Ethereum Dominates RWA, While Solana Gains More Space in Trading

Ethereum maintains its leading position in the global market for Real World Asset (RWA) tokenization, while Solana emerges as a major alternative network in the spot trading of these assets.

This data belongs to a joint report compiled by CoinShares and Token Terminal, which analyzes the evolution of activities surrounding RWA and the development of the decentralized finance (DeFi) market.

The differences between major blockchains primarily relate to liquidity and available infrastructure. Mature networks concentrate issuers, investors, and market makers, thereby creating more favorable conditions for trading tokenized assets.

Despite Arbitrum, BNB Chain, and Base having been operational for several years, there remains a lack of significant activity in spot trading involving RWA. Concentrating on larger networks also intensifies competition for the migration of established DeFi applications.

Data also shows significant changes in the relationship between traditional cryptocurrencies and real-world tokenized assets. From the second quarter of 2025 to the second quarter of 2026, the total volume of spot trading on decentralized exchanges decreased by approximately 70%.

However, during the same period, the spot trading volume of RWA grew by about 220% year-on-year. Although the initial base is small, this indicates that even as other sectors of the market slow down, the use of tokenized assets has gained traction.

The lending industry has also seen significant figures. During the analyzed period, total deposits in DeFi declined by about 15%, while RWA deposits associated with lending platforms and decentralized exchanges grew more than threefold.

These figures increased from US$2.3 billion to US$7.4 billion, indicating a rising demand for financial applications related to the tokenization of real-world assets.

Ethereum remains the primary infrastructure for lending supported by RWA. Nearly 70% of deposits in this sector are allocated to lending platforms built on this network.

Plasma follows, benefiting from Aave's expansion beyond Ethereum. Solana's growth is primarily associated with Kamino, a native lending platform aimed at using collateral in financial applications.

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