Solana tokenized equity trading retakes top spot with 31%

Solana tokenized equity trading retakes top spot with 31% share

Solana took 31% of weekly tokenized equity trading volume across chains, its first weekly lead since July, SolanaFloor reported on Tuesday, Oct. 13.

Solana tokenized equity trading is back on top. Solana ($SOL) held 31% of weekly tokenized equity trading volume across chains, SolanaFloor reported on Tuesday, citing Blockworks data. BNB Chain had 26%, Robinhood Chain 25% and Base 18%.

The quick take

Price: $SOL trades at $107.07, down 0.7% in 24 hours and 11.4% over seven days, as of 5:41 p.m. ET.
Trigger: Solana regained the weekly lead in tokenized equity trading for the first time since July, per SolanaFloor.
Watch: Whether the lead holds as BNB Chain, Robinhood Chain and Base compete for the same traders.

What happened

This is Solana’s first weekly lead since July, SolanaFloor said. It ends 14 straight weeks in which BNB Chain or Robinhood Chain sat in first place.

Base has gained ground steadily over that stretch, the outlet added. No chain holds more than a third of the weekly market.

Why it moved

SolanaFloor tied the shift partly to fading meme-driven stock trading on rival chains. On Solana, a token issued by Backpack Exchange, $SPCX, led with $19.4 million in volume in the prior session, it said.

Backpack Exchange and xStocks each took 48% of Solana’s tokenized equity volume last week, according to SolanaFloor. Ondo and Securitize have gained little traction so far, the outlet said.

Who’s buying and selling

Much of this trading happens while Wall Street is closed. About 63% of tokenized stock volume on Solana takes place outside the regular 9:30 a.m. to 4 p.m. ET session, Cointelegraph reported, citing Blockworks data shared by The Kobeissi Letter. On BNB Chain the share is above 70%.

Tokenized stocks across chains gained 15% in value over 30 days to nearly $3.3 billion, Cointelegraph said, citing RWA.xyz. In September, Solana saw about $4.4 billion in tokenized stock trading, and supply reached $684 million, the Solana Foundation said.

What to watch next

The SEC’s September exemption lets qualifying U.S. venues trade tokenized stocks on public blockchains. Watch whether U.S. access adds volume, and whether Solana keeps the weekly lead.

Bottom line: Solana is back in front in tokenized equity trading, and most of that activity happens after U.S. markets close.

Price data: CoinGecko (cross-checked with Jupiter).