xStocks, built on Solana, have achieved a significant milestone just one month after their launch on June 30. The total trading volume has now surpassed $1.66 billion as of July 30.
The official dashboard on Dune reveals that centralized exchange (CEX) activity has been the primary driver of this growth. CEX volume accounts for $1.57 billion, representing about 95% of the total volume, while decentralized venues contribute $85.2 million.
The on-chain transaction volume within the xStocks ecosystem is at $356.4 million, indicating significant token activity despite most trading occurring off-chain.
xStocks are tokenized versions of stocks issued by Backed Finance on the Solana blockchain.
Increasing AUM
Assets under management (AUM) are nearing $40 million, with the number of unique holders reaching 24,528.
Among these holders, Tesla xStock (TSLAx) stands out with 10,742 holders and an AUM of $8.88 million, leading the pack. Other top listings include SPYx, NVDAx, CRCLx, MSTRx, and GOOGLx.
The variety of listings reflects investor interest in different sectors, from tech giants like Tesla and Google to stablecoin-related plays like CRCLx.
Steadying Activity
While the total volumes have been impressive, activity has started to stabilize towards the end of July. Both on-chain transactions and DEX trading volumes have shown a pattern of lower highs, indicating a shift towards more selective trading.
CEXs continue to provide the majority of liquidity and tight spreads, while on-chain flows and DEX volumes serve as supplementary components for portfolio management and self-custody preferences.
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