Core Insights - Real-world asset (RWA) protocols have surpassed decentralized exchanges (DEXs) to become the fifth-largest category in DeFi by total value locked (TVL), with approximately $17–30 billion now invested in tokenized Treasuries, private credit, and commodities [1][2][3] Group 1: Market Dynamics - More capital is now allocated to tokenized "real world" products than to many traditional token swapping applications, indicating a shift in DeFi from speculation to yield generation and stability amid a challenging macroeconomic environment and prolonged high interest rates [2][3] - The TVL of RWAs increased from around $12 billion in late 2024 to about $17 billion in 2025, with projections suggesting the broader tokenized RWA market could reach nearly $30 billion by Q3 2025 [3][4] - Tokenization of RWAs has grown almost fivefold in three years, with banks like Standard Chartered predicting that tokenized assets could reach $30 trillion by 2034 [3][4] Group 2: Product Offerings - Tokenized Treasuries are leading the growth, with products such as BlackRock's BUIDL fund and Franklin Templeton's tokenized money market funds offering U.S. government debt returns on-chain, often yielding more than traditional bank accounts [4] - Several of these funds have surpassed $1 billion in deposits each, indicating strong institutional interest in tokenized assets [4] - Private credit platforms and tokenized commodities, such as gold-backed tokens, are integrating traditional finance (TradFi) with crypto, enhancing the appeal of these products [4] Group 3: Implications for Investors - The evolving landscape of DeFi is transforming it into a digital bond and money-market marketplace rather than merely a speculative environment for meme coins, providing investors with more familiar yield sources [5] - On-chain products are now backed by traditional assets like Treasuries, corporate loans, and gold, making them more relatable for investors compared to complex yield farming mechanisms [5]

RWA Integration - Kamino integrates PRIME, a significant Real World Asset (RWA) on Solana [1] - PRIME is developed by Figure and issued by HastraFi [1] Investment Opportunity - PRIME offers real-estate-secured yield up to 8% APY [1]

Core Insights - Coinbase Ventures identifies four strategic themes expected to drive crypto innovation in 2026, focusing on Real-World Asset (RWA) perpetual contracts, specialized trading infrastructure, next-generation decentralized finance (DeFi), and artificial intelligence (AI) and robotics [1] Group 1: Real-World Asset (RWA) Perpetual Contracts - RWA perpetual derivatives provide synthetic exposure to off-chain assets, offering a faster and more flexible way to deliver on-chain exposure without the need to custody the underlying asset [2] - The market for RWAs has seen significant growth, increasing from approximately $13.8 billion to around $36 billion in on-chain value, with the number of asset holders rising to 550,194, marking a 7.58% increase over the past month [3] Group 2: Specialized Trading Infrastructure - The focus on specialized exchanges and trading terminals is highlighted, with Proprietary Automated Market Makers (Prop-AMMs) gaining traction across Solana, protecting liquidity providers from harmful flows [5] - Proprietary AMMs accounted for 13% to 24% of Solana's total DEX volume through 2025, surpassing traditional AMMs in DEX volume for the first time in September, with HumidiFi generating nearly 50% of all SOL-stablecoin DEX trading volume that month [6] - Prediction market aggregators are expected to emerge as a dominant interface layer, combining fragmented liquidity and offering advanced tools currently missing from the sector, indicating greater market sophistication [7]

Core Insights - DMZ Finance, in collaboration with Mantle and Bybit, has launched QCDT, the world's first DFSA-approved tokenized money market fund, utilizing Mantle Network's modular Layer-2 infrastructure [1][3] - QCDT is a regulated, yield-bearing token co-launched by Qatar National Bank, DMZ Finance, and Standard Chartered, aimed at providing institutional-grade exposure to on-chain finance [1][4] - Bybit has become the first global exchange to accept QCDT as collateral, allowing qualified institutions to use tokenized MMF units as margin collateral backed by U.S. Treasuries, unlocking up to USD 1 billion in borrowing capacity [2][3] Group 1: Institutional Adoption - QCDT represents a foundational bridge between traditional finance and decentralized finance (DeFi), enabling compliant, high-value assets to move on-chain [3][4] - The collaboration with Bybit facilitates seamless integration between traditional capital and on-chain liquidity, marking a significant advancement in tokenized finance [3][5] - Mantle's deployment of QCDT enhances its position as a liquidity and distribution layer for tokenized assets, paving the way for compliant liquidity rails and institutional-grade capital markets [5][6] Group 2: Strategic Vision - DMZ Finance aims to make real-world assets accessible in digital form, showcasing how tokenization can innovate institutional markets and enhance liquidity for TradFi and Web3 investors [4][6] - Mantle's strategy focuses on positioning itself as the institution-ready Layer-2 for compliant, high-value financial instruments, furthering its vision for Real-World Assets (RWAs) [4][7] - With over $4 billion in community-owned assets, Mantle combines credibility, liquidity, and scalability to support large-scale adoption of tokenized assets [7][8]

Listing Announcement - BitMart announces the primary listing of Novastro (XNL) [1] - Trading pair is XNL/USDT [1] - Trading will commence on October 29, 2025, at 13:00 PM UTC [1] Project Overview - Novastro is a cross-chain Real-World Asset (RWA) platform [1] - The platform enables tokenization of tangible assets on the Ethereum ledger [1] - Novastro ensures regulatory compliance and verifiable ownership [1]

Group 1: Company Insights - SharpLink Gaming is the world's second-largest Ethereum-focused Digital Asset Treasury (DAT) company, with co-CEO Joseph Chalom emphasizing Ethereum's potential to transform traditional finance [1][2] - Since June, SharpLink has accumulated 838,150 ETH, indicating a strong commitment to Ethereum as part of its treasury strategy [2] - Chalom's background includes two decades at BlackRock, where he contributed to launching a Bitcoin ETF and an Ethereum fund, showcasing his extensive experience in the digital asset space [3] Group 2: Industry Trends - Chalom believes that the digital asset boom will transition into the real-world asset (RWA) sector, with traditional financial instruments migrating to blockchain technology [4] - The current value of tokenized assets is approximately $30 billion, but Chalom anticipates that nearly all stocks, bonds, funds, and real estate will eventually exist in digital form, enhancing transaction speed, transparency, and reliability [5] - RWA markets are expected to become competitive among institutions, with Ethereum's security and decentralized validation being key advantages, as over 60% of major stablecoins and tokenized funds are built on Ethereum [6][7]

Company Overview - Agridex is tokenizing global agriculture on Solana, transforming commodities like coffee, wine, and farmland into onchain assets [1] - Agridex is a Real-World Asset (RWA) marketplace [1] Funding and Scale - Agridex has raised $9 million to tokenize global agriculture on Solana [1] - Agridex initially started with a $5 thousand olive oil trade and has since scaled to process multi-million dollar commodity trades [1] Operational Efficiency - Agridex is addressing inefficiencies in African agricultural trade [1] - Agridex is reducing transaction fees from 12.6% to under 0.5% [1] - Agridex is enabling instant settlement with their Loam payments tool [1]

Chainlink Data Streams Launch - Chainlink launches real-time Data Streams for U S equities and ETFs to power tokenized real-world asset (RWA) markets [1] - The data streams provide sub-second latency pricing for major equities and ETFs like SPY, QQQ, AAPL, MSFT, and NVDA [2] - These data feeds are available across 37 blockchain networks [2] DeFi Integration and Use Cases - Leading DeFi protocols like GMX_SOL, KaminoFinance, and GMX_IO are integrating the data streams [3] - Integration enables new use cases like lending, structured products, and yield strategies powered by U S equities onchain [3] Addressing Barriers to Tokenization - Chainlink's solution addresses long-standing barriers to institutional-grade tokenization by providing market context [4] - Features include market status indicators, staleness detection, circuit breaker readiness, and timestamped updates [5] Future Plans - Plans include broader asset class support (commodities, OTC, and forex) and expanded equities coverage [6] - Future development includes developer SDKs and more granular contextual data [6]

Real-World Asset (RWA) Market Advancement - Chainlink launches real-time Data Streams for U S equities and ETFs, representing a significant advancement in the tokenized RWA market [1] Data Stream Features - Chainlink Data Streams provide real-time, sub-second latency pricing for major equities and ETFs such as SPY, QQQ, AAPL, MSFT, and NVDA [1]

Chainlink Data Streams Launch - Chainlink launches real-time Data Streams for U.S equities and ETFs to power tokenized RWA markets [1] - The launch introduces context-rich, high-throughput financial data available onchain to support secure, compliant, and composable financial products [1] - Data Streams provide sub-second latency pricing for major equities and ETFs like SPY, QQQ, AAPL, MSFT, and NVDA [2] Blockchain Network Integration - Data feeds are available across 37 blockchain networks, enabling tokenized stock trading platforms, perpetuals, and synthetic ETFs [2] - DeFi protocols like GMX_SOL, KaminoFinance, and GMX_IO are integrating the data streams [3] - Integration enables new use cases like lending, structured products, and yield strategies powered by U.S equities onchain [3] Addressing Market Needs - Chainlink's solution addresses barriers to institutional-grade tokenization by providing market context, staleness detection, and timestamped updates [4][5] - The launch coincides with growing institutional interest in onchain markets and favorable legislation [5] Future Plans - Future plans include broader asset class support (commodities, OTC, and forex), expanded equities coverage, and developer SDKs [6] - Plans are designed to facilitate the next phase of financial innovation onchain [6]