Grvt argues RWA infrastructure must move beyond existence onchain to functional, stable orderbooks at institutional size; highlights 0.014% spreads on SKHYNIX perps as foundational.
DeFi & Yields ·
Grvt has argued that real-world asset infrastructure advancement depends less on onchain presence than on functional market microstructure capable of serving institutional participants. The platform highlighted 0.014% spreads on SKHYNIX perpetuals operating on its regulated Validium stack as an example of the operational foundation required for the next phase of RWA adoption—specifically, order books that maintain stability and tightness at size on settlement rails institutions can rely on.
The distinction centers on maturity: most current RWA celebration tracks novelty rather than utility. RWA liquidity remains early and fragmented across venues, with spreads and depth varying significantly. Grvt framed the objective not as near-term volume generation but as durable, thick books capable of absorbing institutional-scale transactions without slippage.
What remains unclear is how many other RWA or perp platforms currently meet or approach this spread standard, and whether Grvt's spreads remain stable under actual institutional order flow rather than in lower-volume conditions.