Uniswap V4 held $59.1 million in tokenized-stock deposits, or about 31% of the $192.6 million market, making it the largest decentralized-finance venue for the category, according to Token Terminal. Kamino Lend ranked second with $41.7 million and Uniswap V3 held $20.9 million. Together, the three venues accounted for $121.7 million, or about 63.2% of the category’s reported DeFi total value locked. Uniswap V4 and V3 held $80 million combined, while Solana hosted the largest blockchain total at $79.1 million. Robinhood-issued stocks and xStocks accounted for $73.1 million and $63.9 million, respectively. Uniswap’s deposits primarily support trading liquidity, whereas Kamino’s deposits support lending and collateral, so TVL does not measure trading volume, borrowing demand or revenue. The deposits represent only part of the approximately $2.2 billion in tokenized equities estimated to have been issued during the second quarter, and token holders may not have conventional shareholder rights. Payward plans to tokenize the 100 largest London-listed equities through xStocks, subject to regulatory approval and other conditions.