Solana Flips Robinhood Chain to Lead Tokenized Commodities DEX Volume

Solana is now the leading blockchain when it comes to handling tokenized commodities trading on decentralized exchanges. Latest data from Blockworks shows that the network now holds a 36% market share of tokenized commodities spot DEX volume, ahead of Robinhood Chain at 26%. Three weeks ago, Solana’s share was just around 1%. 

Canton came in third with 19%, followed by Ethereum at 13% and BNB chain at 4%. HyperCore picked up about 1% and the rest of the chains like Base, Polygon, Avalanche and Monad barely registered. The current composition here is drastically different from a market Ethereum led almost unchallenged throughout last year. 

Leadership Has Changed Hands Three Times Since July

Ever since tracking began through July 2026, Ethereum’s share of daily tokenized commodities DEX volume rarely fell below 80%. Avalanche saw a few spikes in activity around November last year, though none of them lasted. 

August was the first month we saw a noticeable shift in the pattern. BNB Chain captured a huge chunk of the market, at times taking well over half of the daily volume. By the end of August and until the middle of this month, Robinhood Chain had climbed to the number one spot. 

Every change has happened rapidly over the past few weeks. The daily volume within this market is still small and the possibility of these rankings altering based on a single new listing is still very high. 

New Commodity Products Keep Landing on Solana 

Solana’s rise lines up with a run of launches on the network. Dominion Market brought tokenized silver to the chain with its SILV token. GMTrade followed with perpetual futures on gold, silver and oil, while lending protocol Kamino started accepting PAXG as collateral. Most of the resulting flow is going through Raydium.

The Kamino listing may matter most over time. Collateral use gives PAXG holders a reason to keep tokenized gold on Solana rather than bridging it back out, which could keep feeding DEX activity on the network.

Solana still holds a fraction of the assets

Trading activity and asset value paint very different pictures. RWA.xyz data as of September 25 shows Solana hosts $26.8 million in distributed tokenized commodities, just 0.55% of the market. Ethereum holds $4.7 billion, or about 95%. 

BNB Chain, at $87 million, and Arbitrum, at $85.8 million, each hold more than three times Solana’s total, even though Arbitrum barely shows up on the volume charts.

Robinhood Chain makes the gap even clearer. It holds $4.6 million in tokenized commodities, or 0.09% of the market, yet it handled about a quarter of DEX volume on September 23. Its asset value has climbed 228.3% over the past 30 days, the biggest gain among the top 10 networks on RWA.xyz.

Solana at least grew while most rivals shrank. Its tokenized commodity value rose 1.09% over 30 days, compared with declines of 4.72% for Ethereum and 7.83% for BNB Chain.

Ethereum still custodies the vast majority of supply, and whichever chain wins the trading flow is working with a much smaller pool of assets. Three networks have already taken the top volume spot since July. How long Solana keeps it may come down to how much of that $4.7 billion it can pull across.

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