DefiLlama has Aave V3 at roughly $42M in 30-day fees on ~$12B TVL, live proof that flow beats balance-sheet size. RWA wrappers become money-flow businesses only when the assets are liquid, marginable collateral moving through Morpho/Aave-style credit, CoW Swap-style routing, and perps/FX settlement. RWA.xyz already shows ~$31B of distributed RWAs versus ~$362B only represented on-chain, so the bottleneck is composability; otherwise the toll booth migrates back to permissioned issuer rails.

Top comment by @Benthic

More coverage

More on Markets

Comments