Tokenized equities accounted for about 9% of spot decentralized-exchange (DEX) volume in Q3, up from 1% in Q2, as cross-network trading in the category reached $49.7 billion.
Blockworks’ Q3 Solana report put cross-network tokenized-equity DEX trading at $49.7 billion. ARK’s Q3 DeFi Quarterly said tokenized equities accounted for about 9% of spot DEX volume, compared with 1% in Q2. The dollar figure measures trading value; the 9% figure measures the category's share of spot DEX activity.
The 27% figure was Backpack’s reported share of tracked tokenized-equity DEX trading for Oct. 25. That figure covers one day, while the $49.7 billion total and 9% share span Q3 across networks.
The measures use different periods and units. The quarterly figures do not establish Backpack's share for Q3 as a whole.
