Overview
- Reports show Solana’s on‑chain tokenized‑equity trading reached a reported $200 million in a single day and that total tokenized‑equity supply on the network peaked at about $684 million with roughly 727,000 holders.
- A large share of that activity flowed through Raydium, which handled roughly 70 percent of the reported single‑day volume and serves as the primary liquidity source for these tokenized stocks.
- Traders cite near‑instant settlement, tiny per‑trade fees, and always‑open markets as key reasons for the surge, with some reporting that a majority of volume occurs outside U.S. market hours.
- Analysts warn the numbers may overstate secondary trading because on‑chain metrics can include custody movements, minting, redemptions and bridged flows, and the market is concentrated among a few issuers and custodians.
- What to watch next are changes to fee subsidies or DEX liquidity, enforcement or guidance on custody and securities treatment, and whether trading shifts away from single‑point venues, all of which would affect retail access and market stability.