PreStocks’ first week saw active trading and growing wallets, but daily volume dropped sharply by week’s end
On August 7, PreStocks introduced trading for tokenized versions of shares in high-profile private companies including SpaceX, OpenAI, Neuralink, Stripe, Discord, Kraken, Epic Games, Anthropic, Anduril, xAI, and Perplexity AI. Operating on the Solana blockchain, the platform integrates with Jupiter and uses liquidity from Meteora to facilitate trading.
The launch marked another step in the trend of tokenizing RWAs for onchain trading. PreStocks opened with 22 tokenized pre-IPO stocks, targeting investors who want early exposure to companies typically available only in private markets.
According to Dune Analytics data, PreStocks saw its largest trading volume on launch day, reaching more than $1.29m. $SPACEX dominated with over $340k in trades, followed by $OPENAI at $210k.
However, momentum slowed quickly. By August 14, one week after launch, daily trading volume had fallen to about $110k, which represents a decline of more than 91% from day one.
During the first week, total trading volume across all PreStocks-listed tokens was more than $3.3m.
The data suggests that brand recognition played a significant role, with well-known companies attracting the largest share of trading activity.
PreStocks’ trading activity by unique wallets and trade count peaked on day two, with 3,493 wallets executing more than 17k trades in the first week. On the second day alone, there were over 4.8k trades, but by August 14, that figure had dropped to fewer than 700 trades per day.
This decline in participation is consistent with a common pattern seen in newly launched token projects, where early enthusiasm gives way to lower and more sustainable levels of activity.
The post-launch drop in activity is not unique to PreStocks. Data from xStocks, which we covered in a previous report, shows a similar trajectory. The platform, launched on June 30, recorded a peak volume of over $8.5m on day three before falling to $910k by day seven, representing an 89% decline.
The number of active traders also fell sharply, dropping from a day-two peak of 6,500 wallets to fewer than 1,700 by the end of the first week.
Following this initial decline, xStocks eventually stabilized and experienced growth in weekly volumes, suggesting that early sharp drops may be a normal phase rather than a sign of permanent weakness.
As of August 14, 3,394 wallets held PreStocks’ tokenized pre-IPO assets. The distribution of holders differs slightly from trading volume rankings:
One important factor is the gap between private market prices and their onchain equivalents, for example, with $SPACEX, where the tokenized version trades at a different value than in private markets. This discrepancy can reduce trader motivation, as many participants expect prices to closely mirror those in the private market. Ideally, bringing such assets into a decentralized ecosystem like Solana should meet that expectation, similar to xStocks’ approach, where tokenized shares were aligned with their real-world counterparts.
Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.
