Backpack Securities, an issuer on the Solana network, recorded over $584 million in weekly trading volume for its tokenized stocks. This figure represents a 63% market share, making it the most active issuer among Solana DeFi traders.
Despite its lead in trading volume, Backpack trails its competitor xStocks in both total onchain supply and liquidity. As of mid-September 2026, the total supply of tokenized equities on the Solana network reached $684 million.
Since the launch of its program on June 12, 2026, Backpack has accumulated over $5.3 billion in total onchain volume as of mid-October 2026. In July 2026, the company held a 73% market share on $1.06 billion in volume.
The issuer utilizes a mint-and-redeem structure and partners with Sunrise to implement a propAMM liquidity model. This approach aims to provide tighter spreads and improved execution compared to standard automated market makers.
Specific assets, such as the SPCX token linked to SpaceX, have contributed to the platform's activity. While xStocks maintains a larger onchain footprint, Backpack continues to dominate in terms of frequent asset turnover.
