Tokenized S&P 500 Index Fund Achieves $104 Million in Trading Volume on Base

A tokenized version of the S&P 500 index fund, known as deSPXA, has generated approximately $103.6 million in trading volume on decentralized exchanges over the past 90 days. This achievement positions deSPXA as the second most-traded stock token on Coinbase's Layer 2 network, following the tokenized Nvidia equivalent, NVDAc, which recorded $159.9 million in the same period.

Launched around March 30, 2026, deSPXA represents a share in the Janus Henderson Anemoy S&P 500 Index Fund and is built using Centrifuge’s deRWA framework under a licensing agreement with S&P Dow Jones Indices. This token allows for 24/7 trading on-chain, providing a modern alternative to traditional market hours and brokerage accounts. However, it is important to note that deSPXA is only available to eligible non-U.S. investors.

The token has primarily been traded against USDC on platforms such as Aerodrome and Uniswap V3. Recent trading prices have fluctuated between $760 and $780, with a market cap estimated between $2 million and $3.3 million. Daily trading volumes have varied significantly, reaching up to $2 million during peak activity.

Additionally, deSPXA has been integrated into the Morpho lending protocol, allowing holders to use the token as collateral to borrow USDC at a 77% loan-to-value ratio. This feature enables investors to access liquidity without needing to sell their S&P 500 exposure, further enhancing the token's appeal in the evolving landscape of stock tokens on Base.

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Source: KLEA News