The data from PUSA this time might be the most worth revisiting case recently for @Backpack. On Friday, PUSA traded about $8.2M in the traditional market on Nasdaq, with 37.5% of that coming from Backpack Securities. What’s even more interesting is that the same stock, when moved to Solana, saw $12M in on-chain trading within the first 12 hours for the PUSA issued by Backpack Securities—surpassing Nasdaq’s trading volume for the day. I think what this data really shows is that Backpack’s system is starting to meet actual trading demand. In the past, when we talked about Tokenized Stocks, it was easy to stop at the idea of “putting stocks on-chain.” But what Backpack is doing now is a whole new layer: Real Stock → Backpack Securities → Tokenized Stock → Solana → 24/7 Trading And when you want to return to the traditional market, you can swap back 1:1 for the real stock. That’s exactly how PUSA is operating right now. So Backpack is increasingly looking like it’s building a two-way bridge. Money and assets from traditional brokers can flow in, and liquidity from crypto users can flow in too. And for a newly listed stock to have its on-chain trading volume surpass the traditional market, this sample itself is fascinating. What’s truly worth watching next is how far Backpack can scale this model—to how many stocks, ETFs, and how much real trading volume. If stocks start getting used to trading on-chain, then Backpack’s value might go far beyond just being a “broker.”