Ethereum currently leads the RWA market, thanks to its first-mover advantage, past institutional experiments, deep on-chain liquidity, and decentralized architecture. However, general-purpose blockchains with faster and cheaper transactions, as well as RWA-specific chains designed to meet regulatory requirements, are addressing Ethereum's limitations in cost and performance. These emerging platforms are positioning themselves as the next-generation infrastructure by offering superior technical scalability or built-in compliance features.

The next phase of RWA growth will be led by chains that successfully integrate three elements: on-chain regulatory compatibility, a service ecosystem built around real-world assets, and meaningful on-chain liquidity.

1. Where Is the RWA Market Growing?

The tokenization of real-world assets (RWA) has become one of the most prominent themes in the blockchain industry. Global consulting firms like BCG have published extensive market forecasts, and Tiger Research has also conducted in-depth analyses of emerging markets such as Indonesia—highlighting the growing importance of this field.

So, what exactly are RWAs? They refer to the process of converting tangible assets such as real estate, bonds, and commodities into digital tokens. This tokenization process requires blockchain infrastructure, and currently, Ethereum is the primary infrastructure supporting these transactions.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: rwa.xyz, Tiger Research

Despite increasing competition, Ethereum still maintains its dominant position in the RWA market. Specialized RWA blockchains have emerged, and mature platforms in the DeFi space, such as Solana, are also expanding into the RWA domain. Even so, Ethereum accounts for over 50% of total market activity, highlighting the stability of its current position.

This report examines the key factors behind Ethereum's current dominance in the RWA market and explores the evolving conditions that may shape the next phase of growth and competition.

2. Why Has Ethereum Maintained Its Lead?

2.1 First-Mover Advantage and Institutional Trust

There are clear reasons why Ethereum has become the default platform for institutional tokenization. It was the first to introduce smart contracts and actively prepared for the RWA market.

With the support of a highly active developer community, Ethereum established key tokenization standards, such as ERC-1400 and ERC-3643, long before competing platforms emerged. This early foundation provided the necessary technical and regulatory basis for pilot projects.

As a result, many institutions began evaluating Ethereum before considering alternatives. Several notable initiatives in the late 2010s helped validate Ethereum's role in institutional finance:

• JPMorgan's Quorum and JPM Coin (2016-2017): To support enterprise use cases, JPMorgan developed Quorum, a permissioned fork of Ethereum. The launch of JPM Coin for interbank transfers demonstrated that Ethereum's architecture—even in its private form—could meet regulatory requirements for data protection and compliance.

• Société Générale Bond Issuance (2019): SocGen FORGE issued a €100 million covered bond on the Ethereum public mainnet. This showed that regulated securities could be issued and settled on a public blockchain with minimal involvement of intermediaries.

• European Investment Bank Digital Bond (2021): The European Investment Bank (EIB), in collaboration with Goldman Sachs, Santander, and Société Générale, issued a €100 million digital bond on Ethereum. The bond was settled using the central bank digital currency (CBDC) issued by the Banque de France, highlighting Ethereum's potential in a fully integrated capital market.

These successful pilot cases enhanced Ethereum's credibility. For institutions, trust is based on proven use cases and references from other regulated participants. Ethereum's track record continues to attract attention, creating a reinforcing adoption cycle.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: Securitize

For example, in 2018, Securitize announced in official documents that it would build tools on Ethereum to manage the entire lifecycle of digital securities. This move laid the foundation for the eventual launch of BlackRock's BUIDL fund, which is currently the largest tokenized fund issued on Ethereum.

2.2 A Platform for Real Capital Flows

Another key reason for Ethereum's continued dominance in the RWA market is its ability to convert on-chain liquidity into real purchasing power. The tokenization of real-world assets is not just a technical process. A well-functioning market needs capital that can actively invest in and trade these assets. In this regard, Ethereum is the only platform with deep and deployable on-chain liquidity.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: rwa.xyz, Arkham, Tiger Research

This is evident on platforms such as Ondo, Spark, and Ethena, all of which hold significant amounts of tokenized BUIDL funds on Ethereum. These platforms have attracted hundreds of millions of dollars by offering products based on tokenized US Treasury bonds, stablecoin-based lending, and synthetic interest-bearing USD instruments.

• Ondo Finance has accumulated over $600 million in total value locked (TVL) through its Treasury-backed products, USDY and OUSG.

• Spark Protocol has used DAI liquidity from MakerDAO to purchase over $2.4 billion worth of real-world Treasury bonds.

• Ethena has built a bankless yield infrastructure on Ethereum using its synthetic stablecoins USDe and sUSDe, attracting institutional demand and DeFi liquidity.

These examples show that Ethereum is not just a platform for asset tokenization. It provides a robust liquidity base that enables real investment and asset management. In contrast, many emerging RWA platforms struggle to ensure capital inflows or secondary market activities after their initial token issuance.

The reason for this difference is clear. Ethereum has integrated stablecoins, DeFi protocols, and compliance-ready infrastructure. This creates a comprehensive financial environment where issuance, trading, and settlement can all be conducted on-chain.

Therefore, Ethereum is the most effective environment for converting tokenized assets into real purchasing activities. This gives it a structural advantage beyond mere market share.

2.3 Building Trust Through Decentralization

Decentralization plays a crucial role in building trust. The tokenization of real-world assets involves transferring the ownership and transaction records of high-value assets to a digital system. In this process, institutions focus on the reliability and transparency of the system. This is where Ethereum's decentralized architecture provides a significant advantage.

Ethereum operates as a public blockchain, supported by thousands of independently run nodes worldwide. The network is open to anyone, with changes decided by participant consensus rather than centralized control. As a result, it avoids single points of failure, ensures resistance to hacking and censorship, and maintains uninterrupted uptime.

In the RWA market, this structure creates tangible value. Transactions are recorded on an immutable ledger, reducing the risk of fraud. Smart contracts enable trustless transactions without intermediaries. Users can access services, execute agreements, and participate in financial activities without centralized approval.

These characteristics—transparency, security, and accessibility—make Ethereum an attractive choice for institutions exploring asset tokenization. Its decentralized system meets the key requirements for operating in high-risk financial environments.

3. Emerging Challengers Reshaping the Landscape

Ethereum's mainnet has proven the feasibility of tokenized finance. However, with its success have come structural limitations that hinder wider institutional adoption. Key obstacles include limited transaction throughput, latency issues, and unpredictable fee structures.

To address these challenges, Layer 2 Rollup solutions such as Arbitrum, Optimism, and Polygon zkEVM have emerged. Major upgrades, including The Merge (2022), Dencun (2024), and the upcoming Pectra (2025), have brought improvements in scalability. Nevertheless, the network still falls short of traditional financial infrastructure. For example, Visa processes over 65,000 transactions per second, a level Ethereum has yet to reach. For institutions requiring high-frequency trading or real-time settlement, these performance gaps remain a key constraint.

Latency also poses challenges. Blocks are generated on average every 12 seconds, and with additional confirmations needed for secure settlement, finality can take up to three minutes. During network congestion, this latency can increase further—causing difficulties for time-sensitive financial operations.

Moreover, the volatility of gas fees remains a concern. During peak times, transaction fees have exceeded $50, and even under normal circumstances, costs often rise above $20. This level of fee uncertainty complicates business planning and may undermine the competitiveness of Ethereum-based services.

Securitize illustrates this dynamic well. After encountering Ethereum's limitations, the company expanded to other platforms such as Solana and Polygon, while also developing its own chain, Convergence. Although Ethereum played a crucial role in facilitating early institutional experiments, it now faces increasing pressure to meet the demands of a more mature, performance-sensitive market.

3.1 The Rise of General-Purpose Blockchains with Fast, Efficient, and Low-Cost Transactions

As Ethereum's limitations become more apparent, institutions are increasingly exploring general-purpose blockchains that offer alternative advantages in key performance bottlenecks such as transaction speed, fee stability, and finality time to complement Ethereum.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: rwa.xyz, Tiger Research

However, despite ongoing collaboration with institutional participants, the actual number of tokenized assets (excluding stablecoins) on these platforms is still much lower compared to Ethereum. In many cases, tokenized assets launched on general-purpose chains are part of an Ethereum-dominated multi-chain deployment strategy.

Nevertheless, there are signs of substantial progress. In the private credit space, new tokenization initiatives are emerging. For example, on zkSync, the Tradable platform has gained attention, accounting for over 18% of activity in this space—second only to Ethereum.

At this stage, general-purpose blockchains are just beginning to establish a foothold. Platforms like Solana, whose DeFi ecosystems have experienced rapid growth, now face a strategic question: How to translate this momentum into a sustainable position in the RWA space. Superior technical performance alone is not enough. To compete with Ethereum, they need to provide infrastructure and services that meet institutional investors' trust and compliance expectations.

Ultimately, the success of these blockchains in the RWA market will depend less on raw throughput and more on their ability to deliver tangible value. Differentiated ecosystems built around each chain's unique strengths will determine their long-term positioning in this emerging field.

3.2 The Emergence of RWA-Specific Blockchains

An increasing number of blockchain platforms are moving away from general-purpose designs in favor of domain-specific specialization. This trend is also evident in the RWA space, with a new wave of specialized chains optimized for real-world asset tokenization emerging.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: Tiger Research

The rationale for RWA-specific blockchains is clear. The tokenization of real-world assets requires direct integration with existing financial regulations, making the use of general-purpose blockchain infrastructure insufficient in many cases. Specific technical requirements—especially around regulatory compliance—must be addressed from the ground up.

A key area is compliance processing. KYC and AML procedures are crucial for tokenization workflows, but these have traditionally been handled off-chain. This approach limits innovation as it merely wraps traditional financial assets in a blockchain format without redesigning the underlying compliance logic.

The shift now is to move these compliance functions entirely on-chain. There is growing demand for blockchain networks that can not only record ownership but also natively enforce regulatory requirements at the protocol level.

In response, some RWA-focused chains have begun to offer on-chain compliance modules. For example, MANTRA includes decentralized identity (DID) functionality to support compliance enforcement at the infrastructure layer. Other specialized chains are expected to follow a similar path.

In addition to compliance, many of these platforms leverage deep domain expertise to target specific asset classes. Maple Finance focuses on institutional lending and asset management, Centrifuge on trade finance, and Polymesh on regulated securities. These chains do not tokenize widely held assets such as sovereign bonds or stablecoins but use vertical specialization as a competitive strategy.

That said, many of these platforms are still in the early stages. Some have yet to launch their mainnets, and most remain limited in scale and adoption. If general-purpose chains are just beginning to gain attention in the RWA space, then specialized chains are still at the starting line.

4. Who Will Lead the Next Phase?

Ethereum's dominance in the RWA market is unlikely to continue in its current form. Today, the market for tokenized assets is less than 2% of its estimated potential, indicating that the industry is still in its early stages. So far, Ethereum's advantage has mainly stemmed from its early product-market fit (PMF). However, as the market matures and scales, the competitive landscape is expected to change significantly.

Signs of this shift are already evident. Institutions are no longer focusing solely on Ethereum. Both general-purpose and RWA-specific blockchains are being evaluated, and an increasing number of services are exploring custom chain deployments. Tokenized assets initially issued on Ethereum are now expanding into a multi-chain ecosystem, breaking the previous monopoly structure.

A key turning point will be the application of on-chain compliance. For blockchain-based finance to represent true innovation, regulatory processes such as KYC and AML must be conducted directly on-chain. If specialized chains successfully provide scalable, protocol-level compliance and drive widespread industry adoption, the current market landscape could be significantly disrupted.

Equally important is the presence of real purchasing power. Tokenized assets only become investible when there is active capital willing to acquire them. Regardless of the technology, without meaningful liquidity, the utility of tokenization is limited. Therefore, the next generation of RWA platforms must cultivate a robust service ecosystem built on tokenized assets and ensure strong liquidity participation from users.

In short, the conditions for success are becoming increasingly clear. The next leading RWA platform is likely to be the one that achieves the following three elements:

• A fully integrated on-chain compliance framework

• A service ecosystem built on tokenized assets

• Deep and sustainable liquidity to facilitate real investment

The RWA market is still in its infancy. Ethereum has validated the concept. The opportunity now lies with platforms that can offer superior solutions—those that meet institutional requirements while unlocking new value in the tokenized economy.

Ethereum currently leads the RWA market, thanks to its first-mover advantage, past institutional experiments, deep on-chain liquidity, and decentralized architecture. However, general-purpose blockchains with faster and cheaper transactions, as well as RWA-specific chains designed to meet regulatory requirements, are addressing Ethereum's limitations in cost and performance. These emerging platforms are positioning themselves as the next-generation infrastructure by offering superior technical scalability or built-in compliance features.

The next phase of RWA growth will be led by chains that successfully integrate three elements: on-chain regulatory compatibility, a service ecosystem built around real-world assets, and meaningful on-chain liquidity.

1. Where Is the RWA Market Growing?

The tokenization of real-world assets (RWA) has become one of the most prominent themes in the blockchain industry. Global consulting firms like BCG have published extensive market forecasts, and Tiger Research has also conducted in-depth analyses of emerging markets such as Indonesia—highlighting the growing importance of this field.

So, what exactly are RWAs? They refer to the process of converting tangible assets such as real estate, bonds, and commodities into digital tokens. This tokenization process requires blockchain infrastructure, and currently, Ethereum is the primary infrastructure supporting these transactions.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: rwa.xyz, Tiger Research

Despite increasing competition, Ethereum still maintains its dominant position in the RWA market. Specialized RWA blockchains have emerged, and mature platforms in the DeFi space, such as Solana, are also expanding into the RWA domain. Even so, Ethereum accounts for over 50% of total market activity, highlighting the stability of its current position.

This report examines the key factors behind Ethereum's current dominance in the RWA market and explores the evolving conditions that may shape the next phase of growth and competition.

2. Why Has Ethereum Maintained Its Lead?

2.1 First-Mover Advantage and Institutional Trust

There are clear reasons why Ethereum has become the default platform for institutional tokenization. It was the first to introduce smart contracts and actively prepared for the RWA market.

With the support of a highly active developer community, Ethereum established key tokenization standards, such as ERC-1400 and ERC-3643, long before competing platforms emerged. This early foundation provided the necessary technical and regulatory basis for pilot projects.

As a result, many institutions began evaluating Ethereum before considering alternatives. Several notable initiatives in the late 2010s helped validate Ethereum's role in institutional finance:

• JPMorgan's Quorum and JPM Coin (2016-2017): To support enterprise use cases, JPMorgan developed Quorum, a permissioned fork of Ethereum. The launch of JPM Coin for interbank transfers demonstrated that Ethereum's architecture—even in its private form—could meet regulatory requirements for data protection and compliance.

• Société Générale Bond Issuance (2019): SocGen FORGE issued a €100 million covered bond on the Ethereum public mainnet. This showed that regulated securities could be issued and settled on a public blockchain with minimal involvement of intermediaries.

• European Investment Bank Digital Bond (2021): The European Investment Bank (EIB), in collaboration with Goldman Sachs, Santander, and Société Générale, issued a €100 million digital bond on Ethereum. The bond was settled using the central bank digital currency (CBDC) issued by the Banque de France, highlighting Ethereum's potential in a fully integrated capital market.

These successful pilot cases enhanced Ethereum's credibility. For institutions, trust is based on proven use cases and references from other regulated participants. Ethereum's track record continues to attract attention, creating a reinforcing adoption cycle.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: Securitize

For example, in 2018, Securitize announced in official documents that it would build tools on Ethereum to manage the entire lifecycle of digital securities. This move laid the foundation for the eventual launch of BlackRock's BUIDL fund, which is currently the largest tokenized fund issued on Ethereum.

2.2 A Platform for Real Capital Flows

Another key reason for Ethereum's continued dominance in the RWA market is its ability to convert on-chain liquidity into real purchasing power. The tokenization of real-world assets is not just a technical process. A well-functioning market needs capital that can actively invest in and trade these assets. In this regard, Ethereum is the only platform with deep and deployable on-chain liquidity.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: rwa.xyz, Arkham, Tiger Research

This is evident on platforms such as Ondo, Spark, and Ethena, all of which hold significant amounts of tokenized BUIDL funds on Ethereum. These platforms have attracted hundreds of millions of dollars by offering products based on tokenized US Treasury bonds, stablecoin-based lending, and synthetic interest-bearing USD instruments.

• Ondo Finance has accumulated over $600 million in total value locked (TVL) through its Treasury-backed products, USDY and OUSG.

• Spark Protocol has used DAI liquidity from MakerDAO to purchase over $2.4 billion worth of real-world Treasury bonds.

• Ethena has built a bankless yield infrastructure on Ethereum using its synthetic stablecoins USDe and sUSDe, attracting institutional demand and DeFi liquidity.

These examples show that Ethereum is not just a platform for asset tokenization. It provides a robust liquidity base that enables real investment and asset management. In contrast, many emerging RWA platforms struggle to ensure capital inflows or secondary market activities after their initial token issuance.

The reason for this difference is clear. Ethereum has integrated stablecoins, DeFi protocols, and compliance-ready infrastructure. This creates a comprehensive financial environment where issuance, trading, and settlement can all be conducted on-chain.

Therefore, Ethereum is the most effective environment for converting tokenized assets into real purchasing activities. This gives it a structural advantage beyond mere market share.

2.3 Building Trust Through Decentralization

Decentralization plays a crucial role in building trust. The tokenization of real-world assets involves transferring the ownership and transaction records of high-value assets to a digital system. In this process, institutions focus on the reliability and transparency of the system. This is where Ethereum's decentralized architecture provides a significant advantage.

Ethereum operates as a public blockchain, supported by thousands of independently run nodes worldwide. The network is open to anyone, with changes decided by participant consensus rather than centralized control. As a result, it avoids single points of failure, ensures resistance to hacking and censorship, and maintains uninterrupted uptime.

In the RWA market, this structure creates tangible value. Transactions are recorded on an immutable ledger, reducing the risk of fraud. Smart contracts enable trustless transactions without intermediaries. Users can access services, execute agreements, and participate in financial activities without centralized approval.

These characteristics—transparency, security, and accessibility—make Ethereum an attractive choice for institutions exploring asset tokenization. Its decentralized system meets the key requirements for operating in high-risk financial environments.

3. Emerging Challengers Reshaping the Landscape

Ethereum's mainnet has proven the feasibility of tokenized finance. However, with its success have come structural limitations that hinder wider institutional adoption. Key obstacles include limited transaction throughput, latency issues, and unpredictable fee structures.

To address these challenges, Layer 2 Rollup solutions such as Arbitrum, Optimism, and Polygon zkEVM have emerged. Major upgrades, including The Merge (2022), Dencun (2024), and the upcoming Pectra (2025), have brought improvements in scalability. Nevertheless, the network still falls short of traditional financial infrastructure. For example, Visa processes over 65,000 transactions per second, a level Ethereum has yet to reach. For institutions requiring high-frequency trading or real-time settlement, these performance gaps remain a key constraint.

Latency also poses challenges. Blocks are generated on average every 12 seconds, and with additional confirmations needed for secure settlement, finality can take up to three minutes. During network congestion, this latency can increase further—causing difficulties for time-sensitive financial operations.

Moreover, the volatility of gas fees remains a concern. During peak times, transaction fees have exceeded $50, and even under normal circumstances, costs often rise above $20. This level of fee uncertainty complicates business planning and may undermine the competitiveness of Ethereum-based services.

Securitize illustrates this dynamic well. After encountering Ethereum's limitations, the company expanded to other platforms such as Solana and Polygon, while also developing its own chain, Convergence. Although Ethereum played a crucial role in facilitating early institutional experiments, it now faces increasing pressure to meet the demands of a more mature, performance-sensitive market.

3.1 The Rise of General-Purpose Blockchains with Fast, Efficient, and Low-Cost Transactions

As Ethereum's limitations become more apparent, institutions are increasingly exploring general-purpose blockchains that offer alternative advantages in key performance bottlenecks such as transaction speed, fee stability, and finality time to complement Ethereum.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: rwa.xyz, Tiger Research

However, despite ongoing collaboration with institutional participants, the actual number of tokenized assets (excluding stablecoins) on these platforms is still much lower compared to Ethereum. In many cases, tokenized assets launched on general-purpose chains are part of an Ethereum-dominated multi-chain deployment strategy.

Nevertheless, there are signs of substantial progress. In the private credit space, new tokenization initiatives are emerging. For example, on zkSync, the Tradable platform has gained attention, accounting for over 18% of activity in this space—second only to Ethereum.

At this stage, general-purpose blockchains are just beginning to establish a foothold. Platforms like Solana, whose DeFi ecosystems have experienced rapid growth, now face a strategic question: How to translate this momentum into a sustainable position in the RWA space. Superior technical performance alone is not enough. To compete with Ethereum, they need to provide infrastructure and services that meet institutional investors' trust and compliance expectations.

Ultimately, the success of these blockchains in the RWA market will depend less on raw throughput and more on their ability to deliver tangible value. Differentiated ecosystems built around each chain's unique strengths will determine their long-term positioning in this emerging field.

3.2 The Emergence of RWA-Specific Blockchains

An increasing number of blockchain platforms are moving away from general-purpose designs in favor of domain-specific specialization. This trend is also evident in the RWA space, with a new wave of specialized chains optimized for real-world asset tokenization emerging.

Ethereum's Dominance in the RWA Market: Who Will Take the Baton Next?

Source: Tiger Research

The rationale for RWA-specific blockchains is clear. The tokenization of real-world assets requires direct integration with existing financial regulations, making the use of general-purpose blockchain infrastructure insufficient in many cases. Specific technical requirements—especially around regulatory compliance—must be addressed from the ground up.

A key area is compliance processing. KYC and AML procedures are crucial for tokenization workflows, but these have traditionally been handled off-chain. This approach limits innovation as it merely wraps traditional financial assets in a blockchain format without redesigning the underlying compliance logic.

The shift now is to move these compliance functions entirely on-chain. There is growing demand for blockchain networks that can not only record ownership but also natively enforce regulatory requirements at the protocol level.

In response, some RWA-focused chains have begun to offer on-chain compliance modules. For example, MANTRA includes decentralized identity (DID) functionality to support compliance enforcement at the infrastructure layer. Other specialized chains are expected to follow a similar path.

In addition to compliance, many of these platforms leverage deep domain expertise to target specific asset classes. Maple Finance focuses on institutional lending and asset management, Centrifuge on trade finance, and Polymesh on regulated securities. These chains do not tokenize widely held assets such as sovereign bonds or stablecoins but use vertical specialization as a competitive strategy.

That said, many of these platforms are still in the early stages. Some have yet to launch their mainnets, and most remain limited in scale and adoption. If general-purpose chains are just beginning to gain attention in the RWA space, then specialized chains are still at the starting line.

4. Who Will Lead the Next Phase?

Ethereum's dominance in the RWA market is unlikely to continue in its current form. Today, the market for tokenized assets is less than 2% of its estimated potential, indicating that the industry is still in its early stages. So far, Ethereum's advantage has mainly stemmed from its early product-market fit (PMF). However, as the market matures and scales, the competitive landscape is expected to change significantly.

Signs of this shift are already evident. Institutions are no longer focusing solely on Ethereum. Both general-purpose and RWA-specific blockchains are being evaluated, and an increasing number of services are exploring custom chain deployments. Tokenized assets initially issued on Ethereum are now expanding into a multi-chain ecosystem, breaking the previous monopoly structure.

A key turning point will be the application of on-chain compliance. For blockchain-based finance to represent true innovation, regulatory processes such as KYC and AML must be conducted directly on-chain. If specialized chains successfully provide scalable, protocol-level compliance and drive widespread industry adoption, the current market landscape could be significantly disrupted.

Equally important is the presence of real purchasing power. Tokenized assets only become investible when there is active capital willing to acquire them. Regardless of the technology, without meaningful liquidity, the utility of tokenization is limited. Therefore, the next generation of RWA platforms must cultivate a robust service ecosystem built on tokenized assets and ensure strong liquidity participation from users.

In short, the conditions for success are becoming increasingly clear. The next leading RWA platform is likely to be the one that achieves the following three elements:

• A fully integrated on-chain compliance framework

• A service ecosystem built on tokenized assets

• Deep and sustainable liquidity to facilitate real investment

The RWA market is still in its infancy. Ethereum has validated the concept. The opportunity now lies with platforms that can offer superior solutions—those that meet institutional requirements while unlocking new value in the tokenized economy.