Ethereum continues to carry a commanding place within the tokenized real-world asset (RWA) market, whereas Solana is rising as the one different ecosystem to construct important spot buying and selling exercise, in line with a brand new joint report by CoinShares and Token Terminal.
Different main networks, together with Arbitrum, BNB Chain, and Base, have but to develop significant RWA spot buying and selling regardless of being operational for years.
Established Chains Lead
The report attributed the hole to the focus of liquidity and buying and selling infrastructure on established networks, the place asset issuers and market makers already profit from energetic markets. Consequently, newer blockchains are additionally competing to draw established DeFi purposes.
There was a pointy divergence between crypto-native buying and selling exercise and tokenized real-world belongings over the previous 12 months. Between the second quarter of 2025 and the second quarter of 2026, mixture spot DEX volumes fell by about 70%, whereas RWA spot buying and selling volumes rose roughly 220% 12 months over 12 months from a a lot smaller base. The report stated the pattern suggests tokenized asset adoption is constant independently of broader crypto market situations, regardless of slower progress in latest quarters.
RWA Lending Builds Steam
There may be additionally a widening hole between total DeFi exercise and tokenized real-world belongings. Between the second quarter of 2025 and the second quarter of 2026, whole DeFi deposits declined by round 15% amid investor withdrawals and decrease crypto asset costs.
RWA deposits, however, throughout lending platforms and decentralized exchanges, greater than tripled. The figures rose from $2.3 billion to $7.4 billion. This pattern factors to rising demand pushed by the monetary utility of tokenized belongings relatively than crypto market situations alone.
Ethereum remained the main blockchain for RWA-backed lending as effectively, with almost 70% of all real-world asset deposits allotted to lending platforms constructed on the community. This makes it the first ecosystem for on-chain collateral.
In the meantime, Plasma ranked second, supported by Aave’s enlargement past Ethereum, whereas Solana’s progress was largely pushed by Kamino, a local lending platform targeted on productive makes use of for RWA collateral.
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