On‑chain transaction volume across the xStocks ecosystem totals $356.4 million, indicating significant token activity even as most turnover occurs off‑chain.
xStocks are tokenized versions of stocks issued by Backed Finance on the Solana blockchain.
Assets under management (AUM) are approaching the $40 million mark, with participation broadening to 24,528 unique holders.
Within that set, Tesla xStock (TSLAx) dominates by both reach and balance sheet. TSLAx counts 10,742 holders, more than any other listing, and leads AUM at $8.88 million.
Despite the headline totals, activity has cooled into late July. On-chain transaction volumes have slid from early-month spikes around July 1–2 and mid-month bursts near July 15–21, registering lower highs.
DEX trading shows the same pattern, with firm peaks in the first half of the month, followed by lighter bars into July 29–30. The divergence suggests the market is moving from launch‑phase discovery into a more selective trading regime, with liquidity concentrating on larger listings and CEX rails.
Meanwhile, on‑chain flows and DEX volumes are meaningful but secondary, likely reflecting portfolio rebalancing, transfers, and a subset of users who prioritize self‑custody and permissionless execution.
