#DeFi生态发展 RWA has really taken off this time. From being a marginal player that didn't even make the top ten at the beginning of the year, it now ranks as the fifth largest sector in DeFi, even surpassing DEXs. TVL has skyrocketed from 12 billion to 17 billion, and the growth rate is indeed quite extraordinary.

The key is that this time it's not driven by hype, but by genuine demand. Tokenized US Treasuries combined with a high-interest-rate environment are very attractive to institutions. Plus, regulatory clarity is increasing, significantly reducing friction for institutional entry. This is the true logic for sustainable growth.

Ethereum remains the main battleground, but BNB, Solana, and other public chains are also sharing the pie. Interestingly, permissioned chains like Canton Network are dominating on the institutional side, indicating that on-chain financial infrastructure is beginning to differentiate.

Looking ahead, it seems RWA will continue to explode next year, shifting from yield-driven appeal to macro-level asset classes. This momentum could lead to a truly long-term track. By then, that current 17 billion might just be a microcosm of the bigger picture.