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Datacasters
@datacasters
👋🏻 RWA frens 🎩 𝐓𝐡𝐞 𝐎𝐧𝐜𝐡𝐚𝐢𝐧 𝐎𝐛𝐬𝐞𝐫𝐯𝐞𝐫 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
… - web3 x financial institutions: who are building in the space, what they’re building and the value it’ll 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 🤔 - 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 segment’s TVL growth was driven by MakerDao’s adoption of RWA for its DAI collateral A key insight from @glxyresearch’s latest detailed RWA report is that…
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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 ’23 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 “core” RWA protocols (whose business is primarily in bringing RWAs on-chain). Their combined mc sums up to less than $4 bn as of Jan ’24.
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Datacasters
@datacasters
If our estimate of a “pure-play” 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 📈
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