Dominion Launches $SILV, Bringing Redeemable Physical Silver to Solana DeFi

Solana’s flourishing RWA sector is growing even more tangible, with Dominion bringing physical redeemable silver onchain in today’s $SILV launch.

Sunrise DeFi, the Wormhole-powered asset gateway, has been shoulder-tapped to support the launch, facilitating deep liquidity and integration across Solana DeFi.

Dominion’s launch comes at a critical time for Solana’s onchain commodities landscape, which has yet to witness the same adoption as its flourishing tokenized equities scene.

Tokenized, Physical Silver Hits Solana

Dominion has launched $SILV, a tokenized, redeemable asset backed 1:1 by physical silver. Where most of Solana’s existing onchain silver products are based on paper derivatives and adjacent ETFs, Dominion’s $SILV offers a more tangible, physical exposure to the world’s 2nd largest metal market.

"Silver has been money for thousands of years, but on-chain it barely exists. Dominion fixes that. Every SILV token is one ounce of real, audited silver you can trade, lend, and borrow against on Solana from day one. We are bringing the oldest hard asset into the most active on-chain economy." -  Mark Tormey, Dominion founder

According to Dominion’s Transparency page, the issuer holds 150,000 ounces of physical silver bars, currently valued at roughly $9.7M. Dominion claims its silver holdings are stored by institutional vault storage professionals, and are routinely subject to third-party audits, the most recent of which was conducted by Bureau Veritas in June 2026.

Minting $SILV comes with a 1.5% fee, while redemptions of physical silver are expected to be operational within 3-6 months of launch. 

"Silver has been traded for thousands of years, but buying a single ounce still means finding a dealer, paying to ship it, and paying someone else to store it. Sunrise enables issuers to bring assets like physical silver onchain without this friction, while enabling liquidity from day one of trading." - Saeed Badreg, CEO, Wormhole Labs

Traders and investors can alternatively purchase $SILV through Solana DeFi applications, with Sunrise spearheading liquidity services to facilitate better onchain execution.

Total Volume on Sunrise Assets Crosses $5.5B

Since its day one Monad ($MON) listing back in November 2025, Sunrise has consistently brought the wider market’s most tradable assets to Solana DeFi. Branching out of foreign Layer-1 coins like $MON and $HYPE, Sunrise’s expansion into a broader range of assets, including Backpack Securities, has accelerated volumes across listings.

According to Dune Analytics data, Sunrise-listed assets have witnessed over $5.5B in total trading volume, with more than 294,700 unique wallets trading foreign assets and tokenized securities onchain.

While the listing of traditional financial instruments, like tokenized equities, arguably represents a bigger opportunity, onchain markets are flowing the vast majority of trading volume through $HYPE. This is most likely due to the arbitrage opportunity available to traders moving $HYPE between Solana and the Hyperliquid L1.

While similar opportunities exist between Backpack’s tokenized stocks and their 1:1 counterparts, Backpack’s KYC requirement erects a potential barrier that could be discouraging to some arbitrageurs.

However, volume patterns suggest that some stocks are finding the onchain economy to be a far more liquid and high-volume venue than its TradFi rivals. In mid July, RoboStrategy’s $BOT witnessed higher trading volumes in Solana DeFi than on the NASDAQ, suggesting stronger appetite for certain assets among DeFi players than typical market participants.

Solana Trails on Tokenized Commodities Adoption

Despite an explosion of trading activity throughout Solana’s tokenized equity sector, the chain’s traders are yet to embrace commodities. RWA.xyz data suggests that the total value of Solana’s tokenized commodity market is only $23.6M, commanding a mere 0.48% of market share and falling well behind rival chains like Ethereum and BNB.

While Dominion’s $SILV launch is unlikely to cause an immediate shift in tokenized commodity rankings throughout the industry, it demonstrates the ecosystem’s desire to compete in one of global finance’s most competitive markets.

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