Solana Gains Tokenized Stock Market Leadership with xStocks
The xStocks platform has propelled Solana to the forefront of stock market tokenization. Since its launch on June 30, Solana has captured over 95% of the tokenized stock trading volume, according to SolanaFloor data.
Backed Finance’s xStocks platform offers 60 tokenized assets, including 55 stocks and 5 etfs. On its first day, xStocks’ trading volume exceeded $1.3 million. The $SPYx token, representing the S&P 500, led with $4.67 million in daily volume on July 2. However, trading enthusiasm waned by july 3, with volumes dropping by more than half.
despite this, xStocks’ assets under management reached $48.6 million by July 3.The $SPYx token,linked to the S&P 500,became the most popular,with $6.9 million in assets under management. The platform now has over 20,000 unique wallets holding tokenized stocks. The $SPYx token was the most popular, held by over 10,000 wallets. Other top tokens include $METAx and $TSLAx, with $4.3 million and $3.4 million in AUM, respectively. The platform’s success is evident, but liquidity remains a concern.SolanaFloor warns that liquidity will be crucial for long-term viability.
- On July 3, xStocks’ AUM hit $48.6 million.
- Key tokens like $METAx and $TSLAx also saw important adoption.
- While initial trading activity was high, sustained liquidity is vital for future growth.
For more insights, visit solanafloor and Dune Analytics data shows that major users continued holding their tokens, indicating strong early engagement.
Tokenized stocks like Tesla and the S&P 500 quickly gained traction, surpassing initial offerings.
Despite the decline in trading volumes,user adoption is promising.Over 20,000 wallets now hold these digital assets. The $SPYx token was the most popular, held by more than 10,000 wallets.
Tokenized stocks on SolanaFloor show promising user adoption. Yet, the platform must address liquidity issues to maintain its dominance. The future of tokenized stock trading on Solana hinges on resolving these challenges. The platform’s success could reshape the stock market landscape, making Solana a leader in real-world asset trading.
