Tokenized commodity supply on the Solana network has reached a record $63.2 million, surpassing its previous all-time high of $50.5 million set on August 25, 2026. The growth is led by digital gold and silver products functioning as real-world assets on the blockchain.
The path to the new high included a temporary pullback to $45.6 million following the August peak. Despite the dip in supply, trading activity accelerated. Weekly volume for tokenized commodities on Solana reached a record $87 million in early September before climbing to $91.1 million for the week ending September 27, 2026. Because trading volume exceeded total supply during certain periods, analysts note that tokens were actively changing hands rather than remaining idle in wallets.
Gold and Silver Breakdown
Gold-backed tokens account for the majority of the supply on the network. The largest commodity tokens on Solana include PAXG at $10.89 million, GLDx at $10.12 million, XAUT0 at $8.98 million, XAUM at $6.71 million, and GOLD at $2.46 million. Tokenized silver is a newer addition, highlighted by the launch of the SILV product in 2026, which generated over $4 million in trading volume shortly after its debut.
Market Activity and DEX Dominance
The vast majority of trading occurs on decentralized exchanges (DEXs). Raydium has emerged as the dominant venue, accounting for approximately 70% of the network's tokenized commodities trading volume during a reported week. Across the broader market, Solana's share of spot DEX volume for tokenized commodities ranged between 28% and 36%, occasionally surpassing Robinhood Chain on that metric.
Despite Solana's activity in spot DEX trading, Ethereum continues to hold a dominant position in the broader tokenized commodities sector, maintaining a market share of approximately 95%.
Risks and Market Dynamics
Observers point out several risks within the growing market. Raydium's concentrated share of roughly 70% in a single week indicates that a disruption at a dominant venue could impact overall liquidity. Additionally, the fluctuation from the August peak down to $45.6 million before climbing to $63.2 million highlights the volatility and shifting nature of these smaller markets.
