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xStocks on Solana reached 1.66 billion USD after 1 month of launch
Exactly one month after its launch on June 30, the total volume of transactions of xStocks – the encrypted stocks on Solana issued by Backed Finance – has reached 1.66 billion USD.
According to data from the Dune dashboard, most of the volume comes from centralized exchanges (CEX), accounting for approximately 1.57 billion USD (95%), while decentralized exchanges (DEX) only recorded 85.2 million USD. The on-chain trading volume of the entire xStocks ecosystem reached 356.4 million USD, indicating that there is still a significant level of token activity despite most transactions occurring off-chain.
Assets under management (AUM) approach the 40 million USD mark, with 24,528 wallets holding. Among them, Tesla xStock (TSLAx) leads both in the number of holders (10,742 wallets) and AUM value (8.88 million USD). The following codes include SPYx (4.76 million), NVDAx (4.39 million), CRCLx (3.67 million), MSTRx (3.38 million), and GOOGLx (1.85 million).
Trading activity began to cool down from the end of July, after spikes in early and mid-month. CEX still dominates thanks to liquidity depth and narrow spreads, while DEX and on-chain primarily serve portfolio rebalancing and self-custody demand.
The data from the first month shows that xStocks is gradually transitioning from the exploration phase to the selective phase, with liquidity focused on large-cap stocks.