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- Solana announced that Tesla has attracted more than 14,000 on-chain investors, who together hold $25 million worth of tokenized shares.
- In the past 24 hours, Solana recorded over $6 billion in DEX trading volume, outpacing both Ethereum and Binance to retake the number one spot.
TSLAx, the tokenized version of Tesla, Inc. stock built on the Solana (SOL) blockchain, has officially surpassed 14,000 unique holders and now represents over $25 million in on-chain supply, according to an announcement made on X.
TSLAx, sometimes referred to as TSLAX, is part of a new wave of “xStock” assets that give investors exposure to traditional equities through blockchain infrastructure.
Essentially, the token mirrors Tesla’s market performance while removing traditional barriers like brokerage accounts, making it accessible to a global, crypto-native audience.
Unlike conventional Tesla shares, TSLAx holders don’t receive dividends or voting rights; instead, the token’s appeal lies in its liquidity, 24/7 accessibility, and seamless integration with decentralized finance (DeFi) protocols on Solana.
This growing on-chain liquidity base is a reflection of the rising interest from retail and institutional investors, but also paves the way for deeper integration into DeFi platforms and more listings across centralized and decentralized exchanges.
Solana Network Growth
Several major asset managers, including Grayscale Investments, Franklin Templeton, and VanEck, have filed paperwork to launch spot Solana Exchnage Trdaed Funds (ETFs) in the U.S. Notably, the 21Shares Solana ETF took a concrete step forward with the filing of a Form 8-A12B registration statement with the U.S. Securities and Exchange Commission on October 15, tsi serves as a confirmation that the ETF is registration under the Securities Exchange Act of 1934.
As mentioned in our previous report, VanEck is aiming to appeal to cost-conscious investors by lowering its Solana Staking ETF fee to 0.30% in its latest SEC filing, giving it a small pricing advantage over Grayscale’s 0.35%.
Analysts at JPMorgan Chase & Co. expect that while spot Solana ETFs are likely to secure approval soon, the initial inflows may be more modest than those seen with Bitcoin or Ethereum ETFs, estimating around $1.5 billion in net inflows during the first year. Market watchers believe that once the ETF goes live, Solana could make a run to its $294 all-time high and move toward the $300 mark.
Despite a recent pullback, down 5% in the past 24 hours and 13% over the past week, with SOL trading near $193, the network’s underlying activity remains vibrant.
Solana currently leads all blockchains in decentralized exchange (DEX) volume, clocking in at $6.16 billion in just 24 hours, surpassing Ethereum, which has $6 billion. The uptick stems from expanding liquidity pools, Solana’s high-speed network performance, and increased meme coin and DeFi trading volumes.
Stablecoins like USDC and PYUSD now function as essential liquidity backbones for top decentralized exchanges such as Jupiter Exchange, Raydium, and Phoenix.
In derivatives markets, Solana’s momentum has cooled slightly. Derivatives trading volume has slipped by 24.5% to $25.53 billion, while open interest fell 2.96% to $10.13 billion. Options activity also declined by 18.19% to $3.63 million. Even so, Solana remains a powerhouse network.
