Now, the market is back in top form, with the RWA sector putting on a stellar performance.
TL;DR…
- Bitcoin's Wild Ride: BTC swung from under $90K to over $100K, with ETH dipping below $3K before recovering; altcoins bounced back from a strong sell-off.
- RWA Sector Surges: Market cap jumped 15.7% to $70.1B, nearly reaching an all-time high; most RWA tokens gained, led by XDC Network (XDC).
- Key RWA Developments: Brickken secures $2.5M in funding; OndoAI announces Ondo DeFAI L2; OCBC offers tokenized bond; Tokinvest secures VARA license.
- Record TVL Achieved: RWA protocols hit a new peak TVL of $8.2B, driven by Maker RWA's explosive growth; a slight pullback to $8.17B was noted.
What a week!
In the last week alone, Bitcoin has touched under $90K and over $100K, Ethereum (ETH) briefly fell below $3K, and many altcoins recovered from a dramatic sell-off.
Now, the market is back in top form, with the RWA sector putting on a stellar performance.
Let’s see what’s what, shall we?
Market Overview
After a bad start to the week, the crypto market is back in the green following better-than-expected Consumer Price Index (CPI) numbers.
>> Did you miss last week’s RWA update? Check it out here.
The vast majority of cryptocurrencies are in the green this week, with just two of the top 100 cryptocurrencies by market capitalization in the red during this period.
Source: Bitcoin (BTC) Coin Page
As of writing, Bitcoin (BTC) is hovering around the $100,000 price point. Its dominance is sitting at 56.2% after losing some ground to altcoins this week.
The CMC Altcoin Season Index is now sitting at 50, still far away from the 75 needed to declare it altcoin season.
But how has the RWA sector fared? Let’s take a look.
RWA Market Recap
Despite the volatility earlier this week, the RWA sector is strongly in the green on the seven-day timeframe. The sector's market capitalization (mcap) expanded from $60.7 billion to $70.1 billion in this period, gaining an impressive 15.7%.
The sector is now inches from its all-time highest mcap, signaling strong demand.
As it stands, nine of the top 10 largest RWA tokens are in the green over the last week—the exception being MANTRA (OM), which recorded a 4% loss.
Source: XDC Network (XDC): Token Page
XDC Network (XDC) is currently leading the top 10 in terms of seven-day returns, with the project tacking on an impressive 59.4% to become the best-performing RWA token tracked on the Top Real World Asset Tokens page.
Its mcap is now sitting at $2.2 billion—dethroning Ondo (ONDO) as the sixth-largest RWA token.
Several smaller RWA tokens have also put on an impressive display over the past week. Some of the best performers include:
- Clearpool (CPOOL); gained 37.7%
- Hedera (HBAR): gained 36%
- IOTA (IOTA): gained 31.3%
- Chintai (CHEX): gained 19.2%
However, not all RWA tokens benefitted from the recent boom. A small cohort has suffered significant losses in this time. Some of the worst affected tokens include:
- Mey Network (MEY): lost 21.1%
- Oraichain (ORAI): lost 14.5%
- Lisk (LSK): lost 11.2%
- OriginTrail (TRAC): lost 7.9%
Source: DefiLlama
The total value locked (TVL) in RWA protocols also recently hit an all-time high of $8.2 billion, though it has fallen back to $8.17 billion as of writing. Recently, growth was largely attributed to the success of Maker RWA, which expanded its TVL by more than 61% in the last seven days. Meanwhile, Usual and Hashnote USYC saw their TVLs slump by 14.2% and 15% respectively over the same period.
Per DefiLlama's narrative tracker, the RWA sector is the fifth-best performer of the 22 sectors tracked by the platform, achieving a mcap-weighted return of 15.2% in the last week. For comparison, PolitiFi came in first place, achieving a 40.3% mcap-weighted return.
RWA News Roundup
Though this week has been particularly volatile for the RWA space, the sector has continued to expand behind the scenes with significant developments.
We’ve combed through the most important stories this week to get you up to speed:
Brickken Secures $2.5 Million Seed Funding for Expansion Efforts: Brickken has successfully raised $2.5 million in a seed round to expand its real-world asset (RWA) tokenization business. This funding supports Brickken’s strategic global growth plans and enhances its blockchain-based solutions for efficient and compliant asset management. Brickken specializes in tokenizing diverse assets to streamline financial interactions and increase accessibility.
Ondo DeFAI Announces ONDO-based L2 Platform: Ondo DeFAI is the first layer-2 platform for the ONDO ecosystem, integrating real-world assets with artificial intelligence. It utilizes USDY, a stable asset backed by U.S. Treasury Bills, to provide businesses with scalable, yield-generating AI solutions. This platform features DeFAI (Decentralized Finance Artificial Intelligence) agents, allowing seamless creation and scaling of AI agents in a stable and inflation-resistant environment.
Singaporean Bank To Offer Tokenized Corporate Bonds: Singapore’s second-largest bank, OCBC Bank, has become the first in the region to tokenize corporate bonds. This innovative move utilizes blockchain technology to enhance the efficiency and accessibility of bond markets, allowing for more flexible and faster transactions. (Source)
Tokinvest Receives Market License From VARA To Operate in Dubai: Tokinvest has secured a full license from the Virtual Assets Regulatory Authority (VARA) for its marketplace focusing on tokenizing real-world assets (RWA). This license enables Tokinvest to expand its services in trading and managing RWAs, emphasizing the regulated and secure trading environment for these asset types.
Nova Real Chain Announces RWA Marketplace: Nova Real Chain is launching a SUI-based marketplace designed to tokenize a broad spectrum of real-world assets such as real estate, commodities, intellectual property, and fine art. This platform aims to democratize investment opportunities by enhancing liquidity and providing secure, blockchain-based access to high-value markets.
>> That’s a wrap for this week’s RWA update. Check in again next week for more RWA news, developments, and analyses!
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