RWA Tokenization Explosion: TVL Increased 58 Times in Three Years, Usual and Hashnote Lead Growth

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The Real World Assets (RWA) sector has experienced rapid growth over the past three years, with Total Value Locked (TVL) skyrocketing to 58 times its previous value, currently totaling $8.217 billion, setting a new historical high. According to the latest data from DeFiLlama, TVL has increased by $1 billion in just the past seven days, showing strong growth momentum.

Major Drivers

Stablecoin issuer Usual and decentralized finance (DeFi) investment management platform Hashnote are the main drivers of this growth. Data shows that Usual and Hashnote achieved growth rates of 65.65% and 65.58% respectively over the past week, raising their TVLs to $1.445 billion and $1.497 billion.

Over the past 30 days, Usual's TVL surged by 230%, while Hashnote increased by 217%. Together, they contributed over 35% of the locked assets in the RWA sector. Usual's strong performance is also attributed to a recent $10 million raised in Series A funding from Binance Labs and Kraken Ventures. Additionally, Usual's governance token reached a historical high, partly due to rumors about a hacker breaching the account of Vivek Ramaswamy, the head of the Department of Government Efficiency (DOGE), and spreading false cooperation news.

Performance of Other Platforms

In addition to Usual and Hashnote, platforms such as Nest Staking, MatrixDock, Franklin Templeton, and Ethena also performed well. Nest Staking's TVL grew by 58% within a week, reaching $66.24 million. MatrixDock operates on two chains, with a growth rate of 48.18%, while Ethena rose by 12.38%.

Ongoing Challenges

Despite the positive performance of most platforms, not all protocols experienced the same growth. Data shows that platforms such as Solv Protocol, DigiFT, Danogo, KlimaDAO, and Fortunafi faced varying degrees of decline.

In the past week, Danogo suffered the largest loss in TVL, dropping by over 15% to $4 million. Among larger market projects, Solv Protocol saw the most significant decrease in locked value, falling over 10% to finish at $712.81 million. In the 30-day timeframe, Maker RWA experienced the largest decline, with a negative change rate of 65%, bringing the value of its managed assets down to $290.7 million.

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