Backpack surpasses xStocksFi in monthly tokenized equities volume on Solana despite holding just 5% of supply

Backpack just did something that shouldn’t really be possible on paper. The exchange overtook xStocksFi in monthly tokenized equities volume on Solana in July 2026, pulling in $1.06 billion in trading volume. The kicker: Backpack holds roughly 5% of Solana’s total tokenized stock supply, while xStocksFi controls about 87%. That 73% issuer market share came exactly one month after Backpack launched its tokenized securities offering. How a 5% supply player captured 73% of volume Backpack’s edge appears to come from its propAMM models, a proprietary automated market maker design built through strategic partnerships that concentrates liquidity more efficiently than traditional order book or AMM approaches. The platform’s SpaceX token, trading under the ticker SPCX, has been a standout performer. Shortly after its June 2026 listing, SPCX crossed 10,000 onchain holders. Cumulative volume on that single token surpassed $350 million. Backpack’s tokenized version of SK Hynix, listed as SKHY through a partnership with Sunrise, generated $1.18 million in volume on its very first day of trading on July 10. Traditional stock markets operate roughly 6.5 hours per day, five days per week. Tokeniz...