Woofun AI reports that Solana has decisively entered the tokenized US stock market, securing an absolute leading position among public chains with a weekly trading volume of nearly $1.3 billion during the period from June 15th to June 21st. This surge marks a strategic pivot for the network, which was previously perceived by users as relying primarily on meme coins for its competitive advantage, to now prioritize institutional-grade equity trading. The data reveals a stark contrast in market share, where Solana's activity dwarfs that of its closest competitors, including Base and BNB, which recorded volumes of approximately $14.1445 million and $12.9154 million respectively in the same timeframe. On the Ethereum mainnet, the trading volume was a negligible $312,800, highlighting a significant shift in where on-chain equity liquidity is currently aggregating. This performance places Solana in direct competition with major centralized exchanges, challenging the narrative that such trading is exclusive to platforms like Hyperliquid or traditional CEXs.

The catalyst for this explosive growth was the recent IPO of SpaceX, which drove record-breaking activity on the network just one week after the listing event. During this specific week, Solana set a new benchmark for weekly tokenized stock trading volume, reaching $1.04 billion, a figure that underscores the network's ability to handle high-frequency institutional demand. Within this total, the trading volume of '$SPCX' alone accounted for $439 million, representing a staggering 91.7% of the total trading volume of all SpaceX-related tokenized stocks. This concentration of liquidity demonstrates how specific high-profile assets can drive network-wide adoption and volume metrics. When comparing these figures to the broader market, Binance recorded a trading volume of nearly $500 million in the same week, followed by Gate with nearly $220 million and Bybit with $107 million. Although Solana ranked behind Binance ($1.1 billion), Gate ($1.088 billion), and Bitget ($880 million) in May this year with a volume of approximately $870 million, the recent acceleration indicates a rapid closing of the gap with established centralized venues.

Monitored by Woofun AI, the infrastructure enabling this volume is largely attributed to the rise of PropAMM platforms, which have become critical to Solana's success in this sector. Taking the data from the past week as an example, the trading volumes of PropAMM platforms such as Zerofi, Goonfi, and Tessera ranked only after Orca and Raydium, proving their dominance in the liquidity landscape. These proprietary AMMs, managed by professional market makers, utilize 100% market maker-owned funds to ensure deep and stable order books. Unlike traditional, passive AMMs that follow the simple formula xy=k and are open-source, these PropAMMs actively set prices to reflect real-time market conditions. They are closed-source, and their liquidity levels are not made public, creating a more secure environment for large-scale transactions. Usually, they do not have a user interface and use aggregators for routing transactions, which streamlines the execution process for traders. Each block can even update quotes multiple times every 50 milliseconds, a technical specification that significantly helps to prevent MEV attacks and ensures price integrity.

Per Woofun AI, the price discovery efficiency for spot assets on Solana is now much closer to mainstream CEXs, bridging the historical gap between decentralized and centralized markets. Thanks to this advantage, the main source of trading volume for various DEXs on Solana is now tokenized stocks, signaling a fundamental change in the network's utility. Although Solana is making rapid progress in the tokenized stock spot market, the trading volume of perpetual perp contracts still far exceeds that of spot trades, suggesting that the derivatives sector remains the primary driver of overall volume. In the past week, the trading volume of stocks on Perp DEXs reached the tens of billions of dollars level, and it is likely that Solana will also make efforts to catch up in this area to fully capitalize on the trend.

However, beyond spot trading, there is still room for development in tokenized stock spot markets, particularly regarding the composability of these assets. The combinability of tokenized stock spot assets represents a potential advantage for Solana, allowing for complex financial strategies that are difficult to execute on other chains.

Compared with simply trading stocks to generate profits, on-chain DeFi offers more diverse and flexible ways to earn returns from tokenized stock positions, transforming static holdings into productive capital. On platforms such as Jupiter, Raydium, and Kamino, users can use their held tokenized stocks for lending or providing liquidity, thereby generating yield on assets that would otherwise sit idle. They can also implement various combination strategies, such as using some tokens for lending and others for providing liquidity, to optimize risk-adjusted returns.

In addition to these conventional DeFi strategies, some new approaches have recently emerged on Solana that further deepen the integration of equities and decentralized finance. Nest allows users to create stablecoins called snUSD using tokenized stocks or USDC, effectively collateralizing equity positions to mint stable value. snUSD can be staked to obtain snUSD, and users can earn income from the protocol, with an estimated annual yield of 6%, as well as dividend payments from the underlying assets. After the protocol distributes this income, the remaining funds will be used to buyback and destroy the governance token '$NEST', creating a deflationary mechanism that aligns incentives.

Woofun AI analysis suggests that while innovative initiatives like Nest are promising, the broader ecosystem cooperation will be the true differentiator for Solana in the coming months. Solana, through cooperation with various projects within its ecosystem, will promote the DeFiization of stock trading in a more visible way—for example, with more intuitive guidance in mobile apps—to the on-chain community. Combined with cross-chain asset entry points such as Sunrise, this could create a network effect and enable Solana to achieve remarkable differentiated competitive advantages in the derivatives market for tokenized stocks. This marks a critical inflection point where the network transitions from a speculative playground to a robust infrastructure for global equity markets.