Tokenized commodities on the Solana blockchain have reached a new all-time high of $63.2 million, surpassing the previous peak of $50.5 million set on August 25, 2026. This growth is driven by gold-backed tokens like PAXG, GLDx, and XAUT0, as well as newer silver products such as SILV, which launched in 2026 and quickly generated over $4 million in trading volume.
The path to this record wasn't smooth. After the August high, supply dropped to around $45.6 million, but trading activity remained strong, hitting a weekly record of $91.1 million in late September. This suggests that tokenized commodities on Solana are actively traded rather than held idle in wallets.
Most of this trading happens on decentralized exchanges, with Raydium dominating, accounting for about 70% of the network’s tokenized commodities trading volume in one reported week. Despite this growth, Ethereum still holds approximately 95% of the broader tokenized commodities market, highlighting Solana’s niche role in spot DEX trading.
The rise of tokenized commodities on Solana is part of a broader trend in real-world assets (RWAs), which represent off-chain assets like gold and Treasuries as tokens on a blockchain. While this growth is promising, risks remain, including the concentration of trading on Raydium and the volatility of these small markets.