Three Tickers Carried 55 Percent of the Board

Robinhood Chain carried 196 tokenised equity listings this week and 93 of them traded. Volume over the last 24 hours came to $100.5m. The three busiest listings, NVDA, SPY and META, accounted for $55.1m of that, or 55 percent of everything that moved. The other 103 listings did not clear $1.0k in a day, which is the bar we use to call a listing active. They are on the chain and they are still.

The ordering at the top was familiar. NVDA (NVIDIA) did $26.0m, SPY (SPDR S&P 500 ETF Trust) $22.5m, META (Meta Platforms) $6.6m, SPCX (SpaceX) $6.4m and CRCL (Circle Internet Group) $4.4m. One index tracker, two of the largest US technology names, one private company and one stablecoin issuer. That is the whole shape of demand on this chain in five lines.

The board got smaller

Our own daily record of the board had 98 listings trading on 6 October with $114.1m in 24-hour volume. On 12 October the same count read 94 listings and $94.5m. Four listings dropped below the activity floor over the week and the daily volume figure fell with them. The 93 and the $100.5m at the top of this column are the week's own snapshot, taken on a different clock from the daily board, which is why the numbers do not match to the dollar. Both say the same thing about direction.

Movers, with a caveat

Among listings that actually traded, PENG (Penguin Solutions) was up 31.5 percent over seven days, ZS (Zscaler) 15.8 percent, SNAP (Snap Inc.) 13.8 percent, SHOP (Shopify) 13.5 percent and CEG (Constellation Energy Corporation) 10.7 percent. Going the other way, AXTI (AXT Inc) fell 23.4 percent, INFQ (Infleqtion, Inc.) 18.8 percent, MXL (MaxLinear) 16.1 percent, SKYHY (SK Hynix) 16.1 percent and BULL (Webull Corporation) 15.8 percent. These are price moves on the tokens, drawn only from listings with trades behind them. A token nobody bought can print any percentage off a stale quote, which is why the quiet 103 are excluded from both lists.

What the cap figure is

Total on-chain capitalisation stood at $145.0m. That is the value of the tokens issued on the chain, not the value of the companies. The combined market capitalisation of the businesses behind these 196 listings runs into the trillions. The tokens representing them are worth less than the daily volume of a single mid-sized equity. If the gap between those two numbers is unfamiliar, the explainer covers what the token is and is not, and the full board carries every listing.

We have 41 days of history on this board. That is not enough to call anything a trend, and it is worth saying what 41 days of concentration at these levels does not tell you: whether the long tail is quiet because nobody wants it, or because there is nothing there to trade against. The listings exist. The depth does not.