#DeFi协议与应用 The RWA sector has really taken off, with TVL surpassing $17 billion, directly overtaking DEX to become the fifth largest track in DeFi. At the beginning of the year, it was still on the fringe; now it has firmly become a core infrastructure. This rapid transformation is quite astonishing.

The key is that this growth is not driven by hype or speculative concepts, but by genuine asset demand. Tokenized US Treasuries and private credit have become hot commodities in a high-interest-rate environment, and institutional investors are starting to enter the space. Increased regulatory clarity has lowered entry barriers, meaning RWA is no longer a niche activity.

Ethereum remains the main battleground, but Solana, Arbitrum, and others are also sharing a piece of the pie. Gold and silver prices are strengthening, and tokenized commodities are also attracting capital. Next year, it’s very likely to evolve from a pure yield story into a macro asset narrative.

I think this wave is worth paying attention to, as it involves the on-chain of real institutional-grade assets, which is more valuable as a reference than just the health of the pure DeFi ecosystem.