Blockchain analytics firm Dune has introduced real-time market data feeds spanning more than 200 onchain trading venues, seeking to route decentralized market activity straight into the trading systems used by conventional financial institutions.

A Thursday announcement said the service delivers trade data from 12 blockchains — Ethereum, Solana, Base and XLayer among them — roughly one second after each trade executes.

Coverage encompasses spot trading on decentralized exchanges along with perpetual futures activity on Hyperliquid and Lighter, offering standardized records of prices, trade sizes and transaction details across markets. That standardized data is designed to give institutions a common view of where assets trade, at what prices and in what sizes, while broader questions around liquidity, issuer participation and regulation remain unresolved.

Dune co-founder and CEO Fredrik Haga said quant funds, market makers, asset managers and bank trading desks number among the service's earliest users, though he declined to name them, citing nondisclosure agreements. The company said these clients draw on the data to gauge liquidity, benchmark prices across venues and vet trading strategies before committing capital.

"Most institutions are watching onchain markets first, because they can't price these assets properly without them anymore," Haga said. He anticipates direct onchain trading will follow as liquidity deepens and regulatory rules catch up, adding:

"What still holds institutions back is how messy it is. The same stock trades on dozens of venues across different chains, and you need to know what's trading where before you can touch it."

The launch arrives as institutions gain new routes into tokenized equities; Ondo lets institutions convert stocks directly into tokenized shares.

Tokenized stock growth brings market challenges

The market for tokenized stocks has expanded rapidly over the past year, but fragmented liquidity and disagreements over whether issuers should have a voice in how their shares trade onchain have cast doubt on the sector's trajectory.

Tensions have recently flared around OKXICE, a joint venture pairing crypto exchange OKX with Intercontinental Exchange, the parent of the New York Stock Exchange. The venture unveiled plans for a tokenized stock trading platform on Oct. 4 but has since run into objections from several publicly traded companies.

To date, 16 companies — among them Microsoft, Alphabet and Goldman Sachs — have filed objections to having their shares traded on the proposed platform, without stating their reasons.

Issuer pushback aside, market fragmentation presents a further concern. In May, Tiger Research director Ryan Yoon cautioned that trading the same tokenized stocks across multiple blockchain platforms could create price discrepancies, amplify slippage and erode market efficiency.

Per RWA.xyz data, the distributed value of tokenized stocks has climbed to $3.58 billion, up from roughly $627 million a year earlier — an increase of about 470%.

Source: Cointelegraph