Solana dominated on-chain tokenized stock activity in June, handling 96% of reported transactions worth $3.86 billion, but the surge in usage did not translate into strength for its native token. SOL fell to about $77, roughly 73% below its peak, underscoring a widening gap across the digital asset market: blockchain networks may carry large volumes of activity, but the strongest economic value is increasingly being captured by companies, platforms and shareholders rather than by plain token holders.
The pattern has become more visible as tokenized securities, stablecoins and blockchain-based financial apps expand. Base networks continue to provide settlement, security and infrastructure, but the fees they collect are often small compared with the revenue kept by the companies controlling the customer relationship. That shift is raising a central question for traders: whether high network usage alone is enough to support token prices when legal claims to cash flow remain with operating companies.
In June, the mismatch was clear. Solana processed the overwhelming majority of on-chain tokenized stock transactions, yet its token price weakened sharply. The activity showed real demand for blockchain rails, but it also showed that transaction volume does not automatically flow into token valuation. In traditional markets, equity can represent a claim on earnings, dividends or future cash flow. Most crypto tokens do not offer the same enforceable rights.
That distinction is becoming more important as digital asset infrastructure matures. A decade ago, many token launches were valued on future network potential. Today, traders are placing greater weight on who controls revenue, who has legal rights to income, and who benefits when activity scales.
Base chains carry traffic, apps collect revenue
Robinhood’s blockchain activity in the same period highlighted the same divide. During its first two weeks, the platform processed about $568 million in daily transactions. Ethereum, which helped support settlement activity, received only $1,538 in settlement fees, equal to about 0.15% of total revenue linked to the activity.
Robinhood kept about 89% of the $816,000 generated, while Arbitrum earned roughly 10%. The figures show how application operators can retain most of the economics even when base networks supply part of the underlying infrastructure.
For blockchain networks, this creates a road-and-tollbooth problem. Base chains function like public highways that allow applications to move value across open rails. The consumer-facing apps, brokers and financial platforms operate more like toll booths, collecting the larger fees because they control distribution, user accounts, compliance, branding and product design.
That structure is not unusual in technology markets. Internet protocols enabled enormous commercial activity, but much of the wealth went to companies that built businesses on top of them. The same dynamic is now appearing in crypto. The networks can be essential, but the businesses using those networks may have a stronger path to cash generation.
The difference is legal. A shareholder in an operating company may hold a recognized claim linked to the company’s financial performance. A token holder usually holds an asset whose value depends on market demand, network usage, scarcity expectations and speculative appetite. Unless the token has a direct and enforceable connection to revenue, rising usage may not produce a proportional rise in price.
Deal activity favors equity over tokens
Recent acquisitions have reinforced the trend. Stripe bought Bridge for $1.1 billion, Mastercard agreed to acquire BVNK for up to $1.8 billion, and Kraken announced plans to acquire Backed Finance ahead of its public listing. Each deal moved value through company equity or corporate ownership rather than through token appreciation.
The acquisitions point to where large financial and technology firms see durable value. They are buying payments infrastructure, stablecoin access, tokenization platforms and regulated distribution channels. In those deals, control of the business matters more than ownership of a public token.
This does not mean tokens have no role. Tokens remain important for network coordination, staking, governance, liquidity and access to specific crypto ecosystems. But the market is becoming more selective. When there is no clear path from network activity to token demand, traders are increasingly questioning whether usage statistics alone can justify high valuations.
The shift also reflects the entry of more traditional financial discipline into digital assets. Companies with revenue, compliance systems and customer relationships can be valued using familiar metrics. Tokens are harder to value when they do not provide clear income rights and when large future supply unlocks remain scheduled.
Token financing faces pressure
The token financing model is under strain after years of heavy private allocations and delayed unlocks. Data from 2024 showed that only about 13% of token supply typically circulated at launch, while roughly $155 billion in supply remained locked through 2030.
That structure created pressure for public market traders. Venture funds and early backers often received discounted allocations before launch. After a one-year cliff, some were able to sell on secondary markets without waiting for the underlying business or network to prove long-term performance. When large unlocks hit the market, circulating supply can rise faster than demand.
This model worked when crypto prices were broadly rising and traders were willing to price in future adoption. It has become more difficult in weaker markets. A small float at launch can support a high headline valuation, but later unlocks may dilute the market if new supply arrives before real usage, fees or revenue support the token.
The issue is not only price pressure. It also affects trust. Retail traders often buy after tokens are already listed, while early backers may have lower cost bases and clearer exit windows. That imbalance has become a major point of concern across the sector.
High usage has not ensured token strength
Celestia has become one of the clearest examples of the disconnect. Its token fell about 98% from its 2024 high of $20.85 to below $0.40, even as the network’s 24-hour fees reached only $89. The drop showed how quickly token valuations can reset when fee generation remains limited compared with earlier expectations.
Polkadot also reflected the same pressure. The token traded at $0.7993 on June 28 in the cited data, down roughly 98% from its peak, despite major changes and continued ecosystem activity. Those included a supply cap of 2.1 billion DOT, lower issuance, a reported Nasdaq spot ETF development, and strong developer activity.
Those actions would normally be expected to support market confidence. Instead, the token remained far below earlier highs. The case suggests that governance changes, supply adjustments and developer engagement may not be enough if traders do not see a strong connection between the asset and cash flow.
Solana is different in important ways because it has large usage, active developers, real fee generation and major relevance in several crypto sectors. Yet its June performance showed that even operating networks with measurable traffic can face price weakness when the market does not believe token economics will capture most of the value being created.
That does not mean Solana’s network activity is meaningless. It remains one of the most used blockchains in the market. But the June figures show that high throughput and tokenized stock volume do not automatically protect a token from broader valuation pressure.
Public markets reward clearer cash-flow claims
Public equity markets are now reflecting the other side of the shift. In 2025, crypto companies raised about $3.4 billion through initial offerings. But the results were mixed. Gemini’s stock fell 89% from its listing price, BitGo dropped 77%, and Bullish declined 71%.
The weaker performances showed that equity alone is not enough. Public companies still need credible revenue, cost control and a path to profitability. Crypto businesses tied heavily to trading volumes can struggle when market activity slows, even if their brands are well known.
Companies with more consistent revenue performed better. Circle and Figure traded about 110% and 24% above issuance prices, respectively. Both benefited from clearer links to cash flow, business operations and revenue models that public market participants could assess more directly.
That split is important. The market is not simply moving from tokens to any crypto-related stock. It is moving toward assets with clearer income rights and away from structures that depend mainly on attention, narrative or future scarcity.
The pressure has also reached large operating companies. A major blockchain trading company led by Armstrong reported a net loss of $394 million in the first quarter of the year and moved to cut 700 jobs. The result showed that even high-profile platforms can face sharp stress when trading volumes fall and revenue weakens.
For traders, this has created a more demanding environment. Companies must show they can generate cash through different market cycles. Tokens must show how network activity supports durable demand instead of relying only on hype or limited initial supply.
Supply unlocks remain a risk
Fresh token unlocks are another concern. Data from the first week of July showed that 145 blockchain projects were scheduled to release about $1.9 billion in new token supply. Such events can weigh on prices, especially for weaker projects with thin liquidity, low fees or limited user demand.
Unlocks do not always lead to immediate selling. Some holders may retain positions, and some projects may have strong enough demand to absorb the supply. But when large amounts of previously locked tokens enter the market, traders usually watch closely because the balance between supply and demand can change quickly.
The effect is most severe when a project has little real revenue, weak product adoption or a large gap between market valuation and usage. In those cases, additional supply can expose how dependent the token price was on scarcity rather than fundamentals.
This is why token schedules have become as important as product announcements. A project may report growth, partnerships or technical progress, but traders increasingly want to know how much supply is coming, who owns it, and when it can be sold.
Real-world assets strengthen the fundamental shift
The broader move toward tokenized real-world assets adds another layer to the story. By the first week of July, the total value of tied real-world assets reached about $33.5 billion. The growth reflects rising demand for blockchain-based products connected to external financial instruments, such as tokenized stocks, bonds, funds or credit products.
This trend supports blockchain adoption, but it may not benefit all tokens equally. If regulated companies issue tokenized assets and keep most of the revenue, the business value may sit with the issuer, broker, custodian or platform rather than the base chain.
That is the central tension in the current market. Blockchain infrastructure is becoming more useful, but usefulness does not always equal token value. The winners may be the firms that package blockchain rails into compliant, revenue-generating services.
For traders, the market downturn has acted like an audit. Assets are being repriced based on enforceable rights, cash flow, revenue quality and supply risk. Tokens that represent attention or access are being treated differently from equity that carries a clear claim on company performance.
After years of capital formation built around token launches, the sector is moving closer to traditional financial standards. The market is separating infrastructure from economics, activity from revenue, and narrative from legal claims. Base chains may continue to carry more traffic, but the largest share of wealth is increasingly flowing to the companies that control the toll booths.
Explore how tokenized stocks reshape markets and why value shifts to infrastructure via our deep dive on tokenised stock adoption.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
