Solana's (@solana) $SOL onchain real-world asset (RWA) market has grown more than sixfold in a year, narrowing the gap with Ethereum (@ethereum) $ETH, according to research from Castle Labs.
Solana's (@solana) $SOL onchain real-world asset (RWA) market has grown more than sixfold in a year, narrowing the gap with Ethereum (@ethereum) $ETH, according to research from Castle Labs.
Castle Labs reported that Solana's RWA market grew from $700 million to $4.3 billion in a year, while Ethereum's rose 7% from $15.5 billion to $16.6 billion.On those figures Solana went from 4.5% of Ethereum's RWA value to 26%.
In dollar terms, Solana added roughly $3.6 billion over that span, while Ethereum added about $1.1 billion. Ethereum remains well ahead in absolute terms. As Blockonomi noted, Solana has not overtaken Ethereum in total RWA value.
The growth is not limited to tokenized stocks. Data attributed to RWA.xyz in the Castle Labs analysis places tokenized U.S. Treasury products at approximately $1.52 billion, around 35% of Solana's reported RWA market. Tokenized equities have also grown on the network, and platforms such as Kamino and Jupiter Lend allow supported assets to serve as collateral.
Recent momentum has been uneven. RWA.xyz data cited by Solana Compass shows Solana's RWA value at $4.39 billion, down 0.11% versus 30 days ago.
Castle Labs also ranked Solana first for application revenue. Over the trailing 30 days, it generated $193.1 million in app revenue, almost twice that of its closest competitor, Hyperliquid ($86.5 million), followed by Ethereum ($53.8 million) and Robinhood ($34.6 million). Hyperliquid (@HyperliquidX) ranked second in the comparison.
Consumer apps still drive most of that revenue. Castle Labs estimates that consumer apps (launchpads, trading terminals, wallets and collectables) earn about 80% of Solana's app revenue.Pump.fun alone took about $39 million over 30 days, roughly 20% of the chain's total.
The figures vary by data provider. DefiLlama's app revenue by chain table, checked on 16 October, shows the same order at lower totals: Solana at $163.06 million, Hyperliquid L1 at $75.8 million and Ethereum at $55.67 million over 30 days. Solana Compass also cautioned that daily Solana DEX volume roughly halved over about the same 30 days as the revenue ranking, suggesting the trailing total may include busier weeks from September.
For now, the data shows Solana expanding its role in tokenized finance while still trailing Ethereum by a wide margin in RWA value.
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