Tokenized stocks on Base see DEX volume climb to $1.5 billion, Token Terminal says

Tokenized stocks on Base generated $1.5 billion in decentralized exchange trading volume over the past 30 days, according to Token Terminal’s tokenized assets explorer. The figure points to a sharp increase in activity for Coinbase-issued tokenized equities on the network, with the analytics firm reporting a 313% rise over the prior 30-day period.

Token Terminal’s data shows most of that activity concentrated on Aerodrome, which accounted for $1.4 billion of the total. Uniswap V4 contributed another $83.8 million, according to the same report.

The volume figures do not by themselves show why activity accelerated, but they do indicate that tokenized stocks have become a significant source of trading flow on Base’s DEX ecosystem. The breakdown also suggests that a large share of the recent activity was routed through a small number of venues rather than being spread evenly across the network.

Aerodrome handled the bulk of the flow

The concentration on Aerodrome is the clearest detail in the data. Of the $1.5 billion reported over 30 days, roughly $1.4 billion ran through that DEX, while Uniswap V4 handled a much smaller share. That distribution matters because it shows where liquidity and order flow have been clustering within Base’s tokenized stock market, rather than implying broader market-wide usage on the chain.

Coinbase-issued tokenized stocks make up the core of the activity highlighted in the data. Token Terminal’s explorer presents the figures as DEX trading volume for tokenized assets on Base, and the available breakdown points to a strong recent uptick in that segment.