Backpack just took the lead in tokenized equity spot DEX volume across ALL chains. 27% of our tracked volume on Oct 25, ahead of Coinbase’s 25%. Issuance models (@Backpack x @sunrise) and the underlying tech (@solana) still matter, and that is the fwd looking lens needed to see who wins this sector in the long run.

.@Backpack / @sunrise is back in the lead for tokenized stock trading on @solana. $585M in spot DEX volume over Oct 19 to 25. Its first $500M week, up 45% week on week. Now 63% of our tracked Solana equity DEX volume, versus 32% for xStocks.

Our new Blockworks dashboard for Backpack is live. Over the past 7 days, onchain volume in Backpack-issued DJT was equivalent to roughly 14% of its TradFi counterpart’s volume. PTN was around 7% and RACE 6.5%. These are already material numbers relative to the traditional markets for those stocks. Clear evidence that onchain trading is already reaching material volumes relative to these stocks’ traditional markets. This is why I’m bullish on @solana × @Backpack × @sunrise building a serious market for tokenized equities.

PumpSwap was taking a much larger share of $SPCX trading on @solana than usual (38% of Backpack x Sunrise SPCX yesterday), so I dug a little deeper. On October 10, 86 memecoin/SPCX pools traded $19.5M, accounting for 38% of SPCX’s total DEX volume. Two separate Super Intelligent Beauty (SIB) coins launched seconds after Elon’s post and generated $10M combined. Musk, Silicon Inu and SpaceX Super Intelligence also contributed. The connection is @Pumpfun's Custom Pairs, which lets memecoins trade against tokenized SpaceX. Routes can run SOL/USDC → SPCX → meme, also adding SPCX turnover on Orca, Raydium and Meteora alongside PumpSwap. So part of the spike in tokenized-equity volume was memecoin speculation using SPCX as the quote asset.

More HYPE traded on @solana than even Coinbase on October 10. $16.9M versus $15.3M, with Solana also ahead of every other CEX shown. Through @sunrise, Solana can compete for the trading activity of all crypto assets.

65% of tokenized equity spot volume went through @solana on October 10 Nearly twice all other tracked chains combined. Liquidity begets liquidity. Still very bullish on Solana winning this market.

I would be long this chart. Solana's app revenue grew even as Pump's revenue fell. $173M in September, up 31% from August. While Pump was down 14%. The rest of @solana's apps generated $126M, up 63%. The revenue story is getting bigger than one app.

The sleeper trade in tokenized equities on @solana was hiding in plain sight: AMM pools. Since this June 29 post: solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R +292% solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL +179% solana:orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE +139% Versus solana:So11111111111111111111111111111111111111112 +57%. The thesis was never that pools would beat prop AMMs at quoting every stock. It’s that the two are complementary. As more RWA move onchain, the long tail needs liquidity before professional market makers quote every asset. Pools can serve that demand while providing deeper liquidity behind prop AMMs’ competitive top of book pricing. This is giving Raydium, Meteora and Orca an opportunity to earn fees from a much broader market than memecoins. Tokenized equities developments are one reason I think the market still underestimates what that infrastructure can become. Higher