Uniswap and PancakeSwap handled 96.1% of tokenized commodity trading volume on decentralized exchanges over the past 30 days, processing $678.2 million in transactions. The market is dominated by gold-backed tokens, which account for roughly 80% or more of daily DEX volume in the category. Paxos Gold (PAXG), issued by Paxos, and Tether Gold (XAUt), issued by Tether, are the two leading assets, with each token representing one troy ounce of physical gold held in reserve. Recent daily spot DEX volume has been around $2.41 million, suggesting that the monthly total reflects steady activity rather than a few whale-driven spikes. Assets under management across the broader tokenized commodities category have reached several billion dollars. Uniswap benefits from Ethereum's deep DeFi liquidity and large user base, while PancakeSwap offers lower fees through its origins on BNB Chain and has expanded across multiple chains. The concentration creates a potential liquidity vulnerability if either platform suffers a major technical problem. At the same time, regulated issuers and established DEX infrastructure could make tokenized gold an accessible entry point for traditional finance firms exploring DeFi (decentralized finance).