Where Will Investment Opportunities Arise as Stocks Move On-Chain?

1. Tokenized Securities: An Irresistible Mainstream

The tokenized securities market has been rapidly growing, expanding the range of assets that can be traded on-chain. In the past, on-chain trading was primarily centered around Bitcoin, altcoins, and meme coins, but now it includes not only U.S. stocks and ETFs but also products that expose investors to shares of private companies, all traded on the blockchain.

Users can now buy tokenized Nvidia on Solana and tokenized SpaceX on the Robinhood chain.

Looking at the market size, this change becomes even clearer. The total issuance of tokenized stocks increased from $30 million in January 2025 to $3 billion as of September 15, 2026. This represents nearly a 100-fold growth in less than two years. The number of products is also increasing rapidly. The number of tokenized stock-related assets registered on CoinGecko was only 14 in January 2024, but it has now surpassed 1,300.

Tokenized stock issuance. Source: Blockworks

I believe that considering the expanded accessibility to investment, 24-hour trading, and the potential for integration with DeFi, the tokenized securities market is likely to continue growing. Global investment bank Citi has projected that the global tokenized securities market could reach $5.5 trillion by 2030.

2. Where Does the Value Created by the Tokenized Securities Market Go?

So, where do investment opportunities arise in this massive trend? As the tokenized stock market grows, where does the actual value accrue?

Simplifying the structure, value accumulates in three main areas. Issuers tokenize stocks and secure fees and managed assets during the issuance and redemption process. The blockchain network sees increased activity as the issuance, transfer, and settlement of tokens rise. Decentralized exchanges (DEXs) secure trading volume and fees when tokenized stocks are actually traded.

The question is whether this growth translates into the value of investable tokens. Major issuance platforms like bStocks and xStocks currently do not have their own tokens. While ONDO token exists, the structure connecting the growth of the tokenized stock business and token value is not clearly defined. The Robinhood chain, which has seen a rapid increase in tokenized stock trading, has also not issued its own native token.

In contrast, some DEXs already have structures that link profits generated from trading to token buybacks or burns. As the trading volume of tokenized stocks increases, protocol revenues rise, which can then connect back to token value.

Of course, issuers and blockchain networks can also benefit in the medium to long term as the tokenized securities market grows, so it is essential to keep an eye on them. However, at this stage, the most directly connected investment opportunity regarding the growth of the tokenized securities market and token value appears to be decentralized exchanges. If one believes that the tokenized securities market will continue to grow, it is crucial to observe which DEX can secure increasing trading demand and link it to trading volume, fees, and ultimately token value.

3. So, Which Chain and Which Exchange?

Currently, the chains where tokenized stock trading is most active are BNB Chain, Robinhood Chain, and Solana.

As of September 15, the number of tokenized stock holders is highest on BNB Chain, with 1,440,409 holders. This is followed by Robinhood Chain with 1,156,119 holders and Solana with 624,753 holders.

Number of tokenized stock holders by blockchain. Source: Blockworks

The transfer counts of tokenized stocks also highlight the activity of these three chains. However, the rankings differ somewhat from the number of holders. Solana leads with 3,228,759 transfers, followed by Robinhood Chain with 2,472,503 transfers and BNB Chain with 2,436,731 transfers.

Tokenized stock transfer counts by blockchain. Source: Blockworks

So, which DEX is leading tokenized stock trading on these chains? The major DEXs by chain are as follows.

On Solana, tokenized stock trading is centered around Raydium ($RAY), Meteora ($MET), and ZeroFi.

Until 2025, Raydium held most of the market share, but as other DEXs began to support tokenized stock trading, the market share has gradually dispersed. As of August 2026, Raydium's market share is 44%, Meteora is at 15%, and ZeroFi is at 14%. Notably, ZeroFi has not issued its own token.

Tokenized stock trading share by DEX on Solana. Source: Blockworks

On BNB Chain, PancakeSwap ($CAKE) holds the highest market share.

In 2025, PancakeSwap accounted for most of the tokenized stock trading on BNB Chain, but in 2026, the trading volume of competing DEXs increased, leading to a dispersion of market share.

In the second quarter of 2026, Elfomofi and Native saw significant spikes in trading volume, but these were temporary phenomena. Both DEXs do not have their own tokens. As of August 2026, PancakeSwap's market share is 45%, while Uniswap holds 18%.

Tokenized stock trading share by DEX on BNB Chain. Source: Blockworks

On Robinhood Chain, Uniswap ($UNI) dominates the tokenized stock trading market. Given the significant gap in market share with other DEXs, Uniswap currently holds a virtually monopolistic position.

Tokenized stock trading share by DEX on Robinhood Chain. Source: Blockworks

4. Major DEX Valuation

Among the representative tokenized stock trading platforms with their own tokens, we conduct a valuation of Uniswap, PancakeSwap, Raydium, and Meteora as follows.

The valuation is based on the annualized figures of 30-day protocol revenue and token attribution revenue as of September 18. This approach aims to reflect recent trading volumes and revenue flows more directly than long-term historical averages. All data is based on DeFiLlama.

However, the trading volume of tokenized stocks is still around 10% of the total trading volume of each DEX. It is also challenging to separately identify the revenue generated from tokenized stock trading, making it difficult to directly reflect the growth outlook of the related market in the current valuation. Therefore, in this comparison, we evaluate the current value based on the overall revenue of each DEX. To assess the potential for additional growth resulting from the expansion of the tokenized stock market, it is necessary to continuously monitor the related trading volumes and market share changes of each DEX.

The annualized revenue used this time is not a forecast of future performance. It serves as an indicator to compare the current valuations of each token under the assumption that the revenue level of the past 30 days is maintained. Actual revenue can vary significantly if market conditions, trading volumes, or fee structures change.

Valuation indicators include PSR and PER. PSR is the current market capitalization divided by the annualized protocol revenue, showing how much value the market recognizes compared to the revenue generated by the protocol. PER is the current market capitalization divided by the annualized token attributable revenue, serving as a measure to compare the current market cap level against the revenue attributable to the token.

From an investment perspective, it is essential to consider not only the valuation but also the difference between market capitalization and fully diluted value (FDV). If there is still a significant amount of tokens that have not been circulated, the existing token value may be diluted due to increased supply from future unlocks. Therefore, even if PSR and PER are low, a significant gap between market capitalization and FDV should be considered for potential dilution in the future.

Source: DeFiLlama, Block Media

Raydium: Direct Buyback Structure...FDV Dilution is a Variable

Raydium recorded $460 million in protocol revenue and $317 million in token attributable revenue from approximately $7.32 billion in trading volume over the past 30 days. With an annualized PSR of 8.3x and PER of 12.1x, it is relatively low.

A portion of the trading fees is used for Raydium token buybacks, creating a clear structure where increased trading translates into token value. It also holds a significant market share in the Solana tokenized stock market, suggesting that future increases in related trading could lead to expanded buybacks. However, with an FDV of approximately $937 million, which exceeds twice the market cap, the dilution burden from future token supply increases must be considered.

PancakeSwap: Low Dilution Burden and High Token Attributable Revenue

PancakeSwap recorded $748 million in protocol revenue and $586 million in token attributable revenue from approximately $30.68 billion in trading volume over the past 30 days. With an annualized PSR of 9.6x and PER of 12.2x, it is at a similar level to Raydium.

The small difference between market cap and FDV indicates a low dilution burden, and a portion of the fees is utilized for PancakeSwap token buybacks and burns, linking protocol revenue to token value.

Uniswap: Largest Business Scale Despite High Valuation

Uniswap recorded approximately $81.23 billion in trading volume and $15 million in protocol and token attributable revenue over the past 30 days. The protocol fees are used for Uniswap token buybacks, with both annualized PSR and PER at 29.3x, the highest among the four projects.

On the other hand, it also has the largest trading volume and leads among the four DEXs in tokenized stock trading volume. Particularly, it has secured a high market share in the Robinhood chain, making it essential to observe how the expansion of the tokenized stock market impacts trading volume and revenue.

Meteora: Lowest PSR...Discretionary Buyback Sustainability is a Variable

Meteora recorded $296 million in protocol revenue from approximately $6.9 billion in trading volume over the past 30 days. Its annualized PSR is 3.9x, the lowest among the four projects. However, the recent 30-day token attributable revenue was recorded as zero, so PER was not calculated.

Meteora also has a value attribution structure through buybacks. It conducted a buyback of approximately $10 million worth of MET in December 2025 and an additional $1 million in the first quarter of 2026. However, unlike Raydium, it does not have a structure where a certain percentage of revenue is automatically used for buybacks; it follows a discretionary buyback method.

Given that the scale of buybacks has significantly decreased recently, the key variable for MET value attribution will be how much funding is injected in the future and how regularly this is sustained. The FDV is also about 1.8 times higher than the market cap, indicating that the potential for dilution due to future token supply increases should also be monitored.

5. As the Tokenized Stock Market Grows, the Role of DEXs Increases

In summary, while Meteora records the lowest PSR compared to protocol revenue, the recent token attributable revenue being zero and the discretionary nature of buybacks make it difficult to determine undervaluation based solely on a low multiple. Raydium and PancakeSwap have similar PERs of 12.1x and 12.2x, respectively. Both have established themselves as leading DEXs on the Solana and BNB chains, generating high trading volumes and linking protocol revenue to token value through buybacks and burns. However, Raydium faces a dilution burden due to its high FDV compared to market cap, while PancakeSwap has a relatively low dilution burden due to the small difference between market cap and FDV.

Uniswap has the highest valuation with both PSR and PER at 29.3x. However, it also has the largest trading volume and tokenized stock trading volume, and it has secured a high market share in the Robinhood chain, making it the most likely to benefit from the expansion of the tokenized stock market.

This article examined the rapid growth of the tokenized securities market, the chains and exchanges where actual tokenized stocks are traded, and which DEXs are likely to benefit during the market expansion. Although the tokenized stock market is still in its early stages, as the assets available for trading and liquidity expand, the role of major DEXs is likely to increase. Especially in cases where protocol revenue is directly attributed to tokens through buybacks or burns, such growth can be more directly reflected in token value.

In conclusion, if one views the growth of the tokenized securities and tokenized stock market positively, DEXs are one of the key infrastructures that must be closely monitored. In the future, not only the current revenue multiples but also how much market share each DEX maintains and expands in the tokenized stock market, as well as how increased trading and revenue connect to actual token value, will be key points to watch.

|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | Disclaimer
This material is prepared for informational and research purposes and does not constitute an invitation to invest in or a recommendation to buy or sell specific digital assets. The trading volume, revenue, market capitalization, etc., used in the text are based on data at the time of writing and may change according to market conditions and protocol policy changes. Additionally, annualized returns and PSR·PER are simple comparative indicators based on the assumption that recent 30-day returns are maintained, and do not guarantee future performance or token prices. The investment judgment and the responsibility that follows lie with the investor. |

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