Trade.xyz launched ANT, a perpetual contract allowing on-chain traders to speculate on Anthropic's pre-IPO valuation with up to 10x leverage. The contract provides synthetic exposure to price movements without granting direct equity ownership or IPO stock allocation rights.
Concurrently, the Base ecosystem has promoted tokenized Anthropic shares, though these offerings lack specified issuers or identified token contracts on-chain.
Pre-IPO perpetuals settle against oracles tracking private market valuations or custom indices, structurally different from RWA tokenization of assets like U.S. Treasuries or real estate, where on-chain tokens represent verifiable off-chain holdings. Here the underlying is a future equity event, not a current liquid asset.
Base's promotions create a transparency gap common to unverified pre-IPO derivative products. On-chain financial instruments typically require clear asset origin identification and smart contract linkage for user verification.
Leveraged perpetuals in pre-IPO markets face liquidation risk in volatile, less efficient price discovery environments. Without direct equity ownership, traders lack shareholder recourse.
