Solana’s xStocks top $1.6B in first month of trading, largely driven by centralized exchanges
Solana‑primarily based xStocks have cleared a brand new milestone one month after their June 30 debut, with cumulative buying and selling quantity reaching $1.66 billion as of July 30.
In response to the venture’s official dashboard at Dune, the expansion has been pushed overwhelmingly by centralized change (CEX) exercise. CEX quantity stands at $1.57 billion, roughly 95% of the entire, whereas decentralized venues amounted to $85.2 million.
On‑chain transaction quantity throughout the xStocks ecosystem totals $356.4 million, indicating vital token exercise whilst most turnover happens off‑chain.
xStocks are tokenized variations of shares issued by Backed Finance on the Solana blockchain.
AUM grows
Belongings beneath administration (AUM) are approaching the $40 million mark, with participation broadening to 24,528 distinctive holders.
Inside that set, Tesla xStock (TSLAx) dominates by each attain and stability sheet. TSLAx counts 10,742 holders, greater than another itemizing, and leads AUM at $8.88 million.
Rounding out the highest tier 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.
The rating exhibits investor urge for food spanning megacap techs, comparable to TSLAx, NVDAx, GOOGLx, broad‑market publicity with SPYx, and crypto‑linked equities with MSTRx. The presence of CRCLx within the prime shares by AUM alerts curiosity in stablecoin‑adjoining performs.
Cooling exercise
Regardless of the headline totals, exercise has cooled into late July. On-chain transaction volumes have slid from early-month spikes round July 1–2 and mid-month bursts close to July 15–21, registering decrease highs.
DEX buying and selling exhibits the identical sample, with agency peaks within the first half of the month, adopted by lighter bars into July 29–30. The divergence suggests the market is transferring from launch‑part discovery right into a extra selective buying and selling regime, with liquidity concentrating on bigger listings and CEX rails.
The primary‑month information paints a transparent image of how xStocks are getting used. CEXs presently present the deepest liquidity and tightest spreads, explaining their dominance of turnover.
In the meantime, on‑chain flows and DEX volumes are significant however secondary, doubtless reflecting portfolio rebalancing, transfers, and a subset of customers who prioritize self‑custody and permissionless execution.
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