Solana Reclaims Weekly Dominance in Tokenized Equity Trading

After ceding its dominance to BNB and Robinhood, Solana is once again leading all chains in weekly tokenized equity trading volume for the first time in 14 weeks.

With meme/stock trading winding down across all networks, Solana has re-emerged as crypto’s premier venue for tokenized equity trading. Issuers now find themselves in a fierce battle to capture the market, with xStocks and Backpack fighting tooth and nail to win Solana’s traders.

Meanwhile, commodities trading has declined almost entirely, with weekly trading volumes falling 72% from their peak.

Solana Leads All Chains For First Time Since July

Solana is reinforcing its position as the everything exchange, with tokenized equity trading activity flowing back to the network after brief periods of memetic mania on rival chains.

According to Blockworks data, Solana now accounts for 31% of weekly tokenized equity trading volume across all chains, leading rivals BNB and Robinhood, which captured 26% AND 25%, respectively. As BNB and Robinhood cool off, Base has emerged as an unexpected competitor, enjoying consistent week on week growth to command 18% weekly market share.

Within Solana DeFi specifically, tokenized $SPCX has emerged as the network’s most-traded equity. In yesterday’s session, Backpack-issued $SPCX witnessed $19.4M in trading volume, with the xStocks variant attracting $5.26M in flow.

But beyond the $SPCX outlier, onchain data suggests that xStocks still dominates Solana’s tokenized equity race.

Backpack, xStocks Go Head-to-Head for Dominance

Solana’s two leading tokenized equity issuers, Backpack Securities and xStocks, are in a fierce battle to win over DeFi users. Last week, both issuers captured 48% of total trading volume each, with notable competitors like Ondo and the newly launched Securitize struggling to gain traction.

Where xStocks and Backpack-issued assets boast deep onchain liquidity and strong brand awareness, Ondo and Securitize are somewhat limited by virtue of their design. For example, Ondo stocks trade via an RFQ system, making them inherently less composable onchain, while only whitelisted users can trade Securitize stocks.

Despite Backpack and xStocks sitting neck-and-neck in trading volume, xStocks has a much larger footprint in the wider DeFi landscape. Blockworks data suggests that over 77% of the supply of Solana tokenized equities has been issued by xStocks, with Backpack-issued equities representing just 5%. 

Similarly, xStocks and Superstate are the only issuers represented in lending markets like Kamino and Jupiter Lend, giving these assets far greater utility beyond trading. 

Commodities Trading Declines Amidst as Memes Cool

While reclaiming the crown in the tokenized equity race, Solana’s onchain commodities sector has struggled to maintain trader interest. Buoyed by memecoins paired with commodities like gold, weekly commodity volume on the network ripped to new all-time highs of $92.5M.

But with memecoin markets starting to cool and the custom token pairing narrative losing steam, weekly volumes have dropped 72%, falling to just $25M.

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