What Is Sunrise?

Sunrise is how assets get listed on Solana. A Sunrise listing takes an asset — a crypto token, a tokenized stock, or another real-world asset — and brings it to Solana as one canonical token, with liquid markets from day one, in the wallets, DEXs, and aggregators people already use.

Sunrise is the orchestration layer connecting the infrastructure required for assets to expand to Solana. That coordination is what makes a listing different from a bridge. A bridge moves tokens between chains. A Sunrise listing builds the market around the token: the canonical mint, the liquidity, and the distribution across the Solana ecosystem.

Sunrise is made by Wormhole Labs and built on Wormhole's cross-chain infrastructure. Listings to date span crypto tokens, tokenized equities, and real-world assets — including MON, HYPE, AVAX, SUI, TAO, and SPCX, the tokenized SpaceX equity issued by Backpack Securities.

The Problem Sunrise Addresses

Cross-chain DeFi has a persistent problem: liquidity fragmentation. When an asset launches on secondary markets or spreads across chains on its own, users end up with multiple wrapped versions of the same token, liquidity scattered across venues, and no clear answer to which version is the "real" one.

A Sunrise listing is the fix. Instead of an asset trickling onto Solana one bridge and one pool at a time, it arrives once, as the single official token, with markets ready everywhere at launch. One listing establishes native, canonical, and connected markets.

What a Sunrise Listing Includes

A Sunrise listing orchestrates three things:

• Canonical status. A single Solana-native mint for the asset, so there is exactly one version to find, trade, and build on.
• Liquidity from day one. Liquidity is established ahead of launch so the asset goes live with deep, active markets.
• Ecosystem-wide distribution. Wallets, DEXs, and aggregators surface the market at launch, so the asset is available across Solana the moment it lists.

How a Listing Happens

Sunrise works with the asset issuer through three steps:

Align. The issuer shares details about the asset, its current markets, and its goals for Solana. Sunrise contributors evaluate fit and scope the listing: target liquidity, integration partners, and timing.

Activate. Sunrise coordinates the launch: the canonical mint, liquidity support, market setup, and ecosystem integrations. Market participants prepare the liquidity while wallets, DEXs, and aggregators integrate the token, all before it goes live.

Propagate. The listing goes live everywhere at once. The asset launches across Solana wallets, DEXs, and aggregators with markets available from day one, instead of liquidity building venue by venue over months.

This process works at any stage of an asset's life. Pre-TGE tokens can list on Solana around their token generation event, and already-trading assets can expand into a canonical Solana market. Sunrise is framework-agnostic: it works with NTT, OFT, CCIP, LayerZero, Hyperlane, or an asset’s custom infrastructure.

Tokenized Stocks: Backpack Securities and Sunrise

Sunrise partnered with Backpack Securities to get tokenized equities listed on Solana, starting with SPCX — tokenized SpaceX equity.

The partnership splits cleanly into two roles:

• Backpack Securities handles issuance and tokenization. Real shares are held in custody, and investors can convert between traditional security entitlements and tokenized securities in both directions. Every tokenized security issued by Backpack is redeemable 1:1 for the real underlying share.
• Sunrise handles the listing. Sunrise coordinated the SPCX listing: liquid markets from day one, and distribution across Solana wallets, DEXs, and aggregators.

The result is a two-way pathway between traditional securities infrastructure and onchain markets. Once on Solana, tokenized securities trade 24/7, transfer wallet to wallet, settle onchain, and plug into DeFi.

SPCX listed on Solana through Sunrise on June 12, 2026 — the same day as SpaceX's Nasdaq IPO, giving onchain investors day-one access to the largest IPO in history. It quickly became the most liquid and highest-volume tokenized SpaceX equity traded onchain, reflecting strong demand for direct, redeemable exposure to the stock.

In the week following the IPO, SPCX traded $439M in volume and reached $9.8M in liquidity — 91.7% and 87.5% of all tokenized SpaceX trading volume and liquidity, respectively. The same week, Solana set a new seven-day all-time high of $1.04B in tokenized equities volume, leading all networks with 70.6% of the total. 

SPCX was only the first: the lineup of tokenized equities issued by Backpack Securities and listed on Solana through Sunrise has since grown to include $MU (Micron Technology), $SNDK (SanDisk), $BOT (RoboStrategy), and $DRAM (the Roundhill Memory ETF).