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👋🏻 🎩 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: https://x.com/onchain_brewer/status/1752759605132702128?s=20
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- Not-so-obvious insights on the RWA sector - 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 @CryptoKoryo
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Read in full: https://onchainobserver.beehiiv.com/p/onchain-observer
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a. 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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- 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
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A key insight from @glxyresearch ’s latest detailed RWA report is that 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!
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- Separately, another meaningful driver of RWA TVL growth in 2023 came from a rise in tokenized U.S. treasuries & bond products starting in 2Q23. 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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Another observation - the market cap total for a "pure-play" RWA is not tracked properly For instance, some protocols categorized as RWA by CoinMarketCap are non-RWA focused blockchains and protocols ...which obscures the true picture of RWA-pure plays’ market value and how they are changing over-time.
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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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Stay data-curious 🐇 Join other web3 enterprise readers here for free: https://onchainobserver.beehiiv.com/subscribe
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