The recent launch of the Xstocks platform enabled Solana to quickly reach dominance in the tokenization of the stock market.
Solana quickly became a leader in on shares-based real-world assets. According to the data analysis platform Solanafloor, the launch of the Xstocks platform of Backed Finance Solana helped to capture the dominance in Tokenized stock trade.
In particular, data from Dune Analytics shows that Solana has been approved since the launch of Xstocks on 30 June more than 95% of all Token -organized share trading volume. Xstocks currently offers 60 tokenized assets on its platform, 55 shares and 5 ETFs.
Onchain stock token volume by blockchain | Source: Dune Analytics
On the first trading day, the volume of Xstocks $ 1.3 million surpassed, with the shares of strategy recording 30% of that figure. However, stocks and indices such as Tesla and the S&P 500 have quickly overtaken it in commercial activity.
The $ spyx tokenized shares registered on 2 July $ 4.67 million in daily volume, which represents more than 50% of all trade that day. Nevertheless, the trade volumes had fallen by more than half by 3 July, indicating that the first trading enthusiasts had cooled.
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Xstocks Aum reaches $ 48.6 million
Despite the decrease in trade volumes, large users on the platform continued to hold their stocks. On July 3, the Xstocks assets reached $ 48.6 million under management. The leading asset was the $ spyx -token, with $ 6.9 million in AUM. $ Metax followed $ 4.3 million and $ Tslax was third in $ 3.4 million.
The total assets in control on Xstocks on July 3 | Source: Solanabloor
The platform also saw a significant acceptance of users, with more than 20,000 unique portfolios that hold tokenized shares. Among them it was $ spyx token the most popular, in the hands of more than 10,000 portfolios. $ Tslax and $ nvdax followed, with 8,100 and 5,500 holders respectively.
Despite this early involvement, liquidity remains low, Solanavloor warned. The platform noted that liquidity will probably be the most important factor in determining whether tokenized stock trade on Solana is viable.
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