Ethereum dominates RWA market with 70% of deposits ($7.4B total, up from $2.3B), while Solana strengthens position through Kamino lending platform despite broader DEX volume declines.
DeFi & Yields ·
Ethereum maintains the largest share of the tokenized real-world asset market, capturing nearly 70% of RWA lending deposits as the ecosystem expands across multiple platforms. Solana has emerged as the second major competitor, with growth primarily concentrated in Kamino, a dedicated lending platform. Networks including Arbitrum, BNB Chain, and Base have not yet developed meaningful RWA trading activity despite operational status.
The year-over-year trajectory reveals a sharp split between crypto-native and tokenized asset markets. While overall decentralized exchange volumes contracted by approximately 70% between Q2 2025 and Q2 2026, RWA spot trading volumes surged roughly 220% in the same period. This divergence suggests investor appetite for real-world asset tokenization is operating independently of broader digital asset market conditions.
RWA lending platforms and decentralized exchanges saw deposits climb from $2.3 billion to $7.4 billion over the same timeframe, more than tripling despite a broader 15% decline in total DeFi deposits. Whether RWA trading volumes sustain this growth trajectory as crypto market conditions shift remains uncertain, as does the extent to which newer blockchains can compete for RWA infrastructure against Ethereum's entrenched position.