Sam Schubert(@minnus):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.

Sam Schubert

@minnus

@Blockworks_ @blockworksres | prev @Citi | views are my own

Joined May 2023

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Sam Schubert@minnus

2026.10.26 21:01

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.