On November 5, 2026, Leap, a Solana Labs business, launched its trading beta in early access on iOS. The app combines crypto and tokenized assets with onchain swaps and portfolio tracking, but its disclosures exclude tokenized securities from a broad list of markets.
Leap is available on iPhone through public TestFlight. Android is still coming. The Dialect team, acquired earlier this year to build the business, developed the app. Its prior work includes Solana Actions and Blinks, which turn blockchain actions into shareable links.
The app also places market research directly on price charts at the time a story broke. Leap describes trading access across tokenized stocks, ETFs, commodities, currencies and Solana tokens. Restrictions apply both to who can use the app and to which instruments an eligible user can trade.
Tokenized exposure has a narrower eligible market
Leap’s asset disclosures say tokenized securities are unavailable in Australia, Canada, China, Hong Kong, Japan, Singapore, Switzerland, the United Arab Emirates, the United Kingdom, the United States and every country in the European Economic Area. They are also unavailable where Leap cannot determine a user’s location. Individual issuers may impose further restrictions. Leap prohibits using a VPN or another method to bypass geographic controls.
The launch release separately excludes United States persons from tokenized stocks and ETFs. Leap’s own launch notice says the app is not for United Kingdom users and that asset availability varies by jurisdiction. Those eligibility limits apply despite the app’s availability through public TestFlight.
Third parties issue the instruments, which are designed to follow underlying asset prices. According to Leap’s disclosures, tokenized stocks, ETFs, metals and similar assets give users no ownership of the underlying asset, voting rights, dividends or other shareholder benefits. Users take on issuer, custodian and redemption risk.
Leap advertises trading around the clock, subject to restrictions. It also warns that these instruments may fail to track their underlying prices, including when the underlying market is closed. The release warns that trading digital assets and tokenized instruments can result in loss of all funds.
Self-custody depends on external infrastructure
Users enter a dollar amount and confirm a trade. The trade executes as an onchain swap, with Jupiter supplying trade routing, Helius providing infrastructure and Birdeye supplying market data. The terms of use describe swaps against quotes from independent professional market makers or through third-party decentralized exchanges, aggregators, protocols and other liquidity sources.
Leap says it is not the custodian of users’ wallets or assets. It neither controls private keys nor has the power to initiate, execute, reverse, freeze or cancel transactions on a user’s behalf. That includes reversing an erroneous transaction.
Privy, a third-party key-management provider, generates and secures wallet keys under its own terms and privacy policy. Leap warns that a Privy outage, security incident or infrastructure failure could leave users unable to access their wallets and assets, temporarily or permanently.
The terms also allow some partners an exclusive right to bundle and submit transactions entered through the app. Leap may arrange for market makers to submit quotes and may receive a fee from a market maker when a user executes against its quote. The terms permit these commercial arrangements without disclosing a payment on any particular trade.
What the profit-and-loss display counts
Leap promotes profit-and-loss tracking that accounts for deposits, withdrawals, trades and fees, alongside a breakeven price for each position. Its disclosures explain how transfers enter the calculation: a token transferred into the wallet counts as a purchase, while a token transferred out counts as a sale. Fees and price impact reduce PnL. The displayed total combines realized and unrealized gains.
Amounts use United States dollar market prices at the time of each transaction. When a market price is unavailable, Leap assigns the token a value of $0. This can affect transfers, starting balances and the beginning of a selected reporting period. Displayed PnL can consequently be higher or lower than actual gains or losses.
Helius supplies the wallet balances and transaction history used in that calculation. Delayed, incomplete or inaccurate provider data can flow through to balances and PnL. Leap says its portfolio value, breakeven and performance figures follow no tax accounting method and are not tax records. They may also differ from other platforms’ figures.
Launch costs, referral limits and privacy
Leap charges no fee of its own at launch. Network and routing costs still apply and appear before each trade. The company plans to use future fees to buy and burn $SOL and fund referrals. It describes those plans as forward-looking and subject to change without notice.
Early waitlist members enter the Founders Club, receive a referral code and get access to new features. Once fees arrive, the release says founders are expected to earn 30% of trading fees from direct invitees and 5% from those invitees’ referrals. The referral terms exclude gas, priority fees, tips, slippage, spreads, price impact and third-party charges from the Leap Fees base. Amounts Leap does not charge and retain are also excluded.
Joining the program requires no purchase, deposit, investment or payment. Leap can close the Founders Club to new members at any time. Early access, waitlist position and other non-monetary benefits remain discretionary. Invitations may improve a position but guarantee neither a particular ranking nor an access date.
The privacy policy says requesting a swap quote or executing a swap shares information such as wallet and IP addresses with liquidity and routing providers. Those providers are independent businesses with their own privacy policies. Leap’s listed blockchain activity data includes transaction identifiers, senders, recipients, amounts, history and other onchain applications associated with a wallet.
The launch release lists Android availability as coming soon and makes future fees, buy-and-burn plans and referral rewards subject to change. Its published launch terms give no date for when those fee-funded rewards will begin.
