. @blknoiz06 shared this chart, and I've been hearing a lot of market misinterpretations about it. Here’s my objective take: 1) The growth of Backpack and the ebb of Robinhood Chain (RHC) aren’t directly competing or causally linked. Everyone is just comparing themselves to where they were a week ago. 2) The drop in DEX trading volume on RHC is the most noticeable, but that’s because last week’s massive MEME-driven trading volume on RH Chain was off the charts. Now that the market has cooled down, it’s naturally returning to normal levels. In fact, RHC’s DEX trading volume in a normal state isn’t necessarily bad—it’s just that the drastic drop makes things look awkward. 3) Backpack and Coinbase are newer players, and they naturally have advantages like compliance and Sunrise’s rapid tokenized stock asset onboarding. The key factor is @LaunchOnSF’s ecosystem, with its MEME pairings of tokenized stocks and coins offering diverse gameplay, which has contributed significantly to Backpack’s associated DEX trading volume. 4) The overall Tokenized Stock Market is still only at $3.18B—we’re still in the early stages of the tokenized stock narrative. It’s a good thing that everyone is pulling out all the stops to grow the base of tokenized stocks. Especially important is advancing tokenized stocks in areas like redeemability, voting rights, and adapting to new SEC regulations, rather than just relying on MEME hype to suck up liquidity in the short term.