Base sees $104M in DEX volume for deSPXA, ranking second among stock tokens

A tokenized version of an S&P 500 index fund has racked up $103.6 million in decentralized exchange trading volume on Base over the past 90 days. That makes deSPXA the second most-traded stock token on the network, behind only Coinbase’s NVDAc token, which logged $159.9 million in the same window. For a token that launched around March 30, 2026, and carries a market cap estimated in the low single-digit millions, pulling nine figures of trading volume in under six months is a noteworthy feat. What deSPXA actually is The token represents a share in the Janus Henderson Anemoy S&P 500 Index Fund, built through Centrifuge’s deRWA framework under a licensing arrangement with S&P Dow Jones Indices. Think of it as the S&P 500, but trading on-chain 24/7 instead of being locked behind market hours and brokerage accounts. There’s one significant caveat: deSPXA is available to eligible non-US investors only. The token has been trading primarily against USDC on Aerodrome and Uniswap V3 pools on Base. Recent prices have hovered between $760 and $780, with circulating supply in the low thousands of tokens. That puts the market cap somewhere between $2 million and $3.3 million. Da...