Solana has reclaimed the lead in weekly tokenized equity trading volume for the first time in 14 weeks, capturing a 31% market share and ending a stretch in which other networks — primarily BNB Chain and Robinhood Chain — had led the market. Tokenized equities, which represent shares of publicly traded companies on blockchains, have made weekly volume share a closely watched measure of where that activity is concentrated.

According to Blockworks data, Solana's 31% share of weekly trading volume across blockchains put it of BNB Chain at 26% and Robinhood Chain at 25%. Base has also been gaining ground, lifting its market share to 18% after several consecutive weeks of growth. Solana's return to the top coincides with a decline in speculative activity involving memecoins and tokenized equities on other networks. With all four networks now holding double-digit shares, Base's streak of consecutive weekly gains makes it one of the networks to watch in upcoming rankings.

Backpack Securities and xStocks Compete for Solana's Market

The two platforms now sit at the center of Solana's tokenized equity market, and last week's figures show how evenly matched they are by trading volume. Within the ecosystem, Backpack Securities and xStocks are competing for leadership in tokenized equity trading, with each platform accounting for 48% of volume, while competitors such as Ondo and Securitize recorded smaller market shares. Together, the two venues account for 96% of the ecosystem's tokenized equity trading volume.

SPCX was among the most actively traded assets during the period. Backpack's version of the token generated $19.4 million in daily trading volume, nearly four times the $5.26 million recorded for the xStocks version. The divergence shows how individual token versions can post sharply different turnover even when their issuers' overall volumes run level.

The gap between the two issuers is far wider, however, when measured by the supply of available assets. According to Blockworks, xStocks accounts for more than 77% of the tokenized equity supply on Solana, while Backpack Securities holds approximately 5%. In addition, assets issued by xStocks and Superstate are available on lending protocols such as Kamino and Jupiter Lend, where they can be used in DeFi operations — an integration that extends these tokenized assets beyond spot trading and into Solana's broader DeFi ecosystem.

Tokenized Commodities Trading Drops 72% From Peak

Trading activity involving tokenized commodities followed a different trajectory from equities. Weekly trading volume for these assets on Solana had climbed to a peak of $92.5 million, driven in part by memecoins linked to assets such as gold.

However, declining activity in those markets brought weekly volume down to approximately $25 million, a 72% drop from the peak. The slowdown also affected custom trading pairs combining memecoins with commodities, which had previously contributed to the increase in trading activity. Weekly commodity turnover now stands at roughly a quarter of its earlier high — in contrast to the equity side of the market, where Solana just took the weekly lead.