Solana Is Finding Liquidity in Wall Street’s Closed Hours
Tokenized Grindr shares generated more than $31 million of volume within their first 24 hours on Solana, surpassing the underlying stock's previous U.S. session and exposing a potentially more important source of demand: trading when conventional exchanges are unavailable
Summary:
- GRND cleared $31 million in 24 hours.
- Equity supply reached a record $684 million.
- More than 727,000 addresses hold tokenized stocks.
- Backpack is rapidly expanding its equity catalog.
GRND went live on Solana on September 10 through Sunrise and Backpack Securities.
According to information from Solanafloor, first 24 hours produced more than $31 million in volume, against approximately $16.6 million for Grindr shares during the previous U.S. trading day and a recent daily average near $25 million.
Launch-day excitement clearly contributed. GRND’s subsequent 24-hour volume dropped below $8 million, providing an early warning against extrapolating its debut indefinitely.
But the timing of Solana’s broader equity activity makes the launch harder to dismiss as another isolated token listing.
Research covering the network found 63% of tokenized-equity spot volume occurring while U.S. stock exchanges were closed, including 17% during weekends. Tokenized equities also accounted for $8.2 billion of Solana’s $14.7 billion in RWA spot volume over the measured period.
Backpack is building a bridge, not a synthetic ticker feed
The legal and custody structure is important when evaluating those volumes.
Backpack Securities combines two separate rails. Its brokerage business provides conventional ownership of U.S. equities through regulated securities infrastructure, while its partnership with Sunrise allows positions to be converted into tokenized securities that can move on Solana.
Recent Backpack-issued assets have been structured as 1:1 representations backed by corresponding shares, with redemption paths back into traditional brokerage infrastructure. Nike’s NKE token, for example, is backed by Nike shares and can be converted back into conventional brokerage holdings.
That structure creates several practical differences from simply following a stock price through a synthetic product:
- positions can move between compatible onchain applications;
- trading and transfers can continue around the clock;
- the underlying shares remain connected to regulated brokerage infrastructure;
- eligible positions can move back toward conventional securities rails.
Tokenization therefore changes the distribution and settlement layer without eliminating the underlying securities infrastructure.
The catalog is becoming large enough to test liquidity beyond mega-caps
The latest rollout added more than 20 names, including Nike, Hertz, Wendy’s, Krispy Kreme and Sphere Entertainment.
That breadth matters because tokenized equities will be less convincing if meaningful liquidity exists only for a few stocks already popular with crypto traders.
The market now has enough inventory to test whether smaller or more specialized equities can attract incremental demand.
Supply reached a record $684 million, increasing by roughly $219 million from a late-August level of $465 million.
READ MORE: Onchain RWA Perpetual Volume Tops $120B as Market Expands
The next question is how actively that inventory circulates.
A rising supply accompanied by stagnant turnover would mainly indicate that more securities have been placed onchain. Rising supply combined with repeat trading across a broad group of tickers would indicate that an actual secondary market is developing.
Launch-day records are the wrong benchmark
GRND already demonstrates why the distinction matters.
Its first-day performance produced the eye-catching comparison with Wall Street, but volume quickly cooled. That makes retention, rather than another record launch, the better measure of progress.
Four indicators can test whether Solana is developing durable equity liquidity:
- Repeat volume several days after a stock launch.
- Spread depth outside regular U.S. trading hours.
- Active holders, rather than cumulative addresses alone.
- Volume distribution across the equity catalog instead of concentration in new listings.
The market will get more opportunities to test those metrics. Solana has launched Stocklana, a dedicated tokenized-equities hackathon running September 11-18 with $100,000 in prizes, while additional applications are beginning to treat tokenized stocks as usable onchain assets rather than simple portfolio holdings.
The first phase of tokenized equities was about proving that shares could move onto blockchain rails. Solana’s current experiment is narrower and more commercially relevant: whether those rails can produce persistent liquidity during periods when the underlying U.S. market provides little or none.
GRND’s second-day decline now makes that test more useful. If new listings retain meaningful trading after their launch spikes fade, the strongest evidence for tokenized equities will no longer be how many stocks have moved onchain, but how often investors choose to trade them when Wall Street is unavailable.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
