TL;DR
- Base recorded $94.6M in tokenized stock trading volume just one week after its launch.
- The four available stocks are NVDAc, GOOGLc, AAPLc and METAc. Nvidia led trading with $53.7M of the total volume.
- Aerodrome, Base’s leading DEX, concentrates a large share of the volume and its AERO token rose 11.6% in the 24 hours following the launch.
The tokenized stock market of Base, Coinbase‘s layer-2 network, recorded $94.6 million in cumulative trading volume since its launch on August 24.
The figures are reflected on the Token Terminal platform, which tracks the four assets available since launch, and represents a jump of 38,698.9% from the starting point — a figure that illustrates the speed at which activity scaled from zero within a matter of days.
The Architecture Behind Base
Coinbase introduced four tokenized stocks at launch: NVDAc, GOOGLc, AAPLc and METAc. Each one represents a 1:1 claim on real shares of Nvidia, Alphabet, Apple and Meta, held in custody by regulated entities independent of the exchange’s balance sheet, making the structure bankruptcy-remote.
The pricing system runs on the oracle infrastructure of Chainlink, and the tokens can be used as collateral in the DeFi applications operating on the network, which expands their utility beyond pure trading.
NVDAc Dominates the Market
Of the $94.6 million total, NVDAc accounts for $53.7 million, more than half of the total volume. GOOGLc follows with $17.1 million, AAPLc with $12.9 million and METAc with $10.9 million. The daily volume pattern showed no gradual ramp-up: it remained nearly flat through mid-August and surged abruptly from August 24 onward, with a peak close to $30 million around August 27, in precise alignment with the product’s launch date.
A large portion of trading is channeled through Aerodrome, the network’s highest-liquidity DEX and the official liquidity provider for all four tokens from day one. The platform’s native token, AERO, rose 11.6% in the 24 hours following the launch, according to CoinMarketCap, as traders increasingly treat it as a proxy for the tokenized stock narrative on the network.
Tokenized stocks still represent just 4% of the total value of real-world assets tokenized on-chain, with U.S. Treasury bonds remaining the dominant segment.
Coinbase’s custody structure and Aerodrome’s liquidity depth are the key factors that could sustain a considerable share of volume as new assets are added in the coming weeks.
