Solana-based xStocks have hit a major milestone just one month after their launch on June 30th, with a total trading volume of $1.66 billion as of July 30th.
The project’s official dashboard on Dune reveals that the growth has primarily been driven by activity on centralized exchanges (CEX). CEX volume accounts for $1.57 billion, representing about 95% of the total trading volume, while decentralized venues contributed $85.2 million. Despite most of the turnover occurring off-chain, the on-chain transaction volume across the xStocks ecosystem still amounts to a substantial $356.4 million.
xStocks are tokenized versions of stocks issued by Backed Finance on the Solana blockchain.
Assets under management (AUM) are steadily approaching the $40 million mark, with a total of 24,528 unique holders participating in the ecosystem. Among the top xStocks, Tesla xStock (TSLAx) stands out with 10,742 holders and an AUM of $8.88 million. Other prominent listings include SPYx with $4.76 million AUM, NVDAx with $4.39 million AUM, CRCLx with $3.67 million AUM, MSTRx with $3.38 million AUM, and GOOGLx with $1.85 million AUM.
The diversity in the top-tier listings reflects investor interest in a range of sectors, from megacap tech companies to broad-market exposure and crypto-linked equities. The presence of CRCLx among the top stocks by AUM also indicates a growing interest in stablecoin-adjacent plays.
While the overall trading volume has been impressive, there has been a cooling off in activity towards the end of July. On-chain transaction volumes and DEX trading activity have shown a decline compared to earlier peaks in the month. This shift suggests that the market is transitioning from an initial phase of discovery to a more selective trading environment, with liquidity concentrating on larger listings and centralized exchange platforms.
The data from the first month of xStocks trading provides valuable insights into how the tokens are being utilized. Centralized exchanges currently offer the deepest liquidity and tightest spreads, explaining their dominance in trading volume. On the other hand, on-chain transactions and DEX volumes play a significant but secondary role, likely representing portfolio rebalancing, transfers, and users who prioritize self-custody and decentralized execution.
The success of xStocks on the Solana blockchain highlights the growing demand for tokenized assets and the potential for decentralized finance to revolutionize traditional financial markets.