Liquidity fragmentation across Solana, Ethereum and Base is the most consequential obstacle facing tokenized equities, NEAR co-founder Illia Polosukhin said in an interview on the Crypto Coin Show, pointing to NEAR Intents as the network's answer.

Speaking with host Ashton Addison, Polosukhin argued that tokenized stocks now sit across multiple chains in insufficient depth. "There's a little bit on Solana, there's a little bit on Ethereum, there's a little bit on Base," he said. The result, in his framing, is a market that can handle retail-sized flow but strains on institutional-sized orders.

How thin is the onchain order book?

Polosukhin used Nvidia as a stress test. Purchasing $10 million of the stock through Nasdaq is routine; executing the same trade against tokenized markets remains difficult because available liquidity is much thinner. The gap defines the problem NEAR Intents is built to close, he said.

What does NEAR Intents actually do?

Under the model Polosukhin described, a user seeking $10 million of tokenized Nvidia submits an intent rather than routing manually through bridges, DEXs and liquidity pools. A solver then sources or mints the corresponding assets during settlement, with Ondo listed as one execution counterparty.

"This now allows anyone to come in and actually tap into liquidity of Nasdaq onchain," Polosukhin said, framing NEAR Intents as an aggregator of onchain markets, centralized exchanges and traditional venues rather than a venue competing for native pool depth.

How does Ondo fit in?

• NEAR integrated Ondo Stocks with near.com and NEAR Intents in September.
• The rollout initially listed 20 tokenized US stocks, ETFs and commodity-linked products, including Nvidia, Tesla, Apple, Microsoft and Amazon.
• Ondo said its tokenized securities platform had surpassed $1 billion in total value locked and $26 billion in cumulative trading volume at the time of the integration.
• Ondo Stocks remain available across Ethereum, Solana and BNB Chain, networks Polosukhin cited as evidence of the fragmentation problem.

What changes for tokenized equities next?

Polosukhin positioned the aggregation model as more relevant as additional real-world assets move onchain and trading fragments further across issuers. "NEAR Intents become an aggregator not just of onchain centralized exchanges, but now Nasdaq and other liquidity that is trading these RWAs," he said. "We are unifying liquidity across all of the venues."

The competitive question for the coming quarters is whether cross-chain intent solvers can match the execution quality of a single, deep venue such as Nasdaq on size, given that traditional market-makers still set the marginal price for the underlying equities NEAR Intents aims to route.