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Datacasters
@datacasters
ππ» RWA frens π© ππ‘π ππ§ππ‘ππ’π§ πππ¬ππ«π―ππ« is an Onchain Report for enterprise web3 teams created by a collective of web3 technologists and creators who value original + data-informed thinking. Issue 1 is out: - Not-so-obvious insights on the RWA sector
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Datacasters
@datacasters
β¦ - web3 x financial institutions: who are building in the space, what theyβre building and the value itβll bring - independent review of a useful data tool - tracking token performance by crypto narrative category by CryptoKoryo Read in full: https://onchainobserver.beehiiv.com/p/onchain-observer
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Datacasters
@datacasters
Some highlights Not-so-obvious insights on RWAs π€ - RWA as a sector saw one of the highest TVL growth rates in 2H23, going from an aggregated TVL of $1 bn and less in 1H23 to between $5 bn to $6 bn in 4Q23.
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Datacasters
@datacasters
Upon a closer look at growth drivers, we see that a meaningful portion of the RWA segmentβs TVL growth was driven by MakerDaoβs adoption of RWA for its DAI collateral A key insight from @glxyresearchβs latest detailed RWA report is thatβ¦
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Datacasters
@datacasters
..a few of the largest DeFi & stablecoin protocols have rapidly moved from having only ~10-20% of their stablecoin collateral share coming from RWAs to as high as 60% in late '23! - Separately, a 2nd meaningful driver of RWA TVL growth in β23 came from a rise in tokenized treasuries & bond products starting in 2Q23
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Datacasters
@datacasters
Per data from @rwa_xyz the combined market value of issued tokenized treasuries amounted to over $860 million as of early 2024, up by ~$750 million since early 2023.
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Datacasters
@datacasters
Another observation - the market cap total for a "pure-play" RWA is not tracked properly Considering the above tracking constraints, we put together a focused list of βcoreβ RWA protocols (whose business is primarily in bringing RWAs on-chain). Their combined mc sums up to less than $4 bn as of Jan β24.
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Datacasters
@datacasters
If our estimate of a βpure-playβ sector market cap for onchain RWA protocols is closer to reality - being between ~$4 to $5 billion or less as of early 2024 this implies the room for value appreciation for RWA protocols is massive in the coming few to 5 years π
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Datacasters
@datacasters
Stay data-curious & subscribe for free π https://twitter.com/onchain_brewer/status/1752759605132702128
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