In September, customized meme paired transactions drove the demand for RWA tokens.
Solana has regained its leading position in tokenized asset trading activities, which has also sparked a strong demand for $BP among traders and investors who hope to bet on this sector.
As the recent meme/stock pairing trading continues to heat up, market attention is shifting towards the issuers of RWA. Speculators believe that these asset issuers will be the "shovel sellers" that dominate the narrative in the next round of the crypto bull market.
However, despite $ BP attracting attention as the leading RWA token on Solana, data shows that competing issuers like xStocks have a deeper penetration into the on-chain economy.
$ BP rose by 255% due to investors' interest in the tokenization sector
$ BP is the native token of the Backpack exchange, wallet, and on-chain securities issuance platform. Recently, it has become one of the best-performing tokens in the Solana ecosystem.
Driven by the explosive growth of tokenized asset trading activities, $BP has reached a new historical high of $1.67. This trend is clearly also catalyzed by the trading boom of meme / stonk.
In the past 30 days, this asset has risen by 265%, outperforming all Solana ecosystem tokens, with only $STONK being an exception.
Just like $ ONDO, $ BP of Backpack remains one of the few avenues for traders and investors to access the tokenization space. As the popularity of on-chain stocks and $ RWA-Fi continues to rise, many analysts believe that tokenization could become one of the most popular narratives in this cycle.
In a research report released on September 4th, Blockworks, analyst Sam Schubert pointed out that the transaction execution cost for $SPCX stocks on Backpack was 1.23 basis points lower than that of their corresponding underlying assets xStocks. At the same time, the execution gap was even larger compared to Robinhood Chains stocks; for transactions below $1,000, the price difference once widened to 5.8 basis points.
This superior performance over competitors is largely attributed to the professional liquidity and distribution provided by Sunrise. Sunrise, driven by the Native Token Transfer framework of Wormhole, has become the standard asset entry point for Solana DeFi, helping to bring the most tradable assets from around the world to Solana.
After briefly giving up the lead to BNB and Robinhood Chain, Solana regained dominance in the tokenized stock sector.
According to the data from Blockworks, Solana currently accounts for over 32% of all daily tokenized stock trading volume, surpassing BNB's 27% and Robinhood's 25%. In addition, Solana extends this advantage to tokenized commodities as well, capturing 28% of the weekly market share, leading all chains.
On-chain data shows that 74% of all tokenized stocks on Solana are issued by xStocks. Although Backpack Securities led in trading volume from July to mid-August, xStocks has recently regained the lead, which may be largely attributed to the trading of meme paired with $GLDx and $NVDAx.
However, some people believe that the deeper liquidity of xStocks comes from short-term capital attracted by ongoing incentive activities. Liquidity providers and borrowers currently receive xStocks point rewards, and participants hope that these points can be converted into some form of compensation in the future.
For further reading
- Everything You Need to Know About JTX
- What is JTX : Solana ’s Most Complete Trading Platform
- Jupiter ’s Kask Dhanda Joins The Big Picture
