Kamino has $25m+ in xStocks collateral across 8 tokenized equities with borrow-side incentives live on SPYx, TSLAx, NVDAx, GOOGLx. 36% utilization at 50% LTV. the moment someone borrows against their NVDA position to ape into $SOL you get a reflexive loop between tradfi equity prices and defi liquidation cascades. watch utilization cross 60%. that's when tokenized stocks stop being a novelty and start being a systemic variable on solana