Real-world asset tokens tracked by yield metrics rather than revenue; Ondo leads tokenized equity, Sky dominates ETH revenue, Lighter processes $199M in RWA perpetual volume.
DeFi & Yields ·
Yield metrics rather than standardized revenue figures serve as the primary measurement for real-world asset tokens. According to market tracking, Exponent's oNYC currently offers approximately 30 percent APY, while hyUSD provides roughly 18 percent. Midas's jrmHYPER and ReUSD's mezzanine tranche deliver around 12.27 percent and 12.2 percent respectively. This yield-focused reporting reflects the structural opacity in how RWA token economics are publicly disclosed.
Within specific segments, concentration remains pronounced. Ondo maintains a dominant position in tokenized equity, controlling 70 percent or more of that category's total share. Sky has recently emerged as the leading generator of ETH-denominated revenue. Lighter, a perpetual derivatives platform, has processed $199 million in RWA perpetual volume, indicating growing demand for leveraged exposure to these assets.
The measurement framework highlights a gap in transparent RWA reporting infrastructure. While yield metrics provide actionable data for yield-seeking users, the absence of comparable revenue disclosure across platforms complicates cross-protocol analysis and investor comparison.