A year ago, tokenized stocks on decentralized exchanges were a rounding error. Now they’re a multi-billion-dollar category, and PancakeSwap v3 is running the table.
The DEX has processed roughly $3.1 to $3.3 billion in tokenized stock trading volume since the start of 2026, placing it at the top of a leaderboard that includes Raydium CLMM and Uniswap v4. For a segment that accounted for just 0.1% of total DEX spot volume at the end of 2025, the trajectory has been nothing short of vertical.
From fringe experiment to 4% of DEX volume
Tokenized stocks have grown from $212 million in total DEX volume at the close of 2025 to $4.27 billion through the first three quarters of 2026. That growth pushed the category’s share of all DEX spot trading from 0.1% to 4.34%.
PancakeSwap has captured the lion’s share. Its $3.1 to $3.3 billion in volume edges out Raydium CLMM, which sits at approximately $3.1 billion, while Uniswap v4 trails at around $1.9 billion.
