AlgorandALGO: $838 million smart contract platform, layer 1 (L1)
InjectiveINJ: $717 million smart contract platform, decentralized finance (DeFi)
Market cap is price times coins in circulation, from CoinGecko. The small words beside each coin are CoinGecko's own tags. A size ranking, not a pick.
What is RWA crypto?
RWA crypto coins are the coins CoinGecko tags as Real World Assets (RWA), Tokenized Assets or RWA Protocol. Each coin sits in one theme only: the first, most specific one its tags match. We track 39 RWA coins, 29 of them rated below.
Bottom line
Injective ranks first for research priority in RWA crypto at 68.9/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is +16% on 35% breadth, which is what decides whether that lead is isolated or broad. 4 of the 29 assets here carry enough native evidence to move past a price-led label.
These RWA coins are part of the cryptocurrency universe this site tracks daily: the top 1,000 coins by market cap when the list was built, priced from exchange closes where we have a price we trust, and matched to protocol fees and revenue where a protocol publishes them.
The theme itself · before any single company
How has RWA moved against Bitcoin?
The line below covers up to 5 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this theme is 12% behind Bitcoin. Protocol revenue across its protocols fell 25% on average over the last four reported quarters.
FADING · −3 in 4w·Moving with the index5 of 24 coins ahead of Bitcoin by 5% or more over three months
Ahead of Bitcoin for 1 week running; 11/23 >200d (−3); 5 of 24 ahead of Bitcoin by 5% or more over three months (3 fewer than four weeks earlier).
RWA, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
RWA, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
RWA, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Both lines start at 200 in the same week, so the gap between them tells the story: the theme line is an equal-weighted index of its 24 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member set to 100 at the start and the theme taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns red when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover or tap any point to read both values and the gap.
BTC LED market context
RWA vs Bitcoin: Relative Strength & Breadth
RWA crypto has underperformed Bitcoin by 12.2% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is +16%. 9 of 26 covered assets are above their own 200-day average. Quant leads Bitcoin-relative strength at +191.1%. Price readings are as of 2026-10-30.
+16%13 weeks vs Bitcoin
-12%52 weeks vs Bitcoin
9 of 26above their 200-day average
QNTfurthest ahead of Bitcoin · +191%
Assets
29
canonical functional membership
Activity-covered
4/29
enough native evidence
Top score
68.9/100
Injective
Calendar quarters
20
complete; missing stays missing
Global asset selection · top 20 shown
Showing 20 of 29 assets
00 · exact additive research priority
4-Factor Crypto Evidence Score
A within-theme research-priority score for the 29 assets in RWA, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. Injective is highest at 68.9/100 on 50% evidence. It ranks research attention, not portfolio action.
Injective leads the current research queue at 68.9/100 with 50% evidence.
4 of 29 assets have enough native activity evidence to move beyond a price-led label.
10 of the 39 RWA coins are not rated this week: 1 has no price within 7 days, 9 report no traded volume. They are listed in full below the ranking.
Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage. An asset with nothing measurable at all is not scored at 50 either: it is listed as not rated.
1. Injective · INJ
68.9/100 · Price-led, little network data · 50% evidence
Exact sum: 31.9 + 15.0 + 10.0 + 12.0 = 68.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +24.2 pts · vs its theme (30 days): +18.8 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
12.0/15Liquidity & risk
Typical daily trading: $102.4M · price swings: 112.5% a year
100% evidence
2. Quant · QNT
63.8/100 · Price-led, little network data · 50% evidence
Exact sum: 28.5 + 15.0 + 10.0 + 10.3 = 63.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +191 pts · vs its theme (30 days): −11 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
10.3/15Liquidity & risk
Typical daily trading: $80.7M · price swings: 93.7% a year
100% evidence
3. XDC Network · XDC
62.0/100 · Price-led, little network data · 50% evidence
Exact sum: 24.1 + 15.0 + 10.0 + 12.9 = 62.0
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −1.8 pts · vs its theme (30 days): +12.9 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
12.9/15Liquidity & risk
Typical daily trading: $11.1M · price swings: 63.4% a year
100% evidence
4. Clearpool · CPOOL
61.2/100 · Thinly traded · 50% evidence
Exact sum: 29.2 + 15.0 + 10.0 + 7.0 = 61.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +31 pts · vs its theme (30 days): −1.2 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.0/15Liquidity & risk
Typical daily trading: $3.2M · price swings: 80.4% a year
100% evidence
5. DUSK · DUSK
58.4/100 · Thinly traded · 50% evidence
Exact sum: 26.4 + 15.0 + 10.0 + 7.0 = 58.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +36.4 pts · vs its theme (30 days): +21.9 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.0/15Liquidity & risk
Typical daily trading: $4.3M · price swings: 125% a year
100% evidence
6. LCX · LCX
58.1/100 · Thinly traded · 50% evidence
Exact sum: 30.5 + 15.0 + 10.0 + 2.6 = 58.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +18.2 pts · vs its theme (30 days): +3.4 pts · above its 200-day average
100% evidence
12.5/30Usage growth
Fees — · revenue — · users -98.9%
33% evidence
7.3/20Value capture
Fee yield 0.19% · revenue yield 0.19%
81% evidence
9.2/15Liquidity & risk
Typical daily trading: $14.8M · price swings: 107.8% a year
100% evidence
8. Ondo · ONDO
55.9/100 · Price-led, little network data · 50% evidence
Exact sum: 18.9 + 15.0 + 10.0 + 12.0 = 55.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −13.7 pts · vs its theme (30 days): +5.2 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
12.0/15Liquidity & risk
Typical daily trading: $154.5M · price swings: 78.5% a year
100% evidence
9. StrikeX · STRX
54.1/100 · Thinly traded · 48% evidence
Exact sum: 23.8 + 15.7 + 10.0 + 4.6 = 54.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +8.6 pts · vs its theme (30 days): +17.6 pts · 200-day average: —
80% evidence
15.7/30Usage growth
Fees — · revenue — · users —
17% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.6/15Liquidity & risk
Typical daily trading: $5.9K · price swings: 89% a year
100% evidence
10. DeFiChain · DFI
53.8/100 · Thinly traded · 59% evidence
Exact sum: 31.2 + 12.4 + 10.0 + 0.2 = 53.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +41.6 pts · vs its theme (30 days): +86.3 pts · above its 200-day average
100% evidence
12.4/30Usage growth
Fees — · revenue — · users —
30% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
0.2/15Liquidity & risk
Typical daily trading: $51 · price swings: 1392.3% a year
100% evidence
11. RedStone · RED
53.1/100 · Thinly traded · 43% evidence
Exact sum: 23.0 + 15.0 + 10.0 + 5.1 = 53.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +22.9 pts · vs its theme (30 days): −5.4 pts · above its 200-day average
80% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.1/15Liquidity & risk
Typical daily trading: $477.3K · price swings: 84.9% a year
100% evidence
12. Creditcoin · CTC
52.9/100 · Thinly traded · 50% evidence
Exact sum: 19.5 + 15.0 + 10.0 + 8.4 = 52.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +12.6 pts · vs its theme (30 days): +2.7 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
8.4/15Liquidity & risk
Typical daily trading: $3.8M · price swings: 63.8% a year
100% evidence
13. Algorand · ALGO
52.5/100 · Price-led, little network data · 50% evidence
Exact sum: 15.9 + 15.0 + 10.0 + 11.6 = 52.5
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −2.4 pts · vs its theme (30 days): −1.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
11.6/15Liquidity & risk
Typical daily trading: $85.0M · price swings: 67.5% a year
100% evidence
14. KAIO · KAIO
52.5/100 · Thinly traded · 48% evidence
Exact sum: 26.0 + 13.3 + 10.0 + 3.2 = 52.5
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −6.8 pts · vs its theme (30 days): +6.8 pts · below its 200-day average
100% evidence
13.0/30Usage growth
Fees -37.5% · revenue -50.5% · users —
70% evidence
11.6/20Value capture
Fee yield 5.05% · revenue yield 0.8%
100% evidence
7.1/15Liquidity & risk
Typical daily trading: $4.7M · price swings: 129.4% a year
100% evidence
17. Stellar · XLM
46.7/100 · Price-led, little network data · 50% evidence
Exact sum: 8.0 + 15.0 + 10.0 + 13.7 = 46.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −23.2 pts · vs its theme (30 days): −2.6 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
13.7/15Liquidity & risk
Typical daily trading: $121.9M · price swings: 54.1% a year
100% evidence
18. Zebec Network · ZBCN
46.3/100 · Price-led, little network data · 50% evidence
Exact sum: 9.3 + 15.0 + 10.0 + 12.0 = 46.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −14.4 pts · vs its theme (30 days): −1.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
12.0/15Liquidity & risk
Typical daily trading: $9.7M · price swings: 64% a year
100% evidence
19. RE · RE
43.3/100 · Price-led, little network data · 43% evidence
Exact sum: 8.9 + 15.0 + 10.0 + 9.4 = 43.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −37.9 pts · vs its theme (30 days): 0 pts · 200-day average: —
80% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
9.4/15Liquidity & risk
Typical daily trading: $5.4M · price swings: 57.4% a year
100% evidence
20. Casper Network · CSPR
41.7/100 · Thinly traded · 50% evidence
Exact sum: 12.1 + 15.0 + 10.0 + 4.6 = 41.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −12.3 pts · vs its theme (30 days): +2.7 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.6/15Liquidity & risk
Typical daily trading: $2.5M · price swings: 114.7% a year
100% evidence
21. Energy Web Token · EWT
39.5/100 · Thinly traded · 50% evidence
Exact sum: 9.8 + 15.0 + 10.0 + 4.7 = 39.5
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −16.9 pts · vs its theme (30 days): +3 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.7/15Liquidity & risk
Typical daily trading: $255.9K · price swings: 67.1% a year
100% evidence
22. Maple Finance · SYRUP
38.7/100 · Price-led, little network data · 50% evidence
Exact sum: 4.9 + 15.0 + 10.0 + 8.8 = 38.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −23.4 pts · vs its theme (30 days): −8.9 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
8.8/15Liquidity & risk
Typical daily trading: $9.8M · price swings: 83% a year
100% evidence
23. Polymesh · POLYX
38.0/100 · Thinly traded · 50% evidence
Exact sum: 6.4 + 15.0 + 10.0 + 6.6 = 38.0
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −20.7 pts · vs its theme (30 days): −2.3 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.6/15Liquidity & risk
Typical daily trading: $714.7K · price swings: 48.4% a year
100% evidence
24. MANTRA · MANTRA
37.7/100 · Thinly traded · 50% evidence
Exact sum: 5.2 + 15.0 + 10.0 + 7.5 = 37.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −54.9 pts · vs its theme (30 days): +1.4 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.5/15Liquidity & risk
Typical daily trading: $4.5M · price swings: 64.6% a year
100% evidence
25. Keeta · KTA
36.1/100 · Thinly traded · 50% evidence
Exact sum: 6.1 + 15.0 + 10.0 + 5.0 = 36.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −65.2 pts · vs its theme (30 days): +6.3 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.0/15Liquidity & risk
Typical daily trading: $866.4K · price swings: 46.5% a year
100% evidence
26. Centrifuge · CFG
34.6/100 · Price-led, little network data · 50% evidence
Exact sum: 1.4 + 15.0 + 10.0 + 8.2 = 34.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −67.5 pts · vs its theme (30 days): −13.4 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
8.2/15Liquidity & risk
Typical daily trading: $8.2M · price swings: 78% a year
100% evidence
27. Ravencoin · RVN
30.8/100 · Thinly traded · 50% evidence
Exact sum: 0.6 + 15.0 + 10.0 + 5.2 = 30.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −84.3 pts · vs its theme (30 days): −19.9 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.2/15Liquidity & risk
Typical daily trading: $3.8M · price swings: 102.5% a year
100% evidence
28. Chintai · CHEX
29.9/100 · Thinly traded · 50% evidence
Exact sum: 4.0 + 15.0 + 10.0 + 0.9 = 29.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −26.8 pts · vs its theme (30 days): −13.5 pts · below its 200-day average
100% evidence
8.3/30Usage growth
Fees -56.5% · revenue -56.6% · users —
70% evidence
2.8/20Value capture
Fee yield 0% · revenue yield 0%
100% evidence
5.1/15Liquidity & risk
Typical daily trading: $3.6M · price swings: 97.5% a year
100% evidence
Showing 5 of 29 ranked assets
01 · complete calendar-quarter evidence
Which projects are generating the most network fees?
Usual leads RWA crypto on Trailing 12-month fees at $13.4M, 179% ahead of Reserve Rights. None of the 3 assets with comparable change data is growing. Coverage is 4 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderUsual · $13.4M
Gap179% versus #2
Persistence0 assets have positive comparable growth
Coverage4 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month feestop 4
1Usual USUAL$13.4M
2Reserve Rights RSR$4.8M
3Plume PLUME$187.1K
4Velo VELO$2.1K
Fee growthtop 3
1Reserve Rights RSR-38%
2Velo VELO-57%
3Usual USUAL-78%
Network fees · asset comparison
4 of 29 coins report it · 3 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month fees
Fee growth
Injective INJ
—
—
Quant QNT
—
—
XDC Network XDC
—
—
Clearpool CPOOL
—
—
DUSK DUSK
—
—
LCX LCX
—
—
Plume PLUME
$5.9K
—
Ondo ONDO
—
—
StrikeX STRX
—
—
DeFiChain DFI
—
—
RedStone RED
—
—
Creditcoin CTC
—
—
Algorand ALGO
—
—
KAIO KAIO
$131.5K
—
Usual USUAL
$1.1M
-78%
Reserve Rights RSR
$285.6K
-38%
Stellar XLM
—
—
Zebec Network ZBCN
—
—
RE RE
—
—
Casper Network CSPR
—
—
Energy Web Token EWT
—
—
Maple Finance SYRUP
—
—
Polymesh POLYX
—
—
MANTRA MANTRA
—
—
Keeta KTA
—
—
Centrifuge CFG
—
—
Ravencoin RVN
—
—
Chintai CHEX
—
—
Velo VELO
$327
-57%
Showing 20 of 29 assets
02 · complete calendar-quarter evidence
Which projects convert activity into protocol revenue?
Usual leads RWA crypto on Trailing 12-month revenue at $9.6M, 1155% ahead of Reserve Rights. None of the 2 assets with comparable change data is growing. Coverage is 4 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderUsual · $9.6M
Gap1155% versus #2
Persistence0 assets have positive comparable growth
Coverage4 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month revenuetop 4
1Usual USUAL$9.6M
2Reserve Rights RSR$763.2K
3Plume PLUME$183.7K
4Velo VELO$2.1K
Revenue growthtop 2
1Reserve Rights RSR-51%
2Velo VELO-57%
Protocol revenue · asset comparison
4 of 29 coins report it · 2 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month revenue
Revenue growth
Injective INJ
—
—
Quant QNT
—
—
XDC Network XDC
—
—
Clearpool CPOOL
—
—
DUSK DUSK
—
—
LCX LCX
—
—
Plume PLUME
$5.1K
—
Ondo ONDO
—
—
StrikeX STRX
—
—
DeFiChain DFI
—
—
RedStone RED
—
—
Creditcoin CTC
—
—
Algorand ALGO
—
—
KAIO KAIO
$131.5K
—
Usual USUAL
$1.0M
—
Reserve Rights RSR
$117.2K
-51%
Stellar XLM
—
—
Zebec Network ZBCN
—
—
RE RE
—
—
Casper Network CSPR
—
—
Energy Web Token EWT
—
—
Maple Finance SYRUP
—
—
Polymesh POLYX
—
—
MANTRA MANTRA
—
—
Keeta KTA
—
—
Centrifuge CFG
—
—
Ravencoin RVN
—
—
Chintai CHEX
—
—
Velo VELO
$327
-57%
Showing 20 of 29 assets
03 · complete calendar-quarter evidence
Where is capital actually committed on-chain?
Usual leads RWA crypto on Quarter-end TVL at $87.8M, 2% ahead of Plume. None of the 7 assets with comparable change data is growing. Coverage is 7 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderUsual · $87.8M
Gap2% versus #2
Persistence0 assets have positive comparable growth
Coverage7 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.
Quarter-end TVLtop 5
1Usual USUAL$87.8M
2Plume PLUME$85.9M
3KAIO KAIO$39.7M
4Reserve Rights RSR$38.3M
5DeFiChain DFI$1.1M
TVL growthtop 5
1StrikeX STRX-13%
2Plume PLUME-28%
3DeFiChain DFI-38%
4Velo VELO-48%
5KAIO KAIO-53%
Total value locked · asset comparison
7 of 29 coins report it · 7 with a comparable change
Latest comparable data · top 20 shown first
Asset
Quarter-end TVL
TVL growth
Injective INJ
—
—
Quant QNT
—
—
XDC Network XDC
—
—
Clearpool CPOOL
—
—
DUSK DUSK
—
—
LCX LCX
—
—
Plume PLUME
$85.9M
-28%
Ondo ONDO
—
—
StrikeX STRX
$72
-13%
DeFiChain DFI
$1.1M
-38%
RedStone RED
—
—
Creditcoin CTC
—
—
Algorand ALGO
—
—
KAIO KAIO
$39.7M
-53%
Usual USUAL
$87.8M
-66%
Reserve Rights RSR
$38.3M
-92%
Stellar XLM
—
—
Zebec Network ZBCN
—
—
RE RE
—
—
Casper Network CSPR
—
—
Energy Web Token EWT
—
—
Maple Finance SYRUP
—
—
Polymesh POLYX
—
—
MANTRA MANTRA
—
—
Keeta KTA
—
—
Centrifuge CFG
—
—
Ravencoin RVN
—
—
Chintai CHEX
—
—
Velo VELO
$81.8K
-48%
Showing 20 of 29 assets
04 · complete calendar-quarter evidence
Which chains are gaining real users?
Plume leads RWA crypto on Average daily active addresses at 500 addresses. The one asset with comparable change data is not growing. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderPlume · 500
GapNot comparable
Persistence0 assets have positive comparable growth
Coverage1 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: address growth reverses for two complete quarters or activity rises without corresponding fees.
Average daily active addresses uses verified chain activity only. Host-chain users are never assigned to an application token. A blank means the source does not cover that asset, not zero users.
Average daily active addressesonly one with data
1Plume PLUME500
User growthonly one with data
1Plume PLUME-99%
Active users · asset comparison
1 of 29 coins report it · 1 with a comparable change
Latest comparable data · top 20 shown first
Asset
Average daily active addresses
User growth
Injective INJ
—
—
Quant QNT
—
—
XDC Network XDC
—
—
Clearpool CPOOL
—
—
DUSK DUSK
—
—
LCX LCX
—
—
Plume PLUME
500
-99%
Ondo ONDO
—
—
StrikeX STRX
—
—
DeFiChain DFI
—
—
RedStone RED
—
—
Creditcoin CTC
—
—
Algorand ALGO
—
—
KAIO KAIO
—
—
Usual USUAL
—
—
Reserve Rights RSR
—
—
Stellar XLM
—
—
Zebec Network ZBCN
—
—
RE RE
—
—
Casper Network CSPR
—
—
Energy Web Token EWT
—
—
Maple Finance SYRUP
—
—
Polymesh POLYX
—
—
MANTRA MANTRA
—
—
Keeta KTA
—
—
Centrifuge CFG
—
—
Ravencoin RVN
—
—
Chintai CHEX
—
—
Velo VELO
—
—
Showing 20 of 29 assets
05 · complete calendar-quarter evidence
Which protocols are winning trading activity?
DeFiChain leads RWA crypto on Trailing 12-month DEX volume at $6.8M. The one asset with comparable change data is not growing. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderDeFiChain · $6.8M
GapNot comparable
Persistence0 assets have positive comparable growth
Coverage1 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: volume growth reverses or the activity is concentrated in one short-lived campaign.
Trailing 12-month DEX volume is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month DEX volumeonly one with data
1DeFiChain DFI$6.8M
DEX volume growthonly one with data
1DeFiChain DFI-97%
DEX volume · asset comparison
1 of 29 coins report it · 1 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month DEX volume
DEX volume growth
Injective INJ
—
—
Quant QNT
—
—
XDC Network XDC
—
—
Clearpool CPOOL
—
—
DUSK DUSK
—
—
LCX LCX
—
—
Plume PLUME
—
—
Ondo ONDO
—
—
StrikeX STRX
—
—
DeFiChain DFI
$688.4K
-97%
RedStone RED
—
—
Creditcoin CTC
—
—
Algorand ALGO
—
—
KAIO KAIO
—
—
Usual USUAL
—
—
Reserve Rights RSR
—
—
Stellar XLM
—
—
Zebec Network ZBCN
—
—
RE RE
—
—
Casper Network CSPR
—
—
Energy Web Token EWT
—
—
Maple Finance SYRUP
—
—
Polymesh POLYX
—
—
MANTRA MANTRA
—
—
Keeta KTA
—
—
Centrifuge CFG
—
—
Ravencoin RVN
—
—
Chintai CHEX
—
—
Velo VELO
—
—
Showing 20 of 29 assets
06 · complete calendar-quarter evidence
Which chains are processing the most transactions?
Plume leads RWA crypto on Trailing 12-month transactions at 67,876,686 transactions. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderPlume · 67,876,686
GapNot comparable
Persistence0 assets have positive comparable growth
Coverage1 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: transaction growth turns negative while users and fees also deteriorate.
Trailing 12-month transactions is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month transactionsonly one with data
1Plume PLUME67,876,686
Transaction growth
—Not enough comparable data—
Transactions · asset comparison
1 of 29 coins report it · 0 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month transactions
Transaction growth
Injective INJ
—
—
Quant QNT
—
—
XDC Network XDC
—
—
Clearpool CPOOL
—
—
DUSK DUSK
—
—
LCX LCX
—
—
Plume PLUME
18,438,029
—
Ondo ONDO
—
—
StrikeX STRX
—
—
DeFiChain DFI
—
—
RedStone RED
—
—
Creditcoin CTC
—
—
Algorand ALGO
—
—
KAIO KAIO
—
—
Usual USUAL
—
—
Reserve Rights RSR
—
—
Stellar XLM
—
—
Zebec Network ZBCN
—
—
RE RE
—
—
Casper Network CSPR
—
—
Energy Web Token EWT
—
—
Maple Finance SYRUP
—
—
Polymesh POLYX
—
—
MANTRA MANTRA
—
—
Keeta KTA
—
—
Centrifuge CFG
—
—
Ravencoin RVN
—
—
Chintai CHEX
—
—
Velo VELO
—
—
Showing 20 of 29 assets
07 · let price answer last
Which assets lead on price and relative strength?
Quant leads the RWA tape on Bitcoin-relative strength at +191% over 90 days. 9 of 26 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-10-30.
Complete set · no silent drops
Which assets are in RWA?
29 of the 39 coins assigned to RWA are rated and ranked below, and the other 10 are listed under it with the reason each one is not rated: price-only names that publish no protocol activity included. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories.
10 of the 39 RWA coins are not rated this week: 1 has no price within 7 days, 9 report no traded volume. Each one stays on this page with its reason instead of being scored at the midpoint of a range nothing measured.
No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Nest Basis Vault NBASIS
$163.6K
No traded volume reported
No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Methodology · boundaries make the answer useful
What can make this comparison misleading?
This RWA comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven: 4 of 29 assets carry enough native evidence to rank on more than price.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.
Price and technicalsThrough 2026-10-30. Five-year weekly observations benchmarked to Bitcoin.
Protocol activityThrough 2026-10-30. Fees, revenue, protocol TVL and DEX volume.
Chain activityUsers and transactions through 2026-10-30; chain TVL: not published for these coins.
Market capSnapshot dated 2026-11-05; no historical supply series is implied.
Questions the page should answer directly
Crypto analysis FAQs
These 23 answers cover the questions this page can settle from data it holds: what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.
What is RWA crypto?
RWA crypto coins are the coins CoinGecko tags as Real World Assets (RWA), Tokenized Assets or RWA Protocol. Each coin sits in one theme only: the first, most specific one its tags match. We track 39 RWA coins, 29 of them rated below.
What is the total market cap of RWA crypto coins?
The 29 RWA coins on this page with a current market cap were worth about $14.3 billion together, by CoinGecko's reading of 5 November 2026. Individual figures are in the table.
Are RWA crypto coins outperforming Bitcoin?
RWA has returned -12.2% versus Bitcoin over 52 weeks and +16% over 13 weeks on an equal-weight current-member index. 9/26 covered assets are above their 200-day averages as of 2026-10-30.
Which RWA asset has the strongest research score?
Injective ranks first at 68.9/100: 31.9 + 15.0 + 10.0 + 12.0 = 68.9. It is labelled “Price-led, little network data” with 50% overall evidence and 0% native-economics evidence.
Why are some RWA coins not rated?
10 of the 39 coins are not rated this week: 1 has no price within 7 days, 9 report no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.
How is the RWA 4-factor score calculated?
The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.
Why can a RWA asset be labelled price-led?
Price-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.
Does protocol revenue accrue to the token?
Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.
Does crypto have a P/E or PEG ratio?
No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.
How much history is shown for RWA?
The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.
Why do the crypto data dates differ?
Prices and technical metrics run through 2026-10-30; protocol activity through 2026-10-30; chain users and transactions through 2026-10-30; chain TVL through the latest available chain-TVL date; market capitalisation is a separate snapshot dated 2026-11-05.
Are stablecoins and wrapped tokens included in RWA?
No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.
Can one token appear in multiple raw crypto categories?
Yes, but pages on this site assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. RWA therefore has one canonical membership list.
What would invalidate the current RWA theme read?
The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity contracts. As of 2026-10-30, none of the three conditions are in place.
Does this page include funding rates, open interest or token unlocks?
No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.
Which projects are generating the most network fees?
Usual leads RWA crypto on Trailing 12-month fees at $13.4M, 179% ahead of Reserve Rights. None of the 3 assets with comparable change data is growing. Coverage is 4 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Which projects convert activity into protocol revenue?
Usual leads RWA crypto on Trailing 12-month revenue at $9.6M, 1155% ahead of Reserve Rights. None of the 2 assets with comparable change data is growing. Coverage is 4 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Where is capital actually committed on-chain?
Usual leads RWA crypto on Quarter-end TVL at $87.8M, 2% ahead of Plume. None of the 7 assets with comparable change data is growing. Coverage is 7 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Which chains are gaining real users?
Plume leads RWA crypto on Average daily active addresses at 500 addresses. The one asset with comparable change data is not growing. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if address growth reverses for two complete quarters or activity rises without corresponding fees.
Which protocols are winning trading activity?
DeFiChain leads RWA crypto on Trailing 12-month DEX volume at $6.8M. The one asset with comparable change data is not growing. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if volume growth reverses or the activity is concentrated in one short-lived campaign.
Which chains are processing the most transactions?
Plume leads RWA crypto on Trailing 12-month transactions at 67,876,686 transactions. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if transaction growth turns negative while users and fees also deteriorate.
Which RWA project has the largest fee base?
Usual leads covered trailing-12-month fees at $13.4M. Coverage is 4/29; this is network activity, not automatically token-holder income.
Which are the biggest RWA crypto coins by market cap?
Stellar is the largest RWA crypto coin by market capitalisation at $5.9B, ahead of Quant at $3B and Ondo at $2B. The 29 RWA coins on this page carry $14.3B between them, with a market-cap figure on file for 29 of them. Market-cap metadata is dated 2026-11-05.