Solana -based tokenized shares surpassed $ 100 million in market capitalization less than a month since their official launch on 30 June.
According to rwa.xyz Data, the tokenized stock market on Solana is valued at nearly $ 102 million from July 22, which represents an increase of 242% compared to the size of $ 29.8 million on the debut date. This market is mainly fed by Xstocks, published by supported finances.
As a result, Solana now accounts for 20.4% of the tokenized stock market. Ethereum and his Layer-2 Blockchains Arbitrum, Polygon and Base in particular are good for $ 11.8 million, making Solana’s tokenized stock market more than eight times larger.
The largest tokenized shares is Tslax, which represents the Tesla shares, with a market capitalization of $ 13.6 million and 11,073 holders.
Tokenized S&P 500 is also in the tens of millions, with Spyx showing a market capitalization of just over $ 10 million and 9,886 holders.
The tokenized shares of Circle Trail closely, where CLCLX reaches a market capitalization of $ 9.1 million, distributed among 5,746 holders.
Moreover, the official Xstocks profile has shared that the tokens have surpassed $ 300 million In trade volume on-chain.
Assess composability
Despite the explosive growth of Tokenized assets issued on Solana, Xstocks investors have no interaction with Defi protocols that have made these assets composable.
Solana-based money market Kamino offers support for eight Xstocks tokens as collateral: Tslax, Spyx, Nvidia’s Nvdax, Robinhood’s Hoodx, Strategy’s Mstrx, Apple’s Aaplx, Nasdaq’s QQQX and Alphabet’s Googlx.
Although their collective market capitalization is almost $ 50 million, so far only $ 585,000, around 11%, has been used as collateral so far.
The figures do a little better when it comes to liquidating. On the Polish of Raydium, the largest Tslax -Pool has a liquidity of $ 1.1 million, of which $ 423,600 represents the amount of the tokenized shares that are deposited per chopping terminal facts.
The Spyx with the most liquidity also shows a considerable amount of $ 1.9 million in liquidity, with $ 502,000 in tokenized shares on it.
Nevertheless, the ratio remains short. The approximately $ 637,000 in Tslax totokens used on Defi is only 4.7% of market capitalization. For Spyx the ratio is 7%.
Crypto to traditional, not the other way around
The relatively low use of tokenized shares on Defi applications mainly occurs because money usually flows from crypto to traditional products, rather than the other way around.
Michael Cahill, CEO and co-founder of Douro Labs, explained in an interview with CryptoSlate That holders of the traditional market that enter the crypto space are not yet ready to use Defi composability.
He used the Apollo diversified Credit Securitized Fund (ACRED), launched by Pyth and made by Apollo Global Management and Securitize, as an example to illustrate that the issue of wasted composability still influences the entire tokenization industry.
Acred has more than $ 100 million in net asset value, but the loan pool in the chain only represents a small group of this value.
Cahill, however, also said he sees it growth potential. He added:
“But it just started. We didn’t have Xstocks last year. The last time we saw someone making a meaningful attempt at shares, Mmirror was back in the Terra days, and it wasn’t even that big either.
Moreover, he believes that a strategy style can help ‘large business moment’, but thinks that the real catalyst will be the producer experience with a traditional financial interface for products in chains.
Cahill concluded:
“If you get one of those barriers to fall, you can really start to see it grow and they explode faster faster than the whole disaster that we had with strategy. It can happen very quickly in my mind.”
