Asia's Crypto Market Shifts Towards Real Projects and Stablecoins
Nansen's Jake Kennis sees Asia's crypto market shifting from chasing the next big token to focusing on real projects, stablecoins, and tokenized stocks and commodities.
Kennis notes that capital is rotating back into liquid majors and real projects, with Solana-native names like PUMP absorbing significant capital. Smart Money balances have increased sharply, and activity continues across various assets, including RWA perps on Hyperliquid, prediction markets for sports or politics, and social and trading apps becoming onboarding venues.
The trend of everything moving onchain is clear, with a growing share of Smart Money's volume and PnL concentrated in RWAs via Hyperliquid. This shift towards real-world usage and institutional adoption is driven by the increasing availability of assets, including tokenized treasuries and RWAs, which offer yield-bearing assets that settle 24/7.
Kennis believes that this trend will continue to accelerate as more assets move onchain, leading to a convergence of traditional finance and onchain markets. This shift will bring greater transparency and accessibility to the market, making it easier for new users to enter and participate in the onchain economy.