Solana News Today: Solana xStocks Hit $1.66B Trading Volume in First Month CEX Drive 95% of Volume Top Holdings Include Tesla NVIDIA and GOOGLx

Solana-based tokenized stock products, known as xStocks, have surpassed $1.66 billion in cumulative trading volume within their first month of trading, which launched on June 30 [1]. This rapid adoption marks a significant milestone for the project, which is managed by Backed Finance and operates on the Solana blockchain. The vast majority of this trading volume—approximately 95%—has been facilitated through centralized exchanges (CEX), with CEX volume reaching $1.57 billion, while decentralized exchanges (DEX) accounted for $85.2 million [1].

The tokenized stocks represent real-world equities, including major names such as Tesla, NVIDIA, Google, and others, tokenized on the Solana network. According to data from the project's official dashboard on Dune Analytics, on-chain transaction volume within the xStocks ecosystem totaled $356.4 million, suggesting strong engagement despite most trading occurring off-chain [1]. Assets under management (AUM) are approaching $40 million, with participation expanding to 24,528 unique holders [1].

Tesla’s tokenized stock, TSLAx, has emerged as the most popular offering, with 10,742 holders and a leading AUM of $8.88 million [1]. Following closely are 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 [1]. The composition of the top holdings reflects diverse investor interests, ranging from large-cap technology stocks to broad-market indices and crypto-linked equities.

Despite these impressive figures, trading activity has shown signs of cooling in late July. On-chain transaction volumes have declined from earlier peaks, and DEX trading has also seen a downward trend, with higher trading volumes concentrated in the first half of the month [1]. This suggests the market is moving beyond the initial launch phase into a more selective trading environment, where liquidity is increasingly concentrated on larger listings and through centralized exchanges.

The data highlights how users are utilizing xStocks, with CEX platforms currently offering the deepest liquidity and tightest spreads, which explains their dominance in the trading volume [1]. While on-chain and DEX activity remains significant, it appears to be driven more by portfolio adjustments and self-custody preferences rather than primary trading activity.

The launch and performance of xStocks reflect the growing interest in tokenized assets, particularly within the Solana ecosystem. As the market continues to evolve, it will be critical to monitor how user behavior shifts and whether decentralized trading volumes begin to catch up with their centralized counterparts.

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[1] Solana’s xStocks top $1.6B in first month of trading, largely driven by centralized exchanges. https://cryptoslate.com/solanas-xstocks-top-1-6b-in-first-month-of-trading-largely-driven-by-centralized-exchanges/