Tokenized stocks DEX volume reached $16.8 billion across 22 venues during the past thirty (30) days.
Uniswap’s v4 and v3 versions together secured 39.7% of that activity, equal to roughly $6.7 billion.
Uniswap v4 led with 25.3% while Uniswap v3 added 14.4%. PancakeSwap followed at 11.1%, Aerodrome at 10.9%, and Raydium CLMM at 9.9%.
Metric V2, Raydium CPMM, Tessera V, and Orca Whirlpools filled out the top group.
Equities now deliver a meaningful slice of overall DEX activity.
What explains the current level of tokenized stocks DEX volume?
Traders treat on-chain versions of familiar equities as liquid instruments they can swap around the clock.
Meanwhile, demand concentrates around a handful of popular names and exchange-traded fund (ETF)-linked tokens.
Specifically, platforms that already hold deep liquidity attract the largest orders.
In addition, the 24/7 nature of decentralised venues removes the traditional market-hour limits that constrain conventional stock trading.
Why does Uniswap hold nearly 40% of tokenized stocks DEX volume?
Uniswap continues to draw volume because its pools offer reliable depth and successive upgrades keep improving execution.
What’s more, its v4 deployment has taken the largest single share. Yet, v3 still processes a solid portion.
Beyond that, competing venues such as PancakeSwap and Aerodrome have grown, still Uniswap’s combined presence remains the clearest leader.
At the same time, the concentration shows how liquidity begets more liquidity in this emerging category.
How do other venues and chains shape the picture?
PancakeSwap and Aerodrome each claim double-digit percentages, while Raydium’s concentrated and constant-product pools together capture a notable share.
Likewise, Solana-based venues and BNB Chain platforms handle substantial flow. Notably, the spread across 22 venues shows activity is no longer confined to one or two protocols. In contrast, the top few still dominate most of the dollars moved.
Importantly, Token Terminal’s standardised metrics across issuers, chains, and venues provide a consistent view that fragmented dashboards often lack.
Stakeholders (traders and investors) can check the full breakdown on the platform’s tokenized stocks explorer.
Looking further, the $16.8 billion figure marks equities as a real contributor to decentralised trading rather than a niche experiment.
Still, the market remains young, and liquidity depth will decide whether these volumes keep expanding.
For now, the data confirms Uniswap’s central role and the rising practical use of tokenized stocks inside DeFi.
