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

RWA Crypto Coins

Is RWA outperforming Bitcoin, and is leadership broad?

Bottom line

Velo ranks first for research priority in RWA crypto at 44.3/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is -3.4% on 13% breadth, which is what decides whether that lead is isolated or broad. 1 of the 42 assets here carries 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 5 years. Over the most recent two of them this theme is 18% 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 22 weeks running.

BREAKING OUT · ahead 22w·Price down, no fundamental support12 of 24 coins ahead of Bitcoin by 5% or more over three months

RS ↑22w · 5/24 >200d (+3) · 12/24 lead (+2) · EPS —

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

Strength anatomy MixedHow much of the theme is participating, how recently, and whether the movers score well.

Together12 of 24 coins moving

Fresh3 crossed in the last 4 weeks

Down the cap ladder — bar is now, tick is four weeks ago

Large 4/5+2

Mid 4/9−1

Small 4/10+1

Participation is not spreading downward this month; the larger companies are still carrying most of it.

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 25.3% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -3.4%. 4 of 32 covered assets are above their own 200-day average. Ondo leads Bitcoin-relative strength at +64.2%. Price readings are as of 2026-07-24.

-3.4%13w vs BTC

-25%52w vs BTC

4/32Above 200-DMA

ONDORS leader · +64%

Assets

canonical functional membership

Activity-covered

1/42

enough native evidence

Top score

44.3/100

Velo

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 42 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 42 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. Velo is highest at 44.3/100 on 87% evidence. It ranks research attention, not portfolio action.

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

Velo leads the current research queue at 44.3/100 with 87% evidence.

1/42 assets have enough native activity evidence to move beyond a tape-led label.

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.

1. Velo · VELO

44.3/100 · Illiquid · research only · 87% evidence

Exact sum: 26.6 + 7.6 + 3.5 + 6.6 = 44.3

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

26.6/35Market leadership

RS-BTC 43.8 pp · RS-sector 21.9 pp · 200-DMA below

100% evidence

7.6/30Network & economic traction

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

70% evidence

3.5/20Value capture

Fee yield 0% · revenue yield 0%

80% evidence

6.6/15Liquidity & downside risk

30d median volume $2,092,780 · vol 77.1%

100% evidence

2. Injective · INJ

68.6/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 34.2 + 12.9 + 10.0 + 11.5 = 68.6

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

34.2/35Market leadership

RS-BTC 63 pp · RS-sector 24 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

11.5/15Liquidity & downside risk

30d median volume $85,626,004 · vol 73.5%

100% evidence

3. Ondo · ONDO

68.3/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 31.9 + 15.0 + 10.0 + 11.4 = 68.3

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

31.9/35Market leadership

RS-BTC 64.2 pp · RS-sector 24.9 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

11.4/15Liquidity & downside risk

30d median volume $73,226,833 · vol 83.1%

100% evidence

4. Stellar · XLM

62.3/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 22.1 + 17.5 + 10.0 + 12.7 = 62.3

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

22.1/35Market leadership

RS-BTC 22.1 pp · RS-sector -1.3 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

12.7/15Liquidity & downside risk

30d median volume $179,981,001 · vol 53.8%

100% evidence

5. Compounding OpenDollar · CUSDO

61.9/100 · Illiquid · research only · 50% evidence

Exact sum: 30.6 + 15.0 + 10.0 + 6.3 = 61.9

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

30.6/35Market leadership

RS-BTC 18 pp · RS-sector 4.1 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

6.3/15Liquidity & downside risk

30d median volume $0 · vol 8.5%

100% evidence

6. XDC Network · XDC

54.4/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 19.3 + 13.3 + 10.0 + 11.8 = 54.4

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

19.3/35Market leadership

RS-BTC 9.2 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

11.8/15Liquidity & downside risk

30d median volume $7,660,404 · vol 30.2%

100% evidence

7. STAU · STAU

53.6/100 · Illiquid · research only · 50% evidence

Exact sum: 21.0 + 15.0 + 10.0 + 7.6 = 53.6

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

21.0/35Market leadership

RS-BTC 10.3 pp · RS-sector 4.8 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

7.6/15Liquidity & downside risk

30d median volume $415,216 · vol 39.5%

100% evidence

8. Quant · QNT

53.0/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 17.0 + 15.0 + 10.0 + 11.0 = 53.0

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

17.0/35Market leadership

RS-BTC 7.5 pp · RS-sector -4.7 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

11.0/15Liquidity & downside risk

30d median volume $5,871,169 · vol 40.8%

100% evidence

9. tx · TX

52.2/100 · Illiquid · research only · 50% evidence

Exact sum: 26.2 + 15.0 + 10.0 + 1.0 = 52.2

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

26.2/35Market leadership

RS-BTC 9.5 pp · RS-sector 134.3 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

1.0/15Liquidity & downside risk

30d median volume $0 · vol 309.1%

100% evidence

10. RIZE · RIZE

50.6/100 · Tape-led · on-chain proof incomplete · 5% evidence

Exact sum: 17.5 + 15.6 + 10.0 + 7.5 = 50.6

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

15.6/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

11. GAIB AID · AID

50.3/100 · Illiquid · research only · 42% evidence

Exact sum: 18.7 + 15.0 + 10.0 + 6.6 = 50.3

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

18.7/35Market leadership

RS-BTC 17.4 pp · RS-sector 2.7 pp · 200-DMA below

77% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.6/15Liquidity & downside risk

30d median volume $0 · vol 0%

100% evidence

12. Securitize Tokenized AAA CLO Fund · STAC

50.3/100 · Illiquid · research only · 42% evidence

Exact sum: 18.7 + 15.0 + 10.0 + 6.6 = 50.3

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

18.7/35Market leadership

RS-BTC 17.4 pp · RS-sector 2.7 pp · 200-DMA below

77% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.6/15Liquidity & downside risk

30d median volume $0 · vol 0%

100% evidence

13. Collect on Fanable · COLLECT

50.0/100 · Illiquid · research only · 50% evidence

Exact sum: 19.3 + 15.0 + 10.0 + 5.7 = 50.0

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

19.3/35Market leadership

RS-BTC 3.7 pp · RS-sector 12.6 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

5.7/15Liquidity & downside risk

30d median volume $0 · vol 36.8%

100% evidence

14. REAL · ASSET

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

15. Provenance Blockchain · HASH

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

16. Nest Basis Vault · NBASIS

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

17. Spiko Amundi Overnight Swap Fund · SAFO

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

18. Maple Finance · SYRUP

49.5/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 15.4 + 15.0 + 10.0 + 9.1 = 49.5

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

15.4/35Market leadership

RS-BTC -10.6 pp · RS-sector 39.7 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

9.1/15Liquidity & downside risk

30d median volume $18,515,797 · vol 89.4%

100% evidence

19. RE · RE

49.4/100 · Tape-led · on-chain proof incomplete · 23% evidence

Exact sum: 15.4 + 15.0 + 10.0 + 9.0 = 49.4

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

15.4/35Market leadership

RS-BTC — · RS-sector -9.1 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

9.0/15Liquidity & downside risk

30d median volume $89,896,317 · vol 204.4%

100% evidence

20. Centrifuge · CFG

49.1/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 14.1 + 15.0 + 10.0 + 10.0 = 49.1

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

14.1/35Market leadership

RS-BTC -1.8 pp · RS-sector -14.5 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

10.0/15Liquidity & downside risk

30d median volume $9,149,667 · vol 69.8%

100% evidence

Showing 20 of 42 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

Coverage4/42 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

4/42 level · 1/42 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
velo	$237	-36%
injective-protocol	—	—
ondo-finance	—	—
stellar	—	—
compounding-open-dollar	—	—
xdce-crowd-sale	—	—
stau	—	—
quant-network	—	—
tx	—	—
rize	—	—
gaib-aid	—	—
securitize-tokenized-aaa-clo-fund	—	—
collect-on-fanable	—	—
asset	—	—
hash-2	—	—
nest-basis-vault	—	—
safo	—	—
syrup	—	—
re	—	—
centrifuge-2	—	—
redstone-oracles	—	—
strikecoin	—	—
algorand	—	—
plume	$6.7K	—
mantra	—	—
epic-chain	—	—
usual	$2.8M	—
polymesh	—	—
clearpool	—	—
reserve-rights-token	$682.7K	—
kaio	—	—
keeta	—	—
ravencoin	—	—
zebec-network	—	—
creditcoin-2	—	—
lcx	—	—
chex-token	—	—
dusk-network	—	—
openeden	—	—
energy-web-token	—	—
defichain	—	—
casper-network	—	—

Showing 20 of 42 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

Coverage4/42 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

4/42 level · 1/42 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
velo	$237	-37%
injective-protocol	—	—
ondo-finance	—	—
stellar	—	—
compounding-open-dollar	—	—
xdce-crowd-sale	—	—
stau	—	—
quant-network	—	—
tx	—	—
rize	—	—
gaib-aid	—	—
securitize-tokenized-aaa-clo-fund	—	—
collect-on-fanable	—	—
asset	—	—
hash-2	—	—
nest-basis-vault	—	—
safo	—	—
syrup	—	—
re	—	—
centrifuge-2	—	—
redstone-oracles	—	—
strikecoin	—	—
algorand	—	—
plume	$5.5K	—
mantra	—	—
epic-chain	—	—
usual	$2.8M	—
polymesh	—	—
clearpool	—	—
reserve-rights-token	$107.7K	—
kaio	—	—
keeta	—	—
ravencoin	—	—
zebec-network	—	—
creditcoin-2	—	—
lcx	—	—
chex-token	—	—
dusk-network	—	—
openeden	—	—
energy-web-token	—	—
defichain	—	—
casper-network	—	—

Showing 20 of 42 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderProvenance Blockchain · $1.4B

Gap574% versus #2

Persistence2 assets have positive comparable growth

Coverage16/42 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

1Provenance Blockchain HASH$1.4B

2Stellar XLM$200.7M

3Usual USUAL$95.1M

4KAIO KAIO$60.8M

5Reserve Rights RSR$38.4M

TVL growthtop five

1Stellar XLM+178%

2MANTRA MANTRA+31%

3RIZE RIZE0.0%

4StrikeX STRX-6.2%

5KAIO KAIO-42%

Total value locked · asset comparison

16/42 level · 14/42 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
velo	$56.4K	-56%
injective-protocol	$8.3M	-74%
ondo-finance	—	—
stellar	$200.7M	+178%
compounding-open-dollar	—	—
xdce-crowd-sale	$3.5M	-64%
stau	—	—
quant-network	—	—
tx	—	—
rize	$23.0M	0.0%
gaib-aid	—	—
securitize-tokenized-aaa-clo-fund	—	—
collect-on-fanable	—	—
asset	—	—
hash-2	$1.4B	—
nest-basis-vault	—	—
safo	—	—
syrup	—	—
re	—	—
centrifuge-2	—	—
redstone-oracles	—	—
strikecoin	$61	-6.2%
algorand	$31.0M	-50%
plume	$12.3M	-88%
mantra	$600.1K	+31%
epic-chain	—	—
usual	$95.1M	-71%
polymesh	—	—
clearpool	—	—
reserve-rights-token	$38.4M	-88%
kaio	$60.8M	-42%
keeta	$113.2K	—
ravencoin	—	—
zebec-network	—	—
creditcoin-2	—	—
lcx	—	—
chex-token	—	—
dusk-network	—	—
openeden	—	—
energy-web-token	$66.3K	-60%
defichain	$922.9K	-56%
casper-network	—	—

Showing 20 of 42 assets

04 · complete calendar-quarter evidence

Which chains are gaining real users?

LeaderPlume · 1,804

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage1/42 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

1/42 level · 1/42 change

Latest comparable data · top 20 shown first

Asset	Average daily active addresses	User growth
velo	—	—
injective-protocol	—	—
ondo-finance	—	—
stellar	—	—
compounding-open-dollar	—	—
xdce-crowd-sale	—	—
stau	—	—
quant-network	—	—
tx	—	—
rize	—	—
gaib-aid	—	—
securitize-tokenized-aaa-clo-fund	—	—
collect-on-fanable	—	—
asset	—	—
hash-2	—	—
nest-basis-vault	—	—
safo	—	—
syrup	—	—
re	—	—
centrifuge-2	—	—
redstone-oracles	—	—
strikecoin	—	—
algorand	—	—
plume	1,804	-84%
mantra	—	—
epic-chain	—	—
usual	—	—
polymesh	—	—
clearpool	—	—
reserve-rights-token	—	—
kaio	—	—
keeta	—	—
ravencoin	—	—
zebec-network	—	—
creditcoin-2	—	—
lcx	—	—
chex-token	—	—
dusk-network	—	—
openeden	—	—
energy-web-token	—	—
defichain	—	—
casper-network	—	—

Showing 20 of 42 assets

05 · complete calendar-quarter evidence

Which protocols are winning trading activity?

LeaderDeFiChain · $16M

GapNot comparable

Persistence0 assets have positive comparable growth

Coverage1/42 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

1/42 level · 1/42 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month DEX volume	DEX volume growth
velo	—	—
injective-protocol	—	—
ondo-finance	—	—
stellar	—	—
compounding-open-dollar	—	—
xdce-crowd-sale	—	—
stau	—	—
quant-network	—	—
tx	—	—
rize	—	—
gaib-aid	—	—
securitize-tokenized-aaa-clo-fund	—	—
collect-on-fanable	—	—
asset	—	—
hash-2	—	—
nest-basis-vault	—	—
safo	—	—
syrup	—	—
re	—	—
centrifuge-2	—	—
redstone-oracles	—	—
strikecoin	—	—
algorand	—	—
plume	—	—
mantra	—	—
epic-chain	—	—
usual	—	—
polymesh	—	—
clearpool	—	—
reserve-rights-token	—	—
kaio	—	—
keeta	—	—
ravencoin	—	—
zebec-network	—	—
creditcoin-2	—	—
lcx	—	—
chex-token	—	—
dusk-network	—	—
openeden	—	—
energy-web-token	—	—
defichain	$1.4M	-95%
casper-network	—	—

Showing 20 of 42 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

Coverage1/42 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

1/42 level · 0/42 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month transactions	Transaction growth
velo	—	—
injective-protocol	—	—
ondo-finance	—	—
stellar	—	—
compounding-open-dollar	—	—
xdce-crowd-sale	—	—
stau	—	—
quant-network	—	—
tx	—	—
rize	—	—
gaib-aid	—	—
securitize-tokenized-aaa-clo-fund	—	—
collect-on-fanable	—	—
asset	—	—
hash-2	—	—
nest-basis-vault	—	—
safo	—	—
syrup	—	—
re	—	—
centrifuge-2	—	—
redstone-oracles	—	—
strikecoin	—	—
algorand	—	—
plume	19,799,562	—
mantra	—	—
epic-chain	—	—
usual	—	—
polymesh	—	—
clearpool	—	—
reserve-rights-token	—	—
kaio	—	—
keeta	—	—
ravencoin	—	—
zebec-network	—	—
creditcoin-2	—	—
lcx	—	—
chex-token	—	—
dusk-network	—	—
openeden	—	—
energy-web-token	—	—
defichain	—	—
casper-network	—	—

Showing 20 of 42 assets

07 · let price answer last

Which assets lead on price and relative strength?

Ondo leads the RWA tape on Bitcoin-relative strength at +64% over 90 days. 4 of 32 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 2026-07-24.

Complete set · no silent drops

Which assets are in RWA?

42 priced assets are assigned to RWA, listed below by rank with every one visible — including tape-only names that publish no protocol activity. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they have no independent price discovery.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	Velo VELO	$0.0039	+26%	+44%	Below	77%	$2.1M	usable	protocol	44.3	87%
2	Injective INJ	$5.17	+46%	+63%	Above	74%	$85.6M	usable	chain TVL	68.6	55%
3	Ondo ONDO	$0.3832	+47%	+64%	Above	83%	$73.2M	usable	tape only	68.3	50%
4	Stellar XLM	$0.1778	+4.7%	+22%	Below	54%	$180.0M	usable	chain TVL	62.3	55%
5	Compounding OpenDollar CUSDO	$1.05	+0.6%	+18%	Above	8%	$0	usable	tape only	61.9	50%
6	XDC Network XDC	$0.0278	-8.2%	+9.2%	Below	30%	$7.7M	usable	chain TVL	54.4	55%
7	STAU STAU	$0.0071	-7.2%	+10%	Below	39%	$415.2K	usable	tape only	53.6	50%
8	Quant QNT	$63.36	-9.9%	+7.5%	Below	41%	$5.9M	usable	tape only	53.0	50%
9	tx TX	$0.2218	-7.9%	+9.5%	Above	309%	$0	usable	tape only	52.2	50%
10	RIZE RIZE	—	—	—	—	—	—	usable	protocol	50.6	5%
11	GAIB AID AID	$0.0038	0.0%	+17%	Below	0%	$0	usable	tape only	50.3	42%
12	Securitize Tokenized AAA CLO Fund STAC	$0.0000	0.0%	+17%	Below	0%	$0	usable	tape only	50.3	42%
13	Collect on Fanable COLLECT	$0.0001	-14%	+3.7%	Below	37%	$0	usable	tape only	50.0	50%
14	REAL ASSET	—	—	—	—	—	—	usable	tape only	50.0	0%
15	Provenance Blockchain HASH	—	—	—	—	—	—	usable	chain TVL	50.0	0%
16	Nest Basis Vault NBASIS	—	—	—	—	—	—	usable	tape only	50.0	0%
17	Spiko Amundi Overnight Swap Fund SAFO	—	—	—	—	—	—	usable	tape only	50.0	0%
18	Maple Finance SYRUP	$0.1722	-28%	-11%	Below	89%	$18.5M	usable	tape only	49.5	50%
19	RE RE	$0.5840	—	—	—	204%	$89.9M	usable	tape only	49.4	23%
20	Centrifuge CFG	$0.1706	-19%	-1.8%	Below	70%	$9.1M	usable	tape only	49.1	50%
21	RedStone RED	$0.1008	—	—	—	—	$495.2K	usable	tape only	48.8	12%
22	StrikeX STRX	$0.0195	—	—	—	—	$798	usable	protocol	48.5	17%
23	Algorand ALGO	$0.0859	-26%	-8.2%	Below	42%	$23.0M	usable	chain TVL	47.3	55%
24	Plume PLUME	$0.0112	-16%	+1.1%	Below	66%	$8.7M	usable	chain + protocol + chain TVL	46.8	73%
25	MANTRA MANTRA	$0.0063	-38%	-21%	—	59%	$9.1M	usable	chain TVL	46.0	48%
26	Epic Chain EPIC	$0.2699	-25%	-7.6%	Below	78%	$2.9K	usable	tape only	45.2	50%
27	Usual USUAL	$0.0084	-42%	-25%	Below	69%	$41.6M	usable	protocol	44.2	68%
28	Polymesh POLYX	$0.0356	-29%	-12%	Below	46%	$1.5M	usable	tape only	43.1	50%
29	Clearpool CPOOL	$0.0193	-28%	-10%	Below	40%	$778.5K	usable	tape only	42.7	50%
30	Reserve Rights RSR	$0.0012	-30%	-13%	Below	61%	$5.0M	usable	protocol	42.5	68%
31	KAIO KAIO	$0.0140	—	—	—	109%	$2.1M	usable	protocol	41.4	28%
32	Keeta KTA	$0.1191	-26%	-8.4%	Below	72%	$1.6M	usable	chain TVL	40.3	50%
33	Ravencoin RVN	$0.0037	-38%	-20%	Below	54%	$3.8M	usable	tape only	39.6	50%
34	Zebec Network ZBCN	$0.0019	-44%	-27%	Below	46%	$10.4M	usable	tape only	37.5	50%
35	Creditcoin CTC	$0.0796	-46%	-29%	Below	50%	$3.0M	usable	tape only	37.1	50%
36	LCX LCX	$0.0202	-36%	-19%	Below	80%	$93.5K	usable	tape only	35.7	50%
37	Chintai CHEX	$0.0118	-44%	-27%	Below	148%	$173.4K	usable	tape only	35.6	50%
38	DUSK DUSK	$0.0639	-51%	-34%	Below	58%	$3.3M	usable	tape only	34.9	50%
39	OpenEden EDEN	$0.0018	-84%	-67%	Below	41%	$6	usable	tape only	34.8	50%
40	Energy Web Token EWT	$0.2796	-36%	-19%	Below	107%	$280.5K	usable	chain TVL	34.7	55%
41	DeFiChain DFI	$0.0007	-29%	-12%	Below	690%	$30	usable	protocol + chain TVL	34.1	59%
42	Casper Network CSPR	$0.0015	-48%	-30%	Below	87%	$2.1M	usable	tape only	32.6	50%

Showing 20 of 42 assets

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 — 1 of 42 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 2026-07-24. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-24. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through 2026-07-24; separately sourced chain TVL through 2026-07-24.

Market capSnapshot dated 2026-07-04; no historical supply series is implied.

Questions the page should answer directly

Crypto analysis FAQs

These 21 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 42 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

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 -25.3% versus Bitcoin over 52 weeks and -3.4% over 13 weeks on an equal-weight current-member index. 4/32 covered assets are above their 200-day averages as of 2026-07-24.

Which RWA asset has the strongest research score?

Velo ranks first at 44.3/100: 26.6 + 7.6 + 3.5 + 6.6 = 44.3. It is labelled “Illiquid · research only” with 87% overall evidence and 74% native-economics evidence.

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 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through 2026-07-24; chain TVL through 2026-07-24; 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 42 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 42 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?

Provenance Blockchain leads RWA crypto on Quarter-end TVL at $1.4B, 574% ahead of Stellar. 2 of 14 assets with comparable change data are growing, fastest at Stellar. Coverage is 16 of the 42 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 42 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 42 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 42 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 4/42; this is network activity, not automatically token-holder income.