Sunrise announced September 21 that its listed tokens had crossed $1 billion in weekly trading volume on Solana, a milestone that reflects both the pace of new listings and the expanding range of asset categories the platform now handles.
"Sunrise listings have surpassed $1B in weekly trading volume on @Solana. The sun is rising," the team wrote on X.
Wormhole NTT and Backpack Securities: How Sunrise Lists Assets on Solana
Sunrise is the canonical listing layer for non-native assets on Solana. It handles two structurally different asset categories through a shared technical foundation. Tokenized equities and commodity ETFs come through Backpack Backpack Securities, a regulated broker-dealer that issues 1:1 redeemable tokenized shares directly on-chain. Cross-chain crypto tokens arrive through Wormhole W$0.011-4.5% Wormhole's Native Token Transfer (NTT) standard, which gives each token a single canonical SPL version maintained through burn-and-mint mechanics rather than wrapped custody.
Both categories land on Solana as first-class SPL tokens, immediately composable with Raydium, Jupiter, and Solana's wider DeFi liquidity layer from the moment of listing.
What Made Up the $1 Billion: Equities, ETFs, and Canonical Tokens
The week ending September 21 concentrated an unusually dense run of new Sunrise listings across both pipelines. Assets listed through the week included tokenized equity issues across multiple sectors, commodity ETFs covering uranium and copper mining, and canonical SPL versions of established tokens. The canonical PEPE token generated $40 million in trading volume within 24 hours of its Sunrise listing on September 18 alone.
Cumulative weekly volume across all assets in the Sunrise catalog makes up that $1 billion total. Blockworks Analytics tracked $101.9 million in Sunrise-issued token volume in the 24 hours ending September 22. By August 2026, Birdeye data showed Sunrise had accumulated over $8.5 billion in total volume across six asset categories in roughly nine months of operation, suggesting the September week represented a sharp acceleration.
850,000 Holders and Solana's Tokenized-Asset Position
The Sunrise milestone lands alongside broader growth across Solana's tokenized-asset ecosystem. Tokenized equity holders on Solana reached 850,000 as of September 20, an all-time high, with $3.3 billion in 30-day flows. A cost analysis from Backpack Securities published the following day found on-chain settlement fees of 0.12% for small-dollar trades, against 5.42% at comparable retail brokerage venues, quantifying the structural argument for the on-chain model.
Solana DEXs cleared more than $25 billion in combined trading volume in the trailing week to September 21, per Solana Compass data, the same week Sunrise crossed its billion-dollar threshold. Tokenized assets have grown from a negligible share to a recognized category within that activity. Sunrise originates and lists those assets, bridging regulatory infrastructure through Backpack Securities, cross-chain token portability through Wormhole, and the deep liquidity of Solana's AMMs.
The week's catalog is still expanding: the copper miners ETF COPX listed through Sunrise via Backpack Securities on September 22, after the $1 billion threshold had already been crossed.
