A fresh Dune Analytics breakdown has put a spotlight on concentration inside the on-chain real-world asset (RWA) market on tokenised equities.
Over the past 90 days, a single tokenised equity product accounted for 50.8% of all recorded RWA spot volume.
That product is QQQB, the tokenised version of the Invesco QQQ Trust issued by BTech Holdings and trading on bStocks via BNB Chain.
Dozens of other flagship tokenised stocks and ETFs appear on-chain and create the impression of a diversified marketplace.
Trade-by-trade indexing tells a different story. Just over half of every on-chain RWA spot transaction in the measured window traces back to this one instrument.
The finding challenges the narrative of broad-based adoption and forces a closer look at where liquidity actually lives.
Why does one tokenised equity product dominate half the volume?
QQQB benefits from several structural advantages that other products have yet to match.
The underlying asset—Invesco’s QQQ—tracks the Nasdaq-100 and already carries deep traditional-market recognition.
Traders seeking equity exposure on-chain therefore gravitate toward a familiar name.
BNB Chain’s low fees and high throughput further amplify activity. bStocks, the issuance platform, has aggressively expanded its listing roster and integrated with popular decentralised exchanges (DEXs), creating tight spreads and continuous 24/7 markets.
In parallel, the product’s early-mover status on a high-volume chain attracted market makers who concentrated inventory there first.
Once depth formed, order flow followed, locking in a self-reinforcing loop that other venues have struggled to break.
How accurate is the 50.8 percent figure and what methodology produced it?
Dune indexes every on-chain trade of a tokenised asset as an individual row, complete with venue, price, and timestamp.
Daily or weekly aggregates can mask concentration because they smooth peaks and troughs.
By examining the raw trade stream across a full 90-day window, the analysis isolates the true share of each product.
The approach captures activity on BNB Chain DEXs and any other venues where QQQB appears.
It excludes off-chain or synthetic perpetuals, focusing strictly on spot tokenised equity volume.
The resulting 50.8 percent share therefore reflects actual executed trades rather than estimated or extrapolated totals.
Does this concentration create risk for the wider Tokenised Equities market?
Heavy reliance on a single product introduces clear vulnerabilities. Any technical issue, liquidity withdrawal, or regulatory action affecting QQQB or its issuance platform could temporarily disrupt a large slice of on-chain equity trading.
Market makers who warehouse inventory primarily in one venue also face heightened inventory risk if spreads widen or redemption pathways slow.
At the same time, the concentration has delivered practical benefits. Traders enjoy tighter spreads and deeper books than they would find in a more fragmented market.
Secondary venues such as those hosting xStocks or Ondo products continue to operate and can absorb migrating volume if conditions change.
The current structure therefore trades some resilience for immediate execution quality.
What does the dominance of QQQB reveal about investor demand for Tokenised Equities?
The outsized volume in a Nasdaq-100 tracker points to strong appetite for broad, liquid equity exposure rather than single-stock speculation.
Investors appear to value continuous trading, fractional ownership, and the ability to move seamlessly between crypto and traditional risk assets without waiting for traditional market hours.
QQQB’s success also highlights the importance of brand recognition. Products linked to well-known traditional ETFs convert more readily than lesser-known single-name tokens.
Issuers watching the data may respond by accelerating additional flagship ETF wrappers or improving cross-chain availability to capture residual demand.
Tokenised Equities; Can other products or chains catch up to this level of RWA spot activity?
Catch-up remains possible but requires deliberate effort. Competing issuers can replicate the combination of familiar underlying assets, low-cost chain infrastructure, and aggressive market-maker incentives.
Cross-chain bridges and unified liquidity layers may also reduce the advantage currently held by BNB Chain.
Yet, the first-mover density around QQQB will not disappear overnight. New products need time to build comparable depth, and traders tend to stay where spreads are already tight.
Over the next several quarters, the market will test whether additional flagship tokens can chip away at the 50-percent-plus share or whether the current concentration simply shifts to a new dominant instrument.
The Dune data delivers a clear reality check. Tokenised equities have moved from experiment to measurable market, yet liquidity remains highly concentrated.
One product currently sets the tempo for half of all on-chain RWA spot volume.
How the rest of the ecosystem responds—through new listings, deeper secondary markets, or improved infrastructure—will determine whether that dominance proves temporary or structural.
