Base records $100M in daily DEX trading volume for tokenized stocks

Tokenized stocks trading on Base just hit $100 million in daily decentralized exchange volume, a level the network hadn’t touched in 26 days. For a product category that didn’t exist on the chain five weeks ago, that’s a remarkably fast climb toward relevance.

Coinbase’s Ethereum layer-2 network launched tokenized versions of major US stocks on August 24, 2026, and within a month, cumulative trading volume blew past $228 million.

What’s actually trading, and where

The tokenized stocks available on Base include some of the most recognizable names in public markets: Nvidia (NVDAc), Apple (AAPLc), Alphabet (GOOGLc), and Meta (METAc). Each token follows the B20 standard and is backed 1:1 by actual shares held in custody by Alpaca, a brokerage infrastructure provider.

The bulk of this activity is flowing through one venue. Aerodrome, the dominant DEX on Base, has captured more than 77% of all tokenized stock trading volume since launch. In the first week alone, cumulative volume across these tokens reached roughly $94.6 million, and the pace has only accelerated from there.

Why tokenized stocks are finding an audience

Traditional stock markets operate roughly 6.5 hours a day, five days a week. Tokenized versions trade around the clock, every day. On Base, traders can acquire fractional amounts of NVDAc and use it as collateral in DeFi protocols. A tokenized stock sitting in a wallet can be lent, used as collateral for borrowing, or paired in a liquidity pool to earn trading fees.

The Aerodrome effect and competitive implications

Aerodrome’s 77%-plus market share in tokenized stock volume is a significant data point for the Base ecosystem. For Aerodrome’s liquidity providers, the tokenized stock pools represent a new source of fee revenue with a different risk profile than typical crypto pairs, as the underlying assets are correlated to traditional equity markets rather than to ETH or Bitcoin.

The 1:1 backing model with Alpaca as custodian creates a clear link between the onchain token and a real, regulated share. Whether that structure satisfies the SEC long-term is an open question.

T+0 settlement on Base versus T+1 through DTCC is a meaningful operational difference for firms managing large portfolios.

The current roster of four tokenized stocks is deliberately narrow, focused on mega-cap names. One month of data doesn’t make a trend, but $228 million in cumulative volume and a $100 million daily peak suggest that demand for onchain equities is more than a novelty.

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