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I took a look at the on-chain RWA layout, and the data from Ondo Finance is quite interesting. The tokenized real-world assets they issue—stocks, ETFs, government bonds—account for about 77% of the TVL on Ethereum. More importantly, Ondo's market share in the entire Ethereum RWA ecosystem reaches 11.6%. This clearly indicates that Ethereum has become the mainstream choice for on-chain RWA settlement, and the ecosystem's clustering effect is indeed taking hold.