Tokenized equities have historically struggled with liquidity. Onchain markets often struggle to adjust inventory as demand changes. Backpack lets any user create new token supply from equity positions held in its brokerage and redeem excess tokens back into brokerage positions. This allows liquidity to scale with demand instead of being limited by the tokens already in circulation. This matters in DeFi because swaps and liquidations depend on liquidity already being available onchain. Backpack’s brokerage gives market makers a way to reliably provide inventory and quote onchain as demand changes. More reliable liquidity can improve execution and make tokenized stocks more practical as collateral. Across several equities, Backpack delivered the lowest-cost round trip execution compared to other issuer versions. Backpack’s potential edge lies in the market infrastructure behind its tokens. If execution quality holds as volumes grow, its brokerage could become a durable advantage as onchain equity markets develop.