A tokenized version of Grindr stock, trading under the ticker GRND, launched on the Solana blockchain on September 10. Within its first 24 hours, the asset generated over $31 million in trading volume, nearly doubling the volume of the company's traditional shares on the NYSE from the previous session.
The launch was facilitated by Backpack Securities and the Sunrise liquidity protocol, with primary trading activity occurring on the decentralized exchange Raydium. In the first two hours alone, the token recorded $14.1 million in volume, which is equivalent to approximately 85% of the total NYSE volume for Grindr on the preceding day.
These tokenized equities are backed 1:1 by US shares held in regulated custody and utilize ACATS and DTCC infrastructure for settlement. Despite this, the tokens do not grant voting rights to holders and are restricted from being traded by US persons.
The broader Solana tokenized equity ecosystem has seen significant growth, with total supply reaching $684 million on September 11, marking a 47% increase over three weeks. Assets under management for the xStocks category surpassed $800 million during the same period.
While the 24/7 trading capability serves as a primary driver for these products, historical data for similar Solana launches, such as SPCX, shows a pattern of high initial volume followed by a sharp decline. Trading activity for GRND has already begun to drop following the initial surge.
