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.

Daily trading volumes have swung from roughly $150K on quiet days to around $2 million during busier stretches.

The lending angle changes the math

The token has also been integrated into Morpho, a lending protocol, where it can be used as collateral to borrow USDC at a 77% loan-to-value ratio.

That’s a critical detail. Being able to borrow against a tokenized equity position means holders don’t have to sell their S&P 500 exposure to access liquidity.

Total value locked across deSPXA’s primary liquidity pools sits between $1 million and $4 million.

Where it fits in the stock token landscape

The broader stock token market on Base is still dominated by Coinbase-issued products. NVDAc, the tokenized Nvidia token, leads the pack with $159.9 million in 90-day DEX volume. deSPXA sits comfortably in second place, outperforming other tokenized assets like st0x and GOOGLc.

What separates deSPXA from many competitors is its structure. Rather than being a synthetic derivative or a centrally issued wrapper, it operates through Centrifuge’s real-world asset framework with explicit licensing from S&P Dow Jones Indices.