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BTC Base 平台上代币化股票交易量突破 3 亿美元，链上权益活动创历史新高
通过 Uniswap 协议，Base 网络上代币化股票的成交量已正式突破 3 亿美元大关，标志着该网络链上权益类资产活动达到了新的里程碑。这一成就反映出零售投资者与机构投资者对传统股票市场资产进行区块链原生敞口投资的兴趣日益浓厚。
市场迅速扩张
Base 平台上这 3 亿美元的成交量，仅仅是重塑股票交易方式的大浪潮中的一部分。Uniswap 登记显示，代币化股票的交易量显著增加，单周内交易量激增了 3.252 亿美元。其中，V4 版本贡献了 1.7 亿美元，V3 版本贡献了 1.552 亿美元，这证实了这两个版本的协议仍然是去中心化权益生态系统的核心组成部分。
若从更长的时间维度来看，这种增长规模更为清晰。一年前，代币化股票仅占去中心化交易所（DEX）现货总成交量的 0.1%，而今年至今这一比例已超过 4%。2026 年第三季度，代币化股票的季度成交量已达 78 亿美元，这反映了该板块流动性的加深以及场外交易时间的按需访问能力。
零售与机构需求汇聚
The user base driving these transaction volumes is very broad. Although the global stock market value exceeds US$100 trillion, only approximately US$2.2 billion of tokenized stocks are currently in circulation, but retail investors are adopting tokenized stocks faster than institutional products. Institutional products, represented by BlackRock's BUIDL funds, have average wallet balances of more than $25 million; retail participants typically trade in smaller increments, indicating that the market is attracting participants at all levels.
In terms of infrastructure, Uniswap has built functionality specifically to support large-scale compliance assets. The Uniswap V4 architecture introduces licensed pools and customizable operating models that allow issuers and liquidity providers to establish access rules only for verified participants, thereby directly supporting the trading of compliant assets.
Traders can access tokenized versions of popular listings such as Nvidia, Tesla and Apple, as well as major exchange-traded funds (ETFs), and are not limited by traditional market trading hours. Clarification of the regulatory environment has also paved the way for institutional participation. On September 17, 2026, the U.S. Securities and Exchange Commission (SEC) introduced a five-year innovation exemption clause that allows eligible tokenized securities venues to trade tokenized securities on the chain through licensed automated market makers (AMM) without registering as an exchange. The move is widely seen as a signal that regulators are willing to embrace well-structured on-chain equity markets.
随着 Base 成为链上股票交易的关键场所，而 Uniswap 占据了大量的池子活动份额，3 亿美元的门槛对于这两个平台乃至更广泛的代币化权益领域来说，都具有重要的意义。
