.@Backpack's liquidity model was different from launch. Prop AMMs handled 64% of its volume in the first full week, while @xStocksFi was overwhelmingly pool-based. Tokenizing the same stock does not mean getting the same market structure.

Small tokenised stock trades expose a very important cost gap imo In our Sep 3 to 16 $MU sample, $1–$100 orders averaged 0.12% in measured all-in costs for @Backpack tokens on @solana, versus 5.42% on Robinhood Chain. For $100–$1k orders, it was 1.6 bps versus 43.7 bps. These costs are measured against MU’s stock midpoint and include embedded DEX fees plus actual network charges. Global stock access needs affordable execution, and that’s where Solana will continue to have its edge for some time

.@Backpack's two-way conversion between tokens and stocks matters even more when paired with @solana’s scalable, continually improving execution stack. In our Aug 27 to Sep 9 SPCX sample, $100–$1k trades averaged 2.7 bps in measured all-in costs for Backpack on Solana versus 34.7 bps on Robinhood Chain, including embedded DEX fees and network charges. For $1–$100 trades, the gap was even more dramatic: 0.11% on Solana versus 4.29% on Robinhood Chain. The bigger opportunity is making onchain finance economical for retail users worldwide and institutional flows at scale. Building that infrastructure and liquidity takes time, and Solana has a multiyear head start.

Robinhood Chain has gained traction recently in tokenized equities, but headline volume alone says little about market quality. Across our sample, @Backpack fills on @solana were 5.8 to 12.1 bps cheaper than Robinhood Chain. And that’s before accounting for chain fees: Robinhood’s median fee was ~128x Solana’s. For investors assessing where durable capital flows will settle as regulation opens the market, market structure and infrastructure still matter. Solana’s battle-tested and improving infrastructure, alongside its advanced DeFi stack, delivers best-in-class execution and positions it to capture RWA trading at scale.

Despite @RobinhoodCrypto producing $3.83M in Network REV yesterday, just $254 was spent settling that activity to Ethereum. So @ethereum captured just 0.0066% of the revenue. The L2 roadmap is scaling activity but it is barely giving ETH value accrual. Is ethereum:native cooked here?

At this pace, @Pumpfun would buy back the equivalent of PUMP’s circulating market cap in ~4.4 years. $8.1M bought back in 7 days, a ~23% annualized rate. solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn trades at 2.0x circulating market cap/7-day annualized revenue and 5.2x on FDV. And we are still just coming out of the bear...

Gradually, then suddenly @solana spot DEXs now regularly out-trade Coinbase, Bybit and Kraken on weekly volume. And the gap to the biggest venue keeps closing: ~15% of Binance's spot volume in early 2025 to ~30% today...

On Robinhood and Tokenized Stocks as Settlement Assets A month after I made this tweet, the main tokens that are running on Robinhood are either memecoins paired with tokenized stock liquidity like Artificial Inu or launchpads that derive revenue from launching tokenized stock-paired memecoins like $PONS. This trend is causing a large amount of tokenized stock volume because if someone holds ETH or another currency and wants to bridge to Robinhood to buy a token or swap into one of these memecoins, they will first need to swap into the tokenized stock. They will then need to acquire the memecoins. This happens atomically through a router without anyone realizing but it's essentially causing the tokenized stock volumes to explode. This is similar to how there are petrodollars and US dollars, which are the currency in which oil is denominated. If you want to buy oil, you need to buy dollars first and then you buy the oil with the dollars. This also has the effect of growing the supply of tokenized stocks rapidly because if people are swapping into RWA-denominated tokens, this is going to create a large amount of minting demand for these different tokenized stocks. This continues even when the markets are closed. This is the first time we've seen capital markets for stocks as collateral or a currency essentially driving demand for the underlying single-ticker names. This can cause demand to swell when supply is thin and it's difficult to do the arb because TradFi markets are closed. That will be remediated once the New York Stock Exchange and Nasdaq go to 23.5 or even eventually 24/7 trading hours . The other notable takeaway from Robinhood is that people are putting large transfer taxes on meme coins. If you look at @flapdotsh, another prominent launchpad which is huge on BNB, people are launching Robinhood chain memes on it as well as BNB chain memes with up to 5% to 7% transfer tax on every transaction. This is creating a situation where users, on FOMO, buy these tokens and have a 500 to 700 bp price impact before any fees or mev/slippage are deducted. Meaning in some cases they're losing 10% to 12% or even 15% of their money on a single swap but they expect to make money so they keep trading. Pretty crazy times!

The solana:So11111111111111111111111111111111111111112 bid is waking back up. @solana ETF flows just posted their biggest day in nearly 10 months. Spot SOL products pulled in $92.9M on Aug 28, with BSOL accounting for $76.3M.

On Saturday, 41% of @RobinhoodCrypto direct tokenized-stock pair volume had a meme or long tail token on the other side. The seven day share is around 30%. Is this type of activity sustainable?

Across matched $100 to $20K realized SPCX trades on @solana, @Backpack delivered 1.97 bps lower execution costs than xStocks across regular and overnight markets. Same stock. Same chain. Different execution.