Solana’s xStocks Smash $1.6B in Just 30 Days—CEXs Fuel the Frenzy
Solana’s synthetic asset protocol xStocks just pulled off a crypto hat-trick—$1.6 billion in trading volume during its debut month. Guess who handed them the trophy? Centralized exchanges, of course.
The elephant in the room
Decentralized purists won’t love this: CEXs dominated the liquidity flow, proving (yet again) that traders still prefer the convenience of centralized platforms—regardless of how many times they get hacked.
Why it matters
Solana’s speed and low fees made xStocks a magnet for yield-chasers. But let’s be real—without CEX listings, those numbers would’ve looked as sad as a Bitcoin maximalist at an altcoin conference.
The bottom line
Another win for institutional-grade infrastructure… and another reminder that decentralization is still a work in progress. Meanwhile, Wall Street’s watching—probably while shorting retail traders.
AUM grows
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.
Rounding out the top tier are SPYx with $4.76 million AUM, NVDAx with $4.39 million AUM, CRCLx with $3.67 million AUM, MSTRx with $3.38 million AUM, and GOOGLx with $1.85 million AUM.
The ranking shows investor appetite spanning megacap techs, such as TSLAx, NVDAx, GOOGLx, broad‑market exposure with SPYx, and crypto‑linked equities with MSTRx. The presence of CRCLx in the top stocks by AUM signals interest in stablecoin‑adjacent plays.
Cooling activity
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.
The first‑month data paints a clear picture of how xStocks are being used. CEXs currently provide the deepest liquidity and tightest spreads, explaining their dominance of turnover.
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.
