xStocks Launches on Solana as Network Sees $100M Inflows and Revenue Surge

Key Insights

• xStocks brings tokenized equities to Solana DeFi protocols.
• Solana leads in app and network revenue again this week.
• $250M in USDC minted on Solana; ETF listing triggers $SOL rally.

Solana’s DeFi momentum accelerated this week with the official launch of tokenized stock trading via xStocks. Combined with surging revenue and major capital inflows, the network strengthened its position as the top-performing blockchain for application and network activity.

The rollout of the first Solana-based staked ETF further fueled bullish sentiment and liquidated millions in short positions.

Solana Dominates On-Chain Revenue Metrics

Solana remained on top of weekly decentralized application (dApp) revenues, with $31.3 million in revenue between June 23-29, as per Defillama.

It did better than Ethereum, which reported 15 million and other chains, although there was a general slowdown in the market in terms of revenue. The protocol also led in network-level revenue, with revenue of 12.3 million, surpassing Tron and Ethereum.

This was the 14th week that Solana has been the most profitable network in terms of transactions and protocol income.

Weekly figures prove the stable activity of users and continuous demand among DeFi applications. The platform’s cost efficiency and speed continue to attract developers and liquidity providers at scale.

In addition to the revenue, Solana experienced over $100 million of cross-chain inflows, with more than $70 million of Ethereum bridged. This growth is an indication of higher trust in the growing ecosystem and liquidity depth of the chain.

xStocks Go Live Across Solana DeFi and Major Exchanges

This week, Backed Finance officially released its tokenised equity product, xStocks, on Kraken, Bybit, and Solana-based DeFi protocols. There are already more than 60 tokenised stocks and ETFs available with 24 / 7 access to blue-chip assets such as Apple, Tesla and Nvidia.

Such tokenized securities are fully collateralized by real shares and are settled on-chain through Arbitrum and Solana.

xStocks can be traded on Solana through the most popular protocols, such as Raydium, Kamino, and Jupiter. Phantom wallet integration is already in progress, where it will be possible to use tokenised equities in swaps and liquidity provision without any issues.

Kraken and Bybit also offer zero commissions and do not limit the transferability of assets and future dividends.

Bybit further integrated xStocks into its TradFi and Byreal platforms, further combining TradFi and DeFi infrastructure. The initiative of Backed, the xStocks Alliance, is an indication of increasing institutional attention to blockchain-native financial markets.

xStocks is now powered by Chainlink oracles that supply reliable and uptime price data. This improves risk management among users who interact with real-world assets in DeFi. The partnership preconditions the further spreading of tokenized securities across chains.

Will Solana Rally More as Robinhood Re-Enables Staking and ETF Launch Nears?

The announcement of the first Solana Staked ETF, which is expected to start trading Wednesday, also contributed to Solana’s momentum. The ETF is a regulated product traded by REXShares that seeks to give institutional exposure to native SOL staking yields.

The news triggered a sharp $SOL rally, pushing the token to $160 and triggering nearly $9 million in short liquidations.

In the meantime, Robinhood has brought SOL staking back to U.S. customers, after it had delisted it after regulatory pressure. The step highlights the new institutional embrace of Solana, particularly following the recent U.S. SEC advice that staking is no longer a security concern.

Circle also minted 250 million USDC on Solana this week, showing an increasing demand for stablecoins on the network. Transaction fees remain negligible, with the mint costing less than $5 in gas.

The capital injection adds liquidity across DEXs and strengthens Solana’s position as a USDC-native settlement layer.

Collectively, these advancements demonstrate the high rate at which Solana has transformed into a comprehensive financial ecosystem. The fact that it allows the hosting of tokenized stocks, ETFs, stablecoins, and DeFi in a compliant and scalable environment makes it stand in a unique position to continue leading.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.