With $8.5B trading volume in 9 months across 6 categories, @sunrise is positioned as one of the most complete expressions yet of @Solana's ambition to host every asset class onchain. Key takeaways from our report: 1. Tokenized stocks by @Backpack Securities are under 5% of market cap yet command ~43% of onchain depth and lead all new-listing volume with $2.49B lifetime. 2. The listing calendar moved from crypto-native base to June equities pivot (SPCX on SpaceX's IPO day) to a deepening RWA slate, now including two-metal commodities after silver's August debut. 3. Layer-1 majors anchor the venue: WETH and WBTC are ~51% of all market cap, while bridged HYPE became the standout with over $5B in lifetime onchain volume since its October 2025 debut. 4. Listing marquee names on their biggest days wins Backpack six of nine head-to-head stocks — 89% of SPCX trading and 96% of MU. 5. Layer-2 traded $95.8M on a $2.3M book, ~52% of its cap per day and second only to tokenized stocks.