Solana RWA ecosystem surpasses $870 million; why is the growth rate of holders exceeding the market cap growth rate?

The tokenized real-world asset (RWA) market on the Solana platform is accelerating its expansion. According to the latest data, the total market capitalization of Solana RWA has surpassed $870 million, with nearly a 10% increase over the past month. More notably, the number of RWA token holders has grown by over 18.4%, reaching 126,236 people. This indicates that not only is the market size expanding, but the growth rate of participants is even faster.

The Three-Layer Structure of the RWA Market

Currently, the RWA products on the Solana platform have formed a clear product matrix. Based on the latest data, the main products include:

This structure reflects the evolution path of the RWA market: starting from stable US Treasury products and gradually expanding into other asset classes such as stock tokenization. US Treasury products dominate the market, but emerging stock tokenization products, although smaller in size, show a clear growth momentum.

Why is the Growth Rate of Holders Faster Than Market Cap?

The 18.4% increase in holders compared to only a 10% growth in market cap implies several underlying meanings. First, it indicates that new users are continuously entering the RWA space, reflecting increased market education and acceptance. Second, from an investment behavior perspective, the average investment amount of new entrants may be lower than that of existing holders, suggesting that RWA is expanding from institutional investors to retail investors.

From the perspective of the Solana ecosystem, this growth momentum comes from several aspects:

• Chain Advantages: Solana’s high speed and low fees significantly reduce on-chain transaction costs for RWA, making it more competitive than Ethereum.
• Ecosystem Maturity: According to relevant information, Solana’s spot ETF has accumulated net inflows of $765 million, with continuous institutional capital inflows providing a solid foundation for the RWA market.
• Product Innovation: The expansion from US Treasury products to stock tokenization has attracted investors with different preferences.

Diversification of Products Under US Treasury Dominance

It is worth noting that US Treasury products (BlackRock and Ondo) account for more than half of the total RWA market cap. This reflects the current reality of the RWA market: stable-yield US Treasury products are more easily recognized by capital, especially favored by institutional investors.

At the same time, the emergence of stock tokenization products like Tesla xStock and NVIDIA xStock indicates that the RWA market is attempting to break through a single track. Although these products are currently smaller in size, they represent a new direction for RWA applications—tokenizing the most liquid and high-frequency trading assets in traditional financial markets (stocks), which has the potential to attract trading-oriented investors.

Summary

The growth of the RWA ecosystem on the Solana platform not only reflects the genuine demand for tokenized real-world assets as a new track but also demonstrates Solana’s comparative advantages as a high-performance chain. The faster growth rate of holders compared to market cap indicates that this market is expanding from an elite to a more mainstream audience. The key future questions are: whether US Treasury products can continue to attract institutional capital, whether stock tokenization can achieve breakthroughs, and whether Solana can maintain its leading position in this field.