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In 2025, only one zone maintained continuous positive rise and set a historic high, which is RWA.
By the end of 2024, the RWA market size is expected to be approximately 15.2 billion USD, reaching 24 billion USD by June 2025, with a yearly increase of over 58%, of which about 5.4 billion USD of net inflow will occur in the second quarter.
In contrast,
AI and Depin zone fell by 45% since the end of 2024.
MEME has declined by 80%
The liquidity staking zone has decreased by 15%.
Why can RWA stand out?
It was mentioned earlier that only US Treasury products had a net increase of 800 million in January to March 2025, with a scale exceeding 4.2 billion. BlackRock BUIDL, Franklin BENJI, Republic, and Maple's private credit have driven stable cash flow assets on-chain. Additionally, with US Treasury yields maintaining around 6% in the first half of 2025, which is higher than most stable on-chain yields, it is logical that funds continue to flow into RWA.
Of course, Ethereum's full shift towards institutional adoption is also one of the driving forces behind RWA. Currently, there is a complete RWA ecological infrastructure in crypto: Ethereum mainnet + Layer 2 (Base / Berachain) + professional RWA bridges (Circle Perimeter, Centrifuge)
What are the core products and tokens?
Government bond-type yield products are mainly based on BUIDL (BlackRock), BENJI (Franklin Templeton), and OUSG (Ondo).
The tokens are mainly $ONDO, $OM (Mantra) ( be aware of risks ), $CFG (Centrifuge), $POLYX (Polymesh)
Of course, you can also bet on the underlying layer of RWA, one is $LINK (Chainlink) and the other is $ALGO (Algorand).