🎒Backpack (BP) surges past $1.4 to hit a new all-time high: What kind of "liquidity revolution" is tokenized stock undergoing? Driven by the positive news that the SEC has approved limited trading of tokenized stocks on-chain platforms, Backpack's platform token BP surged as much as 48% within 24 hours, rising from $0.5893 at the beginning of September to break through $1.4. The valuation logic behind this rally actually reveals a fundamental evolution happening in the on-chain securities and tokenized stock (RWA) market. 1. From an "asset on-chain race" to a "liquidity depth competition" Over the past two years, industry focus mostly stayed on "how many stock tokens have been issued" or "how many listed companies are covered." But as products launch, the core pain point becomes: after issuance, where can these assets truly be traded? According to Crypto Briefing data: · Supply share: Backpack Securities accounts for only about 5% of the token supply in the Solana tokenized stock market. · Trading share: Yet it handles about 73% of the DEX trading volume at the issuer level. This confirms a traditional financial truth: for traders, merely having the asset "exist" is far from enough; order book depth, bid-ask spreads, and slippage control are the real drivers of liquidity aggregation. 2. Backpack's liquidity black technology: propAMM model Why can 5% of the supply drive 73% of the trading volume? The core lies in its use of the propAMM (proprietary automated market maker) model: Traditional DeFi AMM: relies on scattered funding from ordinary users (LPs), quotes indiscriminately by algorithm, resulting in lower capital efficiency and wider spreads. propAMM model: professional market makers pool funds and quotes, providing deeper order depth and narrower bid-ask spreads. During the statistical period, propAMM contributed about 71% of Backpack's trading volume. This creates a strong positive feedback loop: narrower spreads/lower slippage → traders flock in → concentrated trading volume → further improved market-making efficiency. 3. Flagship asset blockbuster effect and price anchoring (redemption mechanism) Popular assets become traffic entry points: such as SPCX representing SpaceX equity exposure and Micron (MU) tokenized products, quickly attracting large secondary market liquidity. Especially for non-listed companies like SpaceX, which lack direct retail purchase channels in traditional secondary markets, high-quality on-chain liquidity venues naturally become traffic centers. Redemption mechanism builds price anchor: Unlike ordinary Meme Coins or pure derivative synthetic assets, some Backpack tokenized stocks provide underlying redemption and exchange channels. The existence of arbitrage mechanisms makes on-chain prices difficult to deviate long-term from underlying asset values, greatly reducing market makers' inventory risk and enhancing traders' trust. Summary: Thanks to low fees and high throughput, Solana has become one of the most active public chains for on-chain stock trading, but public chain performance is just infrastructure. The Backpack phenomenon shows that the tokenized stock market competition has officially shifted from "issuing enough assets" to a new stage of "providing deep enough liquidity." Whoever can offer the lowest trading friction and the most reliable on-chain/off-chain connectivity will be where capital ultimately settles.