Blockworks Research reports Solana's Backpack tokenized equities platform achieved $2.7B DEX volume with lower fees than xStocks and Robinhood Chain.
DeFi & Yields ·
Blockworks Research examined tokenized equity trading on Solana and found that Backpack's single-name equity tokens generated over $2.7B in decentralized exchange volume between June and August, outpacing xStocks' $1.45B when excluding ETFs. The analysis revealed that Backpack achieved tighter execution prices, with fills measuring 1.23 basis points cheaper than xStocks during regular trading hours and 2.42 basis points cheaper overnight. Against Robinhood Chain, Solana-based trading delivered substantially lower costs, with Backpack fills costing 5.8 basis points less on smaller trades and 12.1 basis points less on $10,000 to $20,000 orders.
The performance difference stems from distinct market structures. Backpack's direct redemption pathway into its brokerage system, combined with Sunrise's market-maker coordination, enabled proprietary automated market makers to handle over 60% of Backpack volume, whereas xStocks relied on public AMM pools for 86% of its volume. Backpack tokens function as BVI-issued trust receipts redeemable for stock entitlements, while xStocks operate as collateralized debt securities. Solana's composability allowed cross-protocol liquidity sharing, with 81% of simulated xStocks buy orders routing through Backpack's tighter liquidity.
Backpack initially captured the largest share of Solana tokenized-equity volume but saw xStocks regain leadership by late August with 61% market share versus Backpack's 31%, driven by xStocks' broader equity offering and inclusion of ETFs like SPY. The dynamics between the two platforms remain unsettled, with market leadership shifting based on product expansion and user adoption patterns.