RWAs expanded across lending, spot trading and derivatives as broader DeFi activity declined, according to a joint report by CoinShares and Token Terminal.

RWAs expanded across lending, spot trading and derivatives as broader DeFi activity declined, according to a joint report by CoinShares and Token Terminal.

Over one-third of Hyperliquid’s quarterly trading volume was driven by tokenized real-world assets, which generated 6.6% of the protocol’s $169 million quarterly revenue.