Real-World Assets Break Out: RWA On-Chain Deposits Triple to $7.4B! A massive capital rotation is quietly unfolding across DeFi, even as broader investor sentiment remains anchored by B $BTC. 1 The Great DivergenceDeFi total deposits dropped 15% and DEX spot volume plunged 70% year-over-year. Meanwhile, tokenized Real-World Assets (RWAs) exploded - on-chain deposits tripled from $2.3B to $7.4B, and spot volumes jumped 220%. 2 What Capital Is Actually Buying Traders aren't chasing meme yields anymore. Capital is flowing into tokenized US Treasuries (BUIDL, JTRSY), private credit, gold, and perpetuals tracking tech stocks and commodities. RWA derivatives now make up 25% + of on-chain perps open interest. Where the Activity LivesEthereum holds almost 70% of RWA deposits, with Aave, Morpho, and Kamino leading liquidity. But Hyperliquid stands out as the main venue winner, outearning top L1s as users trade traditional stock perps on-chain. TradFi is no longer coming - it's already trading on public rails. #btc