Tokenized stocks generated $2.7 billion in trading volume on decentralized exchanges (DEXs—on-chain trading venues that operate without a central operator) over the past seven days, with Aero—the DEX formed through the merger of Aerodrome and Velodrome—capturing 28.3% of that total. In a market that barely existed a few months ago, the figure makes Aero the clear front-runner.

Wall Street, Now Open Weekends

Much of this activity traces back to a single date: August 24, 2026, when Coinbase launched tokenized stocks on Base, its Ethereum layer-2 network, built to settle transactions faster and at lower cost than Ethereum itself. These tokens are Coinbase-backed, on-chain versions of popular US equities, with NVIDIA trading as NVDAc and Apple as AAPLc.

The core pitch is 24/7 availability. Traditional exchanges close at 4 p.m. Eastern and remain dark all weekend, while tokenized versions keep trading whenever someone wants to buy or sell.

Traders appear to have taken the offer seriously. Weekly DEX volume for tokenized equities has reached a range of $2.7 billion to $3 billion, and weekend trading has at times pushed volumes into the billions—precisely when the Nasdaq is closed.

The growth curve has been steep. Back in September 2026, daily trading records for tokenized equities were approaching $100 million. A $2.7 billion week is a different league entirely.

How Aero Took the Lead

Aero's position did not appear overnight. Aerodrome, one of its predecessor protocols, captured 70–90% of on-chain volume for tokenized stocks on Base shortly after they launched.

The longer-term numbers support that standing. In the 30 days ending around November 3, 2026, Aero handled roughly $2.5 billion in tokenized stock trades, while the full category logged $12.4 billion in total DEX volume over the same window.

The merger of Aerodrome and Velodrome did more than combine two balance sheets. It consolidated the protocols' market positions and extended Aero's operations across multiple chains, including newer venues such as the Robinhood Chain.

The AERO Token's Ride

The protocol's native token has tracked the trading boom. In September, the AERO token recorded gains of 11–20% that correlated with surges in tokenized stock volume.

Why Tokenized Stocks Are Catching On

Coinbase's launch changed the equation by attaching a major, regulated brand to the product. A recognizable issuer combined with a fast, low-cost layer-2 network gave traders a reason to show up, and volume figures since August reflect that.

There is also a structural angle. In a legal environment where traditional stock trading may be restricted for some US investors, on-chain alternatives occupy an interesting space.

What This Means for Traders and DEXs

For traders, the immediate takeaway is access. Tokenized stocks let crypto-native users gain exposure to names like NVIDIA and Apple without leaving the on-chain ecosystem, and they can react to news on a Saturday instead of waiting for Monday's opening bell.

That convenience comes with tradeoffs worth understanding. Liquidity on DEXs can be thinner than on major stock exchanges, especially during off-hours, and prices on a weekend token may drift from where the underlying stock eventually opens.

For the DEX landscape, Aero's 28.3% weekly share signals that the category is becoming competitive rather than captured. Aerodrome once handled the overwhelming majority of on-chain volume for these assets on Base, but a share closer to a quarter suggests rival venues are pulling in meaningful flow even as Aero stays on top. Going forward, the weekly category total and Aero's share of it are the figures to watch, alongside whether the merged protocol's multi-chain footprint—which now includes newer venues such as the Robinhood Chain—shifts where that volume originates.

Disclosure: This article was edited by Vivian Nguyen.