Backpack and xStocks compete for the top spot
After ceding its lead to BNB and Robinhood, Solana has once again become the top network for weekly tokenized stock trading volume across all chains, for the first time in 14 weeks.
As the hype around meme and stock trading on other networks fades, Solana has once again become the primary hub for tokenized stock trading in the crypto space. Issuers are now fiercely competing for market share, with xStocks and Backpack directly vying for Solana traders.
Meanwhile, commodity trading has almost completely cooled down, with weekly trading volume down 72% from its peak.
Solana is reinforcing its position as the "exchange for everything," as tokenized stock trading activity flows back to the network following brief meme frenzies on competing chains.
According to Blockworks data, Solana currently accounts for 31% of weekly tokenized stock trading volume across all chains, outpacing BNB and Robinhood, which hold 26% and 25% respectively. As interest in BNB and Robinhood cools, Base has emerged as a surprise competitor, capturing 18% of the weekly market share with consistent week-over-week growth.
Within Solana DeFi, the tokenized $SPCX has become the most actively traded asset on the network. During yesterday’s trading session, the $SPCX issued by Backpack recorded a trading volume of $19.4 million, while the xStocks version attracted $5.26 million in inflows.
However, aside from the unusually high value of $SPCX, on-chain data indicates that xStocks still dominates the competition for tokenized stocks on Solana.
Backpack and xStocks head-to-head in a battle for dominance
On Solana, the two leading tokenized stock issuers, Backpack Securities and xStocks, are fiercely competing for DeFi users. Last week, each issuer captured 48% of total trading volume, while competitors such as Ondo and the newly launched Securitize struggled to gain significant traction.
Assets issued by xStocks and Backpack benefit from deep on-chain liquidity and strong brand recognition, while Ondo and Securitize face certain design limitations. For example, Ondo stocks are traded via an RFQ system, making them inherently less composable than native on-chain assets; Securitize stocks are restricted to whitelisted users only.
Although Backpack and xStocks have comparable trading volumes, xStocks has a larger presence within the broader DeFi ecosystem. Blockworks data shows that over 77% of Solana tokenized stock supply is issued by xStocks, while Backpack accounts for only 5%.
Similarly, xStocks and Superstate are the only issuers integrated into lending markets such as Kamino and Jupiter Lend, giving these assets greater utility beyond trading.
As meme mania cools, commodity trading has declined.
As Solana reclaims the top spot in the tokenized stocks sector, its on-chain commodities segment has struggled to maintain trader interest. Driven by meme coins paired with commodities like gold, weekly commodity trading volume on the network once surged to a record high of $92.5 million.
However, as the meme coin market began to cool and the narrative around custom token pairs lost momentum, weekly trading volume dropped 72% to just $25 million.
Further Reading
Solana welcomes another on-chain stock issuer
Securitize launches tokenized stocks on Solana, positioning itself ahead of the 24/7 ICE trading venue launch.
Lucas Bruder joins Solana Weekly News to break down the new JTX features.