Tokenized Stocks Hit $16B in DEX Volume as Solana Dominates On-Chain Equities

Tokenized equities recorded $15.9B in DEX trading volume over the past 90 days, growing from a 0.1% market share to over 4% of total spot volume since the end of 2025. Solana emerged as the dominant network for the asset class, capturing 97.8% of the record $565M daily trading volume on June 24, 2026. Across the past twelve months, tokenized stocks generated $13.7B in volume, marking a 30,000% year-over-year increase led by $3.6B from the QQQB Nasdaq-100 ETF token. The massive headline numbers mask low genuine investor demand, with a significant portion of activity driven by market makers, arbitrageurs, and suspected wash trading rather than long-term equity exposure. Uniswap and PancakeSwap accounted for $5.2B of the $7.8B generated in Q3 2026, indicating that tokenized wrappers are integrating into existing automated market maker infrastructure.