Uniswap and PancakeSwap Account for 96.1% of Tokenized Commodity Trading Volume

Uniswap (UNI) and PancakeSwap (CAKE) accounted for 96.1% of the $678.2 million trading volume in tokenized commodities on decentralized exchanges (DEX) over the past 30 days. These two DEXs handled the majority of tokenized commodity trading, and CoinGecko reported that the market capitalization of tokenized commodities is expected to increase from $1.43 billion in Q1 2026 to $5.55 billion, a rise of 289.1%. Of this increase, 89.1% is attributed to Tether Gold (XAUT) and Paxos Gold (PAXG). According to CoinGecko's report, the trading volume of tokenized gold spot transactions in Q1 2026 is projected to reach $90.7 billion, surpassing the total trading volume for 2025. DeFiLlama research indicated that the cumulative DEX trading volume for on-chain gold has increased from approximately $1.4 billion to over $8.4 billion in a year. Uniswap Labs announced on June 12 that it has added tokenized securities to the Uniswap web app, while PancakeSwap reported that its trading volume exceeded $1 billion on July 17 and August 6. While the concentration of trading on these two platforms can enhance liquidity, it may also lead to increased trading friction if specific DEXs or gold tokens encounter issues.

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