RWA TVL gets all the attention. Michael thinks trading activity tells the real story. Ethereum holds $17.3B in onchain RWAs, 303% more than Solana. But Solana's daily RWA trading volume ($57.8M) nearly doubled Ethereum's ($30.8M). Fees follow economic activity. Assets in motion matter more than assets at rest. Same pattern in stablecoins: Ethereum L1 holds $170.7B, yet daily turnover is just 1.1%, materially lower than Solana. Michael's read: leading on assets held and leading on value flowing are two different things. To access the full Q3 ecosystem report, see the link below 👇
The DeFi ReportShare
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