Solana Takes Lead in Tokenized Stock Trading
Since the launch of the xStocks platform, Solana has surged ahead in the tokenized stock market. This new platform, introduced by Backed Finance, has propelled Solana to the top spot in stock market tokenization.
According to SolanaFloor, xStocks has been a game-changer. It has helped Solana grab over 95% of the tokenized stock trading market. Dune Analytics data reveals that since June 30, Solana has dominated the scene. The platform now offers 60 assets, including 55 stocks and 5 ETFs.
On its first day, xStocks saw a trading volume of over $1.3 million. Strategy stocks made up 30% of this initial volume.But soon, popular stocks like Tesla and the S&P 500 took the lead. The $SPYx token, representing the S&P 500, hit a daily volume of $4.67 million on July 2. This success shows the growing interest in tokenized stocks. Though, trading enthusiasm cooled down by July 3, with volumes dropping by more than half. Despite this, the platform’s assets under management (AUM) reached $48.6 million by
