$30B of RWAs already onchain and only ~$3.5B actually being used inside DeFi. 85% of the sector is just sitting there. tokenized, yes. financialized, not really. it reminds me of early DeFi when ETH already had a massive market cap, but the real unlock didn’t happen just because ETH existed. it happened when ETH became collateral and suddenly the whole machine could build on top of it. same thing here. tokenization alone is just packaging. the real game starts when those assets can move through lending markets, sit inside LPs, back leverage, get rehypothecated, get split into fixed and floating yield… the sector is already large enough to matter, but as collateral it’s still tiny. $3.5B inside DeFi against roughly ~$100B total DeFi TVL means RWAs are only ~4% of the actual system today. way too small for how big the narrative is. a lot of RWA assets are: > locked behind KYC / allowlists > sitting in SPVs with offchain enforcement > no real secondary liquidity > not accepted as collateral anywhere meaningful so when people say RWAs are already big, I kinda disagree. RWAs are onchain, but they’re not fully in DeFi yet. I’m looking at gold, T-bills, equities like raw material for the next financial layer. imagine the moment RWAs become usable collateral everywhere. suddenly that same capital is doing 2–3 things at once. scale that across ~$30B of RWAs, we could get $50B, maybe even $100B+ of effective capital. we’re not early because RWAs are small, but because they still haven’t been used properly.