On-Chain Market Hits $37B, But Is Half of It Genuine?

The on-chain market has reached a new milestone, surpassing $37 billion in active market capitalization. This figure is significant because it highlights the distinction between genuinely distributed value and assets that exist mostly as internal bookkeeping records.

According to data from RWA.xyz, the top 10 chains by real distributed value are Ethereum at $17.67 billion (99.4%), BNB Chain at $5.65 billion (100%), Solana at $4.23 billion (97.1%), Stellar at $3.28 billion (97.7%), Avalanche at $1.68 billion (12.8%), Liquid Network at $1.54 billion (100%), Arbitrum at $975 million (97.5%), ZKsync Era at $960 million (32.6%), Polygon at $507 million (40.6%), and XRP Ledger at $458 million (10.2%).

Ethereum still dominates the RWA market, with a 46% share of total on-chain value. This is not due to capital leaving Ethereum, but rather because the overall real-world asset tokenization market is expanding.

The distinction between 'total' and 'distributed' figures is crucial in understanding the true value of these assets. Analysts point out that this gap could become a standard disclosure metric going forward, providing transparency for investors.