Calma

The Weekend Market Session is here on @Backpack. Until now, US equities were built around a fixed schedule. - 9:30am ET open. - 4:00pm ET close. - Weekends off. Crypto changes that. @solana changes that. With the launch of $SPCX, the market opened on a Friday and kept trading well into the weekend. The launch of @Backpack Securities was more successful than we could have possibly imagined. But the job's not done. As crypto rails continue to mature, there's still one missing piece. Still, no traditional brokerages allow you to trade 24/7 over the weekend. If you're not in crypto already, this might seem impossible. But it's not. Today, we're bringing weekend trading to Backpack with a brokerage native order book. The key point is simple: Users on @Backpack trade the same real US securities over the weekend as they trade during the week. - This is not a separate system. - It's not a different product. - It's the same stock on the same app in the same brokerage. - Now, with an additional liquidity source for the weekend. Naturally, weekend liquidity will be different from regular-hours liquidity. Spreads may be wider. Depth may be thinner. Price discovery will evolve. - This was true when extended hours started. - This was true when overnight trading started. - It is true here too. But the direction is clear. For us, getting DeFi right is one part of the equation. Getting the brokerage right and bringing the power of blockchains to traditional finance is the other part of the equation. Together, they must grow in tandem to be able to bring equity markets into their next phase. Backpack is doing to equities what Tether did to fiat: giving anyone with access to a wallet and an internet connection access to everything in a modern brokerage. The era of the neobrokerage is coming. Backpack is doing to weekends what Blue Ocean did for overnight trading: building a dedicated liquidity model for the time when traditional U.S. exchanges are closed. The era of 24/7 is coming. It's going to take a lot of time and energy to get this right. It won't happen overnight, but today, it begins. The future is already here. It's just not evenly distributed yet.

update: after careful deliberation from the team in the last 24 hours @Backpack has made the decision to stay on @solana This tactful pivot was made lightly. Our sincere appreciation goes out to the Solana foundation and community for their continued support.

update: after careful deliberation from the team in the last 24 hours world has made the decision to migrate off of solana and onto @RobinhoodCrypto chain this tactful pivot was not made lightly our sincere appreciation goes out to the solana foundation and community

I wanted to understand why Solana spot volume has been growing, and honestly, the answer was not what I expected. The obvious assumption is memecoins, because that’s been the main Solana narrative for idk how long now? Like 4 years? But anyways, the bigger story here is that a lot of the recent volume is actually coming from tokenized assets. Tokenized asset spot volume on Solana grew from ~$2.69B in Q1 to ~$5.7B in Q2, which was a new quarterly ATH. And @Solana captured 97% of cumulative onchain tokenized equities spot volume in May, while its broader RWA ecosystem hit $2.8B+ and crossed 230K onchain RWA holders. On top of that, June made it even clearer. During the week of June 15–21, Solana processed ~95% of global tokenized stock volume, and daily tokenized equity trading later hit a $644M record. Funny enough, at one point, tokenized equities even passed memecoins as a share of Solana spot volume. This is probably the most refreshing Solana volume story in a while IMO because there’s actual retail-style trading happening around assets people already understand, like stocks and ETFs, but on faster crypto rails. IMO, memecoins aren’t going away because they’re still a huge part of Solana. But I think the more interesting shift is that Solana is starting to look more like a general-purpose spot market for crypto, RWAs, stablecoins, and tokenized equities. Also, I noticed some Solana prediction markets have been popping up lately, so I might do a post on that next and see how that impacts this.