I hate to rain on everyone’s parade, because I really do believe in tokenizing financial securities on general purpose blockchains. But these stats everyone keeps posting about massive onchain stock volume deserve context.

The *vast* majority of onchain stock volume is coming from a handful of AMM pools with swap fees essentially set to zero. That makes it dirt cheap to trade, despite these pools having <$1mn of liquidity.

Within these pools, 95%+ of the volume is coming from around 10 bots that just flip a small position back and forth again and again

Again, not trying to say onchain equities aren’t a very important development. But any time you see a chart like this for any sort of metric in crypto you should drill down into the data. Almost all crypto stats don’t mean what you think they mean at first glance

https://x.com/0xdoug/status/2069484171735515414