Token growth accelerates, Ethereum still dominates the market

The tokenized asset market is growing rapidly, but most of the value remains concentrated on Ethereum.

According to data from Token Terminal, the tokenized market for funds, stocks, and commodities currently reaches $38.6 billion across 35 blockchains. Among them, Ethereum alone accounts for nearly $25 billion, approximately 65% of the entire market. The remaining 34 chains together amount to about $13.6 billion.

MAIN CONTENT

• Ethereum holds the majority of value in the tokenized asset sector, far surpassing other networks.
• Other blockchains like BNB Chain, Solana, and Tron are still active, but on a much smaller scale.
• Current data shows cross-chain competition exists, but the market’s level of decentralization remains low.

Ethereum remains the leader in tokenized assets

Data from Token Terminal shows that Ethereum not only leads in overall scale but also dominates in each related segment. With nearly $25 billion in tokenized value, this network accounts for a much larger share than the rest of the market. This makes Ethereum the main focal point of the current tokenized asset flow.

Source: Token Terminal

Other networks are still active but haven’t reached comparable scale

BNB Chain, Solana, and Tron still record activity in this market, but their levels are not enough to change the overall picture. In the real-world asset tokenization sector, Ethereum leads with about $16.7 billion, while BNB Chain is at $3.8 billion and Solana at $2.0 billion at the time mentioned. In the stablecoin sector, Ethereum holds 52.9% of the market capitalization, with Tron in second place at 27.8%; networks like Solana, BSC, Arbitrum, Polygon, and others are significantly smaller.

Source: rwa.xyz Source: DeFiLlama

Why the “multi-chain” story still isn’t enough to shift the balance

Current data shows that multi-chain distribution is real, but Ethereum’s advantage remains too large. It’s not that other networks lack demand, but their scale isn’t enough to keep up with the leading network. This also explains why the growth story of multi-chain is still considered more of a hypothesis than a definitive conclusion.

Ethereum’s weaknesses and the competitive directions of other networks

Ethereum still faces two familiar limitations: high transaction fees and slower settlement speeds during high network congestion. This gap allows other blockchains like Tron, Solana, and BNB Chain to emphasize advantages such as low fees, fast transfers, and cheaper asset issuance. Legal factors may also influence which organizations choose to issue tokenized assets on which network, but current data isn’t sufficient to determine which network will benefit the most.

Summary

The tokenized asset market is expanding across multiple blockchains, but Ethereum still plays a central role with a dominant market share. Other networks still have a foothold, but their current scale isn’t enough to overshadow this leadership. Data shows that cross-chain competition exists, but the balance still heavily favors Ethereum.

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