Ethereum Dominates RWA Market as Solana Gains Ground in Spot Trading
Ethereum maintains its dominance in the tokenized real-world assets market, also known as RWAs. According to a joint report by CoinShares and Token Terminal, Solana is emerging as a major alternative network for spot trading of these assets.
The report highlights that established networks such as Ethereum have more favorable conditions for trading due to higher liquidity and available infrastructure. This leads to a concentration of issuers, investors, and market makers on larger networks.
Arbitrum, BNB Chain, and Base, despite being operational for years, still show little significant spot trading activity involving RWAs. The report also notes that this concentration increases competition for the migration of established DeFi applications to these larger networks.
The data also shows a significant change in the relationship between traditional cryptocurrencies and tokenized real-world assets. Between Q2 2025 and Q2 2026, the aggregate volume of spot trading on decentralized exchanges fell by approximately 70%. In contrast, the spot volume of RWAs grew about 220% year-over-year.
The lending sector also posted significant figures, with deposits related to RWAs on lending platforms and decentralized exchanges more than tripling. The values went from $2.3 billion to $7.4 billion, indicating growing demand for financial applications associated with the tokenization of real-world assets.