Backpack Securities Records $500M in Weekly Tokenized Stock Volume, Outpacing Rival xStocks

Backpack Securities has reclaimed its role as the tokenized equity issuer of choice among Solana’s DeFi traders.

Despite trailing rival xStocks in liquidity and onchain supply, Backpack Securities now commands over 62% of weekly volume across tokenized equity markets.

With tokenized equities becoming a critical part of the onchain economy, industry leaders argue that emerging markets and long-tail assets could trigger the next wave of RWA-Fi’s evolution.

Backpack Commands 63% of Tokenized Equity Market Share

After trailing xStocks in tokenized stock volume for several weeks, Backpack Securities has taken a resounding lead in Solana DeFi’s tokenized equity race. According to Blockworks Data, Backpack Securities has recorded its biggest week ever in terms of trading volume, with over $584M worth of tokenized equities trading hands in onchain markets.

Off the back of the issuer’s strongest week in history, Backpack Securities now represents over 63% of tokenized equity market share, taking a clear lead over rival xStocks. 

Backpack’s return to dominance comes despite xStocks boasting a dramatic lead in total supply and deeper liquidity in many key pairs. Blockworks data suggests that the total value of all circulating supply of xStocks-issued assets currently sits at $480M, representing over 77% of Solana DeFi’s tokenized equity supply.

Beyond greater asset supply, xStocks also maintains an edge in spot DEX liquidity and lending markets. Based on aggregated liquidity, 11 of Solana’s top 20 tokenized equity pools hold xStocks-issued assets, while Backpack Securities are yet to be integrated into major lending protocols like Jupiter Lend and Kamino.

xStocks Dominates Tokenized Commodities

While onchain volumes suggest the Backpack Securities is the preferred issuer for tokenized equities, xStocks maintains a firm lead in tokenized commodities.

Led by $GLDx, an asset tracking the price of Gold, xStocks commands over 71% of weekly volume share among commodities issuers.

Issuers to Target Long Tail Assets?

As the lines between TradFi and DeFi continue to blur, industry experts argue that the greatest opportunity lies not in mainstream equities, but in the long-tail. While large scale equities like $NVDA, $AAPL, and $TSLA are already widely accessible, market participants claim that emerging markets and penny stocks have the most gain from entering the onchain economy.

Blockworks Analyst Sam Schubert argues that onchain derivatives of $VIDA and $PTN witnessed 7.8x and 2.1x the turnover ratio of their offchain counterparts over matching time periods. 

While at first glance this suggests strong demand for onchain penny stocks, one must recognize that much of this volume was driven via memecoin speculation.

Speaking at Token2049 earlier in October, former Solana Foundation CMO Akshay BD asserted that tokenizing long tail assets from emerging markets represents a much broader opportunity for DeFi that is largely unavailable in existing TradFi services.

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