Ethereum still accounts for nearly 70% of RWA deposits used in lending, while Solana is strengthening its presence in spot trading of tokenized assets. The crypto battle is therefore no longer just about classic DeFi. It is moving toward the tokenization of real financial assets, a market that is growing while several traditional segments of decentralized finance are slowing.
In brief
- Ethereum still controls nearly 70% of RWA lending.
- Solana becomes its main rival in the trading of tokenized assets.
- The growth of RWAs could reshape crypto competition between blockchains.
Ethereum keeps 70% of RWA lending
Ethereum maintains a massive advantage over tokenized real assets used in lending protocols. This dominance comes as tokenized finance advances despite the general decline of DeFi. Nearly 70% of RWA deposits engaged in lending remain concentrated in the Ethereum ecosystem.
This position is mainly based on the depth of its liquidity. Ethereum already hosts major protocols like Aave and Morpho, as well as a large number of institutional issuers. Investors therefore have deeper markets to deposit, borrow or use tokenized assets as collateral.
The figures confirm a broader evolution of the crypto market. RWA deposits on lending platforms and decentralized exchanges increased from approximately $2.3 billion to $7.4 billion in one year. At the same time, overall DeFi deposits decreased by around 15%.
This divergence changes the perception of RWAs. Tokenized Treasury bills, private credit and other financial assets are gradually becoming sources of yield and collateral. Ethereum benefits directly from this transformation thanks to an infrastructure already mature enough to accommodate significant capital.
Solana Gains Ground in RWA Crypto Trading
Solana remains behind Ethereum, but its role is becoming harder to ignore. The network now appears to be the second significant ecosystem for RWA spot trading. It thus takes a step ahead of several other blockchains which also seek to attract tokenized finance.
This progression continues a trend already visible when Solana found itself at the heart of the boom in tokenized assets. Its low costs and ability to quickly process numerous transactions fit particularly well with the needs of a market where assets must circulate, not just remain tied up.
Kamino also strengthens this dynamic. The protocol makes it possible to integrate RWAs into lending and collateral strategies on Solana. The network is therefore trying to build its own credit market around tokenized assets, where Ethereum already has a considerable lead.
But the battle will not be won with the value of the assets issued alone. A blockchain can display several billion tokenized dollars without having a real secondary market. Liquidity depth, volumes, market makers and access to credit therefore become more important indicators.
It is precisely on this ground that Ethereum remains difficult to surpass. Solana, however, has a potential advantage when transactions become more frequent. The more actively tokenized stocks, bonds or commodities are traded, the more execution speed and costs can influence the choice of infrastructure.
Wall Street could decide the next crypto battle
The progression of RWAs comes at a special time. Spot volumes of traditional decentralized exchanges fell sharply year-on-year, while spot trading of tokenized real assets increased by around 220%. The base is still modest, but the direction of the market is becoming clearer.
This development could modify the hierarchy of blockchains. Ethereum owns the capital, protocols and institutional relationships. Solana focuses more on speed and the ability to absorb a high volume of transactions at a lower cost. The choice of large financial institutions could therefore become decisive.
If RWAs remain primarily used as collateral or yield products, Ethereum will maintain a natural advantage. If tokenized stocks, bonds and funds become permanently traded instruments, Solana could find much more favorable ground.
The real crypto issue therefore goes beyond simple tokenization. It is a question of knowing where these assets can actually circulate, be borrowed and serve as collateral. This trend was already evident when RWAs continued to rise despite sell-offs in the crypto market. Ethereum remains well ahead today. But Solana now has enough activity to turn the current dominance into real competition.
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