Let’s decode: Why is Backpack suddenly getting market attention?
The core of this piece is about one thing—competition in tokenized stock markets has shifted from “who issues more” to “who has better liquidity.”
Backpack accounts for only 5% of the supply in Solana’s tokenized stock market, yet it captures 73% of DEX trading volume. Why? Because it uses propAMM (a proprietary market-making model), with deeper liquidity and tighter spreads. Put simply: the trading experience is better, so capital naturally flows there.
Currently, its trading volume is highly concentrated in popular assets like SPCX and MU. SpaceX isn’t listed, so regular investors can’t buy it. So any platform that can provide on-chain exposure to SPCX while also offering liquidity will naturally attract people. But conversely, once the heat around these assets cools down, trading volume will drop too.
Another key design is the redemption mechanism. Some tokenized stocks can be redeemed for the underlying assets according to certain rules, which adds a layer of “anchor” to on-chain pricing. If the price deviates too much, arbitrageurs step in to pull it back. This is the fundamental difference between Backpack and pure meme coins or synthetic assets.
My take:
This track is now moving from “a concept” toward “real trading.” Solana has already become the most active chain for tokenized stocks, and low fees + high throughput are the foundation. But what truly decides the outcome is the liquidity structure. The Backpack case shows that whoever enables buyers and sellers to complete trades with lower friction can keep the capital.
Hope you’re all staying on the train—at least I am
$SOL
$SPCXB
#创作者学院 #代币化股票 #Solana
The core of this piece is about one thing—competition in tokenized stock markets has shifted from “who issues more” to “who has better liquidity.”
Backpack accounts for only 5% of the supply in Solana’s tokenized stock market, yet it captures 73% of DEX trading volume. Why? Because it uses propAMM (a proprietary market-making model), with deeper liquidity and tighter spreads. Put simply: the trading experience is better, so capital naturally flows there.
Currently, its trading volume is highly concentrated in popular assets like SPCX and MU. SpaceX isn’t listed, so regular investors can’t buy it. So any platform that can provide on-chain exposure to SPCX while also offering liquidity will naturally attract people. But conversely, once the heat around these assets cools down, trading volume will drop too.
Another key design is the redemption mechanism. Some tokenized stocks can be redeemed for the underlying assets according to certain rules, which adds a layer of “anchor” to on-chain pricing. If the price deviates too much, arbitrageurs step in to pull it back. This is the fundamental difference between Backpack and pure meme coins or synthetic assets.
My take:
This track is now moving from “a concept” toward “real trading.” Solana has already become the most active chain for tokenized stocks, and low fees + high throughput are the foundation. But what truly decides the outcome is the liquidity structure. The Backpack case shows that whoever enables buyers and sellers to complete trades with lower friction can keep the capital.
Hope you’re all staying on the train—at least I am
$SOL
$SPCXB
#创作者学院 #代币化股票 #Solana
