Backpack

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Backpack
2026-09-21 08:14:09

Why Backpack Is Winning Tokenized Stock Volume on Solana With Just 5% of Supply

Backpack Securities is drawing outsized trading activity in Solana’s tokenized stock market despite holding only a small share of token supply. Data cited by Cowlpane from Crypto Briefing shows the platform accounts for roughly 5% of supply but about 73% of issuer-level decentralized exchange volume. The article argues that the gap is less about how many assets Backpack has listed and more about how those assets trade once they are live. A central factor is Backpack’s use of the Sunrise liquidity protocol and a proprietary automated market maker model known as propAMM. Unlike standard DeFi AMMs that rely on open liquidity pools, propAMM is described as closer to professional market making, with designated liquidity providers managing capital and quotes to improve capital efficiency, deepen order books, and tighten spreads. In some measured periods, propAMM contributed about 71% of Backpack’s trading volume. The report also notes that activity is concentrated in a handful of flagship names, including SPCX, which represents SpaceX exposure, and tokenized Micron products. At the same time, some tokenized stocks on Backpack include redemption mechanisms, which can help anchor on-chain prices to underlying asset value through arbitrage. The broader takeaway is that tokenized equities may be moving from an issuance race to a liquidity race, where market structure matters more than raw listing count.

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Why Backpack Is Winning Tokenized Stock Volume on Solana With Just 5% of Supply
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