Solana's dominance in tokenized stocks looks far less dramatic when set against the sheer scale of activity elsewhere on the network.
- The contrast emerges from a new report by 21Shares, the crypto asset manager, which argues that tokenized equities are becoming an increasingly important part of Solana's attempt to diversify away from the memecoin trading that once generated much of its revenue.
- Solana recorded about $4.9 billion in tokenized stock trading volume during the first half of 2026, more than six times the $775 million recorded during the previous six months, according to data cited by 21Shares.
- The network captured roughly 97% of on-chain spot tokenized equity trading across crypto during the period.
Birdeye, the on-chain trading data provider whose H1 report contains the underlying trading figures, estimated that Solana DEXs processed $2.55 trillion in total spot volume during the same six months.
At $4.9 billion, tokenized stocks therefore accounted for approximately: $4.9B ÷ $2.55T = 0.192%, or about 0.19% of Solana's H1 spot DEX volume.
Put another way, for every $1,000 traded on Solana DEXs during the period, less than $2 was tokenized stock volume.
Nearly all of a still-tiny market
The calculation adds some perspective to one of the strongest claims in the 21Shares report.
The asset manager described tokenized equities as "one of the main drivers for Solana's road to recovery" and said the network was positioning itself as the "default venue for this emerging asset class."
Solana's dominance within that particular market is difficult to dispute. The Solana Foundation was already reporting in June that the network's share of cumulative on-chain tokenized equity spot trading had reached 97%.
The Solana Foundation
But the comparison with overall DEX activity shows how small the category remains even on the chain where it has gained the most traction.
Birdeye said total Solana spot DEX volume rose from $1.6 trillion in H1 2025 to more than $2.5 trillion in H1 2026, with the network averaging about $425 billion in monthly volume and 54% of spot DEX activity across the chains it tracked.
Tokenized stocks, meanwhile, went from $228 million in monthly volume in January to a record of about $2 billion in June. Their market capitalization reached roughly $539 million by the time of Birdeye's report.
- xStocks, the Backed Finance-issued tokenized equity platform, accounted for 62% of H1 tokenized stock volume on Solana, according to Birdeye.
- PreStocks generated another $1.2 billion despite averaging only about $16 million in market capitalization, largely through trading in pre-IPO exposures such as SpaceX and OpenAI.
Revenue tells a different story
The relatively small size of tokenized stock trading also matters because 21Shares framed the category as part of Solana's economic transition away from memecoins.
Solana generated $141 million in gross network revenue in H1 2026, down 87.1% from $1.09 billion a year earlier, according to 21Shares, citing data from DeFiLlama, Blockworks and Token Terminal. That's a decline of roughly $949 million.
Priority fees and Jito tips, which rise when traders compete aggressively for transaction ordering and block space, accounted for 95% of Solana's H1 2025 revenue, according to the report.
Chart showing the decline of memecoin trading on Solana. Source: 21Shares
- Memecoins averaged about 40% of Solana spot volume in H1 2025 but only 16% a year later.
- Stablecoin swaps moved in the opposite direction, rising from 6% to 19%, while general Solana spot trading increased from 41% to 53%.