everyone thinks rwa is an “all chains win” trade, but actually the activity is getting brutally concentrated.
the trap is aping every rwa narrative token because deposits are growing, then realizing liquidity and fees didn’t land where you bought. seen this movie too many times, ser.
case study: ethereum still holds almost 70% of rwa deposits. that means if you’re betting on rwa infra, ignoring $ETH is basically ignoring where the money already lives. aave, morpho, and kamino are leading the liquidity side, so $AAVE stays in the convo for a reason.
but the sneaky winner here is hyperliquid. while people argue about which l1 captures rwa, hyperliquid is printing as users trade traditional stock perps on-chain, even outearning some top l1s. that’s the warning: deposits and revenue are not always captured by the same players, and buying the wrong “picks and shovels” can leave you holding the slow bag.
if rwa keeps growing, are you betting on the chain with deposits, the apps with liquidity, or the venue taking fees like $HYPE?
#RWA #DeFi #Ethereum
the trap is aping every rwa narrative token because deposits are growing, then realizing liquidity and fees didn’t land where you bought. seen this movie too many times, ser.
case study: ethereum still holds almost 70% of rwa deposits. that means if you’re betting on rwa infra, ignoring $ETH is basically ignoring where the money already lives. aave, morpho, and kamino are leading the liquidity side, so $AAVE stays in the convo for a reason.
but the sneaky winner here is hyperliquid. while people argue about which l1 captures rwa, hyperliquid is printing as users trade traditional stock perps on-chain, even outearning some top l1s. that’s the warning: deposits and revenue are not always captured by the same players, and buying the wrong “picks and shovels” can leave you holding the slow bag.
if rwa keeps growing, are you betting on the chain with deposits, the apps with liquidity, or the venue taking fees like $HYPE?
#RWA #DeFi #Ethereum