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Tokenized stocks may give Solana a real-world use case, but network activity alone does not guarantee stronger SOL demand.
ByWayne Jones
Solana is gaining attention as tokenized stocks bring trading onto the blockchain outside traditional market hours, with CryptoRus pointing to after-hours activity and more than 727,000 holders as signs to watch.
But the bigger question is whether that usage can spread across Solana’s network and eventually show up in SOL’s price.
Solana’s After-Hours Stock Market Faces a Token Test
CryptoRus argues that tokenized equities give crypto a practical use case because markets can keep trading after Wall Street closes. Solana says 63% of tokenized-equity activity on its network came after the closing bell, while the number of holders has passed 727,000.
That does not, by itself, prove lasting demand for SOL. As the analysis account puts it, “The decision now is whether Solana’s activity becomes durable network growth, and whether SOL’s chart begins to reflect it.”
One way to test that broader story is through chain TVL, or the value held across decentralized applications on a network. Solana’s TVL was up 6.6% to $5.86 billion, compared with Ethereum at $49.97 billion after a 56% increase. BSC, Base, Tron and Bitcoin also posted gains similar to Solana’s, at 6.7%, 6.3%, 6.2%, and 4.7%, respectively, which still kept them well below Ethereum.
The second signal comes from Ethereum itself, with spot ETH ETFs recording more than $216 million in net inflows last Friday, making it a fourth straight week in the green for the funds. According to CryptoRus, that shows that institutional crypto demand is not limited to one network, and that investors should use those flows to check if the demand persists.
“A continuing inflow trend strengthens the broader adoption case,” the analyst wrote. “A reversal would weaken this particular signal.”
The third is the wider tokenization market. As CryptoPotato reported last week, tokenized stocks such as SPY, rGOOGL and HOODb posted large gains in market capitalization, while QQQb recorded $4.5 billion in 90-day decentralized exchange volume. Across the category, DEX volume reached $15.9 billion.
Source: cryptopotato.com