Tokenized commodities actively deposited in decentralized finance protocols have hit $133.3 million, according to Token Terminal data. That number might sound modest next to the multi-billion dollar tokenized commodities market overall, but it marks a meaningful shift: real-world assets aren’t just sitting in wallets anymore. They’re being put to work.
Aave commands 51.3% of those deposits, making it the clear front-runner. Uniswap follows with 34.7%. Together, the two protocols account for 86% of all tokenized commodity activity in DeFi.
Two protocols, one story
The split between Aave and Uniswap reflects the two primary use cases for tokenized commodities in DeFi: lending and trading. Aave’s dominance stems from its role as a lending protocol, where users deposit tokenized gold and other commodity tokens as collateral to borrow stablecoins. Uniswap’s share, meanwhile, comes from liquidity provision. Users park their tokenized commodity tokens in trading pools, earning fees every time someone swaps in or out.
Why $133M matters more than it looks
This figure only captures tokenized commodities that are actively being used as collateral or liquidity in DeFi protocols. The broader tokenized commodities market, driven overwhelmingly by gold-backed tokens, is estimated to be in the multi-billion dollar range.
Tokenized gold has been the primary driver of this growth in 2026. Aave has expanded its vaults specifically for gold-backed tokens like XAUT, creating dedicated infrastructure for commodity collateral. Decentralized exchanges have also seen steady trading volumes in commodity tokens.
The strategy that’s gained the most traction is relatively simple. A user deposits tokenized gold on Aave, borrows stablecoins against it, and deploys those stablecoins elsewhere for additional yield.