jurisdictions.
Leap’s fuller legal disclosures sit behind a page that could not be read directly for this piece, so the detail in this paragraph comes second-hand from reporting on those pages. That reporting says the tokenized securities are also barred in the European Economic Area, Canada, Australia, Japan and Singapore; that Leap runs as a self-custody wallet and trading interface rather than a brokerage, is not a broker, exchange or custodian, and is not registered with the SEC or CFTC; and that its performance figures are not tax records and may be incomplete or inaccurate.
The structural point behind those limits holds either way. Leap does not issue the tokenized equities, and its disclosures warn the tokens do not confer ownership of the underlying assets or shareholder rights and carry issuer, custody and redemption risks. The launch release and asset disclosures do not name the issuers, so which stocks or ETFs are listed in the app is not confirmed from the primary record.
That is a different model from Securitize, which launched stock tokens on Solana in October through its registered broker-dealer platform for eligible U.S. and EU investors and says those tokens preserve dividends and applicable voting rights. Backpack’s tokenized Meta shares listed on Sunrise on 21 October, and on Leap’s launch day Jito’s trading terminal JTX said it had added Backpack and Ondo tokenized equities with direct issuer quotes.
The wider trend has drawn pushback: 56 companies have objected to having their shares traded on OKX and ICE’s planned tokenized stock venue.
The Stack Underneath the App
Leap is an interface over existing Solana infrastructure rather than a brokerage. Swaps run between a user’s wallet and outside market makers or liquidity sources, with Jupiter routing the trades, while Helius handles infrastructure and Birdeye supplies market data. Wallet keys are generated and secured through Privy. Leap says more partners are to come.
The team behind it is Dialect, which Solana Labs acquired earlier this year. Dialect built Solana Actions and Blinks, the protocol that turns blockchain transactions into shareable links, which launched in 2024, and the cashtags feature on X.
Leap’s case for speed rests on Alpenglow. “The Solana blockchain now confirms a trade in about 150 milliseconds thanks to Alpenglow, so the network is now faster than ever,” said Chris Osborn, Leap’s general manager and Dialect’s founder. Solana Labs co-founder and CEO Anatoly Yakovenko added: “Every app that brings new people onchain makes the whole ecosystem stronger.”
Two things stay open. Leap has not said when it will start charging fees, and the SOL burn remains a plan until it does. And because the app does not name the issuers of its tokenized equities, a reader cannot yet check what stands behind the tokens they are buying.
