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🔍 Key Takeaways
🥇 Plume dominates in users
561K RWA holders — more than 2× Ethereum
Yet only $172M in RWA value
➡️ This signals mass retail onboarding, likely small-ticket RWAs, points, or yield-style assets.
🏦 Ethereum = institutional heavyweight
$12.4B RWA value (by far the largest)
Only 248K holders ➡️ Capital concentration is high → institutions, funds, tokenized treasuries, bonds, etc.
⚡ Solana shows strong retail traction
219K holders with $776M value ➡️ Healthy balance of users + value, reflecting Solana’s UX and low fees.
Mid-Tier Observations
Avalanche ($1.22B, 15.6K holders)
→ High-value, low-user count = enterprise & subnet-driven RWAs
Polygon ($1.05B, 7.86K holders)
→ Fewer users, but serious capital efficiency
BNB Chain ($1.8B, 6.61K holders)
→ Capital-heavy, user-light RWA ecosystem
🧪 Niche & Emerging Players
Mantle: Only 2 assets, yet $200M value
→ Smaller holder bases but active RWA experimentation
Big Picture Insight
RWA adoption ≠ RWA capital
We’re seeing a clear split:
User-led chains → Plume, Solana
Capital-led chains → Ethereum, Avalanche, BNB
This often mirrors early adoption vs institutional settlement layers
If you want, I can:
Turn this into a Twitter/X thread
Break down RWA narratives by chain
Or map this to investment rotation logic (early → mature)
