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SOL Ethereum maintains its lead in the RWA market, and Solana's position is gradually increasing
According to a newly released joint report, Ethereum continues to dominate the tokenized real-world asset (RWA) market, while Solana has become the only other ecosystem to establish significant spot trading activity. Other major networks, including Arbitrum, BNB Chain and Base, have yet to develop meaningful RWA spot trading despite being in operation for many years.
Mature chains dominate
The report attributed this gap to the concentration of liquidity and trading infrastructure on mature networks-asset issuers and market makers have benefited from active markets in these networks. As a result, newer blockchains are also competing to attract mature DeFi applications. Over the past year, there has been a significant divergence between crypto-native trading activities and tokenized real-world assets. From the second quarter of 2025 to the second quarter of 2026, aggregate spot DEX trading volume fell by approximately 70%, while RWA spot trading volume increased by approximately 220% year-on-year from a smaller base. The report notes that this trend suggests that despite slowing growth in recent quarters, the adoption of tokenized assets continues to advance independently of broader crypto market conditions.
RWA lending accelerates development
The gap between overall DeFi activity and tokenized real-world assets is also widening. From the second quarter of 2025 to the second quarter of 2026, total DeFi deposits fell by approximately 15% due to investor withdrawals and falling crypto asset prices. On the other hand, RWA deposits (including lending platforms and decentralized exchanges) more than tripled, from US$2.3 billion to US$7.4 billion. This trend suggests that demand growth is mainly due to the financial utility of tokenized assets, rather than just driven by crypto market conditions. Ethereum remains the leading blockchain in RWA's mortgage lending space, with nearly 70% of real-world asset deposits allocated on lending platforms based on its network, making it the main ecosystem of on-chain collateral. Plasma, meanwhile, ranks second, benefiting from Aave's expansion beyond Ethereum, while Solana's growth is largely due to Kamino, a native lending platform focused on the productive use of RWA collateral.
