Solana: the number of addresses holding tokenized assets reached about 1.73 million

A rising holding counter

The number of addresses holding tokenized real-world assets on Solana reached about 1.73 million, according to the report relayed on October 26 by SolanaFloor and picked up by several media. The announced growth is 140,000 addresses over one week. Tokenized stocks represent the largest part of this set. These figures describe a precise scope and period, rather than a general count of all network users.

An address is not necessarily a person. One holder can use several wallets, while an intermediary can hold assets for several clients. The counter therefore does not allow us to claim that Solana has welcomed as many new individual investors. It also does not give the amount held by each. An address containing a small amount can contribute to the total in the same way as a wallet exposed to a much higher value.

Tokenized stocks in the foreground

The report attributes about 1.56 million addresses to tokenized stocks. This concentration explains why market-related products occupy a central place in the presented growth. Tokenized assets, however, group instruments of different nature. Their mere presence on the same blockchain does not make them equivalent in terms of rights, redemption, or access. Economic and legal characteristics depend on the product and its issuer.

For a token linked to a stock, it is necessary to distinguish the economic reference to the title and the rights actually granted to its holder. Holding a token does not automatically imply a voting right in the concerned company. The product conditions specify the structure chosen and the possibilities of conversion or redemption. The number of addresses measures a technical diffusion; it does not replace the examination of these conditions to understand the exposure held.

Also measure the depth of uses

The counter's growth constitutes an indicator of the widening of holding. To evaluate activity, one must also look at the values held, the traded volumes, and the concentration between products. Additional addresses do not necessarily mean new capital in the same proportion. A transfer between existing wallets can modify the distribution without changing the total value of the concerned assets. The different measures therefore answer complementary questions.

Comparison between networks also requires consistent definitions. A ranking by addresses will not necessarily be identical to a ranking by value or by volume. The October 26 report indicates a notable growth in the number of wallets holding these instruments on Solana. It does not, on its own, allow us to predict the next evolution of the SOL price nor to conclude to a domination of the network on all dimensions of tokenization.