RWA Tokenization Shifts Market Leadership to Perpetual Futures

The tokenization of real-world assets (RWA) is spreading, shifting market leadership to perpetual futures known as "perps." So far, assets worth $34 billion have been tokenized, and the trading volume of "RWA perps" has increased from $230 million at the beginning of the year to $34.7 billion by May. As of July, the daily open interest on decentralized exchanges (DEX) reached a record high of $4.5 billion. The growth of RWA perps is driven by cryptocurrency investors seeking exposure to traditional assets, as the perp structure is more efficient than traditional futures. Perps allow for 24/7 trading and have no expiration dates, enhancing accessibility for investors. The derivatives market is growing faster than the spot market, with the share of RWA expanding from 1.3% at the beginning of the year to 31% currently. Platforms like Robinhood are offering RWA perp services in Europe, indicating a visible expansion into the traditional brokerage market. Perps are likely to establish themselves as the next step in the tokenization of traditional finance.

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