Tokenized stocks generated $20.9 billion in decentralized exchange (DEX) volume over the past 30 days, and Uniswap alone handled roughly $12.6 billion of it. The concentration is turning onchain equities from a crypto side experiment into a contest over DeFi liquidity and, eventually, collateral.
Uniswap captures 60% of tokenized-stock trading
Decentralized exchanges processed $20.9 billion of tokenized-stock volume in the past 30 days, according to Token Terminal. Uniswap v4 led with a 40.7% market share, while Uniswap v3 added another 19.4%.
Together the two versions accounted for about 60% of total volume, roughly $12.6 billion. Sentora calculated that every dollar deposited in Uniswap v4 supported $13.70 of trading volume over 30 days, compared with $8.70 on Uniswap v3, $1.90 on Curve, and $0.11 on Uniswap v2. Token Terminal expects competition to intensify by 10 to 100 times as more platforms chase the same flow.
Traders are pricing in the infrastructure race
The activity is showing up in token prices, too. UNI has risen 93% over the past month to nearly $9, while AERO has gained 68% in the same span. The moves cannot be attributed solely to tokenized equities, but they point to growing investor interest in the decentralized exchange infrastructure carrying that flow.
The next prize is turning stocks into collateral
Tokenized stocks have already attracted about 4.4 million asset holders, yet they remain small next to the more than $150 trillion global public-equity market. Protocols that dominate both trading and lending around these assets could capture a large share of future collateral flows, with Uniswap and Morpho named as networks that could benefit most.
Competition is also moving beyond Ethereum. Backpack CEO Armani Ferrante said his company wants to bring roughly 10,000 stock symbols to Solana through a single API. According to Bitcoin News: "We want to bring the entire stock market to Solana", Ferrante said, describing a system meant to move security entitlements between brokerage accounts and DeFi.
Source: Bitcoin News
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