Delphi Digital said in a post on X that perpetual futures continue to draw traders because of their leverage advantage, with more than $39 billion in settlements on a single venue over the past 30 days. That figure is roughly four times the $9.7 billion in tokenized stock trading recorded across all decentralized exchanges, according to the firm.
The research group argued that tokenized equities look stronger for long-term holders because they carry no holding cost and pay dividends directly. It added that the utility of tokenized stocks would increase sharply if they could generate yield inside decentralized finance applications, including lending, liquidity provision and options vaults.
Delphi Digital also said only about 6% of the roughly $3 billion in tokenized stocks is currently deployed in DeFi. A key constraint is shallow market depth for many tokens, which makes it difficult to liquidate collateral quickly when loan defaults occur. In its view, short-term traders are likely to stick with perpetuals, while broader DeFi support could make tokenized stocks more appealing to long-term investors.
Crypto research firm Delphi Digital said in a post on X that perpetual futures, or Perps, continue to attract traders because of their leverage advantage. On a single venue, settlements over the past 30 days topped $39 billion, about four times the $9.7 billion in tokenized stock trading across all decentralized exchanges.
Delphi Digital said tokenized stocks stand out more clearly for long-term holders. The firm pointed to two features: zero holding cost and direct dividend payments.
It added that their usefulness would expand sharply once tokenized stocks can earn yield in DeFi. The examples it gave were lending, supplying liquidity and depositing the assets into options vaults.
For now, only about 6% of the roughly $3 billion in tokenized stocks is being used in DeFi applications. According to Delphi Digital, many of these tokens still lack sufficient market depth, making it hard to sell collateral quickly when a loan default happens.
The firm said short-term traders will likely continue to use perpetual futures, while tokenized stocks could become more attractive to long-term holders as more DeFi applications begin to support them.
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