TREE NEWS reports: Tokenized stock spot DEX volume reached about $50 billion in the third quarter, roughly nine times the prior quarter and up from about 1% to about 9% of all spot DEX volume. Total DEX spot volume rose about 13% quarter-on-quarter to $571 billion, the first increase in four quarters, while perpetual DEX open interest climbed about 76% to $24 billion, with Hyperliquid accounting for about $13 billion, or 53%.
ARK Q3 DeFi Report: Tokenized Stock DEX Volume Hits $50B, Perp DEX Open Interest Up 76%
AI take
The striking figure is not the $50 billion but the jump from roughly 1% to 9% of all spot DEX volume — tokenized equities are moving from a niche experiment into a measurable share of onchain spot activity within a single quarter. That shift matters most for venues and market makers deciding where to allocate liquidity, and for the competitive position of perp platforms, where Hyperliquid's majority share of open interest concentrates the derivatives side. Whether tokenized stock share keeps climbing or proves a one-quarter spike, and whether perp open interest growth broadens beyond a single dominant venue, are the open questions.
Generated by AI for reference only.
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