The Challenges of ‘Permissionless’ at the Institutional Level

Solana’s tokenized-equity market is becoming a live test of whether public blockchains can expand beyond crypto-native trading into global financial markets. Backpack has generated more DEX volume across single-name equities, while xStocks has recently regained the weekly lead and moves ahead overall when including ETF volume such as SPY. More importantly, Backpack’s prop-AMM-heavy liquidity stack consistently delivered tighter execution than xStocks’ pool-heavy model, with Solana’s composability allowing those liquidity benefits to spill across competing issuer wrappers. Against Robinhood Chain, Solana also combines better execution with dramatically lower fees, reinforcing that scalable onchain finance depends not simply on creating blockspace, but on the market structure and infrastructure built on top of it.