As of September 27, in the past 30 days, according to the single-source Token Terminal statistics, the cumulative trading volume of tokenized stocks, which is a branch of RWA, on decentralized exchanges has reached approximately $20.9 billion, with the main battleground for on-chain trading rapidly being quantified. Of this $20.9 billion, Uniswap V4 accounts for about 40.7% and V3 accounts for about 19.4%, with the two versions combined taking about 60.1% market share, corresponding to a trading volume of about $12.6 billion, while the remaining approximately 39.9% market share is distributed across other platforms that have not yet been split in statistics. It is important to note that the statistical criteria for this dataset (coverage of chains, asset scope, and whether to exclude wash trading) have not yet been publicly stated, and there is no comparative benchmark with other time periods. Even amidst this incomplete information, the concentration of the Uniswap series in tokenized stock DEX transactions remains very prominent, which raises the core question: is the expansion of RWA on-chain trading driving further decentralization of trading infrastructure, or is it nurturing a "new centralization" pattern controlled by a few protocols.

$20.9 Billion Flowing On-Chain: Tokenized Stocks Transition from Concept to Transactions

In the larger landscape of real-world asset tokenization, tokenized stocks have become a relatively independent and important branch, with its on-chain trading forms differing from other categories, more distinctly centered around decentralized exchanges. Current available data indicates that the on-chain buying and selling of tokenized stocks is mainly concentrated in DEX scenarios, completing price discovery and asset exchange through automated market making and liquidity pools. This means it is no longer just a concept in the "RWA narrative," but has resulted in trading activities that can be directly measured by trading volume: as of September 27, according to the single-source Token Terminal statistics, the cumulative trading volume of tokenized stocks on DEX is approximately $20.9 billion, forming an on-chain transaction scale measured in billions of dollars within less than a month.

However, this figure reflects more of an "observable trading base under a certain statistical criterion for this RWA branch," rather than the complete answer for the entire market of tokenized stocks. First, this $20.9 billion comes from a single data source, and Token Terminal has not disclosed in public data whether its statistics cover all chains and all varieties of tokenized stocks, nor has it explained whether it filters out potential wash trading behaviors, making it difficult to rule out possibilities of narrow criteria or unbalanced sample structures in reality. Second, the observation period is limited to the 30 days leading up to September 27, and this factual repository has not provided comparative data for other time periods, nor does it show the overall issuance scale or market value of tokenized stocks, making it impossible to directly extrapolate this $20.9 billion as the "total market volume." Within the current information boundaries, it can only be viewed as: tokenized stocks have already appeared with statistically meaningful transaction scales on DEX, but judgments about their true volume and growth paths still require more dimensions and more transparent data for support.

Uniswap Captures 60%: Liquidity Concentrated in a Single Protocol

Zooming in on the structure of this $20.9 billion trading volume, according to the single-source Token Terminal statistics, within the same 30-day window, Uniswap V4 takes approximately 40.7% of the market share in tokenized stock trading, while V3 contributes about 19.4%. The two versions combined account for approximately 60.1% of the share, equating to about $12.6 billion in trading volume, indicating that the vast majority of orders in this segmented market have been matched within the same technology stack. The remaining approximately 39.9% of the share is distributed among other protocols, but in the absence of more granular data, only one fact can be confirmed: the concentration of liquidity in the leading single protocol is high enough to determine the main trading experience of this asset class on-chain.

Uniswap has long been regarded as the leading decentralized trading protocol in the Ethereum ecosystem, continuously gathering liquidity across multiple asset classes. This historically accumulated network effect is spilling over into the RWA track: market-making capital is more inclined to stay in pools with the densest liquidity, and routers and aggregators will also prioritize directing orders to pools with better depth, further reinforcing its share advantage. In a market like tokenized stocks, which is still in its early expansion phase, a high reliance on a single DEX protocol, on one hand, enhances the concentration of price discovery and matching efficiency, while on the other hand, it amplifies the impact of adjustments in protocol parameters, liquidity in and out, or technical failures on trading and pricing. This means that "how Uniswap performs" largely determines "how on-chain tokenized stocks perform."

The Paradox of Decentralization: Asset Dispersion but Trading Entry Concentration

From the perspective of asset forms, tokenized stocks can be deployed on different chains and issued by different teams, theoretically achieving dispersion in terms of underlying assets and technology stacks. However, data from the past 30 days leading up to September 27 shows a clear concentration of on-chain trading entry: according to single-source Token Terminal statistics, in approximately $20.9 billion of DEX trading of tokenized stocks, Uniswap V4 and V3 together account for about 60.1%, corresponding to approximately $12.6 billion, while the remaining approximately 39.9% of trades are scattered across other undisclosed DEXs. The result is that while assets present a "multi-point distribution," the trading layer forms a "few protocols in command" structure. RWA tokenization originally aimed to reduce single-point risk, but has instead reshaped a new concentration on the infrastructure side.

This concentration shows a distinct dual effect on price discovery and user experience. On one hand, over 60% of trades are concentrated on the same protocol family, making the mainstream price of tokenized stocks consolidated within fewer pools, with deeper liquidity and more controllable slippage under the same order volumes, allowing users to complete their main trading actions more easily in a familiar interface. On the other hand, when a large amount of liquidity and order flow accumulates around a single DEX, any adjustment in protocol fees, routing algorithms, or pool parameters can potentially change the entire sector's transaction costs and slippage environment in a short period, even pushing some long-tail assets into a state of "difficult to transact."

A larger issue lies in the systemic risks introduced by protocol layer concentration. Current statistics only cover on-chain DEX and do not include any potential tokenized stock activities on centralized platforms, which means we see the structure of the "on-chain world": if the dominant protocol on this side experiences a technical failure, encounters bugs at the contract level, or is forced to limit trading of certain underlying assets under regulatory pressure, most of the on-chain liquidity for tokenized stocks may instantly become ineffective, leading to a breakdown in pricing signals, with the remaining approximately 39.9% share corresponding to other DEXs struggling to fully absorb the impacts in the short term. This structural paradox of dispersed assets and concentrated protocol layers will long determine the risk profile and pricing efficiency boundaries for tokenized stocks on-chain.

Data Blind Spots: Question Marks about the Remaining 40% and Statistical Criteria

In the past 30 days leading up to September 27, according to the single-source Token Terminal statistics, the cumulative trading of tokenized stocks on decentralized exchanges is approximately $20.9 billion, with Uniswap V3 and V4 combined taking approximately 60.1%, corresponding to about $12.6 billion. However, this dataset does not provide any details about the remaining approximately 39.9% non-Uniswap share, failing to disclose the specific names of other participating DEXs or their respective market shares. In this case, the external parties cannot determine "who is in second place," "whether long-tail platforms are catching up rapidly," or "whether the concentration is declining," making it even more challenging to characterize the true competitive landscape of other DEXs in the tokenized stock sector.

Equally important is the lack of transparency in the statistical criteria themselves. Current public information does not clarify the coverage of this $20.9 billion: which chains it includes, which tokenized stock assets are covered, whether it excludes obvious wash trading addresses or anomalous matching behaviors—these critical details are missing. Token Terminal, as the sole source of this data, although cited by multiple media outlets, still belongs to a single-source level of confidence. Based on this data, one can describe a structural distribution within a 30-day window, but equating it directly to "the entire real transaction of tokenized stocks on-chain" or "the overall scale of the industry" lacks solid grounding from both statistical and risk control perspectives.

Moreover, a more significant limitation is the absence of time dimension and asset scale information. This factual repository does not provide sequential or year-on-year data for the previous statistical period, nor does it present basic scale indicators like the overall issuance volume or market value of tokenized stocks, making it impossible to derive any reliable growth rate, volume acceleration, or periodic trend from the existing numbers, let alone rank non-Uniswap DEX with a "champion" or "runner-up" status or estimate the expansion or contraction of the overall market value of tokenized stocks. Given the current visible information, a reasonable use of the findings is to acknowledge blind spots and unclear criteria, treating the total of $20.9 billion and Uniswap's approximately 60.1% market share as a temporary structural cross-section, rather than a final judgment on the long-term pattern and evolution path of this segmented market.

Next Steps for On-Chain RWA Trading: Finding Balance Between Expansion and Concentration

As of September 27, in the past 30 days, according to the single-source Token Terminal statistics, the cumulative trading volume of tokenized stocks on DEX is approximately $20.9 billion, with Uniswap V4 at about 40.7% and V3 at about 19.4%, aggregating to approximately 60.1% or about $12.6 billion. This indicates that the RWA tokenized stock sector has already achieved a significant on-chain trading scale, while also exposing the structural risks brought by high protocol layer concentration. Subsequent observations of this sector will need to continue tracking whether the total trading volume continues to expand, enters a plateau period, or experiences a temporary decline, while simultaneously monitoring the concentration changes between Uniswap and the remaining approximately 39.9% market share to assess whether liquidity is further consolidating towards leading protocols or achieving a more balanced dispersion structure. On the data side, the next improvements should include: introducing multi-source data for cross-validation of Token Terminal results, clarifying which chains and asset ranges are covered in the $20.9 billion statistical criteria, and whether wash trading behavior is excluded, and providing more granular disclosures regarding the undivided 39.9% share by different DEXs and asset categories. Only when both dimensions of scale and concentration achieve transparent data support can investment decisions and protocol governance regarding tokenized stocks form more evidence-based balanced judgments between risks and opportunities.

Join our community to discuss and become stronger together!
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/zh-CN/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。