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Backpack accounts for about 5% of tokenized stock supply on Solana but captures roughly 73% of issuer-level DEX trading volume, according to Cowlpane citing Crypto Briefing data. The disparity is linked to Backpack’s Sunrise liquidity protocol and propAMM model, whose professionally managed pools aim to provide deeper liquidity and tighter spreads. propAMM contributed about 71% of Backpack’s volume during some periods. Trading is concentrated in flagship assets including SpaceX and Micron