$BP Surges 255% in 30D Following Strong Month for Tokenized Equity Trading

Solana has reclaimed its lead in tokenized asset trading activity, sparking explosive demand for $BP as traders and investors seek exposure to the sector.

With meme/stock pairings running wild in recent weeks, attention is shifting to the RWA issuers as the ‘picks-and-shovels’ of what speculators consider to be the dominant narrative of the next crypto bullrun.

But while $BP catches attention as Solana’s leading RWA token, data suggests that rival issuers like xStocks boast deeper penetration across the onchain economy.

$BP Up 255% as Investors Eye Tokenization Sector

$BP, the native token of the Backpack exchange, wallet, and onchain securities issuance platform, has emerged as one of Solana’s best-performing ecosystem tokens in recent weeks. 

Catalysed by explosive trading activity across tokenized assets, no doubt due to the meme/stonk meta, $BP has roared to a new all-time high of $1.67. 

The move completes a strong month for the asset, which climbed 265% in the last 30 days trading to outperform all Solana ecosystem coins, barring $STONK.

Alongside $ONDO, Backpack’s $BP remains one of the only ways that Solana’s traders and investors can gain exposure to the tokenization sector. Given the growing popularity of onchain equities and RWA-Fi, many analysts believe that tokenization could be one of the coming cycle's most popular narratives.

In a September 4 research paper published by Blockworks, analyst Sam Schubert noted that trade execution on Backpack’s $SPCX stock was 1.23 bps cheaper than its xStocks equivalent. Meanwhile, the execution gap with Robinhood Chains stocks was even greater, spreading as wide as 5.8 bps on trades smaller than $1,000.

Much of this outperformance is due to professional liquidity provision and distribution from Sunrise. Powered by Wormhole’s Native Token Transfer framework, Sunrise has emerged as Solana DeFi’s canonical asset gateway, helping to bring the world’s most tradable assets to Solana. 

Solana Leads All Chains in Tokenized Asset Trading

After briefly relinquishing its lead to BNB and Robinhood Chain, Solana has reclaimed dominance of the tokenized equity race.

According to Blockworks data, Solana now commands over 32% of all daily tokenized equity trading volume, eclipsing BNB (27%) and Robinhood (25%). Additionally, Solana has extended this dominance to include tokenized commodities, capturing 28% of weekly market share to lead all chains.

xStocks Leads Trading Volume and Lending

But despite the growing popularity of tokenized assets and the consequent price appreciation on $BP, Backpack Securities is still far from Solana’s leader in terms of volume and supply. xStocks, the first issuer to bring tokenized equities onchain, still boasts a strong lead in sheer market size and composability.

Onchain data suggests that 74% of all Solana’s tokenized equities have been issued by xStocks. While Backpack Securities consistently led trading volumes from July until mid August, xStocks has reclaimed the lead in recent weeks, perhaps due largely to memecoins paired with $GLDx and $NVDAx.

However, one could argue that xStocks deeper liquidity is being sourced from mercenary capital through ongoing incentive campaigns. Liquidity providers and lenders are currently being rewarded in xStocks points, which participants hope will translate into some form of compensation in the future.

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