According to the official bStocks dashboard on BNB Chain, here’s the data: - Total on-chain trading volume: $9.57 billion - Total assets under management (AUM): $625 million - Active assets: 56 - Total trades: 10.04 million - Unique traders: 114,000 - Holders: 65,000 Looking at the breakdown, the AUM is primarily composed of on-chain representations of storage and semiconductor market trends. Sandisk, Micron, SK Hynix, SOXL, storage ETFs, and Korean ETFs make up six of the top eight holdings. The top three assets (SNDKB, SPCXB, and MUB) account for approximately $280 million, or 45% of the total AUM. These are also the stocks most discussed and followed on X, showing that crypto users are buying into this “storage” supercycle on-chain. With daily trading volume exceeding $1 billion and $625 million in AUM, the daily turnover rate is over 150%, which is extremely high. This likely includes market-making and trading incentives. It seems Binance’s strategy is to first build hype and capture market share. Additionally, the AUM growth curve for bStocks is incredibly steep. Starting from zero around June 10, it reached $625 million in just 50 days. Even if trading volume dips as incentives decrease, as long as the AUM curve—representing real demand—continues to rise, it’s fair to say that bStocks is a success.