According to Woofun AI, a research report released by Grayscale on Thursday indicates that Robinhood Chain, BNB Chain, and Solana collectively dominated the tokenized stock market last week, with weekly spot trading volume in the sector approaching $3 billion in early August. Data compiled by Woofun AI shows that despite the active trading, capital retention is extremely low, with only about 5% of inflows actually participating in on-chain financial activities.

Grayscale's Head of Research, Zach Pandl, believes that investors are primarily seeking 24/7 trading and convenient access, rather than deep financial interaction. Citing data from Allium, the total value locked in tokenized stocks surpassed $110 million by the end of August, yet this figure remains far below the weekly trading volume. $HOOD, $BNB, and $SOL are the leading chains by trading volume.

Notably, deposits on Solana-based lending protocol Kamino and Jupiter have grown roughly tenfold over the past year. However, traffic on Robinhood Chain via Arbitrum is predominantly driven by meme coins, not equities. U.S. regulators are currently discussing innovative exemption proposals, and the SEC's advisory committee supports simultaneous settlement of stocks and payments to eliminate settlement risk. Robinhood CEO Vlad Tenev has also called for bridging the gap.

Friday's market performance was mixed, with Solana (SOL) falling 3.2% to $101.76, while BNB held steady at $718.84. The high trading volume has failed to translate into effective collateral functionality, with the core bottleneck being incomplete regulatory frameworks, which prevents institutional balance sheets from being meaningfully brought on-chain.