RWAs are exploding: Here's the full DeFi Active TVL picture

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Today’s analysis features brand new RWA Net Flow charts. Use this tool to track where money is moving between RWAs over time. See flows between chains, asset groups, categories and platforms.

RWAs just recorded the largest single day of inflows. $1.4b was added to Franklin Templeton’s iBENJI on BSC (an institutional liquidity fund), a major contributor to RWAs having their first ever +$1b inflow day.

This brings BSC’s Total RWA Onchain Market Cap to over $5b. Only Ethereum’s RWA Onchain Mcap is higher, owning over half the total market at $16.3b onchain.

During the rsETH exploit, Maple Finance proactively unwound syrupUSDC & syrupUSDT, leading to a large drop in DeFi Active TVL. After the situation stabilized, DeFi Active TVL increased 80% and is now just below all-time highs.

The recovery is led by SyrupUSDC (receiving +$200m in inflows over the last month), and Hastra PRIME, which saw +$26m in inflows last week.

Bonds & money market funds make up 60% of total Onchain market cap. Private Credit comprises of only 11% of Onchain market cap but over 50% of all DeFi Active TVL, more than double the DeFi Active TVL of Bonds.

The difference between the two: Private Credit is built from the ground up as native composable instruments.

Onchain RWA adoption is growing - but an outsized share of that growth is not being put to work in DeFi yet. For now, institutions are treating tokenized bonds and commodities as balance sheet instruments, not composable collateral. Tokenization from the Private Credit & Reinsurance are the exceptions. Both sectors were designed from the outset as DeFi-native collateral.

TradFi fund integration takes time. The latest round of DeFi hacks aren’t making it easier for money to rush onchain, but top layer tokenization continues to grow. Given how quickly DeFi Active TVL recovered from the April lows, increased DeFi utilization of RWA assets is expected as tokenization continues at a breakneck pace.

Robinhood Chain’s impressive launch ($260m TVL, $8b DEX Volume, $100m in Robinhood Earn deposits) has only begun to reflect in the RWA sector.

Total Active Mcap reached $50m in three weeks, jumping after the launch of Syrup USDG, a yield-bearing receipt token for USDG, the primary stablecoin on Robinhood Chain.

Three tokenized stocks on Robinhood Chain currently hold over $1m in Onchain Market cap: Nvidia, Tesla, and SGOV, a tokenized treasury instrument.

Public equities (SpaceX, AMD, Apple, etc) have seen strong relative flows over the last several days and each asset’s DeFi Utilization is over 30% (meaning these are active onchain, and not simply static wrappers).

When trading on a new chain, make sure there is sufficient liquidity (so you don’t end up like this trader). LlamaSwap forbids disadvantageous swaps and is now live powering trades on Robinhood Chain.

Schedule a call with our analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.

Learn more about how a paranoid approach to LlamaSwap made it safer for traders, processing $36b in 30 days.

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Whenever you want a snapshot of onchain stablecoin rates, use the Reference Rates dashboard. It shows us market-size weighted base rates for major stablecoins across the largest lending markets.

Filter by asset or protocol, and be sure to check the spread. The USDG spread is currently negative, meaning borrowing against supply earns a small yield. It’s unlikely that the spread will stay negative, but currently it presents an opportunity to borrow cheaply.

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