RWA · real-world assets
The whole chain that brings funds, treasuries, gold, stocks and credit onchain: where the size is, who pays and who earns, which have platform tokens, and research judgments with open questions. Asset tokens, platform tokens and TradFi products are kept apart; readings, evidence and unknowns only — not trade advice.
What's happening
- Tokenized treasuries $7.95B, 14 tokens; largest USDY is 30.1%
- Biggest 24h market-cap move: Tokenized stocks -6.3% (CoinGecko, includes price)
- Tokenized private credit $27.86B is almost entirely FIGR_HELOC; not an industry-size reading
- History is recorded daily from today (no backfill); “vs previous” appears from the second sample
Who earns · onchain RWA protocols, 30d
Only 3 of 83 protocols pay token holders. TradFi products (Grayscale ETF fees etc.) add $30.16M in fees, excluded.
Watchlist · what can be done now
The local research library (225 main + 137 discovery records as of 2026-11-14) has not been exported into the repo yet, and the six 10-30 judgments have not been re-checked. Only the review cases named in the handoff are listed; all pending re-check, no conclusions at launch.
Size by asset class CoinGecko category market cap · asset tokens
Categories nest and overlap; not summed. Bar width is proportional to the largest row; amber = one token is over 90%. CoinGecko only covers tokens it lists; permissioned funds are often missing, so these figures understate the industry.
CoinGecko’s “RWA” umbrella ($71.00B) mixes asset and platform tokens; reference only.
Who earns DefiLlama · last 30d · onchain RWA protocols · 30
Fees = total paid by users (mostly fund management fees to managers); revenue = what the protocol keeps; holders = paid to token holders. “Token” = registered on DefiLlama, platform-token identity still to be checked; “asset token” = the registered token is a product share / gold, not a platform token; “none listed ≠ no token”. Change = last 30d ÷ prior 30d − 1.
| # | Protocol (by parent) | Chains | Fees | Revenue | Holders | Fees chg | Token identity |
|---|---|---|---|---|---|---|---|
| 1 | Spiko | $13.14M | $583K | — | +171.2% | None listed ≠ no token | |
| 2 | Maple Finance Maple、Maple RWA | Ethereum · Bitcoin · Ripple | $9.78M | $1.50M | $299K | +10.2% | Token SYRUP |
| 3 | Ondo Finance Ondo Yield Assets、Ondo Global Markets | $7.92M | $0 | — | +33.4% | Token ONDO | |
| 4 | Centrifuge Centrifuge Protocol、Tinlake | $3.30M | $289K | — | +12.0% | Token CFG | |
| 5 | Huma | Solana · Ethereum · Stellar | $2.81M | $0 | — | -2.1% | Token HUMA |
| 6 | Hastra | $2.75M | $0 | — | -3.2% | None listed ≠ no token | |
| 7 | USD AI | Arbitrum | $2.72M | $272K | — | -38.7% | Token CHIP |
| 8 | OnRe | Solana | $2.46M | $11K | — | -4.4% | None listed ≠ no token |
| 9 | Re | Ethereum · Base · Arbitrum | $2.24M | $2K | — | +24.9% | Token RE |
| 10 | Midas RWA | $1.93M | $7K | — | +1.1% | None listed ≠ no token | |
| 11 | Apyx Protocol | $1.62M | $0 | — | -9.8% | None listed ≠ no token | |
| 12 | Invesco USTB | $1.54M | $61K | — | -11.0% | None listed ≠ no token | |
| 13 | Plume Vaults | Ethereum · Plume Mainnet · Solana | $1.08M | $0 | — | +10.9% | None listed ≠ no token |
| 14 | Ember | Ethereum · Sui · Base | $866K | $2K | — | +21.8% | None listed ≠ no token |
| 15 | Circle USYC | $625K | $0 | — | -5.0% | None listed ≠ no token | |
| 16 | Usual Usual USD0、Usual EUR0 | Ethereum | $536K | $530K | $368K | +73.8% | Token USUAL |
| 17 | Frax USD | Ethereum | $309K | $0 | — | -5.4% | Token FRAX |
| 18 | Tether Gold | $196K | $196K | — | -82.5% | Asset token XAUt | |
| 19 | stUSDT | Tron · Ethereum | $181K | $9K | — | +10.6% | Asset token STUSDT |
| 20 | GAIB | $162K | $32K | — | -5.8% | Token GAIB | |
| 21 | Openeden OpenEden TBILL、OpenEden USDO、OpenEden HYBOND… | $118K | $78K | — | -0.7% | Asset token PRISM | |
| 22 | XAUE Protocol | $109K | $0 | — | -8.2% | None listed ≠ no token | |
| 23 | Brix | $103K | $0 | — | -38.0% | None listed ≠ no token | |
| 24 | Fidelity Digital Interest Token | $84K | $4K | — | +1.8% | Token FDIT | |
| 25 | Matrixdock MatrixDock STBT、MatrixDock XAUM、MatrixDock XAGM | $78K | $7K | — | +8.6% | None listed ≠ no token | |
| 26 | Theo Theo Network thBill、Theo Network thUSD | Ethereum · Stable · Arbitrum | $42K | $0 | — | -47.6% | None listed ≠ no token |
| 27 | eva Markets | Ethereum | $39K | $0 | — | +4.4% | None listed ≠ no token |
| 28 | Binaryx Platform | Polygon | $38K | $1K | $805 | +22.2% | None listed ≠ no token |
| 29 | KAIO | Sei · Immutable zkEVM · Aptos | $37K | $37K | — | -14.6% | Token KAIO |
| 30 | RealFi | $34K | $6K | — | +107.3% | None listed ≠ no token |
TradFi products (separate, not in the totals above)
| # | Protocol (by parent) | Chains | Fees | Revenue | Holders | Fees chg | Token identity |
|---|---|---|---|---|---|---|---|
| 1 | Grayscale | $16.61M | $16.61M | — | -8.0% | TradFi | |
| 2 | Securitize BlackRock BUIDL、Blockchain Capital、Securitize Tokenized AAA CLO Fund… | $10.97M | $2.59M | — | +1.8% | TradFi | |
| 3 | WisdomTree | $2.58M | $190K | — | -37.4% | TradFi |
Platform & protocol tokens CoinGecko “RWA Protocol” category · 89
Category total $9.77B; LINK alone is 74.7%. Platform-token prices need not track underlying asset size; special identities are noted under the name.
| # | Token | Market cap | FDV | 24h volume | 24h |
|---|---|---|---|---|---|
| 1 | Chainlink LINK Adjacent: oracle; most revenue is not RWA | $7.26B | $9.47B | $237.48M | -5.9% |
| 2 | Ondo ONDO | $1.57B | $3.22B | $85.24M | -8.1% |
| 3 | Zebec Network ZBCN Payments / payroll; RWA is one of several tags | $177.31M | $177.31M | $8.73M | -3.7% |
| 4 | Collector Crypt CARDS | $160.48M | $355.24M | $6.56M | -10.9% |
| 5 | Maple Finance SYRUP | $122.72M | $133.30M | $7.30M | -10.6% |
| 6 | Plume PLUME Native coin of an RWA chain | $86.97M | $127.55M | $11.15M | -10.2% |
| 7 | Rnt RNT | $51.91M | $72.18M | $9K | +0.1% |
| 8 | Polymesh POLYX Native coin of a security-token chain | $37.15M | $37.15M | $664K | -6.9% |
| 9 | RE RE | $37.05M | $232.12M | $7.02M | -10.6% |
| 10 | Centrifuge CFG | $28.77M | $51.43M | $4.79M | -7.9% |
| 11 | OpenEden EDEN | $18.16M | $45.24M | $1.06M | -3.5% |
| 12 | tx TX | $15.21M | $132.53M | $75K | +0.9% |
| 13 | Collect on Fanable COLLECT | $12.86M | $71.85M | $4.94M | -3.1% |
| 14 | Chromia CHR Adjacent: database chain; RWA is one tag | $12.76M | $12.76M | $1.73M | -6.4% |
| 15 | Chintai CHEX | $11.78M | $11.78M | $193K | -3.3% |
| 16 | Realio Network Token RIO | $10.66M | $10.66M | $164K | -6.3% |
| 17 | Lingo LINGO | $10.25M | $10.25M | $127K | -11.7% |
| 18 | Soil SOIL | $7.84M | $10.07M | $26K | +0.1% |
| 19 | IXS IXS | $6.29M | $7.15M | $15K | -4.0% |
| 20 | Brickken BKN | $5.95M | $8.91M | $50K | +0.4% |
| 21 | ORIGYN OGY | $5.79M | $7.43M | $85K | -2.5% |
| 22 | TokenFi TOKEN | $5.61M | $13.60M | $1.00M | -4.9% |
| 23 | Sectora SECT | $5.34M | $5.34M | $22K | +0.0% |
| 24 | Parcl PRCL | $5.01M | $5.49M | $65K | -4.8% |
| 25 | Arowana ARW | $4.50M | $4.50M | $10K | -0.0% |
CoinGecko sampled Nov 14, 9:03 AM ET · DefiLlama 30d window to 2026-11-13 · Generated Nov 14, 9:03 AM ET · JSON · History
Welcome to Uncle Onchain Terminal
A top-down, 4-layer BTC framework, updated automatically every day:
- L1 Macro Liquidity: should the risk budget be loose or tight?
- L2 Cycle Position: where are we in the four-year cycle?
- L3 Supply Structure: which levels are really defended, and will moves get bigger?
- L4 Sentiment & Derivatives: is the short term overheating?
Each layer gets a verdict, and the four roll up into one overall read.
How to use it: start with the overall read at the top → switch between L1–L4 for each layer's verdict and evidence → click any metric card for its full history, zone rules and how often each zone occurred historically.
Data refreshes daily at 7:37 PM ET (Event calendar), 7:53 PM ET (Leg tracker), 11:13 PM ET (Core picks monitor), 11:43 PM ET (Alpha radar), 12:13 AM ET (RWA), 9:17 PM ET (L2 cycle state machine), 9:47 PM ET (L3 supply layer), 10:17 PM ET (L4 sentiment & derivatives) and 10:40 PM ET (Daily run); each daily log is frozen once written. Every metric carries an evidence grade; anything we can't source for real is marked "Pending" rather than filled with a proxy.
This site is a work in progress. Spotted a problem or have an idea? Find us on X at @Uncle_Onchain.
Data and process records only. Not investment advice.
What’s new · 2026.11.14.6
New section: Alpha Radar (replaces Narratives)
- NewAlpha Radar complements Core Picks: Core covers mature tokens with continuous readings on Binance; this covers what is not mature yet. Two daily tables to start: tokenless protocols with ≥ $100K protocol revenue over 30 days (merged by parent) and protocols added to DefiLlama in the last 14 days. Established projects only, no launch-hour meme sniping.
- NewLead ledger: every protocol that appears in either table is logged with its first-seen date and reading, append-only; each day it is re-checked, and a token appearing later is logged as a launch. Today is the baseline; first-entry events start tomorrow.
- NewThe screening framework (web edition, execution rules removed), a case library (historical mechanisms, C01–C10 readouts, frozen 10-16 scores) and a progress page go live with it. Readings, evidence and unknowns only; no scores or rankings; not trade advice. /narrative/ now redirects to /alpha/.
What’s new · 2026.11.14.5
Leg tracker: phase-matched ticks + a day-45 marker for down-legs
- NewBTC and altcoin cards now carry ticks: down-legs get a duration bar and drop ticks, up-legs get gain ticks (the duration bar and day-89 line are unchanged). Ticks compare with legs from the same cycle phase, picked from the current L2 state, show the half and 9-in-10 marks, and state how many comparable legs this one already outlasted or outdid.
- NewA hypothesis-grade day-45 marker for BTC down-legs: of 9 down-legs since 2017 that passed day 45, 8 bottomed within 2–16 days, 2.1%–13.2% lower; the exception was the 2018-09 capitulation. Only 9 samples; the retirement rule is on the detail page. Not used by the trading plan. No marker for altcoins (untested).
- Improved/leg-tracker/ drops the altcoin-window section (its reading card went on 11-13), and the intro no longer asks about it.
What’s new · 2026.11.14.2
Core picks: full Binance volume, score backtest, rally replay
- DataVolume board now covers all of Binance: every spot pair (USDT / USDC / USD1 / FDUSD / BTC / fiat, converted at the day’s close) + USDⓈ-M (USDT and USDC margined, perpetual + delivery) + COIN-M. One table with regular / entrant / dropped / new tags, filterable and sortable. The market benchmark now uses the Macro page’s altcoin basket.
- DataScore research opened: the prototype’s R/C/V/D thresholds were never tested and none passed the first backtest. A research plan (what to test, data, pre-set pass rules, roles, stages) is on the new “Score research” tab; until it concludes the page shows readings and test results, with no scores or score rankings. The entry checklist now counts only verified and process rules. Asset pages gain a six-question pick card.
- NewNew “Rally replay” tab (Jul–Oct 2026 leaders-and-rotation study, 125 coins, anchor 08-19); asset pages show each coin’s class in the last BTC rally, plus active users, supply-side revenue, treasury and core developers (GitHub, from the next run). Every rule and score now has a plain-language explanation.