Solana Tokenized Commodities Hit $87M Weekly Volume, Claiming 30% of All-Chain Market Share

Tokenized commodities trading on Solana generated $87 million in weekly volume last week, per data reported by Crypto Briefing. Solana's share of all-chain tokenized commodity trading climbed from roughly 5% to 30% over seven weeks, a trajectory that closely tracks what tokenized equities did on the network earlier this year.

Raydium RAY$2.09+2.3% handled 70% of that commodity volume, per Crypto Briefing, consistent with its 63–90% routing share across tokenized asset categories on Solana.

Gold and Silver Are Driving the Volume

The two assets anchoring the surge are tokenized gold and tokenized silver. Paxos's PAXG has seen its supply on Solana grow 689% year-over-year through August 2026, per Crypto Briefing, with total tokenized commodity supply on-chain reaching roughly $50 million by late last month. SILV (SILV), issued by Dominion Market, generated $4 million in 24-hour volume at launch and accounted for 60% of all tokenized commodity trading during its opening days, per Crypto Briefing. The token has accumulated 9,007 holders and represents 93,510 troy ounces of physical silver on-chain as of today, per Solana Compass data. WTI crude oil is also represented on-chain via GMTrade, which launched perpetual contracts on the commodity in early September 2026.

Kamino Finance KMNO$0.038+9.4% has added PAXG as accepted collateral, extending the token's utility beyond spot trading into lending markets.

How the Seven-Week Ramp Happened

Solana held roughly 5% of all-chain tokenized commodity volume at the start of the period, per Crypto Briefing. The Dominion Market silver token's launch was one accelerant: SILV drew $4 million in 24-hour volume at debut and immediately concentrated trading on Solana's DEX infrastructure. GMTrade's perpetuals offering for WTI crude oil added a second asset class with derivatives depth. Kamino Finance's move to accept PAXG as collateral extended the lending layer to the category, giving gold holders a reason to bridge supply onto Solana rather than hold it idle elsewhere.

Each new venue and asset type pulled more volume toward the network's established routing infrastructure, which Raydium already dominated.

Raydium's Position Across Tokenized Assets

Raydium's 70% commodity routing share sits at the lower end of its documented range but remains decisive. The DEX captured over 90% of Solana's tokenized stock DEX volume as recently as September 19, a position built on the same liquidity-concentration dynamic. When a new tokenized asset class arrives on Solana, it finds deep pools on Raydium from the start, making it the default venue before alternatives can build comparable depth.

The parallel development of equities and commodities on the same infrastructure is notable. Tokenized equity wallet holders on Solana passed 900,000 today, with on-chain equity supply at a $684 million all-time high.

Despite the volume growth, Solana's on-chain gold presence remains small relative to the broader tokenized gold market: its 0.47% share of total on-chain gold supply, per Crypto Briefing, means the category has room to expand even at the current pace.