Week in RWA: Axelar leads with a 35.1% gain, while the RWA market grows to $29.69B.
TL;DR…
- Bitcoin rebounds: Crypto market cap up $190B; BTC hits $67,000, gaining 10%, while altcoins average 7.1% growth amid renewed bullish sentiment.
- Axelar shines among RWAs: Axelar tops the market with a 35.1% gain, while the RWA sector grows to $29.69B, showing strong performance despite underperforming BTC.
- RWA growth: Ethena, Plume and Ripple launch new tokenized assets, expanding the RWA space with innovative offerings across solar, stablecoins and asset funds.
Things are looking up since our last weekly RWA update. Bitcoin has reclaimed a price point not seen since early August, while RWA assets are back in good form with some securing impressive returns in the last week.
Let’s take a closer look and see what’s hot and what’s not in the RWA space.
Market Update
Bitcoin is currently hovering around the $67,000 price point. Bullish sentiment is back in the air and many cryptocurrencies have broken out of their downtrend.
In the last week, we have seen a range of cryptocurrencies put on an impressive show, with BTC alone gaining more than 10%.
The total market capitalization of all cryptocurrencies swelled by $190 billion in the last week—reaching $2.31 trillion today. This represents an average gain of 8.9% across the board, or 7.1% for altcoins (excluding ETH).
Click here for a recap of Q3.
Narrowing our gaze to real-world asset (RWA) tokens, we find that the total market capitalization of all RWA tokens now sits at $29.69 billion, up from $28.14 billion a week ago. This indicates an average gain of 5.5%—meaning RWA assets are underperforming against BTC and the broader altcoin market.
Source: Real World Asset Tokens Page
That said, several RWA tokens have significantly outperformed the market. This week’s top-performing RWA tokens include:
- Axelar (AXL): gained 35.1%
- Parcl (PRCL): gained 13.9%
- Mantra (OM): gained 11.6%
Source: Real World Asset Tokens Page
As we can see from the above chart, Axelar (AXL) and Mantra (OM) have pulled away from the competition in recent weeks, being among just a handful of RWA tokens that are in the green over the last 30 days.
Overall, Axelar (AXL) is now the best-performing of the larger RWA tokens, having gained 62% in the last month alone.
Meanwhile, Cogito Finance (CGV) is struggling with a 13% loss for the week despite plans to participate in a three-way token merger (more on this later).
RWA News Roundup
Though still in its infancy, the real-world asset space is expanding rapidly, with major updates and developments announced regularly.
We’ve sifted through this week’s top news stories to bring you only the most relevant updates:
Ethena Selects Four Assets for its RWA Fund: Ethena's risk committee has chosen four assets to invest in as part of its RWA reserve fund. The four chosen assets are BlackRock's BUILD tokenized product, Sky's USDC stablecoin, Superstate’s Short Duration US Government Securities Fund (USTB) and Mountain Protocol's USDM stablecoin.
Plume Network Makes $100 Million in Tokenized Solar Assets Available: Through a partnership with Projective Finance, RWA platform Plume Finance is making $100 million in tokenized solar assets available to its users. The solution enables users to access a variety of yield-bearing tokenized assets using regular stablecoins.
Ripple Announces RLUSD Partners: Ripple is gearing up to launch RLUSD, a U.S. dollar-pegged stablecoin on the XRP Ledger. The fintech firm just announced its exchange partners for the global distribution of the stablecoin—these include Uphold, Bitstamp, MoonPay and Bullish. Several market makers will be on board to support its liquidity.
SingularityDAO Token Merger Has RWA Plans: SingularityDAO, Cogito Finance and SelfKey are hosting a proposal to merge their tokens (SDAO, CGV and KEY) to form a single token known as SFI. The new merger aims to accelerate the use of AI in real-world asset tokenization by creating an application-focused layer-2 blockchain.
Maker RWA Gains 50% TVL in a Month: Sky's Real-World Assets initiative, Maker RWA, is nearing its all-time highest total value locked (TVL) after gaining more than 50% in a month. Its assets primarily consist of short-term U.S. Treasury bonds, investment-grade corporate bonds, and various forms of secured debt, indicating growing demand for on-chain debt assets.
Source: DeFiLlama
Learn More About RWAs
If you’re new to the sector and feel like you’re out of the loop, we’ve got some reading materials you might want to check out.
- Real-World Assets (RWA): Reshaping an Archaic Concept (click here)
- Real-World Assets (RWA): Bridging the Gap Between DeFi and TradFi (click here)
- Real-World Assets: The Next Big Crypto Trend (click here)
After giving these a read, you’ll have a better grasp of the concept of RWAs and get more out of our weekly RWA market updates.
That’s all for now! Join us next week for your regular dose of RWA news.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
