Solana has moved to the top of the tokenized commodities spot DEX market, according to Blockworks data, taking a 36% share of volume on Sept. 23. That put it ahead of Robinhood Chain at 26%, with Canton at 19%, Ethereum at 13% and BNB Chain at 4%.
The change was abrupt. About three weeks earlier, Solana accounted for roughly 1% of tokenized commodities spot DEX volume. The jump follows a wave of new commodity-related products on the network, even as Ethereum continues to dominate the sector by asset value rather than trading activity.
A market with fast-changing leaders
The ranking shift adds to a pattern of quick turnover in a relatively small market. Since tracking began in July 2026, Ethereum had usually controlled at least 80% of daily tokenized commodities DEX volume. That changed in August, when BNB Chain at times captured more than half of daily activity.
By late August and into the middle of September, Robinhood Chain had climbed into first place. Solana has now taken that lead, making it the third network to hold the top spot in just a few months. The source article notes that the market remains small enough that a single new listing can still materially change the standings.
New Solana products helped lift volume
Solana’s rise coincided with several launches tied to tokenized commodities. Dominion Market introduced its SILV token for tokenized silver on the network. GMTrade then added perpetual futures tied to gold, silver and oil, while Kamino began accepting PAXG as collateral.
Most of the trading flow tied to this activity has been running through Raydium. The article points to Kamino’s support for PAXG as a development that could matter over time, because collateral use may give holders a reason to keep tokenized gold on Solana rather than moving it elsewhere.
Trading share and asset value tell different stories
The spike in Solana’s trading share does not mean it holds a comparable share of tokenized commodity assets. RWA.xyz data cited in the report shows Solana hosting $26.8 million in distributed tokenized commodities as of Sept. 25, equal to about 0.55% of the market.
Ethereum remains far ahead on that measure with $4.7 billion, or roughly 95% of total tokenized commodity value. BNB Chain, at $87 million, and Arbitrum, at $85.8 million, each hold more than three times Solana’s total even though Arbitrum barely appears in the volume rankings.
What comes next for the sector
Robinhood Chain offers another example of the gap between value locked and trading flow. The network held only $4.6 million in tokenized commodities, about 0.09% of the market, yet still handled around a quarter of DEX volume on Sept. 23. Its tokenized commodity asset value was up 228.3% over the past 30 days, the largest gain among the top 10 networks tracked by RWA.xyz.
Over the same period, Solana’s tokenized commodity value rose 1.09%, while Ethereum and BNB Chain posted declines of 4.72% and 7.83%, respectively. Even so, Ethereum continues to custody most of the supply. The next confirmed test for Solana is whether it can retain trading leadership in a market where leadership has already changed hands three times since July and where new listings can quickly reset the order.
Source: Cryptopolitan