Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ETH 
SOL Deposits of tokenized real-world assets on decentralized lending platforms and exchanges more than tripled last year, from $2.3 billion to $7.4 billion, while total DeFi deposits fell by about 15%.
These data come from a recently released report jointly released by the asset management company and the online data provider, covering the second quarter of 2025 to the second quarter of 2026. All data is provided by the online data provider.
The same differentiation is reflected in three markets. The total volume of spot trading on decentralized exchanges fell by approximately 70% during this period, while the volume of trading on tokenized real-world assets increased by approximately 220%. In perpetual contract trading venues, RWA's trading volume and open interest contracts have continued to rise amid the overall slowdown that began in October 2025. Currently, RWA positions account for more than one-quarter of the open interest contracts in perpetual contracts on the chain.
Tokenized treasury bonds and multi-strategy funds (including JTRSY, BUIDL and sUSDS) account for the largest proportion, followed by private credit products (such as JAAA, syrupUSDC and PRIME) and delta-neutral strategies (such as sUSDe). Tokenized gold leads the way in spot trading volume. Perpetual contract activity is concentrated in oil and precious metals, the S & P 500 and Nasdaq 100, as well as technology and semiconductor stocks.
A person involved in the report said in a statement: "Investors have not abandoned traditional finance." He added: "Look at what's actually being used on the chain: Treasury bonds, gold, S & P 500, semiconductor stocks. None of them are crypto assets."
Nearly 70% of RWA deposits are located on Ethereum-based lending platforms. Plasma has become the second-largest platform thanks to Aave's expansion beyond Ethereum, while Solana's growth is "largely driven" by the native RWA lending platform Kamino. Deposits are still concentrated in Aave, Morpho and Kamino.
This activity has not yet been translated into platform revenue. Application revenue from lending and trading platforms has declined over the past year, which the report says is in the early stages of adoption. Hyperliquid is an exception, which generates "app revenue far more" than any other trading or lending platform and overtakes Solana and Ethereum as the highest-grossing chain. Reports said that in July, real-world assets on Hyperliquid exceeded crypto assets for the first time in a week, with chip maker SK Hynix becoming the most traded stock.
This differentiation is not new. In February, tokenized real-world assets grew 8.7% in a month to $24.8 billion, while DeFi lockups fell 25% to $94.8 billion. A decentralized exchange co-founder attributed the rally to a compression in DeFi yields, while tokenized government bonds yield about 4%. BlackRock, whose BUIDL fund was mentioned in the report, launched two new tokenized money market funds on Monday, followed by the tokenized share class of European money market funds, which have combined assets under management of $311 billion.
The scale is still limited. The global stock market is worth more than US$100 trillion, of which only about US$2.2 billion has been tokenized, a situation that the report compares to stablecoins in 2019. The analysis only covers distributable assets-assets that are transferred to wallets outside the issuing platform-so networks such as Canton and Provenance are not within its scope.
