StonkFun passes $1.2 billion in trading volume

StonkFun, a platform on the Solana blockchain that allows users to trade memecoins linked to stocks and other tokens, has reached $1.22 billion in total trading volume. At the same time, a related token rose from a market value of $20 million to $136 million in two days, while Solana itself remained almost flat at $103.71.

In brief:

• StonkFun records $1.22 billion in total trading volume across all trading venues
• The platform generated $5.1 million in revenue and bought back $3 million worth of STONK tokens
• A token on the platform rose from a $20 million to a $136 million market value in two days

Token surges in two days

A Solana token via StonkFun rose from a market value of $20 million to $136 million within a short period. According to reports on X, the move is the result of traders buying up memecoins linked to tokens such as stocks and ZEC.

StonkFun allows users to trade so-called RWA pairs, in which memecoins are combined with representations of listed stocks or other assets. The platform operates through liquidity pools on Raydium and Meteora, two widely used DeFi protocols on Solana.

Figures: volume, revenue and buybacks

Platform data shows that total trading volume across all trading venues amounts to more than $1.22 billion, of which $769.6 million via Raydium and $352.7 million via RWA pairs such as xStocks, PreStocks, Tessera and Sunrise. The total amount of trading fees received by the platform stands at $5.1 million.

Of that revenue, $3 million was used to buy back STONK tokens, spread across more than 51,500 transactions. In total, 131.79 million STONK tokens have been taken out of circulation, with a current value of more than $20.6 million. StonkFun was previously in the news when the STONK token fell by 50% following an announcement about stock trading on PumpFun.

The buybacks are part of the platform’s tokenomics model, in which a portion of the generated trading fees is used to reduce the supply of STONK. Whether the recent trading activity and the rise of the linked token are structural or the result of short-term speculation remains unclear.