Solana’s xStocks top $1.6B in first month of trading, largely driven by centralized exchanges

Solana‑based xStocks person cleared a caller milestone 1 period aft their June 30 debut, with cumulative trading measurement reaching $1.66 billion arsenic of July 30. 

According to the project’s official dashboard astatine Dune, the maturation has been driven overwhelmingly by centralized speech (CEX) activity. CEX measurement stands astatine $1.57 billion, astir 95% of the total, portion decentralized venues amounted to $85.2 million. 

On‑chain transaction measurement crossed the xStocks ecosystem totals $356.4 million, indicating important token enactment adjacent arsenic astir turnover occurs off‑chain.

xStocks are tokenized versions of stocks issued by Backed Finance connected the Solana blockchain.

AUM grows

Assets nether absorption (AUM) are approaching the $40 cardinal mark, with information broadening to 24,528 unsocial holders. 

Within that set, Tesla xStock (TSLAx) dominates by some scope and equilibrium sheet. TSLAx counts 10,742 holders, much than immoderate different listing, and leads AUM astatine $8.88 million.

Rounding retired the apical tier are SPYx with $4.76 cardinal 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 ranking shows capitalist appetite spanning megacap techs, specified arsenic TSLAx, NVDAx, GOOGLx, broad‑market vulnerability with SPYx, and crypto‑linked equities with MSTRx. The beingness of CRCLx successful the apical stocks by AUM signals involvement successful stablecoin‑adjacent plays.

Cooling activity

Despite the header totals, enactment has cooled into precocious July. On-chain transaction volumes person slid from early-month spikes astir July 1–2 and mid-month bursts adjacent July 15–21, registering little highs.

DEX trading shows the aforesaid pattern, with steadfast peaks successful the archetypal fractional of the month, followed by lighter bars into July 29–30. The divergence suggests the marketplace is moving from launch‑phase find into a much selective trading regime, with liquidity concentrating connected larger listings and CEX rails.

The first‑month information paints a wide representation of how xStocks are being used. CEXs presently supply the deepest liquidity and tightest spreads, explaining their dominance of turnover.

Meanwhile, on‑chain flows and DEX volumes are meaningful but secondary, apt reflecting portfolio rebalancing, transfers, and a subset of users who prioritize self‑custody and permissionless execution.

The station Solana’s xStocks apical $1.6B successful archetypal period of trading, mostly driven by centralized exchanges appeared archetypal connected CryptoSlate.