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I mapped what people actually do with RWAs after they tokenize them.
The answer changes completely depending on the asset.
Dune’s latest RWA dataset tracks nearly 3,000 products across 21 chains.
And the clearest takeaway is this:
$17.8B of tokenized cash barely trades, while a much smaller equity market generates almost all the trading.
That tells you why ranking every RWA using the same metrics doesn’t work.
→ CASH / TREASURIES
Tokenized cash is the largest category at roughly $17.8B.
More than 95% of Treasury exposure sits in T-bills and money-market funds.
But only 0.006% of cash-equivalen

There’s a different name at the top of the daily swap aggregator rankings.
@dflow just moved ahead of @JupiterExchange in DefiLlama’s latest snapshot:
→ DFlow: $324.18M
→ Jupiter: $311.43M
That’s a $12.75M lead, or roughly 4.1%.
But zoom out and Jupiter still leads by quite a bit.
Over seven days:
→ Jupiter: $3.254B
→ DFlow: $2.313B
Over 30 days:
→ Jupiter: $14.82B
→ DFlow: $9.013B
So yes, DFlow takes the daily top spot. Calling it the overall leader would still be getting ahead of the numbers.
What stands out to me is that the competition now looks different depending on which column you sort

$8.37B in tokenized RWAs, but ~$1.52B in 24H volume.
That ratio tells a more revealing story than the headline market cap.
@coingecko’s RWA data shows how differently tokenized assets are behaving beneath the surface.
Gold alone accounts for more than $5B of tokenized value, while tokenized equities are still much smaller by market cap but already generating meaningful daily activity.
Explore the data:
So the question isn’t simply how large the RWA market is.
It’s which assets are actually developing liquidity.
That distinction matters because tokenization can grow through new issuance withou

@Lumen0x Volume is vanity. Revenue is the real metric.