$14M in 2 Hours: Grindr Tokenised Stock Roars to Life on Backpack

Grindr's tokenized stock, $GRND, has seen explosive trading volume since its launch on September 10 through Backpack Securities. In just two hours, it racked up a staggering $14.1 million in trading volume, outdoing the actual stock's performance on the New York Stock Exchange.

This is no small feat considering that tokenized equities work by being backed 1:1 by real US shares held in regulated custody. The tokens trade 24/7 on Solana-based decentralized exchanges (DEXs), allowing for round-the-clock trading without market closures or after-hours limitations.

The $GRND token is part of Backpack's tokenized equities program, which has been gaining traction since its launch in June. With over 20 new tokenized stocks added to the roster around the time of the $GRND launch, the platform is capturing a significant share of Solana's on-chain equity trading activity.

The success of $GRND can be attributed to the integration of the Sunrise liquidity protocol, which ensured sufficient depth for the trading activity and prevented severe slippage or failed trades. This development has far-reaching implications for tokenized equity markets, blurring the lines between traditional equities and decentralized finance (DeFi).