The Onchain Equity Boom

Tokenized equities on Solana have emerged as the dominant new activity layer on the network, with just under 1.4 billion dollars in weekly spot volume recorded in the most recent tracked week, representing approximately 98 percent of all on-chain spot equity volume across blockchains. On-chain equities now account for nearly 20 percent of spot volume on Solana while meme coins sit at 10 to 15 percent, meaning tokenized equities have already surpassed memes in spot trading activity on the network. The volume is concentrated on two platforms, X-Stocks and Backpack, with SpaceX described as the launching asset that drove the initial spike and alone accounting for over 30 percent of all equity perp volume on-chain, roughly 4 billion dollars in weekly perp notional. Weekly equity perp DEX volumes hit approximately 11 billion dollars last week against 1.4 billion in spot, an 8x ratio that mirrors Binance's typical 6 to 10x futures-to-spot relationship.

Backpack and X-Stocks use structurally different models with meaningful implications. Backpack creates tokens that are one-for-one fungible with real-world shares, allowing users to move between the on-chain token and a brokerage account without triggering a taxable event, which simplifies reconciliation for market makers. X-Stocks uses a Swiss tracker certificate structure where token holders are creditors rather than shareholders, retaining one-to-one price exposure but no shareholder rights. Backpack's structure is predicted to produce tighter spreads and better pricing, likely crowding out competitors with weaker market structure, and the market is expected to consolidate to one or two dominant versions of each tokenized stock. Only three stocks have been listed on Backpack so far out of roughly 5,000 in the S&P 500 and 30,000 globally, with Micron trading approximately 30 million dollars in a single day around its earnings release, illustrating the advantage of 24/7 on-chain settlement.

Approximately 80 to 90 percent of Backpack's SpaceX token volume flows through proper AMMs including ZeroFi, Terrestrial, and GunFi, which reference oracle prices from traditional exchanges and pull quotes instantly. Meteora's generic pool model holds 10 to 20 percent of volume and is expected to serve as a backstop during off-hours when oracle pricing quality declines. Passive pool liquidity providers are predicted to get picked off during market hours when proper AMMs are actively quoting. For long-tail tokenized assets that market makers are unlikely to quote, liquidity pools are expected to become the primary liquidity layer, particularly in the first year before market makers grow comfortable with the full asset universe. Meteora appears to be the main pool for Backpack and Sunrise tokenized equity liquidity, possibly under a formal arrangement.

The existing meme coin user base has not yet shifted behavior toward tokenized equities, with Phantom and Axiom still generating 500 million to 1 billion dollars weekly in Solana volume. Phantom has integrated Hyperliquid perps and is pushing equity trading notifications but has not fully integrated spot tokenized equities. Existing front ends like Axiom charge 50 to 100 basis points in net take rates with poor execution and are optimized for meme coin flow, leaving a gap for a sophisticated equity-focused terminal. A team called JTX, attributed to Jito and described as having quantitative finance backgrounds, is targeting a July release for a terminal aiming to offer better execution than centralized exchanges and yield while trading. The first mover that best captures this trend is predicted to take a majority of on-chain trading app market share within five to six months, consistent with the historical pattern of Unibot, Banana Gun, Photon, Bonkbot, and Axiom, though Jupiter's team strength and historical dominance make it harder to displace than typical incumbents.

Jupiter, Phantom, Backpack, Meteora, Raydium, Jito, and Solana itself are all identified as structural beneficiaries. Raydium hit an all-time high in tokenized asset volumes in Q1 2025 and tokenized assets have surpassed meme coins in daily revenue on the platform, but the stock trades near 2022 lows after losing meme coin share to Pump Swap, and fees on equity trading may need to compress relative to meme coin fees, limiting revenue upside even as activity grows. Tokenized equity volume is predicted to become the majority of Solana spot volume share within one year, and the SEC is effectively signaling a green light for the activity, with passage of the Clarity Act expected to unlock institutional participation that meme coins never attracted.

On Strategy, Bitcoin drew down to 75,000 dollars this week, and at that price the market is implying a 14 to 15 percent effective yield on STRK while Strategy pays only 11.5 percent on par, with STRK trading at roughly a 25 percent discount to par and MSTR's ATM premium falling as low as 1.1. STRK outstanding has grown from roughly 1 billion to over 10 billion in a year, and the scale of issuance relative to Bitcoin balance sheet duration is identified as the core structural problem. Perpetual preferred instruments are argued to be structurally inferior to convertible notes because they never mature, require eventual dollar repayment, and offer no clear duration to hedge around, while convertible notes timed at cycle lows produce dilution at much higher prices. The NASDAQ-Bitcoin weekly RSI is described as at its most overbought level ever, a signal historically coinciding with a high-timeframe cycle low in Bitcoin, supporting a prediction that Bitcoin will outperform the NASDAQ over the next two to three years.