Solana's xStocks Platform Takes the Stock Market by Storm!

Hang on to your hats, folks! Solana just unleashed its xStocks platform, and it's like a rocket taking off in the world of stock market tokenization. Boom! Just like that, Solana's zooming to the top of the charts.

Get this—Solana's not just playing around; it's crushing it in the realm of real-world stock-based assets. The data wizards at SolanaFloor crunched the numbers, and it's clear as day: Backed Finance's xStocks launch catapulted Solana into the driver's seat of tokenized stock trading.

Listen up, because this is wild: since xStocks blasted off on June 30, Solana's been gobbling up over 95% of all tokenized stock trading action. And xStocks? It's not messing around, offering a whopping 60 tokenized assets—55 stocks and 5 ETFs.

On day one, xStocks blew past $1.3 million in volume, with Strategy's stocks grabbing 30% of the pie. But hold up—Tesla and the S&P 500 soon swooped in, stealing the spotlight and ramping up the trading frenzy.

Get a load of this: on July 2, the $SPYx tokenized stock hit a mind-blowing $4.67 million in daily volume, snagging over 50% of the day's total trading. But by July 3, the hype train slowed down, with volumes dropping by more than half. The initial buzz? It cooled off fast.

xStocks AUM reaches $48.6 million

Even with the trading rollercoaster, the big dogs on the platform are sticking with their stock tokens. On July 3, xStocks' assets under management hit a solid $48.6 million. And who's leading the pack? The $SPYx token, holding strong at $6.9 million in AUM. Right behind it, $METAx at $4.3 million, and $TSLAx at $3.4 million.

And the user love? It's real. Over 20,000 unique wallets are holding these tokenized stocks. $SPYx? It's the crowd favorite, with more than 10,000 wallets clinging to it. $TSLAx and $NVDAx aren't far behind, with 8,100 and 5,500 holders, respectively.

But hold your horses—there's a catch. SolanaFloor's throwing up a warning flag: liquidity's still low. They're saying it's the make-or-break factor for whether tokenized stock trading on Solana sticks around for the long haul.