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Recently, I found something quite outrageous on CoinGecko.
The RWA token FIGR_HELOC under Figure suddenly surged to the 13th position on the market capitalization list, showing a total market value of 14.79 billion USD—this figure directly leaves behind established assets like WBTC and WBETH.
But what's strange? This thing can only be traded on the Figure Markets platform, and the 24-hour trading volume is only $234,000. You read that right, a token with a market cap of over 10 billion, and its daily trading volume doesn't even count as a fraction.
The extreme disconnection between liquidity and market value has caused many to raise questions. The co-founder of DeFiLlama, 0xngmi, had previously raised doubts about some data on the Figure chain, and it now seems that the performance of this FIGR_HELOC is indeed a bit too dramatic.
The RWA sector has been very hot lately, but how much real value does this "paper wealth" market capitalization really have? The market is still observing.