Overview
FLOOR is a Tokenized Securities Venue (TSV) for Solana, built to the conditions of SEC Release No. 34-106402 of 2026-09-17, the Innovation Exemption. The order lets a venue trade tokenized US exchange-listed stocks through automated market maker pools on a public, permissionless chain for five years without registering as an exchange, and exempts liquidity providers that quote only into such pools from the dealer definition. FLOOR operates under that exemption. The SEC has not approved, licensed or endorsed FLOOR, and the order itself forbids a venue from implying that it has.
What the venue does
- Lists tokenized NMS stocks that carry the full rights of the share: dividends, votes, the residual claim. On Solana today those are Forward Industries (FWDI) and Galaxy Digital (GLXY), issued through Superstate's Opening Bell as Token-2022 mints whose accounts are frozen by default and thawed only for allowlisted wallets.
- Trades each stock against USDC in one constant-product pool per pair. The order allows three kinds of quote asset: a payment stablecoin, a tokenized money market fund, or another tokenized NMS stock. The venue registers each quote mint with its kind before a pool can use it.
- Admits traders and LPs wallet by wallet. A wallet must be on the venue's own participant registry and hold the shares in a token account the issuer's transfer agent has thawed (the shares are frozen by default); the second is enforced by the mint's freeze authority, not by the venue.
- Halts a stock whenever its primary listing exchange halts it. A keeper set posts halt and resume events into the halt feed program; the swap instruction reads the symbol's halt state before it quotes.
- Counts executed shares per stock per calendar month and refuses the fill that would cross the cap: 0.25 percent of the prior month's consolidated average daily volume for a Tier 1 stock, 2.5 percent for Tier 2. Symbol counts are capped at 75 and 250.
- Keeps a 30-day issuer-notice record for third-party tokens and opens trading only after day 30 with no objection on file. Issuer-sponsored tokens skip the timer.
- Emits every fill as an on-chain event so the site can publish the last 30 days in USD, machine-readable, within 10 minutes.
What it is made of
Four Anchor programs and one Token-2022 transfer hook used in tests:
| Program | Program id | Job |
|---|---|---|
| floor_venue | 3vkpdUbzcQ7p5Ak36kjcfmWmgpuH3syswtwa5CGina8j | Participants, quote assets, pools, swaps, liquidity, fees, pauses |
| floor_halt | hZWUysrRYBmuindfRrE78rKuwG7iqQwKm5c9ZpAqk7o | Per-symbol halt state posted by a keeper set with a threshold |
| floor_caps | riN4V5uUokJ2GqBVtbfnHpwUKmvCQv3A2Ygt7kNYmxN | Monthly executed-share counters, prior-month ADV, tiers, breaches |
| floor_notice | 4MLRiWbL48QgrZivaHp1RzZPTPGLNDU9zqNHnbFxBuKr | One issuer-notice record per mint with the 30-day timer and objection flag |
| allowlist_hook | 6MsQwMt2jB1yH9PY5E3s7bGVqot5Zc4NpaYt2pKRT96g | A stand-in for the issuer's gate on the local validator (a transfer hook; the real FWDI and GLXY mints use frozen-by-default accounts instead) |
These ids are the ones declared in the source. Nothing is deployed to devnet or mainnet yet; the app runs in preview against mainnet data until the venue opens.
What it is not
- Not a lending or margin venue. There is no borrowing, hypothecation or credit instruction anywhere in the programs.
- Not an issuer. The stock mints belong to the issuer's transfer agent; FLOOR never mints or redeems shares.
- Not registered with the SEC as an exchange, broker or dealer. It relies on the exemption, and its operator must be a US person who publishes a notice 30 days before operating, keeps records in the US and consents to SEC examination.
- Not a token project. There is no venue token, no buyback and no burn.
Where the design came from
The TSV design was proposed to the SEC's Crypto Task Force as Project Open by the Solana Policy Institute, Superstate, Orca and Lowenstein Sandler. The Solana Foundation described the resulting order on 2026-09-23. FLOOR cites both; it did not write either.