The tokenization sector of real assets is going through a less vibrant period on the charts, but intensive engineering work continues within the ecosystem. What stands out are not the prices but the teams that are building the infrastructure of the future.
Fresh data from Santiment shows that interest in RWA is not waning: it is simply shifting from public discussion to the area of development. This is a key signal for the industry, where the long construction cycle often outpaces market trends.
Chainlink is once again ahead: developers are betting on infrastructure
Chainlink confidently retains its status as the main player in the RWA segment. The developer score metric rises above 280 points, significantly outpacing its closest competitors.
No other protocol offers comparable coverage: from data transmission channels to integrations with traditional financial structures. The market capitalization of LINK approaches $10 billion, confirming its role in creating infrastructure for the tokenization of assets.
Essentially, Chainlink has become a basic synchronization point between blockchains and external data. This is why the concentration of developers is not a coincidence but a reflection of the real demand for technologies.
Strong players without reshuffles
A group of protocols follows Chainlink, maintaining stable positions. Hedera receives a development score above 190 points. Avalanche is slightly lower — around 165.
The important thing is that there have been no changes in the distribution of positions over the past month. This means that teams are working systematically, and investors see RWA as a long-term trend, not a seasonal fad.
Below in the rankings are Stellar, IOTA, Axelar, Chia Network, VeChain, Injective, and Centrifuge. All of them demonstrate constant engineering activity, even if the dynamics of their tokens appear weaker.
Development is growing while prices are falling: a rare but important combination
The Santiment report highlights an interesting detail: engineering teams continue to improve protocols despite the negative results of several RWA tokens in recent weeks.
VeChain, for example, is experiencing a noticeable correction but is actively ramping up development. Such divergence often indicates an accumulation phase — when products are built 'in silence', and the market has yet to react.
For mature blockchain directions, this is a normal stage. First — infrastructure. Then — mass adoption.
Why is this important for the future of tokenization
Institutional investors, banks, regulators, and startups from traditional finance are closely monitoring the RWA sectors today. The tokenization of securities, debt instruments, currencies, and commodity assets is transforming from an experiment into an applied technology.
That is why the concentration of developers around Chainlink, Hedera, Avalanche, and Stellar indicates future growth points. Where an ecosystem is built, there will later be liquidity.
The Santiment report effectively captures a fundamental trend: unlike many hype segments, RWA does not move in spikes. It develops as an infrastructure layer that will be in demand when increased demand for tokenization returns to the market.
What's next?
The RWA sector is entering a phase where winners are determined not by marketing but by utility. Chainlink currently maintains a significant lead, but other projects are also strengthening their positions.
If the trend continues, the distribution of developers may become one of the best predictors of which networks will receive institutional flows in the coming years.
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