What already existed
They trade on DEXes. Pyth publishes equity and xStock feeds (
Equity.US.AAPL/USD, Crypto.AAPLX/USD, and siblings). Kamino listed several xStocks.
What did not exist
- No perp market. You could not long or short the token with margin.
- No interest. Kamino xStocks utilization is ~0, so supply APY is ~0. Holding in Kamino was still just holding.
- No one-click credit. No path from “I own TSLAx” to “that TSLAx is working in a market that pays.”
What Vanna added
- Isolated lending pools for those mints — borrowers create a rate
- Margin credit against the same tokens
- Long / short via borrow + Jupiter (real tokens, not a virtual future)
- Farm that routes stock equity into Kamino main-market USDC/SOL, where APY is real
TransferFeeConfig extension at 100bps (1%) per transfer — a real third-party fee Vanna did not create, just accounts for. xStocks (TSLAx, GOOGLx, AAPLx) have no transfer fee. Either way, fees are measured on every vault move, not assumed: quotes and health use the amount that actually arrived, not the amount requested.
This is the Stocklana wedge: not another stock wrapper — utilities around the wrappers that already shipped.