NVDA, GME and SPCX Liquidity Compared
Not all tokenized equities trade alike. Measured on-chain data on depth, volume and fee income across the most liquid Robinhood Stock Tokens.
Tokenized equities get discussed as one asset class. On-chain they behave nothing alike. Below is measured data rather than narrative.
Volume relative to depth
The ratio of 24-hour volume to pool TVL is the single most useful number for a liquidity provider — it is what fee income is actually made of.
| Pool | TVL | Volume 24h | Turnover |
|---|---|---|---|
| USDG/SNDK | $9,626 | $26,682 | 2.8× |
| SPCX/USDG | $7,518 | $17,988 | 2.4× |
| WETH/GME | $6,548 | $9,897 | 1.5× |
| USDG/NVDA | $9,403 | $5,824 | 0.6× |
SNDK and SPCX turn over their entire pool depth more than twice a day. NVDA, despite being the best-known name on the list, turns over less than once.
What that does to fee income
Turnover translates almost directly into fee APR:
| Pool | Fee APR | Emissions APR | Total |
|---|---|---|---|
| SPCX/USDG | 238% | 848% | 1,086% |
| WETH/SNDK | 155% | 663% | 818% |
| WETH/GME | 87% | 973% | 1,060% |
| USDG/NVDA | 13% | 678% | 691% |
Read the first column, not the last. SPCX earns nearly a quarter of its capital per year from real trading activity. NVDA earns almost all of its headline return from emissions, which are a subsidy rather than revenue.
If you believe emissions will taper, those two pools are not the same investment despite similar total APRs.
Why is SPCX so active?
The most plausible explanation is that SpaceX is private. There is no alternative way to hold the exposure, no brokerage substitute and no reference market that trades continuously — so more of the total price discovery happens on-chain. NVDA has deep, liquid, conventional markets during the day; its token is a convenience wrapper. SPCX's token is the market.
That is the clearest signal in the data: tokenization adds the most value where no conventional market exists.
Where Alandale fits
All figures above are from Alandale's own pools, read live from Robinhood Chain rather than a third-party aggregator. We publish fee APR and emissions APR separately because the total on its own is misleading, and because a venue that only quotes the combined number is hoping you will not ask which half is real.
12 pools, $173,552 TVL, $129,632 of 24-hour volume, 100% of fees to LUTE lockers.
For what these tokens actually are before you trade them, see What Are Robinhood Stock Tokens?.