xStocks Just Crossed $149M in Volume. But Is It Actually Working?

A deep look at the updated data, what’s working, and why usage keeps dropping off 👇

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Key Stats (10 Days):

→ $149.8M total transaction volume

→ $27.3M AUM (Assets Under Management)

→ $32.7M DEX volume

→ 22,558 unique holders

→ Top assets: Tesla, SP500, Circle, MicroStrategy

Not bad at all. But zoom in, and the cracks start to show…

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Volume Drops After Each Spike

Two clear volume peaks:

🟢 July 2 → $8.5M

🟢 July 7 → $6.1M

But each time? Usage falls off fast.

No stickiness. No sustained momentum.

Why?

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xStocks is stuck between two worlds.

1. Too Trad for Degens

- No memes, no yield, no pump = no interest.

- Degens don’t care about Apple earnings or Coca-Cola stock.

2. Too Crypto for TradFi

- No dividends, no voting rights, no legal clarity.

- TradFi already owns these assets via trusted brokers.

So who is this for right now?

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xStocks is early. And awkward. But promising.

Infra is here. Demand is scattered. But with the right moves, this could still become a major unlock for on-chain finance.

We're still in chapter 1.

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What do you think

Will tokenized stocks become crypto’s next big wave?

Or is this just a temporary crossover?