Solana’s Tokenized Gold Supply Up 689% in One Year as Onchain Commodity Market Gains on Rivals

Solana is the undisputed leader in onchain stock trading. However, while the network dominates volumes in equities, Solana still trails rivals like Ethereum in tokenized commodity markets.

But onchain data suggests that disparity may be starting to change. Tokenized gold is witnessing explosive supply growth on Solana, supplemented by improving DeFi composability that brings new utility to the asset class.

Meanwhile, precious metals have once again captured the attention of global markets, with sovereign banks reallocating capital into gold following its historic drawdown earlier this year.

Solana Leads Tokenized Gold Supply Growth

While Solana’s tokenized equity scene has dominated the spotlight in 2026, the commodities sector has steadily been gaining momentum and establishing a larger onchain footprint. According to Birdeye data, Solana’s tokenized gold supply has exploded in 2026, surging 689% since August 2025 and outpacing growth on rival chains in MoM growth.

Solana now plays host to a wealth of different issuers of the world’s favorite store of value, with seven different operators deploying tokenized gold onchain. 

But despite recent growth, Solana’s tokenized commodities sector still has a lot of catching up to do. Valued at $22.8M, RWA.xyz data suggests that Solana’s onchain commodity market only represents 0.47% of wider market share, which is dominated almost entirely by Ethereum.

While this discrepancy is largely due to Ethereum’s provenance and existing TVL, recent integrations are bringing greater DeFi utility to Solana’s onchain commodities. On July 27th, Kamino enabled collateralization on $PAXG, allowing users to borrow against their tokenized gold holdings.

Since its launch, Kamino’s $PAXG market has amassed $358k in deposits, representing 30% of Solana’s $PAXG supply.

Commodities Prove Popular Among Solana’s Perps Traders

While some crypto-native gold bugs prefer to use their tokenized commodities as an onchain store of value, Solana’s perps traders are flocking to precious metals. 

According to Blockworks data, gold and silver rank as the 4th and 5th most traded assets on Solana, trailing $BTC, $ETH, and $SOL.

However, despite high volumes on perpetual commodity markets, open interest remains extremely low compared to other asset classes. Higher turnover rates in gold and silver pairs suggest that trading activity is largely driven by high-frequency traders, or by users deliberately inflating their volume to take advantage of incentive campaigns.

Investors Return to Metals Amidst Volatile Markets

Offchain, global markets are once again piling into precious metals. After a debilitating downturn in hard assets in Q1, which saw gold plummet 26% from all-time highs of $5,598 in January to $4,098 in March, sovereign banks are stepping in to refill their coffers.

Following the lead set by nations like Poland, Uzbekistan, and China, Korea has committed to rebuying physical gold for the first time in 13 years. Newfound sovereign demand for the world’s largest asset by market cap is causing a market-wide surge in all precious metals, with silver and copper breaking out of recent downtrends.

Driven by its material value as a conducive metal required by AI datacenter buildouts, copper has roared to new all-time highs of $6.92 a pound. 

But while gold bugs and commodity enthusiasts are celebrating a return to precious metals, market analysts argue the recent surge could be a warning sign of future volatility, compounded by the Japanese Yen intervention by the U.S. government.

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