Five-year price · 20 complete calendar quarters · BTC-relative

RWA Crypto Coins

Is RWA outperforming Bitcoin, and is leadership broad?

Bottom line

Ondo ranks first for research priority in RWA crypto at 69.2/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is -9.1% on 7% breadth, which is what decides whether that lead is isolated or broad. 2 of the 32 assets here carry enough native evidence to move past a tape-led label.

These RWA coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes 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 17% behind Bitcoin. Protocol revenue across its protocols fell 8% on average over the last four reported quarters. It has been ahead of Bitcoin on a rolling three-month view for 23 weeks running.

FADING · −2 in 4w·Price down, no fundamental support8 of 24 coins ahead of Bitcoin by 5% or more over three months

RS ↑23w · 5/24 >200d (+2) · 8/24 lead (−2) · EPS —

RWA, equal-weighted, based at 200 Bitcoin, same base, same start trailing 12-month protocol revenue rising falling

Both lines start at 200 in the same week, so the distance between them is the whole 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 rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.

RISK OFF market context

RWA vs Bitcoin — Relative Strength & Breadth

RWA crypto has underperformed Bitcoin by 36.8% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -9.1%. 2 of 27 covered assets are above their own 200-day average. Ondo leads Bitcoin-relative strength at +57.9%. Price readings are as of 2026-07-31.

-9.1%13w vs BTC

-37%52w vs BTC

2/27Above 200-DMA

ONDORS leader · +58%

Assets

canonical functional membership

Activity-covered

2/32

enough native evidence

Top score

69.2/100

Ondo

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 32 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 32 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. Ondo is highest at 69.2/100 on 50% evidence. It ranks research attention, not portfolio action.

Market leadership · 35Network & economic traction · 30Value capture · 20Liquidity & downside risk · 15

Ondo leads the current research queue at 69.2/100 with 50% evidence.

2/32 assets have enough native activity evidence to move beyond a tape-led label.

10 of the 42 RWA coins are not rated this week: 5 have no price within 7 days, 5 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. Ondo · ONDO

69.2/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 32.4 + 15.0 + 10.0 + 11.8 = 69.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

32.4/35Market leadership

RS-BTC 57.9 pp · RS-sector 27.5 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.8/15Liquidity & downside risk

30d median volume $92,935,694 · vol 88.5%

100% evidence

2. Injective · INJ

68.8/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 33.8 + 12.9 + 10.0 + 12.1 = 68.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

33.8/35Market leadership

RS-BTC 47.9 pp · RS-sector 15.8 pp · 200-DMA above

100% evidence

12.9/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

12.1/15Liquidity & downside risk

30d median volume $71,695,815 · vol 65.9%

100% evidence

3. Stellar · XLM

62.6/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 21.6 + 17.5 + 10.0 + 13.5 = 62.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

21.6/35Market leadership

RS-BTC 27.7 pp · RS-sector -5.6 pp · 200-DMA below

100% evidence

17.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

13.5/15Liquidity & downside risk

30d median volume $150,688,621 · vol 45.8%

100% evidence

4. XDC Network · XDC

55.3/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 20.1 + 13.3 + 10.0 + 11.9 = 55.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

20.1/35Market leadership

RS-BTC 9.1 pp · RS-sector 0.6 pp · 200-DMA below

100% evidence

13.3/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.9/15Liquidity & downside risk

30d median volume $6,611,148 · vol 32.1%

100% evidence

5. Quant · QNT

55.2/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 18.8 + 15.0 + 10.0 + 11.4 = 55.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

18.8/35Market leadership

RS-BTC 7.7 pp · RS-sector -2.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.4/15Liquidity & downside risk

30d median volume $5,621,331 · vol 28.9%

100% evidence

6. Centrifuge · CFG

53.5/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 19.0 + 15.0 + 10.0 + 9.5 = 53.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.0/35Market leadership

RS-BTC 3.5 pp · RS-sector -0.5 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.5/15Liquidity & downside risk

30d median volume $8,460,410 · vol 77.5%

100% evidence

7. STAU · STAU

51.4/100 · Illiquid · research only · 50% evidence

Exact sum: 18.8 + 15.0 + 10.0 + 7.6 = 51.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

18.8/35Market leadership

RS-BTC 5.1 pp · RS-sector 3.3 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.6/15Liquidity & downside risk

30d median volume $407,273 · vol 39.4%

100% evidence

8. Reserve Rights · RSR

51.1/100 · Tape-led · on-chain proof incomplete · 71% evidence

Exact sum: 17.6 + 12.5 + 12.7 + 8.3 = 51.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.6/35Market leadership

RS-BTC -7.3 pp · RS-sector 24.7 pp · 200-DMA below

100% evidence

12.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

12.7/20Value capture

Fee yield 9.27% · revenue yield 1.37%

81% evidence

8.3/15Liquidity & downside risk

30d median volume $5,260,112 · vol 58.6%

100% evidence

9. Plume · PLUME

51.0/100 · Mixed · market gate closed · 76% evidence

Exact sum: 23.4 + 10.2 + 7.3 + 10.1 = 51.0

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

23.4/35Market leadership

RS-BTC 13.2 pp · RS-sector 20.5 pp · 200-DMA below

100% evidence

10.2/30Network & economic traction

Fees — · revenue — · users -83.9%

33% evidence

7.3/20Value capture

Fee yield 1.38% · revenue yield 1.36%

81% evidence

10.1/15Liquidity & downside risk

30d median volume $9,287,216 · vol 76.9%

100% evidence

10. StrikeX · STRX

48.2/100 · Illiquid · research only · 17% evidence

Exact sum: 17.5 + 15.5 + 10.0 + 5.2 = 48.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.2/15Liquidity & downside risk

30d median volume $2,488 · vol —

80% evidence

11. RedStone · RED

48.2/100 · Illiquid · research only · 12% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 5.7 = 48.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.7/15Liquidity & downside risk

30d median volume $381,392 · vol —

80% evidence

12. Algorand · ALGO

48.1/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 11.5 + 14.2 + 10.0 + 12.4 = 48.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

11.5/35Market leadership

RS-BTC -10 pp · RS-sector 0.8 pp · 200-DMA below

100% evidence

14.2/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

12.4/15Liquidity & downside risk

30d median volume $20,545,384 · vol 39.5%

100% evidence

13. RE · RE

47.9/100 · Tape-led · on-chain proof incomplete · 23% evidence

Exact sum: 14.2 + 15.0 + 10.0 + 8.7 = 47.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

14.2/35Market leadership

RS-BTC — · RS-sector -16.9 pp · 200-DMA —

23% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.7/15Liquidity & downside risk

30d median volume $58,476,446 · vol 152.9%

100% evidence

14. Maple Finance · SYRUP

47.2/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 12.5 + 15.0 + 10.0 + 9.7 = 47.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

12.5/35Market leadership

RS-BTC -15.8 pp · RS-sector 13.5 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.7/15Liquidity & downside risk

30d median volume $11,074,681 · vol 71.9%

100% evidence

15. Usual · USUAL

45.1/100 · Tape-led · on-chain proof incomplete · 71% evidence

Exact sum: 3.5 + 13.1 + 18.1 + 10.4 = 45.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

3.5/35Market leadership

RS-BTC -27.4 pp · RS-sector -10.1 pp · 200-DMA below

100% evidence

13.1/30Network & economic traction

Fees — · revenue — · users —

17% evidence

18.1/20Value capture

Fee yield 127.67% · revenue yield 80.48%

81% evidence

10.4/15Liquidity & downside risk

30d median volume $41,928,639 · vol 63.3%

100% evidence

16. Clearpool · CPOOL

42.3/100 · Illiquid · research only · 50% evidence

Exact sum: 11.7 + 15.0 + 10.0 + 5.6 = 42.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

11.7/35Market leadership

RS-BTC -9 pp · RS-sector -0.9 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.6/15Liquidity & downside risk

30d median volume $649,578 · vol 39.8%

100% evidence

17. Velo · VELO

42.2/100 · Illiquid · research only · 91% evidence

Exact sum: 26.8 + 7.7 + 1.9 + 5.8 = 42.2

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

26.8/35Market leadership

RS-BTC 29.9 pp · RS-sector 21.9 pp · 200-DMA below

100% evidence

7.7/30Network & economic traction

Fees -36.4% · revenue -36.5% · users —

70% evidence

1.9/20Value capture

Fee yield 0% · revenue yield 0%

100% evidence

5.8/15Liquidity & downside risk

30d median volume $2,063,957 · vol 81.7%

100% evidence

18. MANTRA · MANTRA

42.2/100 · Tape-led · on-chain proof incomplete · 48% evidence

Exact sum: 6.7 + 16.6 + 10.0 + 8.9 = 42.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

6.7/35Market leadership

RS-BTC -29.1 pp · RS-sector -11.6 pp · 200-DMA —

80% evidence

16.6/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.9/15Liquidity & downside risk

30d median volume $8,690,293 · vol 70.8%

100% evidence

19. Casper Network · CSPR

42.0/100 · Illiquid · research only · 50% evidence

Exact sum: 11.8 + 15.0 + 10.0 + 5.2 = 42.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

11.8/35Market leadership

RS-BTC -14.1 pp · RS-sector 0.8 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.2/15Liquidity & downside risk

30d median volume $2,129,877 · vol 87.7%

100% evidence

20. Ravencoin · RVN

41.3/100 · Illiquid · research only · 50% evidence

Exact sum: 8.1 + 15.0 + 10.0 + 8.2 = 41.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

8.1/35Market leadership

RS-BTC -19.1 pp · RS-sector 2.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.2/15Liquidity & downside risk

30d median volume $3,595,384 · vol 54.3%

100% evidence

Showing 20 of 32 ranked assets

01 · complete calendar-quarter evidence

Which projects are generating the most network fees?

LeaderUsual · $21.7M

Gap211% versus #2

Persistence0 assets have positive comparable growth

Coverage4/32 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 five

1Usual USUAL$21.7M

2Reserve Rights RSR$7.0M

3Plume PLUME$867.4K

4Velo VELO$2.9K

Fee growthtop five

1Velo VELO-36%

Network fees · asset comparison

4/32 level · 1/32 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
ondo-finance	—	—
injective-protocol	—	—
stellar	—	—
xdce-crowd-sale	—	—
quant-network	—	—
centrifuge-2	—	—
stau	—	—
reserve-rights-token	$682.7K	—
plume	$6.7K	—
strikecoin	—	—
redstone-oracles	—	—
algorand	—	—
re	—	—
syrup	—	—
usual	$2.8M	—
clearpool	—	—
velo	$237	-36%
mantra	—	—
casper-network	—	—
ravencoin	—	—
energy-web-token	—	—
kaio	—	—
polymesh	—	—
epic-chain	—	—
zebec-network	—	—
keeta	—	—
lcx	—	—
openeden	—	—
creditcoin-2	—	—
dusk-network	—	—
defichain	—	—
chex-token	—	—

Showing 20 of 32 assets

02 · complete calendar-quarter evidence

Which projects convert activity into protocol revenue?

LeaderUsual · $13.7M

Gap1230% versus #2

Persistence0 assets have positive comparable growth

Coverage4/32 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 five

1Usual USUAL$13.7M

2Reserve Rights RSR$1.0M

3Plume PLUME$855.8K

4Velo VELO$2.9K

Revenue growthtop five

1Velo VELO-37%

Protocol revenue · asset comparison

4/32 level · 1/32 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
ondo-finance	—	—
injective-protocol	—	—
stellar	—	—
xdce-crowd-sale	—	—
quant-network	—	—
centrifuge-2	—	—
stau	—	—
reserve-rights-token	$107.7K	—
plume	$5.5K	—
strikecoin	—	—
redstone-oracles	—	—
algorand	—	—
re	—	—
syrup	—	—
usual	$2.8M	—
clearpool	—	—
velo	$237	-37%
mantra	—	—
casper-network	—	—
ravencoin	—	—
energy-web-token	—	—
kaio	—	—
polymesh	—	—
epic-chain	—	—
zebec-network	—	—
keeta	—	—
lcx	—	—
openeden	—	—
creditcoin-2	—	—
dusk-network	—	—
defichain	—	—
chex-token	—	—

Showing 20 of 32 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderStellar · $200.7M

Gap111% versus #2

Persistence2 assets have positive comparable growth

Coverage14/32 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 five

1Stellar XLM$200.7M

2Usual USUAL$95.1M

3KAIO KAIO$60.8M

4Reserve Rights RSR$38.4M

5Algorand ALGO$31.0M

TVL growthtop five

1Stellar XLM+178%

2MANTRA MANTRA+31%

3StrikeX STRX-6.2%

4KAIO KAIO-42%

5Algorand ALGO-50%

Total value locked · asset comparison

14/32 level · 13/32 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
ondo-finance	—	—
injective-protocol	$8.3M	-74%
stellar	$200.7M	+178%
xdce-crowd-sale	$3.5M	-64%
quant-network	—	—
centrifuge-2	—	—
stau	—	—
reserve-rights-token	$38.4M	-88%
plume	$12.3M	-88%
strikecoin	$61	-6.2%
redstone-oracles	—	—
algorand	$31.0M	-50%
re	—	—
syrup	—	—
usual	$95.1M	-71%
clearpool	—	—
velo	$56.4K	-56%
mantra	$600.1K	+31%
casper-network	—	—
ravencoin	—	—
energy-web-token	$66.3K	-60%
kaio	$60.8M	-42%
polymesh	—	—
epic-chain	—	—
zebec-network	—	—
keeta	$113.2K	—
lcx	—	—
openeden	—	—
creditcoin-2	—	—
dusk-network	—	—
defichain	$922.9K	-56%
chex-token	—	—

Showing 20 of 32 assets

04 · complete calendar-quarter evidence

Which chains are gaining real users?

LeaderPlume · 1,804

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage1/32 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 addressestop five

1Plume PLUME1,804

User growthtop five

1Plume PLUME-84%

Active users · asset comparison

1/32 level · 1/32 change

Latest comparable data · top 20 shown first

Asset	Average daily active addresses	User growth
ondo-finance	—	—
injective-protocol	—	—
stellar	—	—
xdce-crowd-sale	—	—
quant-network	—	—
centrifuge-2	—	—
stau	—	—
reserve-rights-token	—	—
plume	1,804	-84%
strikecoin	—	—
redstone-oracles	—	—
algorand	—	—
re	—	—
syrup	—	—
usual	—	—
clearpool	—	—
velo	—	—
mantra	—	—
casper-network	—	—
ravencoin	—	—
energy-web-token	—	—
kaio	—	—
polymesh	—	—
epic-chain	—	—
zebec-network	—	—
keeta	—	—
lcx	—	—
openeden	—	—
creditcoin-2	—	—
dusk-network	—	—
defichain	—	—
chex-token	—	—

Showing 20 of 32 assets

05 · complete calendar-quarter evidence

Which protocols are winning trading activity?

LeaderDeFiChain · $16M

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage1/32 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 volumetop five

1DeFiChain DFI$16.0M

DEX volume growthtop five

1DeFiChain DFI-95%

DEX volume · asset comparison

1/32 level · 1/32 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month DEX volume	DEX volume growth
ondo-finance	—	—
injective-protocol	—	—
stellar	—	—
xdce-crowd-sale	—	—
quant-network	—	—
centrifuge-2	—	—
stau	—	—
reserve-rights-token	—	—
plume	—	—
strikecoin	—	—
redstone-oracles	—	—
algorand	—	—
re	—	—
syrup	—	—
usual	—	—
clearpool	—	—
velo	—	—
mantra	—	—
casper-network	—	—
ravencoin	—	—
energy-web-token	—	—
kaio	—	—
polymesh	—	—
epic-chain	—	—
zebec-network	—	—
keeta	—	—
lcx	—	—
openeden	—	—
creditcoin-2	—	—
dusk-network	—	—
defichain	$1.4M	-95%
chex-token	—	—

Showing 20 of 32 assets

06 · complete calendar-quarter evidence

Which chains are processing the most transactions?

LeaderPlume · 110,982,060

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage1/32 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 transactionstop five

1Plume PLUME110,982,060

Transaction growthtop five

—Not enough comparable data—

Transactions · asset comparison

1/32 level · 0/32 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month transactions	Transaction growth
ondo-finance	—	—
injective-protocol	—	—
stellar	—	—
xdce-crowd-sale	—	—
quant-network	—	—
centrifuge-2	—	—
stau	—	—
reserve-rights-token	—	—
plume	19,799,562	—
strikecoin	—	—
redstone-oracles	—	—
algorand	—	—
re	—	—
syrup	—	—
usual	—	—
clearpool	—	—
velo	—	—
mantra	—	—
casper-network	—	—
ravencoin	—	—
energy-web-token	—	—
kaio	—	—
polymesh	—	—
epic-chain	—	—
zebec-network	—	—
keeta	—	—
lcx	—	—
openeden	—	—
creditcoin-2	—	—
dusk-network	—	—
defichain	—	—
chex-token	—	—

Showing 20 of 32 assets

07 · let price answer last

Which assets lead on price and relative strength?

Ondo leads the RWA tape on Bitcoin-relative strength at +58% over 90 days. 2 of 27 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 2026-07-31.

Complete set · no silent drops

Which assets are in RWA?

32 of the 42 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 — tape-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.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	Ondo ONDO	$0.3898	+38%	+58%	Above	89%	$92.9M	usable	tape only	69.2	50%
2	Injective INJ	$4.86	+28%	+48%	Above	66%	$71.7M	usable	chain TVL	68.8	55%
3	Stellar XLM	$0.1720	+7.6%	+28%	Below	46%	$150.7M	usable	chain TVL	62.6	55%
4	XDC Network XDC	$0.0260	-11%	+9.1%	Below	32%	$6.6M	usable	chain TVL	55.3	55%
5	Quant QNT	$60.13	-12%	+7.7%	Below	29%	$5.6M	usable	tape only	55.2	50%
6	Centrifuge CFG	$0.1747	-17%	+3.5%	Below	78%	$8.5M	usable	tape only	53.5	50%
7	STAU STAU	$0.0066	-15%	+5.1%	Below	39%	$407.3K	usable	tape only	51.4	50%
8	Reserve Rights RSR	$0.0013	-27%	-7.3%	Below	59%	$5.3M	usable	protocol	51.1	71%
9	Plume PLUME	$0.0110	-7.0%	+13%	Below	77%	$9.3M	usable	chain + protocol + chain TVL	51.0	76%
10	StrikeX STRX	$0.0193	—	—	—	—	$2.5K	usable	protocol	48.2	17%
11	RedStone RED	$0.0888	—	—	—	—	$381.4K	usable	tape only	48.2	12%
12	Algorand ALGO	$0.0788	-30%	-10%	Below	39%	$20.5M	usable	chain TVL	48.1	55%
13	RE RE	$0.4430	—	—	—	153%	$58.5M	usable	tape only	47.9	23%
14	Maple Finance SYRUP	$0.1588	-36%	-16%	Below	72%	$11.1M	usable	tape only	47.2	50%
15	Usual USUAL	$0.0076	-48%	-27%	Below	63%	$41.9M	usable	protocol	45.1	71%
16	Clearpool CPOOL	$0.0183	-29%	-9.0%	Below	40%	$649.6K	usable	tape only	42.3	50%
17	Velo VELO	$0.0036	+9.8%	+30%	Below	82%	$2.1M	usable	protocol	42.2	91%
18	MANTRA MANTRA	$0.0053	-49%	-29%	—	71%	$8.7M	usable	chain TVL	42.2	48%
19	Casper Network CSPR	$0.0019	-34%	-14%	Below	88%	$2.1M	usable	tape only	42.0	50%
20	Ravencoin RVN	$0.0036	-39%	-19%	Below	54%	$3.6M	usable	tape only	41.3	50%
21	Energy Web Token EWT	$0.2630	-34%	-14%	Below	112%	$261.2K	usable	chain TVL	41.1	55%
22	KAIO KAIO	$0.0150	—	—	—	178%	$2.1M	usable	protocol	40.9	28%
23	Polymesh POLYX	$0.0314	-35%	-14%	Below	47%	$1.2M	usable	tape only	40.3	50%
24	Epic Chain EPIC	$0.2054	-38%	-18%	Below	75%	$2.8K	usable	tape only	39.0	50%
25	Zebec Network ZBCN	$0.0018	-45%	-24%	Below	58%	$10.3M	usable	tape only	39.0	50%
26	Keeta KTA	$0.1051	-35%	-15%	Below	76%	$1.5M	usable	chain TVL	37.6	50%
27	LCX LCX	$0.0198	-39%	-19%	Below	79%	$111.3K	usable	tape only	37.6	50%
28	OpenEden EDEN	$0.0017	-85%	-65%	Below	39%	$7	usable	tape only	35.0	50%
29	Creditcoin CTC	$0.0705	-52%	-31%	Below	55%	$2.6M	usable	tape only	34.4	50%
30	DUSK DUSK	$0.0574	-56%	-36%	Below	61%	$3.2M	usable	tape only	34.1	50%
31	DeFiChain DFI	$0.0006	-30%	-10%	Below	690%	$56	usable	protocol + chain TVL	33.1	59%
32	Chintai CHEX	$0.0114	-51%	-30%	Below	136%	$173.4K	usable	tape only	33.0	50%

Showing 20 of 32 assets

Not rated — and why

10 of the 42 RWA coins are not rated this week: 5 have no price within 7 days, 5 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.

Coin	Market cap	Reason	Detail
Provenance Blockchain HASH	$484.7M	No price this week	No traded price in the 95 days to 2026-07-31.
Spiko Amundi Overnight Swap Fund SAFO	$135.8M	No price this week	No traded price in the 95 days to 2026-07-31.
Securitize Tokenized AAA CLO Fund STAC	$102.4M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
REAL ASSET	$43.7M	No price this week	No traded price in the 95 days to 2026-07-31.
tx TX	$24.5M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Collect on Fanable COLLECT	$22.1M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Nest Basis Vault NBASIS	$20.5M	No price this week	No traded price in the 95 days to 2026-07-31.
GAIB AID AID	$20.0M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Compounding OpenDollar CUSDO	$18.4M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
RIZE RIZE	$15.7M	No price this week	No traded price in the 95 days to 2026-07-31.

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 — 2 of 32 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 2026-07-31. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-31. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through 2026-07-31; separately sourced chain TVL through 2026-07-25.

Market capSnapshot dated 2026-07-04; 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 refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 32 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-31.

What is the total market cap of RWA crypto coins?

The RWA coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

Are RWA crypto coins outperforming Bitcoin?

RWA has returned -36.8% versus Bitcoin over 52 weeks and -9.1% over 13 weeks on an equal-weight current-member index. 2/27 covered assets are above their 200-day averages as of 2026-07-31.

Which RWA asset has the strongest research score?

Ondo ranks first at 69.2/100: 32.4 + 15.0 + 10.0 + 11.8 = 69.2. It is labelled “Tape-led · on-chain proof incomplete” with 50% overall evidence and 0% native-economics evidence.

Why are some RWA coins not rated?

10 of the 42 coins are not rated this week: 5 have no price within 7 days, 5 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 tape-led?

Tape-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 2026-07-31; protocol activity through 2026-07-31; chain users and transactions through 2026-07-31; chain TVL through 2026-07-25; market capitalisation is a separate snapshot dated 2026-07-04.

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 public MLA pages 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 also contracts.

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 $21.7M, 211% ahead of Reserve Rights. 0 of 1 asset with comparable change data are growing. Coverage is 4 of the 32 ranked assets in this theme, through the Q2 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 $13.7M, 1230% ahead of Reserve Rights. 0 of 1 asset with comparable change data are growing. Coverage is 4 of the 32 ranked assets in this theme, through the Q2 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?

Stellar leads RWA crypto on Quarter-end TVL at $200.7M, 111% ahead of Usual. 2 of 13 assets with comparable change data are growing. Coverage is 14 of the 32 ranked assets in this theme, through the Q2 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 1,804 addresses. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 32 ranked assets in this theme, through the Q2 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 $16M. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 32 ranked assets in this theme, through the Q2 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 110,982,060 transactions. Coverage is 1 of the 32 ranked assets in this theme, through the Q2 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 $21.7M. Coverage is 4/32; 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 $6.9B, ahead of Ondo at $1.6B and Quant at $988.3M. The 32 RWA coins on this page carry $12.8B between them, with a market-cap figure on file for 32 of them. Market-cap metadata is dated 2026-07-04.