Blockchain analytics platform Dune has launched real-time market data feeds covering more than 200 onchain trading venues, aiming to bring decentralized market activity into the trading systems used by traditional financial institutions.
The new service provides trade data from 12 blockchains, including Ethereum, Solana, Base and XLayer, roughly one second after execution, according to a Thursday announcement.
The feeds cover spot trading across decentralized exchanges, as well as perpetual futures trading on Hyperliquid and Lighter, with standardized data on prices, trade sizes and transaction details across markets.
According to Dune co-founder and CEO Fredrik Haga, quant funds, market makers, asset managers and bank trading desks are among the first clients using the service, although he declined to identify them, citing nondisclosure agreements. Dune said the firms use the data to assess liquidity, compare prices across venues and evaluate trading strategies before committing capital.
“Most institutions are watching onchain markets first, because they can’t price these assets properly without them anymore,” Haga said. He expects direct onchain trading to follow as liquidity improves and regulatory rules catch up, adding:
What still holds institutions back is how messy it is. The same stock trades on dozens of venues across different chains, and you need to know what’s trading where before you can touch it.
Related: Ondo lets institutions convert stocks directly into tokenized shares
Tokenized stock growth brings market challenges
The market for tokenized stocks has grown sharply over the past year, but fragmented liquidity and disputes over whether companies should have a say in how their shares are traded onchain have raised questions about the market’s development.
Recently, tensions surfaced around OKXICE, a joint venture between crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange. The venture announced plans for a tokenized stock trading platform on Oct. 4, but has since faced objections from several publicly traded companies.
So far, 16 companies, including Microsoft, Alphabet and Goldman Sachs, have filed objections to having their shares traded on the proposed platform, although they did not specify their reasons.
Beyond issuer objections, market fragmentation poses another concern. In May, Tiger Research director Ryan Yoon warned that trading the same tokenized stocks across multiple blockchain platforms could create price discrepancies, increase slippage and reduce market efficiency.
According to RWA.xyz data, the distributed value of tokenized stocks has reached $3.58 billion, up from about $627 million a year earlier, a roughly 470% increase.
