Which RWA Tokenization Projects Are Building the Best Tokenomics for Crypto Growth?

The Real-World Asset (RWA) tokenization space has exploded into one of crypto’s most compelling narratives. As of March 2024, the market has ballooned past $8.4 billion in total value, signaling serious institutional interest. But here’s the thing—not all projects are created equal. Some are designing tokenomics that actually work for long-term sustainability, while others are just chasing hype.

The RWA Revolution: Why Now?

Tokenization takes physical assets and converts them into digital tokens on blockchain networks. What started as an experimental concept with Bitcoin’s colored coins in the early 2010s found its real home when Ethereum launched in 2015, offering a more versatile platform for innovation.

The major turning point? BlackRock’s entry into the space. The world’s largest asset manager launched BUIDL (BlackRock USD Institutional Digital Liquidity Fund) on Ethereum, combining cash, U.S. Treasury bills, and repurchase agreements into a blockchain-based investment product that delivers daily dividends straight to wallets. This single move validated what many in crypto had been preaching: institutional capital is real, and it’s coming on-chain.

Key players supporting this shift include Anchorage Digital Bank NA, BitGo, Coinbase, and Fireblocks—basically, the entire ecosystem rallying around one idea: real-world assets belong on the blockchain.

Why Investors Should Care About Tokenization

Let’s cut to the chase. Tokenization solves real problems:

Liquidity for Illiquid Assets - Real estate, fine art, commodities—these markets have always been fragmented and slow. Tokenization breaks them into fractional shares, making them tradeable 24/7 on global markets.

Democratic Access - You no longer need a million dollars to invest in institutional-grade securities or Treasury bills. Anyone with a wallet can participate.

DeFi Innovation - Once assets are tokenized, they become composable. You can use them as collateral, stake them, earn yields, and combine them in ways traditional finance never allowed.

Transparent & Secure Records - Blockchain ensures tamper-proof ownership and settlement, building investor confidence in ways that centralized systems struggle to match.

Growth Catalyst - As institutional money flows in, the entire crypto market expands. The RWA sector is projected to reach $16 trillion by 2030.

The Projects Leading the Charge

Pendle (PENDLE): The Yield Specialist

Pendle has carved out a unique niche by letting investors separate yield from principal. Using its automated market maker (AMM), traders can speculate on future yields independently, creating sophisticated hedging opportunities.

Current Status: With a current price of $1.80 and a 24-hour movement of +1.86%, Pendle is trading with solid momentum. Its $296.08M market cap and $511.46K daily volume show healthy liquidity.

The project just integrated support for real-world assets including MakerDAO’s Boosted Dai Savings and Flux Finance’s fUSDC. This move positions Pendle as a bridge between DeFi yields and traditional financial instruments like U.S. Treasury Bonds, attracting both retail and institutional players into the ecosystem.

OriginTrail (TRAC): Knowledge Assets Meet Blockchain

OriginTrail took a different approach by building a Decentralized Knowledge Graph (DKG) that merges blockchain with AI-ready data structures. The use case spans supply chains, healthcare, construction, and even the metaverse—anywhere trusted, verifiable data creates value.

Current Status: TRAC trades at $0.40, down 3.64% in 24 hours, with a market cap of $177.25M. From a total supply of 500 million tokens (launched in 2018 on Ethereum), roughly 447.3 million are currently circulating.

The token powers operations across the network—from publishing knowledge assets to staking on OriginTrail nodes. Its multichain functionality ensures broader accessibility and interoperability across different blockchain ecosystems.

Polymesh (POLYX): Enterprise-Grade Securities Blockchain

Polymesh is purpose-built for security tokens. It combines the trust of private networks with the transparency of public chains, addressing governance, identity, compliance, and settlement challenges that plague the securities tokenization space.

Current Status: POLYX currently sits at $0.05 per token, experiencing a 5.17% decline over 24 hours. Its $60.93M flowing market cap reflects its positioning as an institutional-focused infrastructure play.

The POLYX tokenomics operate under an asymptotic supply model—new tokens generate according to a predetermined schedule, balancing network incentives with controlled inflation. This design keeps the network sustainable long-term. POLYX holders participate in governance decisions and can stake for network security.

TokenFi (TOKEN): No-Code Tokenization for Everyone

TokenFi democratizes RWA creation with a no-code platform. Launch ERC20/BEP20 tokens, generate NFTs with AI, and connect directly to institutions—all without writing a single line of code.

Current Status: TOKEN trades near zero price points with a 1.97% 24-hour decline and a $7.59M market cap. Daily volume of $261.09K shows active trading despite the small cap.

The TOKEN utility token powers the platform’s Smart Contract Auditor and enables access to all tokenization tools. As the RWA market expands toward $16 trillion by 2030, TokenFi positions itself to capture significant share by making the process accessible and affordable.

Ondo Finance (ONDO): Treasury Tokenization Pioneer

Ondo stands at the forefront by offering OUSG, the world’s first tokenized U.S. Treasury product. Their Flux Finance lending protocol showcases how tokenized Treasuries function as collateral in DeFi.

As of March 2024, Ondo’s strategic move to shift $95 million in assets into BlackRock’s BUIDL fund marks the first instance of a crypto protocol leveraging a traditional asset manager’s tokenized offering. This integration makes OUSG more usable across the ecosystem as collateral and store-of-value.

Recent partnerships with Sui and Aptos networks signal ambitions to expand tokenized product utility across multiple blockchain ecosystems, setting new standards for real-world and on-chain asset integration.

Mantra (OM): RWA for Emerging Markets

Mantra launched as a Layer 1 blockchain specifically designed for RWA tokenization in underserved markets. A $11 million funding round led by Shorooq Partners positioned Mantra to build regulatory infrastructure for RWA-centric protocols, particularly targeting the Middle East and Asia.

The OM token serves dual purposes: governance participation and staking for passive yield. Mantra’s mission centers on making investments more accessible while unlocking liquidity and economic growth in regions historically underserved by traditional finance.

MakerDAO (MKR): The OG DeFi Standard

MakerDAO, one of Ethereum’s oldest protocols, quietly became an RWA powerhouse. By March 2024, RWAs comprised just under 30% of MakerDAO’s balance sheet—over $2.06 billion of its $6.6 billion total value locked.

Institutional investors borrow DAI stablecoin while effectively tokenizing Treasury bills within the ecosystem. The MKR governance token allows holders to vote on protocol adjustments, stability fees, and risk parameters. This model shows how legacy DeFi projects can evolve into RWA infrastructure.

Additional Players Worth Watching

Securitize operates as a comprehensive platform managing digital securities with compliance services, investor communications, and issuance tools. By 2022, just three years after launch, Securitize Markets ranked among the top 10 U.S. stock transfer agents, servicing 1.2 million investor accounts and 3,000 clients. BlackRock’s strategic investment and board appointment further cement its role in driving compliant asset digitization.

Untangled Finance, launched on the Celo network, brings private credit assets on-chain. Their $13.5 million funding round (October 2023) reflects investor confidence in their liquidity-focused approach.

Swarm Markets (SMT) emphasizes regulatory compliance while tokenizing diverse asset classes. As of March 2024, Swarm’s $5.4 million TVL and July 2023 partnership with Mattereum demonstrate commitment to comprehensive RWA solutions.

The Future: What’s Coming Next

Several trends will define the RWA tokenization sector moving forward:

• Expanding Asset Classes - Beyond Treasuries, expect real estate, commodities, and alternative investments to flood the market
• Institutional Participation - BlackRock’s BUIDL is just the beginning; other traditional asset managers are evaluating entry
• Regulatory Clarity - As frameworks mature, friction in compliance decreases and adoption accelerates
• DeFi Innovation - New financial products built on tokenized real assets will emerge, creating novel yield strategies
• Interoperability - Cross-chain solutions ensure RWA liquidity flows seamlessly across blockchain ecosystems

The crypto market’s evolution from speculative to institutional hinges partly on how effectively real-world assets integrate on-chain. The projects listed above are building the infrastructure, designing the best tokenomics, and capturing early momentum in what could become a multi-trillion-dollar market. Investors keeping their finger on the pulse of these developments will be positioned to identify winners before mainstream adoption kicks in.