Real Estate Sector Push Forward, Propelled by Traditional Funds such as Usual Money, Hashnote, and Ondo
In the rapidly evolving world of Decentralized Finance (DeFi), Real-World Asset (RWA) projects have gained significant traction over the last two months. Here's a closer look at some of the top performers in this space.
Firstly, it's important to clarify that Ondo Finance (ONDO) is not the same as Usual Money, a decentralized fiat-backed stablecoin issuer mentioned earlier. Ondo, a multi-chain RWA project, has reached a new TVL record of $603 million, surpassing Usual Money's record of $222.5 million.
Ondo hit the $350 million milestone at the end of April and has been growing steadily since. However, it's not a part of the BlackRock BUIDL, Mountain Protocol, or Hashnote infrastructure mentioned earlier.
Regarding the RWA sector, MakerDAO (MKR) remains a pioneer in using RWAs as collateral for the stablecoin DAI, suggesting a steady and possibly increasing TVL as its RWA portfolio grows. Centrifuge is known for converting invoices and real-world receivables into on-chain collateral, indicating growing adoption as supply chain finance digitizes.
Avalanche (AVAX) is notable for its real-world asset tokenization capabilities within its developer ecosystem. AVAX has demonstrated increased institutional interest and infrastructure maturity, supporting rising TVL in DeFi applications linked to asset tokenization.
Sei (SEI), a high-performance Layer 1 chain focused on trading and DeFi, has a TVL exceeding $626 million with a strong 38% monthly growth rate, partly due to increased demand for real-world asset tokenization and DeFi services. While not an RWA project per se, Chainlink (LINK) is critical infrastructure for RWA through its oracle services, reliably supplying real-world data to smart contracts, supporting real-world asset tokenization growth indirectly.
Usual Money, another RWA project, started with zero liquidity in mid-July but has been gaining momentum. It's currently powered by a multi-chain infrastructure and aggregates RWAs from leading protocols to back its native permissionless stablecoin, USD0. Usual Money has gained over 50% over the past month, making it the best monthly performer among all RWA protocols.
As of this writing, the total value locked (TVL) in the DeFi RWA sector is $5.75 billion. USDY, a popular product of Ondo, makes up over 55% of Ondo's TVL. On September 4, Usual Money reached a record TVL of $222.5 million, while Ondo's TVL surpassed $600 million earlier this month.
In conclusion, the leading RWA DeFi projects actively tokenizing assets are ONDO, MKR, CFG, XDC, and POLYX, with MakerDAO and Centrifuge showing steady RWA collateral growth. Avalanche and Sei represent related infrastructure benefiting from real-world asset tokenization trends, with Sei exhibiting significant recent TVL expansion. Direct, detailed recent TVL figures specifically benchmarking each RWA project’s evolution remain limited in the sources.
The best performer among all RWA projects over the past month is Usual Money, showing a significant growth of over 50%. On the other hand, Ondo Finance, with a TVL of over $600 million, holds the greatest total value in the DeFi RWA sector, where technology plays a crucial role in real-world asset tokenization through projects like Avalanche and Sei in the infrastructure category.
