Foreign media reports that although Solana remains one of the most mature on-chain markets for tokenized stock trading, its recent transaction volume is being diverted to other networks. The report cites data from Blockworks indicating that over the past two weeks, Solana's daily trading volume share in this sector has dropped from 71% to 30%.
Since its launch on xStocks in July 2025, Solana has long held a dominant position in the tokenized stock trading market. The article mentions that the network's cumulative transaction volume has exceeded $9.5 billion, with over 288,000 unique holding addresses, and the lending pool size has also surpassed $56 million.
Competitive chains see rapid expansion in transactions
The report suggests that the recent increase in trading volume for BNB Chain and Robinhood Chain does not solely come from traditional stock token transactions; rather, a greater driving force comes from the paired trading of meme coins with stock tokens.
In such pathways, when traders buy and sell meme coins, funds first pass through stock tokens before being exchanged back for the target asset. As a result, holders of stock tokens and providers of liquidity can earn transaction fees, and in some scenarios, they may also receive airdrop incentives. This also means that stock tokens play the role of an intermediary liquidity channel on the blockchain.
Solana also has a similar mechanism.
The article points out that this gameplay is not unique to the EVM network. Similar designs also exist on Solana; for example, stonk.fun allows project parties to pair and issue meme coins with any tokenized assets.
However, from the results, it can be seen that the pairing of meme coins with stock tokens on Solana did not replicate the volume growth observed on competitive chains. In other words, although Solana has a solid foundation in meme coin trading, this traffic was not simultaneously converted into new transactions in the tokenized stock market.
The holding period is significantly short.
Reports quote views from traders on the blockchain, stating that the long-established high-frequency, quick-in-and-out trading style of the Solana ecosystem may limit the sustained expansion of such pairing markets. Many traders prefer to take profits as early as possible rather than holding onto positions for a long time, in order to avoid a rapid shift of funds and attention to other new assets.
Dune Analytics Data is also used to support this judgment. The article mentions that among the SOL paired tokens held for less than 7 days, the median holding duration once dropped to as low as 44 seconds.
In addition, the article also mentions that packaging and pre-ordering tools are quite common in the Solana meme coin market. Such tools can help traders acquire a large number of tokens at a lower price in the early stages of new coins, making it more difficult for projects to naturally spread from a stage of low valuation, thereby reducing the potential for subsequent continuous token distribution.
