There are several tokenized versions of the same stock. How can we quantify the gap between us and our competitors?
Tokenized stocks represent a rare "same underlying, multiple issuers" market—there may be three or four on-chain versions of the same stock. Issuers can conduct comparative analysis between versions without complex models: by placing the core public data of each version side by side, they can observe differences from five dimensions: scale, activity, price, structure, and trend.
Who is this article suitable for?
- For market teams of issuers who need to regularly output competitive analysis;
- For those responsible for formulating product strategies (pricing, venue selection, chain selection);
- For founding teams that need to explain market positioning externally.
Five Benchmarking Dimensions
1. Scale Indicators: The issuance volume and AUM of each version. The specific meanings of these two numbers vary depending on product structure design, and should be interpreted according to issuer documents.
2. Activity Indicators: 24H transaction volume and number of covered venues for each version. Transaction volume reflects trading activity, while the number of covered venues reflects channel distribution. Together, they can observe the market coverage structure of each version.
3. Price Indicators: The direction and magnitude of price differences between versions. When there are persistent price differences between versions, it may relate to liquidity, redemption arrangements, market perception, and other factors. The specific reasons should be judged based on publicly available information from the issuer.
4. Structural Indicators: The chain and custody disclosures. Other actions such as new chains or updated custody disclosures for other versions can be continuously tracked as public information. For example, QQQ, the "Tokenized Stock Assets" module on the details page displays the issuers, chains, issuance volumes, and AUM of each version side by side for direct comparison.
5. Trend Indicators: The above four items should be recorded weekly, as multi-week trends can better reflect changes in the landscape than a single-week snapshot.
A Practical Benchmarking Output Template
One page with five blocks: Scale Comparison Table → Activity Comparison Table → Price Difference Trend → Structural Difference List → One-sentence Conclusion ("Our advantage is X, the gap is Y, the next step is Z"). Updated monthly, it can serve as foundational material for management reports and external communications.
Usage Restrictions
- Version comparisons are based on publicly available data, and the details of the competitive issuance mechanisms should be based on their official disclosures; for calibration issues see Tokenized Assets FAQ ;
- Comparative analysis does not constitute an evaluation or investment advice for any version; please indicate the data as of the point in time.
Run your first version benchmark
Open Tokenized Asset Dashboard , find your target, and fill in the five-dimensional data of each version into the benchmarking template on the details page. If you find gaps in your own data during benchmarking and want to make your product information more complete, you can return to "After the release of tokenized assets, how to get RootData to include and track your product?" to maintain information, which is part of Tokenized Assets section's issuer series.
