Tokenizing real world assets is one thing. Getting that capital to actually work in DeFi is another. The latest RWA figures make that gap hard to ignore. Here’s what stands out: $34.44B in total onchain RWA AUM $31.16B in active AUM $4.33B deployed across DeFi $19.82B in RWA perp open interest $47.50B in daily RWA trading volume Only around 13.9% of active RWA capital is currently deployed in DeFi. And most of that activity is concentrated in a handful of protocols: → @Morpho Blue: $768.1M → @Kamino Lend: $423.1M → @Aave V3: $417.2M → @grovedotfinance: $394.7M → @pendle_fi V2: $351.5M Together, they account for roughly $2.35B, more than half of the reported DeFi deployment. Meanwhile, RWA perpetuals are attracting significant trading activity, with open interest approaching $20B. These numbers measure different things, so they aren’t directly comparable. But they highlight an interesting trend: leveraged trading is growing alongside tokenization, while lending, collateral use, and yield opportunities still have room to expand. Of course, not every tokenized asset can be freely used in DeFi. Regulatory restrictions, liquidity, and collateral eligibility all matter. Still, the opportunity is worth watching. The next big RWA opportunity may not be about who tokenizes the most assets. It may be about which protocols make those assets genuinely useful across onchain financial markets.