$1.7B of Solana DEX volume over the last 24h turns this from a power-user feature into a distribution land grab. Kraken is wrapping Privy embedded wallets around the same liquidity universe that includes Raydium and Orca, so users get CEX UX while token-list risk, slippage, and third-party execution remain fully onchain. If it works, the listing premium leaks faster: CEXs become routers, and the edge moves from "got listed on Kraken" to "can retail discover it before Binance/Coinbase paperwork catches up."

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