➥ RWAs vs RWAs Perps The tokenized RWA spot market is sitting at $31.4B distributed asset value as of today - Treasuries dominate with BUIDL, BENJI, Ondo’s USDY/OUSG - Gold is crushing it with XAUT and PAXG, and private credit is scaling fast We tripled in 2025, up another ~66% YTD in 2026, and everyone’s calling for $100B+ by year-end In the long-term, McKinsey/BCG/Ripple projections point to trillions as <0.01% of the $260T+ global investable assets go onchain Now zoom to RWAs Perps - perpetual futures on tokenized stocks, indices, gold, oil, Treasuries, etc. - Total OI across RWA perps: $2.6B right now - 24h volume: $485M and we’ve seen days hitting way higher - Monthly vol exploded 40x in just 6 months to $67B, jumping from 0.1% to 10.1% of all onchain derivatives volume Some reports say it’s on track to hit 50% of onchain derivs by 2028 Compare that growth curve to anything else in crypto macro right now Crypto perps themselves went from niche to multi-trillion annual volume in a couple years RWA perps are doing the same but on real macro assets - 24/7 trading on S&P 500, Nasdaq-100, Brent oil, individual tech stocks, silver, etc. Quick math on the future upside: [1] Spot RWAs: - $31B → $100B by EOY = ~3.2x in ~7 months - Realistic 10-20x over 3-4 years as tokenization hits even 0.1% penetration [2] RWA Perps: - Current monthly vol already ~2x the entire spot distributed value If they capture even 20-30% of the $800T+ global OTC derivatives notional that’s currently off-chain… and onchain derivs keep compounding… I’m talking OI scaling to $50B-$100B+ and volumes in the trillions annually - That’s leverage + 24/7 + permissionless access on assets normies actually understand - Perps multiply capital efficiency 10-50x vs holding spot The flywheel is faster, the narrative is sexier for traders, and it onboarding TradFi liquidity without them ever touching the underlying token My honest take is that spot RWAs build the rails, perps are the rocket fuel You saw this exact playbook in pure crypto → spot first, then perps took over volume Same thing is happening here, just faster because macro volatility is the fuel Top protocols actually bridging RWAs to the masses: [1] @OndoFinance - USDY, OUSG tokenized Treasuries anyone gets real 4-5% yields [2] @centrifuge - Turning real business cash flows into liquid, yield-bearing assets retail can actually touch [3] @Ostium - 54+ pairs of commodities, FX, indices, stocks, pool-RFQ model, deep liquidity, tight spreads [4] @HyperliquidX / @tradexyz (HIP-3) - Permissionless RWA perp markets, S&P/Nasdaq/oil/individual stocks dominating OI [5] @Figure - Tokenized private credit, originating billions in home equity lines of credit (HELOCs) and turning them into onchain assets [6] @HastraFi - They built the Hastra liquidity protocol and PRIME that lets anyone earn up to ~8% on Figure’s HELOC pools [7] @saturn_credit - The Bitcoin-maximalist RWA play. They tokenize Strategy’s STRC digital credit instrument with 11%+ yield backed by Bitcoin holdings, into USDat and sUSDat. Aready hitting $60M+ TVL, integrated on @pendle_fi for fixed yields BlackRock’s BUIDL and Franklin Templeton BENJI are huge but still more insti-gated If you want the next 10-50x narrative in 2026-2027, RWAs Perps are it Leverage + macro + crypto UX = the perfect storm

@Nick_Researcher the crazy part is people understand stocks gold oil and treasuries way faster than random altcoins