The current launch of the xStocks platform enabled Solana to shortly obtain dominance in stock market tokenization.
Solana has quickly grow to be a frontrunner in stock-based real-world property. Based on the information analytics platform SolanaFloor, the launch of Backed Finance’s xStocks platform helped Solana seize dominance in tokenized stock trading.
Notably, knowledge from Dune Analytics shows that since xStocks’ launch on June 30, Solana has accounted for greater than 95% of all tokenized stock trading volume. At the moment, xStocks affords 60 tokenized property on its platform, 55 shares and 5 ETFs.
On the primary day of trading, xStocks’ volume surpassed $1.3 million, with Technique’s shares capturing 30% of that determine. Nevertheless, shares and indices like Tesla and the S&P 500 shortly overtook it in trading exercise.
The $SPYx tokenized stock recorded $4.67 million in each day volume on July 2, representing greater than 50% of all trading that day. Nonetheless, by July 3, trading volumes had dropped by greater than half, indicating that preliminary trading enthusiasm had cooled.
xStocks AUM reaches $48.6 million
Regardless of the decline in trading volumes, main customers on the platform continued to carry their stock tokens. On July 3, xStocks’ property underneath administration reached $48.6 million. The main asset was the $SPYx token, with $6.9 million in AUM. $METAx adopted with $4.3 million, and $TSLAx got here in third at $3.4 million.
The platform additionally noticed important person adoption, with over 20,000 distinctive wallets holding tokenized shares. Amongst them, the $SPYx token was the preferred, held by greater than 10,000 wallets. $TSLAx and $NVDAx adopted, with 8,100 and 5,500 holders, respectively.
Nonetheless, regardless of this early engagement, liquidity stays low, SolanaFloor cautioned. The platform famous that liquidity will possible be the important thing issue in figuring out whether or not tokenized stock trading on Solana proves viable.
