Dune report finds tokenized markets often diverge from the assets they reference, with most tokenized cash barely trading
- Tokenized real-world assets passed $34B, but tokenized cash, the largest asset class at nearly $18B, barely trades.
- Tokenized stocks are 8% of the market but account for 93% of onchain trading, and onchain equity investors favor single names over funds, with $12.6B of spot and $72.4B of perpetual volume in August.
- Perpetuals give access to hard-to-reach assets, with Asian names making up 24% of equity open interest, much of it memory stocks, and reveal positioning when underlying markets are closed.
- Tokenized commodities reached $5.5B, almost entirely gold, and tokenized gold ounces rose 73% year over year against 29% growth in the gold price.