Tokenized shares based in Solana have exceeded $ 100 million in market capitalization less than a month since their official launch on June 30.
According to Rwa.xyz Data, the tokenized stock market on Solana is estimated at nearly $ 102 million on July 22, which represents an increase of 242% compared to its size of $ 29.8 million on the date of the first. This market is powered mainly by XSTOCKS, issued by sustained finances.
As a result, Solana now represents 20.4% of the tokenized stock market. In particular, Ethereum and its layer 2 blockchains, arbitrum, polygon and base represent $ 11.8 million, which makes Solana’s tokenized stock market in eight times more.
The biggest tokenized stock is Tslax, representing Tesla’s shares, with a market capitalization of $ 13.6 million and 11,073 holders.
The S&P 500 Tokenized is also in tens of millions, with Spyx showing a market capitalization of just over $ 10 million and 9,886 holders.
Circle Trail’s tokenized shares, CRCLX reaching a market capitalization of $ 9.1 million, distributed among 5,746 holders.
In addition, the official xstocks profile on X shared that the tokens have exceeded $ 300 million in chain trading volume.
Component assessment
Despite the explosive growth in tokenized assets issued on Solana, XSTOCK investors do not interact with the DEFI protocols that made these assets composable.
The Solana Kamino monetary market provides support for eight xstocks chips as guaranteed: Tslax, Spyx, Nvidia’s NVDAX, Robinhood’s Hoodx, Strategy’s MSTRX, Apple AAPLX, NASDAQ and Alphabet Googlx.
Although their collective market capitalization amounts to almost $ 50 million, only $ 585,000, around 11%, have been used so far.
The figures are a little better with regard to the supply of liquidation. In Raydium swimming pools, the largest tslax pool has $ 1.1 million in liquidity, of which $ 423,600 represent the amount of tokenized shares filed by Geckoterminal data.
The SPYX with most liquidity also displays a significant amount of $ 1.9 million in liquidity, with $ 502,000 in token shares.
However, the report remains short. The for about $ 637,000 of tslax chips used on DEFI represents only 4.7% of its market capitalization. For Spyx, the report is 7%.
Traditional crypto, not the other way around
The relatively low use of tokenized stocks on DEFI applications occurs mainly because money mainly goes from crypto to traditional products, rather than the reverse.
Michael Cahill, CEO and co-founder of Douro Labs, explained in an interview with Cryptoslate Holders of the traditional market that enter the cryptographic space are not yet ready to use the DEFI compability.
He used the Apollo diversified credit security fund (ACRED), launched by Pyth and created by Apollo Global Management and Securitize, as an example to illustrate that the question of waste component still affects the whole tokenization industry.
Acred has more than $ 100 million in value of the asset, but its chain loans pool represents only a small fraction of this value.
However, Cahill also said he saw the growth potential. He added:
“But that is only just starting. We did not have XSTOCKS last year. The last time we saw anyone who had a significant stock attempt was Mmirror at the time of Terra, and it was not even so big.
In addition, he thinks that a “big business moment” in strategy style could help, but thinks that the real catalyst will be the product experience with a traditional financial interface for chain products.
Cahill concluded:
“When you get one of these obstacles to fall, you can start to really see it together and explode much faster than all this rise in power that we had with the strategy. It could happen very, very quickly in my mind.”
