Tokenized stock market cap is up 4x this year but trading volume is up 33x

Tokenized equities started the year with around $965M in active market cap and were sitting near $4B by early September. Pretty big move on its own, but trading volume went from $237M in January to $7.9B in August. So the amount tokenized is up roughly 4x while the amount actually trading is up more than 33x.

That seems more important than the market cap number imo. Usually with RWAs most of the attention goes to how many billions have been brought onchain. Here the assets that are already onchain are suddenly turning over way faster too and apparently they're starting to actually get used. DeFi TVL tied to tokenized equities went from $21.6M at the start of the year to $289M by September, mostly sitting in liquidity pools and lending.

Feels like tokenized stocks are moving out of the "put a stock on a blockchain and call it innovation" phase pretty quickly.

Could total value tokenized is the better number to watch from here?