Solana's tokenized Grindr stock nears $31M in trading volume, nearly doubling NYSE figures
RWA Signal Insight
StocksThe tokenized version of Grindr stock ($GRND) launched on the Solana blockchain on September 10, generating over $31 million in trading volume within its first 24 hours. This figure significantly outperformed the dating app's traditional NYSE equity volume, which averaged roughly $25 million daily and saw only $16.6 million the day prior to the launch. Facilitated by Backpack Securities and the Sunrise liquidity protocol, the asset is backed 1:1 by actual US shares held in regulated custody and settles via traditional DTCC infrastructure. While the milestone marks a potential first for a tokenized stock eclipsing its traditional counterpart, the product remains unavailable to US persons and lacks voting rights. Solana’s broader tokenized equity supply reached $684 million by September 11, reflecting a 47% increase over three weeks. Despite the explosive debut, historical data from previous launches like $SPCX suggests that such volume often experiences a sharp decline shortly after the initial hype. This event highlights the growing demand for 24/7 trading capabilities in equity markets, even as regulatory restrictions limit the current addressable market to international and crypto-native participants.
Key points
- Tokenized $GRND generated $31 million in 24-hour volume, surpassing its NYSE equity counterpart.
- Solana's total tokenized equity supply reached $684 million as of September 11.
- Backpack Securities and Sunrise protocol facilitate 1:1 backing via regulated custody and DTCC settlement.
- US persons are currently restricted from accessing these tokenized equity products.
Background
Tokenized equities are digital representations of traditional stocks that allow for 24/7 trading on blockchain networks. These assets are typically backed by real shares held in regulated brokerage accounts, ensuring that the token price tracks the underlying equity. They utilize traditional financial infrastructure like the DTCC for settlement while providing the liquidity and accessibility benefits of decentralized exchanges.