NEW: @Backpack AND @sunrisedefi TOKENIZED $SPCX ON @solana SURPASS 10K HOLDERS, NEARLY 2X @xStocksFi'S SPACEX TOKEN @Backpack CEO @armaniferrante says "xstocks gives you a right to cash", "Backpack gives you an actual right to redeem one to one to a security entitlement" He claims "we know the xstock model very well. It’s a copy paste of the model created by FTX" Adds "if you can’t move the token into your Schwab account, that’s a completely different world than a stock that can freely flow across brokerages"

NEW:  @Backpack AND  @sunrisedefi TOKENIZED  $SPCX ON  @solana SURPASS 10K HOLDERS, NEARLY 2X  @xStocksFi'S SPACEX TOKEN

@Backpack CEO  @armaniferrante says "xstocks gives you a right to cash", "Backpack gives you an actual right to redeem one to one to a security entitlement"

He claims "we know the xstock model very well. It’s a copy paste of the model created by FTX"

Adds "if you can’t move the token into your Schwab account, that’s a completely different world than a stock that can freely flow across brokerages"Armani Ferrante (@armaniferrante)Nothing wrong with it. They’re just different assets.

One you can move in and out of Robinhood.

One you can’t.

Our bet is that on and off ramping is important for two reasons

- Market structure. You won’t get good enough liquidity natively on chain if you can’t cycle the asset between Nasdaq and Solana at the speed of a token transfer. This is what allows the markets to remain liquid and with good pricing since market makers can cycle inventory easily.
- Users do care. Anyone with real money on chain definitely cares. Everything else being equal, why would you pick a tokenized stock you can’t on/off ramping vs something you can. It’s strictly superior.—  https://x.com/armaniferrante/status/2067299952104239478

— DEGEN NEWS (@DegenerateNews) Jun 18, 2026