RWA might not be lacking in products at all—the real shortage is a shop that can truly sell
Over the past two years, the hottest thing in on-chain finance has been the increasing tokenization of traditional assets.
Treasury bonds, private credit, fund shares, stocks—big institutions are moving everything on-chain. The issue is that putting assets on-chain doesn’t mean ordinary users can actually buy them.
Some products set minimum thresholds in the tens or even hundreds of millions of dollars; some are only open to accredited investors; and some can be held in a wallet, but there’s almost no stable secondary market.
They look “on-chain,” but in reality they’re still like a private bank that only serves VIPs.
So when I recently looked at GRVT, I wasn’t focused on how many more RWA products it has added.
What matters to me is whether it can become a retail distribution channel for these assets.
According to GRVT’s official disclosure, the size of tokenized RWA on Ethereum is about $24 billion, compared with about $5 billion eighteen months ago. Institutions such as BlackRock, Apollo, and Franklin Templeton have already brought some products on-chain, but many still come with high minimums, investor eligibility requirements, and long lock-up periods. GRVT’s positioning is to bring participation thresholds for similar institutional assets down to as low as $1.
This sounds like “lowering the bar,” but I don’t think the real difficulty is just building a buy button.
The real challenges are three things:
Who provides the quotes?
When users want to exit, who will take the other side?
How can on-chain prices stay consistent with traditional markets?
Many RWA platforms solve issuance, but don’t solve trading.
A fund can be tokenized, but if only a few people trade it each day, the so-called on-chain liquidity is just a sentence on the brochure page. Getting in may be easy, but exiting might still require waiting for a redemption window.
That’s also why GRVT started with perpetual contract trading. It didn’t first build a fancy wealth-management shelf—it spent time on matching, risk control, and liquidity infrastructure. The official says its trading system has been running for more than 480 days. At the underlying layer, it submits settlement proof for positions to Ethereum via ZK Atlas, while still keeping user custody.#grvt @grvt_io
Over the past two years, the hottest thing in on-chain finance has been the increasing tokenization of traditional assets.
Treasury bonds, private credit, fund shares, stocks—big institutions are moving everything on-chain. The issue is that putting assets on-chain doesn’t mean ordinary users can actually buy them.
Some products set minimum thresholds in the tens or even hundreds of millions of dollars; some are only open to accredited investors; and some can be held in a wallet, but there’s almost no stable secondary market.
They look “on-chain,” but in reality they’re still like a private bank that only serves VIPs.
So when I recently looked at GRVT, I wasn’t focused on how many more RWA products it has added.
What matters to me is whether it can become a retail distribution channel for these assets.
According to GRVT’s official disclosure, the size of tokenized RWA on Ethereum is about $24 billion, compared with about $5 billion eighteen months ago. Institutions such as BlackRock, Apollo, and Franklin Templeton have already brought some products on-chain, but many still come with high minimums, investor eligibility requirements, and long lock-up periods. GRVT’s positioning is to bring participation thresholds for similar institutional assets down to as low as $1.
This sounds like “lowering the bar,” but I don’t think the real difficulty is just building a buy button.
The real challenges are three things:
Who provides the quotes?
When users want to exit, who will take the other side?
How can on-chain prices stay consistent with traditional markets?
Many RWA platforms solve issuance, but don’t solve trading.
A fund can be tokenized, but if only a few people trade it each day, the so-called on-chain liquidity is just a sentence on the brochure page. Getting in may be easy, but exiting might still require waiting for a redemption window.
That’s also why GRVT started with perpetual contract trading. It didn’t first build a fancy wealth-management shelf—it spent time on matching, risk control, and liquidity infrastructure. The official says its trading system has been running for more than 480 days. At the underlying layer, it submits settlement proof for positions to Ethereum via ZK Atlas, while still keeping user custody.#grvt @grvt_io