Raydium and Uniswap Both Launch KYC-Gated Pools on the Same Day, with Superstate as First Mover

On July 23, Raydium RAY$0.618-4.1% announced compliance-gated AMM pool infrastructure on Solana; Uniswap published the same on Ethereum. Superstate was the first mover and design partner in both cases. The parallel timing reflects that Superstate has been working both chains simultaneously, and both largest DEXs on their respective networks shipped native enforcement infrastructure on the same day.

The consequence is that compliant secondary-market infrastructure for tokenized securities has moved from a niche add-on to a competitive feature.

How Raydium's Permissioned AMM Works

Raydium's existing CLMM (concentrated liquidity market maker) now detects a specific class of Token-2022 mint and handles it differently from standard tokens. When a mint carries Superstate's allowlist program ID as both its freeze authority and permanent delegate, and its DefaultAccountState is set to Frozen, Raydium treats the pool as permissioned.

Every token account for that mint starts frozen by default. Wallets that have not completed KYC through Superstate's allowlist program remain frozen and cannot send, receive, or swap the token. Approval thaws the account, giving the cleared wallet access to the pool. The check runs at the protocol layer, not at a frontend gate that can be bypassed.

The Raydium docs describe the detection heuristic: mint owner must be Token-2022, freeze authority must equal the Superstate allowlist ID (2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x), DefaultAccountState must be Frozen, and permanent delegate must match the same Superstate ID. Mints that meet all four criteria are routed through the permissioned path; everything else is rejected unless it appears on Raydium's conventional extension allowlist.

Superstate's Opening Bell and FundOS Bring Two Asset Classes

Superstate operates two products relevant to the Raydium integration.

Opening Bell, the equity-issuance platform, allows SEC-registered public companies to issue real shares directly on Solana. The shares represent actual equity ownership, with Superstate maintaining an SEC-compliant shareholder registry across both traditional book-entry and tokenized holdings. Purchases settle in stablecoins at real-time market prices. SOL Strategies, a Canadian public company focused on Solana infrastructure, is the first issuer to list shares through Opening Bell.

FundOS, the fund-issuance product, handles tokenized fund subscriptions for asset managers. Two funds are already live on Solana: USTB (Invesco Short Duration US Government Securities Fund) and USCC (Bitwise Crypto Carry Fund). As of July 24, USTB on Solana shows only 10 onchain holders, a direct measure of its restricted, KYC-gated distribution.

Until now, these assets have had limited secondary-market options. Holders who completed KYC could hold the tokens, but the trading venues were thin. The Raydium permissioned pool gives approved investors access to CLMM liquidity. Solana's DEXs cleared over $44 billion in total volume across the past week, per Solana Compass, and the protocol-level freeze enforcement ensures that unapproved wallets cannot interact with any of it.

Uniswap v4's Parallel Move on Ethereum

On the same day, Uniswap published its own permissioned pool standard built on v4's hook architecture. The mechanism differs technically: Uniswap hooks run a pre-swap eligibility check against an issuer-managed allowlist rather than using Token-2022 account state. The functional goal is identical: KYC enforcement at the protocol layer, not the frontend.

Superstate was the design partner on Ethereum as well. Securitize and Dowgo contributed additional compliance frameworks (DS Protocol and ERC-3643 respectively), but Superstate shaped the primary use case. Superstate CEO Robert Leshner described the logic in a quote to CoinDesk: permissioned pools move the compliance rules into the pool itself, so a regulated asset can access real AMM liquidity without the issuer giving up the controls securities law requires.

The Ethereum tokenized-asset market has its own momentum: BlackRock's BUIDL became tradeable on Uniswap in February 2026, and Citi has projected tokenized securities reaching $5.5 trillion by 2030.

Why Both Largest DEXs Moved on the Same Day

The timing (both chains, both dominant DEXs, same day, same institutional partner) reflects where the tokenized asset market has arrived. Issuers like Superstate have assets that require secondary-market liquidity to be commercially viable. Institutional buyers need venues with enforceable compliance. For DEXs, regulated asset flows offer a way to diversify beyond retail trading.

Each side needed the other to move first. That infrastructure is now in place on both Solana and Ethereum simultaneously.

For Solana specifically, this extends the tokenized equity activity that has been building this year. Tokenized stock lending hit a $51.9M weekly record earlier this week. The Raydium permissioned pool adds the compliant DEX secondary trading layer that was missing.