Onchain equity has fractured into **three distinct product layers**: tokenized spot ownership (xStocks/Backed, Ondo Global Markets), pre-IPO private equity tokens (PreStocks, Ventuals, Trade.xyz), and equity perpetual futures (Ostium, Gains Network/gTrade, Hyperliquid equity markets). Ostium alone has processed **$58B+ in cumulative perp notional** since 2024 — the tokenized spot equity sector holds ~$1.2B in combined TVL. The central question: **is onchain equity an asset product or a trading product?** The data answers decisively.

Tokenised Stocks vs Private Equity vs Perp Equities

**The ratio tells the whole story.** Ostium's ~$5.2B in 30-day perp volume against the combined ~$1.2B TVL of the tokenized spot equity market (Ondo + xStocks) implies a **velocity multiple of ~4×** on AUM — and far higher when comparing actual trading volumes, where Ostium's ~$97M/day notional dwarfs estimated on-chain DEX swap volume for tokenized stocks by an estimated **20–50×**. Three equity perp venues now command more aggregate notional than the entire tokenized spot ownership sector combined. Onchain equity is, for now, overwhelmingly a **speculative trading instrument** — not a vehicle for genuine equity ownership transfer.

| Venue | Product Type | Scale (30d) | Notes |
|-------|-------------|-------------|-------|
| **Ostium** | Public Equity Perps | ~$5.2B notional | 33 stocks + indices; Nasdaq data feed; $58B+ cumulative |
| **Hyperliquid** | Mixed Perps (incl. MSTR, COIN, TSLA) | Dominant | Largest onchain perp exchange by total volume |
| **Gains Network (gTrade)** | Stock + Forex Perps | Moderate | Arbitrum/Polygon; GNS token distribution |
| **Ondo Global Markets** | Spot Tokenized Stocks/ETFs | ~$1B+ TVL | 260+ assets; 70%+ market share of tokenized equities |
| **xStocks (Backed/Kraken)** | Spot Tokenized Stocks/ETFs | ~$186M AUM | $25B+ cumulative (CEX+DEX combined); 100K+ holders |
| **PreStocks** | Pre-IPO SPV Tokens | ~$630M cumulative | SPV structure; legality contested by Anthropic |
| **Ventuals** | Pre-IPO Perp Futures | ~$500M cumulative | Pure synthetic; SpaceX at $1.63T implied valuation |

§1 — The Leverage Multiplier: Perps Dominate Onchain Equity

Equity Perp Venue Race — Weekly Notional Volume (Ostium vs Gains Network vs Hyperliquid)

**Ondo Global Markets and xStocks (Backed/Kraken) hold ~94% of the tokenized public equity market** and have formed a clear duopoly. As of May 2026, Ondo commands >70% market share with $1B+ TVL across Solana, Ethereum, and BNB Chain — 260+ tokenized US stocks and ETFs, $18B+ cumulative trading volume since September 2025 launch. xStocks (acquired by Kraken in Dec 2025, backed by Citadel Securities, Jane Street, and DRW) holds ~24% with 100+ assets and 100K+ unique holders, and $25B+ in combined CEX/DEX transaction volume since June 2025.

Both platforms offer **1:1-backed tokens** with real equity custodied off-chain — genuine ownership vehicles. But the dominant routing is still through centralized exchange rails (Kraken), not on-chain DEX swaps, limiting composability and DeFi integration that would let these assets realize their full programmability premium.

§2 — Public Tokenized Stocks: The Ownership Layer

**Ventuals and PreStocks have built a $1B+ combined shadow market for SpaceX, OpenAI, and Anthropic** — pricing companies 24/7 with leverage that traditional secondary markets cannot offer. Activity surged 3× from Jan–May 2026 as AI unicorn mania drove speculative demand. SpaceX crossed $1T implied valuation on Ventuals (the first private company in history to do so), now trading at **$1.63T**. Anthropic sits at $650B implied — a **71% premium to its latest $380B funding round**, with the onchain market pricing the next round before it happens.

**Product structure divergence matters critically:**
- **Ventuals** = pure perpetual futures (synthetic only, no equity claim)
- **PreStocks** = SPV-backed tokens (purport to hold real equity via SPV; legal status contested)
- **Trade.xyz on Hyperliquid** = perp futures on private names

⚠️ **Regulatory risk is acute**: Anthropic has publicly warned SPV structures may carry no legal value. OpenAI opposed Robinhood's tokenized stock product. The pre-IPO tokenization sector operates in a legal grey zone — price discovery is genuine, ownership claims are not. A regulatory intervention or company action could reset these markets instantly. Per Pantera Capital (June 9, 2026): late-stage pre-IPO names dominate early-stage platforms by over 10×.

§3 — Private Equity Shadow Markets: Pre-IPO Price Discovery at the Edge

Equity perp venues generate fees from opening/closing spreads, oracle fees, liquidation fees, and rollover. **Ostium updated its revenue model in April 2026** to capture 100% of dev opening fees, oracle fees, and trading spreads — making it a high-margin business on a $58B+ cumulative notional base. Partnership with Nasdaq (May 2026) adds official price feed credibility and distribution. Gains Network distributes protocol revenue to GNS token stakers and liquidity providers. The income statements below quantify the fee economics of the two largest tracked equity perp venues.

§4 — Venue Financials: Who is Actually Monetizing Onchain Equity?

Full issuer breakdown across both the spot tokenized equity (RWA) layer and the derivatives (perps) layer. The RWA table covers all on-chain real-world asset issuers — filter to equities/stocks to isolate the tokenized stock segment. The perps table shows all onchain perpetual venues ranked by volume, fees, and open interest — Ostium, Gains Network, and Hyperliquid are the key equity-perp players.

§5 — Issuer Breakdown: Sortable RWA & Perp Venue Tables

# Lending vs. DEXs: Ecosystem Comparison
This dashboard provides a comprehensive overview comparing the performance of top protocols within the Lending and Decentralized Exchange (DEX) categories. We will analyze key metrics such as Total Value Locked (TVL), Fees, and Volume to understand the dynamics of these two crucial DeFi sectors.

Top Lending Protocols by TVL

**Lending TVL Insight:** This chart illustrates the Total Value Locked across the leading lending protocols. TVL is a critical indicator of liquidity and user trust within the lending sector, showing the total capital available for borrowing and lending activities.

Top DEX Protocols by TVL

**DEX TVL Insight:** Here, we observe the TVL for top Decentralized Exchanges. While TVL is important for DEXs, volume and fees often provide a more direct measure of trading activity and protocol health.

Top Lending Protocols by Fees

**Lending Fees Insight:** This chart highlights the fees generated by top lending protocols. Fees are a direct reflection of borrowing demand and overall protocol utilization, indicating the economic activity within the lending market.

Top DEX Protocols by Volume

**DEX Volume Insight:** This chart showcases the trading volume on leading Decentralized Exchanges. High volume indicates strong user engagement and liquidity, which are crucial for efficient price discovery and minimal slippage.

**Detailed Protocol Data:** The table above provides a comprehensive list of protocols from both the lending and DEX categories, allowing for detailed comparison of individual metrics such as TVL, daily fees, and 7-day changes. You can sort and filter this table to explore specific protocols or trends.

# Superform and Tokemak: Combined TVL Analysis
This dashboard provides a comprehensive view of the Total Value Locked (TVL) for both Superform and Tokemak, along with key token metrics for Tokemak.

Superform & Tokemak: Combined TVL

**Combined TVL Insight:** This chart illustrates the aggregated Total Value Locked across Superform and Tokemak, providing a holistic view of their combined liquidity and user trust. Analyzing their individual contributions helps understand their respective growth trajectories.

## Tokemak Token Metrics
An overview of the TOKE token's market performance, including price, market capitalization, and trading volume.

**TOKE Token Performance:** These charts provide a snapshot of TOKE's market dynamics. Price and market cap reflect investor sentiment and overall valuation, while trading volume indicates liquidity and market activity.

# Lending vs. DEXs: A Comparative Market Overview
This dashboard provides a comparative analysis of the lending and decentralized exchange (DEX) sectors, focusing on key metrics like Total Value Locked (TVL), trading volume, and fees. We'll examine the performance of leading protocols in each category to understand their market dynamics.

TVL Comparison: Lending vs. DEXs Categories

**TVL Insight:** This chart compares the aggregated Total Value Locked (TVL) for the entire Lending and DEX categories. It allows for a direct visual comparison of capital allocation and growth trends between these two fundamental DeFi sectors. Notice how different market conditions might favor one category over the other.

DEX Volume Market Share (Global, Weekly)

Lending Protocol Fees Market Share (Global, Weekly)

**Market Share Analysis:** The charts above illustrate the weekly market share by volume for DEXs and by fees for lending protocols. This provides a dynamic view of which protocols are dominating their respective sectors and how their competitive landscape evolves over time.

**Conclusion:** The tables provide a detailed breakdown of individual protocols within the lending and DEX categories, including their current TVL and other relevant metrics. This comprehensive view helps in understanding the overall health and competitive dynamics of these critical DeFi segments.

# Solana's Dominance Across DeFi Categories
This dashboard provides a comprehensive look at Solana's market share in key DeFi sectors – Decentralized Exchanges (DEXs), Perpetual DEXs, and Lending protocols – compared to other chains. Each chart reflects the percentage of total market activity or TVL captured by protocols on Solana.

Solana DEX Volume Dominance (vs. All Chains)

**Insight: DEX Volume Market Share**
This chart illustrates the market share of top DEXs by trading volume across all chains. Observe how Solana-based DEXs contribute to the overall decentralized exchange landscape. A significant share indicates strong user activity and liquidity on Solana.

Solana Perp DEX Volume Dominance (vs. All Chains)

**Insight: Perpetual DEX Volume Market Share**
Here, we analyze the dominance in the perpetual futures trading sector. Solana's performance in this category highlights its infrastructure's capability to handle high-frequency trading and complex derivatives, competing with established players on other chains.

Solana Lending TVL Dominance (vs. All Chains)

**Insight: Lending TVL Market Share**
This chart showcases the Total Value Locked (TVL) in lending protocols, indicating the capital deployed within each chain's lending ecosystem. Solana's share reflects the confidence of users and protocols in its lending infrastructure and yield opportunities.

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Solana Dominance

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Tokenised stocks vs private equity vs perp equities

DEX vs Lending

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dex vs lending