According to CoinMeta, Wu said that CoinShares and Token Terminal jointly released a report stating that from the second quarter of 2025 to the second quarter of 2026, the overall deposit scale of DeFi decreased by about 15%, but the deposit scale of tokenized real-world assets (RWA) in lending protocols and decentralized exchanges increased from $2.3 billion to $7.4 billion, more than tripling. During the same period, the spot trading volume of RWA on DEX increased by about 220% year-on-year, while the spot trading volume of crypto-native assets decreased by about 70%. The report suggests that the growth of RWA is driven more by financial utility than by crypto market cycles.