How to interpret RWA data? Three key points help you penetrate the "asset packaging": Is the asset real? → Is there custody, is there an audit, and is the linkage transparent? Is the yield stable? → What are the sources of income, the cycle, and is the record clear? Is it used on-chain? → Is it for display or can it be traded, borrowed, and truly circulated? True RWA is not about shouting "chain reform," but about bringing real assets into the Web3 financial system, achieving "verifiable, yield-generating, and usable."
RWA (Real World Assets) brings real-world assets (bonds, real estate, credit, notes) onto the chain, but it differs from purely on-chain projects; it has a three-stage structure of "off-chain assets - on-chain mapping - on-chain trading." You need to look at on-chain data, but also be able to judge whether the underlying assets are real, transparent, and in use. Next, let's take a look at the key data of RWA projects.
1. The "truth" and "scale" of asset linkage:#
The foundation of RWA is: does this "token" on the chain have a real-world asset backing it? Otherwise, it's "air RWA."
What to look for?
On-chain issuance vs off-chain asset scale: If the project claims to have issued $100 million in bonds, how much is on-chain? Can the off-chain custody information be verified?
Custody address/institution transparency: Is it clearly stated where the assets are held, and are they regulated off-chain?
Audit or off-chain proof frequency: Is there a third-party audit every month/quarter? Is the reserve proof updated regularly?
Asset category proportion: Is it bonds? Real estate? Notes? Assess risk based on structure.
Recommended tools:
Real World Assets or RWA.xyz: The strongest RWA data platform on the internet
Project official website/white paper: Check asset custodians and underlying structure
DeFiLlama: Some RWA asset projects tracking dashboard
Project on-chain contract analysis tools: Such as Etherscan, check issuance contracts and balances
Tip: The more on-chain data, the more transparent the project; the more complex the off-chain assets, the more you need to check if they are protected by "regulation, audit, and custody."
2. The "true blood creation" of income flow:#
Having assets does not mean having income. The significance of RWA is: to create stable income from real assets and feed it back to on-chain users. RWA that does not generate income is just "debt on the chain."
What to look for?
Actual on-chain income distribution frequency: How often is income distributed? Can specific records be found?
Is the annualized yield (APY) compatible with the asset type: If the bond annual yield is 15%, then it definitely isn't RWA.
Income source distribution: Is it rent? Interest? Note interest spread? Is it specified?
Are there any default records or interrupted income history: An interruption in income indicates potential issues off-chain, requiring investigation into the cause of the interruption.
Recommended tools:
RWA.xyz: Income records, yield rankings
Dune dashboards (such as Centrifuge, Maple, etc. RWA project data dashboards)
Project on-chain income distribution contracts + Token Tracker
Follow official Medium/blog: Check for regular income disclosures
Tip: Income must match the asset type in "logical compatibility, stable cycle, and traceability," otherwise it is a Ponzi trap of inflated promises.
3. Usage rate and demand side: Is it "truly used" on-chain?#
Many RWA projects become "inactive" after bringing assets onto the chain, with no trading or collateralization, ultimately becoming "glass exhibits on the chain."
What to look for?
Total value locked (TVL) on-chain: Are assets being collateralized, staked, or borrowed?
Active user count and trading volume: How many users are actually participating in RWA asset-related operations?
Are assets being used as collateral: Can they be used in lending protocols? Are they supported by Aave/Maple, etc.?
Liquidity in the secondary market: Are they traded on DEX/OTC platforms? How deep is the market?
Recommended tools:
DeFiLlama: Check RWA protocol TVL rankings
RWA.xyz: Tracking on-chain use cases for various projects
Dune: Project liquidity, trading, user retention analysis
Project communities/governance forums: Observe real usage feedback
Tip: An RWA asset that no one uses and cannot be traded is just "dead data" moved onto the chain at high cost.
Summary: How to interpret RWA data? Three key points help you penetrate the "asset packaging"#
Is the asset real? → Is there custody, is there an audit, and is the linkage transparent?
Is the yield stable? → What are the sources of income, the cycle, and is the record clear?
Is it used on-chain? → Is it for display or can it be traded, borrowed, and truly circulated?
True RWA is not about shouting "chain reform," but about bringing real assets into the Web3 financial system, achieving "verifiable, yield-generating, and usable."
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