I didn’t expect that publicly traded stocks account for nearly 70% in the RWA perpetual market—looks like the leverage demand for putting traditional financial assets on-chain is much larger than we thought. The integration of DeFi and TradFi really seems to be an unstoppable trend.

Wu said he learned that, according to CryptoRank data, listed stocks are the largest category in the RWA perpetual contracts market, with open interest of about $2 billion, accounting for 46% of the total; the 24-hour trading volume is about $2.2 billion. Stock index contracts have open interest of about $1 billion, accounting for 23%. Combined, the two stock-related product types account for nearly seventy percent of the market’s total open interest, indicating that current traders mainly obtain leveraged exposure to stock-type assets through RWA perpetual contracts.