Solana's Tokenized Equity Boom Hits $1B Milestone with xStocks
xStocks, the tokenized equities platform from Backed Finance, has achieved a significant milestone in decentralized exchange trading volume. Over the past 30 days, xStocks racked up over $1 billion in DEX trading volume, with SPYx, a tokenized version of the SPDR S&P 500 ETF, leading the charge.
The automated market maker Raydium handled approximately 75% of those flows, indicating that three out of every four dollars of tokenized stock trading on xStocks ran through a single DEX on a single chain.
SPYx has attracted between 63,000 and 73,000 holders, with an on-chain market cap ranging from $46 million to $73 million. Daily volume figures on concentrated liquidity pools have been reaching into the millions, suggesting that this isn't just a novelty holding for crypto-native users.