Backpack Securities, a platform built on Solana, recorded $193.3 million in trading volume for tokenized stocks over the past week. In July 2026, the exchange reached $1 billion in monthly volume, securing a 73% market share of issuer-level DEX volume for tokenized equities, despite controlling only 5% of the total tokenized stock supply.
The platform's growth is driven by the SPCX token, representing SpaceX equity. In Q2 2026, SPCX generated $935 million in volume, capturing 87% of all Solana DEX activity for tokenized SpaceX shares. Additionally, Backpack's tokenized Micron Technology stock accounted for 95% of the DEX volume for that asset during the same quarter, totaling $490 million.
Since the launch of six tokens on June 12, 2026, cumulative on-chain volume for Backpack's tokenized stocks has surpassed $734 million. The platform utilizes the Sunrise liquidity protocol and proprietary automated market makers (propAMMs), which handled approximately 71% of its total trading volume, offering tighter spreads and lower transaction costs.
Solana remains the primary network for tokenized equities, accounting for 95% of all DEX volume across all blockchains in Q2 2026, totaling $5.8 billion. This figure represents a 114% increase from the previous quarter. While Backpack leads the sector, other competitors like Backed Finance also operate within the ecosystem.
