Uniswap and PancakeSwap account for 96% of $678M DEX volume in tokenized commodities

Two decentralized exchanges have quietly cornered a market that didn’t meaningfully exist two years ago. Uniswap and PancakeSwap now handle 96.1% of all tokenized commodity trading volume on DEXs, processing $678.2 million worth of transactions over the past 30 days. Gold runs the show The tokenized commodities category sounds broad, but it’s really a gold story. Gold-backed tokens account for roughly 80% or more of daily DEX volume in the segment, with Paxos Gold (PAXG) and Tether Gold (XAUt) serving as the two dominant assets. Both tokens represent ownership claims on physical gold. PAXG is issued by Paxos, a regulated financial infrastructure company, while XAUt comes from Tether, the company behind the world’s largest stablecoin. Each token is backed by one troy ounce of gold held in reserve, giving crypto-native traders exposure to the metal without touching a futures contract or an ETF. Recent daily spot DEX volumes for tokenized commodities have hovered in the low millions, around $2.41 million on a recent snapshot day. The $678.2 million monthly aggregate reflects consistent, steady trading rather than a handful of whale-driven spikes. Assets under management across the bro...