Real-world assets represented on Solana grew from approximately $700 million to $4.3 billion in twelve months, according to Castle Labs. The network reached 26% of the tokenized value of Ethereum, compared to 4.5% a year earlier. A nuance tempers the story: the progression stopped last month.
In brief
- Castle Labs puts Solana’s tokenized assets at around $4.3 billion, up from $700 million a year earlier, an increase of around 514%.
- Ethereum remains well ahead with 16.6 billion, but Solana now represents 26% of its total, compared to 4.5% twelve months earlier.
- Data from rwa.xyz shows a stable value over thirty days, while the number of holders and trading volumes are growing strongly.
Solana closes the gap with Ethereum
At the end of September, Solana’s tokenized assets had just peaked at $4.6 billion, according to rwa.xyz. The Castle Labs report places this level in an annual trajectorywith a multiplication by more than six in twelve months.
Going from 700 million to 4.3 billion is not a gain of 600%, but about 514%, both amounts being rounded. Nuance separates an order of magnitude from measured performance.
The tokenized value of Ethereum increased from 15.5 to 16.6 billion over the same period, or around 7%. Solana, which represented 4.5% of this total, now represents 26%. The gap remains wide, with a size almost four times greater, but it has narrowed as rarely.
Stock, not flow
The Solana page on rwa.xyz shows $4.39 billion of value distributed in mid-October, down very slightly over thirty days. So the growth Castle Labs described happened earlier in the year, and the stock has been plateauing ever since.
Usage continues to advance. The number of holders increased by 46% over one month, to more than 907,000 addresses, and the transfer volume by 47%, to 9.09 billion. The base widens when the overall value stagnates.
Growth came first from a revaluation of existing assets and then from broader adoption, not from a steady flow of new shows, even though the network had captured the top spot in net flows by early September. The categories combine tokenized securities, credit and yield instruments.
What it doesn’t guarantee
The report defuses widespread reading. An increase in tokenization does not automatically translate into demand for the native token. Additional asset dollars do not become purchases of SOL, and the gap with Ethereum will depend on the issuers, liquidity, and applications built around those assets.
The tokenized stocks segment illustrates this caution. Their value increased from 63 to 455 million dollars in one year, peaking at 540 million at the beginning of September; they remain below their summit. Application revenue reached 193 million over thirty days according to Castle Labs, a figure that other counts bring down to 163 million.
Competition is not disappearing: other networks are claiming their progress, and Solana’s place will depend on its performance as much as its ability to retain transmitters.
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