Tokenized stock total value locked (TVL) in decentralized finance (DeFi) protocols rose 1,961% over the past year to $247.8 million, according to Token Terminal. Robinhood Chain, Solana and BNB Chain held $98.2 million, $87.4 million and $36.3 million, respectively, accounting for 89.5% of the total. Binance Research linked the growth to expanding onchain infrastructure, including liquidity pools, lending, smart contracts and markets pairing stocks with other tokens. Separately, xStocks recorded approximately $1 billion in cumulative decentralized exchange (DEX) volume over the 30 days through Sept. 15, with Raydium handling about $805.2 million, or 80.5%, followed by Byreal at approximately $107.9 million and Orca at about $72.5 million. Tokenized stocks also reached nearly $2.9 billion in distributed value in mid-September, although the reports identified practical onchain use and demand beyond issuance as the next key question.