Solana Reclaims Weekly Leadership in Tokenized Equity Markets

Base also increased its market share, reaching 18% after several consecutive weeks of growth.

Solana’s return to the top coincides with a decline in speculative activity involving memecoins and tokenized equities on other networks.

Backpack and xStocks Compete for Solana’s Market

Within the ecosystem, Backpack Securities and xStocks are competing for leadership in tokenized equity trading.

Last week, each platform accounted for 48% of trading volume, while competitors such as Ondo and Securitize recorded smaller market shares.

One of the most actively traded assets was SPCX, with Backpack’s version generating $19.4 million in daily trading volume, compared with $5.26 million for the xStocks version.

However, the gap between the two issuers is much wider when examining the supply of available assets.

According to Blockworks, xStocks accounts for more than 77% of the tokenized equity supply on Solana, while Backpack Securities holds approximately 5%.

Additionally, assets issued by xStocks and Superstate are available on lending protocols such as Kamino and Jupiter Lend, where they can be used in DeFi operations.

Commodities Trading Drops 72%

Trading activity involving tokenized commodities followed a different trajectory from equities.

Weekly trading volume for these assets on Solana had reached a peak of $92.5 million, driven partly by memecoins linked to assets such as gold.

However, declining activity in those markets brought weekly volume down to approximately $25 million, a 72% drop from its peak.

The slowdown also affected custom trading pairs combining memecoins with commodities, which had previously contributed to the increase in trading activity.