most real-world assets onchain are not being used in DeFi yet. RWA means stocks, bonds, credit, gold and other offchain assets that have been tokenized. DeFiLlama puts that pile at about $34 billion as of September 18. DeFi is lending, vaults and onchain trading. only 11.3% of the $34 billion, or $3.84 billion, is deposited there. the other 89%, about $30.2 billion, just sits as tokens. the $3.84 billion that is in DeFi is not spread out. private credit is $2.22 billion, 58% of that TVL. bonds are $817 million, commodities $314 million, stocks $287 million. those four groups are almost 95% of RWA inside DeFi. TVL here means how much of that tokenized paper is locked in protocols. a high RWA total with low TVL means the assets were issued. they were not put to work. the catch is the headline. $34 billion sounds like RWAs have taken over DeFi. 11% utilization means they have not. more tokens onchain do not create more loans until that 11% rises. so RWAs are on the chain. most of the money is idle. the slice that is in DeFi is mostly private credit. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?# $BTC $XRP #Bullish