RWA Tokenization Report

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This report highlights developments related to the tokenization and on-chain adoption of Real-World Assets (RWAs).

Our report includes details on centralized industry players and asset class coverage, as well as coverage of select decentralized finance protocols working to integrate RWAs on-chain.

Information is compiled from Digital Asset Research’s (DAR’s) data sources, public sources, media reports, and press releases, and, while wide-ranging, this report covers only representative initiatives related to the development and tokenization of RWAs in the digital asset space.

For a PDF version of this report, please click here.

Introduction

While many cryptocurrencies offer solutions to the challenges encountered by Web3 users, only a few digital assets possess characteristics that connect them to real-world economic activities. Skeptics contend that cryptocurrency use cases are confined to the digital realm, and therefore the value of crypto assets is not sustainable, given that much of daily life revolves around the physical world.

Real-world asset tokenization bridges this gap between the physical and digital worlds. Real-World Assets (RWAs) are assets that exist tangibly offline, such as real estate or equities. Tokenization refers to the process of generating a digital certificate that is impervious to alteration or replication to represent an RWA on a blockchain. These digital certificates are backed by real-world assets as collateral.

Through tokenization, investors can gain access to conventional investment opportunities in a more trustless and efficient manner via blockchain technology. Settlement can be conducted in real time and investors are always able to see where their assets are stored on chain. The spectrum of assets that could be tokenized includes but is not confined to, real estate, private credit, securities, commodities, and fiat currencies. A significant proportion of the world’s financial value is ascribed to RWAs, thereby presenting the potential for RWA tokens to access a total addressable market equivalent to the largest financial markets.

In this report, entities working on RWA initiatives are detailed in three groups:

  • Centralized organizations that offer tokenization services are detailed in the CeFi RWA sections.
  • Decentralized Finance (DeFi) protocols that integrate RWAs with on-chain market participants are detailed in the DeFi RWA sections.
  • On-chain U.S. Treasury products, which include products from both CeFi and DeFi platforms, are detailed in the RWA U.S. Treasury Protocols section.

Significant RWA Tokenization News

  • BlackRock launched a tokenized fund, BUIDL, on the Ethereum blockchain. 
  • Citibank tested the tokenization of private equity funds on the Avalanche network. 
  • Goldman Sachs, BNY Mellon, and others tested an enterprise blockchain for tokenized assets.
  • Russian President Vladimir Putin signed a law to use digital assets in international payments.
  • The Hong Kong Monetary Authority (HKMA) published guidance on the sale and distribution of tokenized products. 
  • HKMA announced Project Ensemble to support the development of Hong Kong’s tokenization market.
  • A group of seven central banks started a tokenization project that aims to improve existing financial systems.
  • Sygnum Bank tokenized $50 million in assets in Fidelity International’s money-market fund fund for Matter Labs, which was transferring its reserves to the blockchain.
  • The BIS Innovation Hub, Swiss National Bank, and World Bank introduced Project Promissa to pilot the tokenization of financial instruments. 
  • Finoa, a crypto custodian, began offering Centrifuge’s tokenized treasury bill fund to clients.
  • GF Securities (Hong Kong) issued digitized bonds using ABT Tech Limited’s RWA tokenization platform.
  • Six Digital Exchange issued two CHF100 million digital bonds settling in wholesale central bank digital currency (wCDBC).
  • UBS launched a tokenized warrant on the Ethereum blockchain in Hong Kong. 
  • Singapore’s DigiFT introduced RWA tokens for U.S. Treasury bills. 
  • Oasis Pro created a token on the Avalanche C-Chain that represents a stake in the Diamond Standard Fund, which is a product sponsored by Diamond Standard Commodities and Horizon Kinetics.
  • Meld, a crypto bank licensed in Lithuania, plans to offer tokenized RWAs to retail investors.
  • Superstate launched a tokenized short-term treasury fund on Ethereum.
  • SunMoney Solar Group partnered with DIONE Protocol for renewable energy tokenization.
  • Coreestate.io launched a tokenized real estate project in Scandinavia.
  • MANTRA Chain raised $11 million to build a protocol for swapping tokenized real estate and other assets.
  • Paxos integrated Chainlink’s PayPal USD (PYUSD) price feed on the Ethereum mainnet.
  • Libre, a tokenization firm backed by Brevan Howard, went live. 
  • Klaytn onboarded Goldstation and $GPC, marking the launch of a gold RWA DeFi platform outside Ethereum. 
  • Ondo’s USDY token, which is backed by short-term U.S. treasuries and bank deposits, was introduced on Aptos.
  • KASU raised $3 million for an RWA lending platform. 
  • PV01 tokenized a $5M U.S. Treasury Bill.
  • Homium launched tokenized home equity loans on the Avalanche blockchain.

CeFi RWA Industry Players

The table below provides details on a selection of 92 centralized tokenization service providers.

EntityWebsiteFoundedJurisdictionIn-House BlockchainTokenized Asset MarketplaceFractionalization of AssetsSelf-CustodyTotal Funding
10XTShttps://10xts.com/2017United StatesYesNoYesYes$2,400,000
ADDXhttps://addx.co/en/index.html2017SingaporeNoYesYesNo$140,900,000
Ainslie Cryptohttps://ainsliecrypto.com.au/1974AustraliaNoYesYesYesUnknown
Aktionariathttps://www.aktionariat.com/2020SwitzerlandNoYesNoNo$1,500,000
AllianceBlockhttps://allianceblock.io/2018NetherlandsNoYesNoYes$1,500,000
Alphaledgerhttps://www.alphaledger.com/2019United StatesNoYesNoNo$7,500,000
AlphaPointhttps://alphapoint.com/2013United StatesYesNoYesYes$23,200,000
Arca US Treasury Fundhttps://invest.arcalabs.com/2020United StatesNoNoYesNo$10,000,000
Archaxhttps://www.archax.com/2018United KingdomNoYesYesYes$41,600,000
Arfhttps://arf.one/2019SwitzerlandNoNoNoNo$14,100,000
Bankexhttps://bankex.com/2015United StatesNoNoYesYes$18,100,000
Blocksquarehttps://blocksquare.io/2017SloveniaNoYesYesNoUnknown
Bondbloxhttps://bondblox.com/2016SingaporeNoYesYesNo$6,000,000
Bralehttps://brale.xyz/2022United StatesNoNoNoNo$11,100,000
Brickkenhttps://www.brickken.com/2020SpainNoYesYesNo$2,700,000
Brightvinehttps://www.brightvine.com/2020United StatesNoYesYesNoUnknown
Bru Financehttps://bru.finance/2022IndiaNoYesYesYesUnknown
BSOShttps://www.bsos.co/2018TaiwanYesYesYesNoUnknown
Canton Networkhttps://www.canton.network/2023United StatesYesNoNoNoUnknown
Cerchiahttps://www.cerchia.io/2020SwitzerlandNoYesNoNo$2,700,000
Circle*https://circle.com/2013United StatesNoNoNoNo$950,000,000
Comtech Gold*https://comtechgold.com/2022DubaiNoYesNoYesUnknown
dclexhttps://dclex.com/CanadaNoYesNoNoUnknown
DigiFThttps://www.digift.sg/2021SingaporeNoYesYesNo$10,500,000
DigiShareshttps://digishares.io/2018DenmarkNoYesYesNo$2,000,000
Ebrichttps://ebric.io/2020SingaporeNoYesYesNoUnknown
Ektahttps://ektarealestate.app/2021IndonesiaYesYesYesNo$67,100,000
Enigma Vaulthttps://www.enigmavault.io/2020United StatesNoNoNoYesUnknown
eNorhttps://enorsecurities.com/en/2021El SavadorNoYesYesYesUnknown
Estate Protocolhttps://www.estateprotocol.com/2021United Arab EmiratesNoYesYesNo$1,000,000
Flowcarbonhttps://www.flowcarbon.com/2021United StatesNoNoNoNo$1,573,001
Fnality Internationalhttps://www.fnality.org/home2019United KingdomYesNoNoNo$62,000,000
Fortunafihttps://www.fortunafi.com/2020United StatesNoYesYesNo$6,350,000
Franklin TempletonFranklin Templeton1947United StatesNoNoYesNoUnknown
Frictionlesshttps://www.frictionless.markets/2022LuxembourgNoNoNoNoUnknown
Fusanghttps://www.fusang.co/2015Hong KongYesYesYesYes$7,500,000
Gromahttps://www.groma.com/2020United StatesNoNoYesNo$49,300,000
Hamsa Payhttps://www.hamsa.com/2020United StatesNoYesYesNo$5,700,000
Hashnotehttps://www.hashnote.com/2022United StatesNoNoNoNo$5,000,000
Helixhttps://helixfinance.io/2023SingaporeNoNoYesNo$2,000,000
Homium*https://www.homium.io/2018United StatesNoNoYesNo$14,900,000
HoneyBrickshttps://www.honeybricks.com/2020United StatesNoYesYesYesUnknown
HouseAfricahttps://houseafrica.io/2017NigeriaNoYesYesNo$525,000
Intainhttps://intainft.com/2018United StatesNoYesYesYes$1,500,000
INX Digitalhttps://www.inx.co/2017United StatesNoYesYesNo$101,700,000
InvestaXhttps://investax.io/2015SingaporeNoYesYesYes$150,000
Jiahttps://www.jia.xyz/2022United StatesNoYesYesNo$5,300,000
Libre*https://www.librecapital.com/2024United KingdomYesNoNoNoUnknown
Liquid Mortgagehttps://www.liquidmortgage.io/2018United StatesNoYesYesNoUnknown
Loftyhttps://www.lofty.ai/2018United StatesNoYesYesNo$5,000,000
Mercado Bitcoin*https://www.mercadobitcoin.com.br/2013BrazilNoNoNoNo$238,000,000
Mountain Protocolhttps://mountainprotocol.com/2023BermudaNoNoNoNoUnknown
NYALA/https://www.nyala.de/en/2019GermanyNoYesYesNoUnknown
OpenChrono*https://openchrono.io/en-gb2022GermanyNoYesNoNoUnknown
Ownerahttps://ownera.io/2018United KingdomYesNoYesNo$20,000,000
Paxoshttps://paxos.com/2012United StatesNoYesNoYes$543,500,000
PeerHivehttps://peerhive.app/2023MalaysiaNoYesYesNoUnknown
Petalehttps://www.petale.com/2018FranceYesYesYesNoUnknown
Polymathhttps://polymath.network/2017BarbadosYesYesYesNo$58,700,000
Pontorohttps://www.pontoro.com/2015United StatesNoNoYesNo$10,000,000
Propyhttps://propy.com/home/2015United StatesNoYesYesNoUnknown
PV01https://www.pv0.one/2022United KingdomNoYesNoNo$9,000,000
Realio Networkhttps://realio.network/2018United StatesYesYesNoYesUnknown
RealThttps://realt.co/2019United StatesNoYesYesNo$10,200,000
RealXhttps://www.realx.in/about-us2017IndiaNoNoYesNoUnknown
Riddle&Codehttps://www.riddleandcode.com/2016AustriaYesNoNoYesUnknown
Robinlandhttps://www.robinland.io/2021United StatesNoYesYesNo$2,000,000
SEBA Bankhttps://www.seba.swiss/2018SwitzerlandNoYesNoYes$246,900,000
Securitizehttps://securitize.io/2017United StatesNoYesYesNo$100,200,000
Securrencyhttps://securrency.com/2015United StatesNoYesYesNo$64,500,000
Smart Token Labshttps://smarttokenlabs.com/2017AustraliaNoNoNoYes$6,000,000
Soilhttps://soil.co/2021PolandNoYesYesNoUnknown
Spydrahttps://www.spydra.app/2021United StatesYesNoNoNo$18,300,000
Stable*https://withstable.com/2021United StatesNoNoNoNoUnknown
Stoboxhttps://stobox.io/2018United StatesNoYesYesNo$1,200,000
STOKRhttps://stokr.io/2018LuxembourgNoYesYesNo$8,100,000
Structurehttps://structure.fi/2020British Virgin IslandsNoYesNoNo$20,000,000
Superstatehttps://superstate.co/2023United StatesNoNoNoNo$4,000,000
Taurus Platformhttps://www.taurushq.com/2018GenevaNoYesNoYes$75,900,000
Talium Assetshttps://www.talium-assets.com/2018FranceNoYesYesNoUnknown
Tether*https://tether.to/en/2014British Virgin IslandsNoNoNoNoUnknown
Texture Capitalhttps://www.texture.capital/2019United StatesNoYesYesNo$1,000,000
Tokeny Solutionshttps://tokeny.com/2017LuxembourgNoYesYesYes$5,660,000
TOKOhttps://toko.network/2022Hong KongNoNoYesNoUnknown
Tradable*https://www.tradable.xyz/2022United StatesNoNoNoNo$2,000,000
tZEROhttps://www.tzero.com/2014United StatesNoYesYesNo$275,000,000
Vertalohttps://www.vertalo.com/2017United StatesNoNoYesNo$7,800,000
WeOwnhttps://weown.com/de/2017LiechtensteinYesYesYesYesUnknown
WisdomTreehttps://www.wisdomtree.com/1985United StatesNoYesYesNo$126,400,000
Yieldteqhttps://www.yieldteq.io/2023United StatesNoNoNoNoUnknown
Zivoe Financehttps://zivoe.finance/2020United StatesNoNoYesNoUnknown
Zodorhttps://www.zodor.io/2023IndiaNoNoYesNoUnknown

*Newly added to the report

Key Takeaways

  • 42 of the listed organizations are registered in the United States, followed by Singapore with 6 protocols, the United Kingdom with 5 protocols, Switzerland with 4 protocols, and India and Luxembourg with 3 protocols each.
  • 9 new projects were added to this month’s report:
    • Circle is a financial technology company that issues USDC, a stablecoin pegged to the U.S. dollar.
    • Comtech Gold provides a platform to buy digital gold that is backed by physical gold stored securely with Transguard.
    • Homium manages real estate equity mortgages and acts as a platform for securitization in the real estate sector.
    • Libre is an institutional Web3 infrastructure platform for alternative investments that introduced a tokenized version of a BlackRock money-market fund.
    • Mercado Bitcoin is a cryptocurrency exchange that offers access to alternative investments like tokenized assets, such as high-yield public and private debt, FuteCoin, and carbon credits.
    • OpenChrono supports a Web3 community for watch consumers to buy, sell, and use luxury watches as collateral.
    • Stable issues USDLR, a stablecoin backed by fiat currency.
    • Tether is the issuer of USDT, a major stablecoin that aims to maintain a U.S. dollar peg.
    • Tradable enables users to invest in private credit funds.
  • Only 15 organizations utilize an in-house blockchain network.
  • 57 of the organizations have their own tokenized asset marketplace.
  • 59 of the organizations support the fractionalization of real-world assets.

CeFi RWA Asset Classes

The table below displays the types of underlying assets tokenized by the selected protocols.

EntityReal EstateEquitiesCommoditiesFixed IncomePrivate CreditForexOther (Art, Luxury, Environmental, etc.)
10XTS
ADDX
Ainslie Crypto
Aktionariat
AllianceBlock
Alphaledger
AlphaPoint
Arca US Treasury Fund
Archax
Arf
Bankex
Blocksquare
Bondblox
Brale
Brickken
Brightvine
Bru Finance
BSOS
Canton Network
Cerchia
Circle*
Comtech Gold*
dclex
DigiShares
DigiFT
Ebric
Ekta
Enigma Vault
eNor
Estate Protocol
Flowcarbon
Fnality International
Fortunafi
Franklin Templeton
Frictionless
Fusang
Groma
Hamsa Pay
Hashnote
Helix
Homium*
HoneyBricks
HouseAfrica
Intain
INX Digital
InvestaX
Jia
Libre*
Liquid Mortgage
Lofty
Mercado Bitcoin*
Mountain Protocol
NYALA
OpenChrono*
Ownera
Paxos
PeerHive
Petale
Polymath
Pontoro
Propy
PV01
Realio Network
RealT
RealX
Riddle & Code
Robinland
SEBA Bank
Securitize
Securrency
Smart Token Labs
Soil
Spydra
Stable*
Stobox
STOKR
Structure
Superstate
Taurus Platform
Talium Assets
Tether*
Texture Capital
Tokeny Solutions
TOKO
Tradable*
tZERO
Vertalo
WeOwn
WisdomTree
Yieldteq
Zivoe Finance
Zodor

*Newly added to the report

Key Takeaways

  • As of April 2024, the most common tokenized asset types are real estate (38) and equities (32).
  • Tokenization of private credit and fixed income are nearly as popular, with both offered by 29 platforms.
  • Tokenization of foreign exchange and commodities-based assets remains the least popular among CeFi RWA providers.

DeFi RWA Industry Players

The table provides details on a selection of 56 on-chain tokenization providers. Unlike their CeFi counterparts, DeFi RWA providers are generally more permissionless, with a majority of operations conducted on the blockchain.

EntityBlockchain(s)SectorAsset Class(es)Founding YearGeography/Jurisdiction
AconomyPolygonTokenizationLuxury Goods2023
AmFiAvalancheCreditCredit & Loans,
Real Estate
2022United States
AltaEthereum, Polygon, OptimismTokenizationReal Estate,
Automotive
2020United States
AnzenEthereumCreditCredit & Loans2022United States
Artrade*SolanaTokenizationArtwork & NFTs2021France
AltendisPolygonCreditCredit & Loans2021France
Backed FinanceEthereum, GnosisTokenizationCredit & Loans,
Equities
2021Switzerland
BitbondArbitrum, Avalanche,
Binance, Ethereum,
Optimism
TokenizationFixed Income2013Germany
BlockcellarPolygonTokenizationLuxury Goods2023Unknown
Bluejay FinanceEthereumStablecoin CreditFixed Income2021Singapore
Canza FinanceAvalanche, CeloStablecoin CreditCredit & Loans2020Nigeria
Carapace FinanceEthereumCreditCredit & Loans2021Unknown
CellarDAOPolygonTokenizationLuxury Goods2023Singapore
CentrifugeEthereumCreditCredit & Loans,
Real Estate
2017Switzerland
CitaDAOEthereumTokenizationReal Estate2021Singapore
ClearpoolEthereum, PolygonCreditCredit & Loans2021Hong Kong
CrediFiEthereum, BinanceCreditCredit & Loans2020Bulgaria
CredixSolanaCreditCredit & Loans2021Belgium
Cogito ProtocolEthereumTokenizationFixed Income
Equities
2022United States
DefactorEthereum, PolygonCreditFixed Income
Credit & Loans
2020Luxembourg
DexstarEthereumCreditCredit & Loans2021Cayman Islands
DEFYCAAvalancheTokenizationCredit & Loans,
Fiat
2021Luxembourg
ElysiaEthereumTokenizationReal Estate2020Singapore
EnsuroEthereumInsuranceInsurance Portfolio2021Singapore
FabricaEthereumDerivativesReal Estate2019United States
Florence FinanceEthereumCreditCredit & LoansUnited Arab Emirates
FriggEthereumCreditCredit & Loans2022Switzerland
GoldfinchEthereumCreditCredit & Loans2020United States
HomecoinEthereumStablecoinMortgagesUnknown
Huma FinancePolygon, CeloCreditCredit & Loans2022United States
impactMarketCeloCreditCredit & Loans2020Portugal
KlimaDAOPolygonTokenizationCarbon Credit2021United States
LandXEthereumCreditCredit & LoansLithuania
MakerEthereumStablecoin CreditCredit & Loans,
Cryptocurrencies
2015Denmark
MapleEthereum, SolanaCreditCredit & Loans2020Australia
MatrixdockEthereumTokenizationFixed IncomeSingapore
MaxosEthereumStablecoin CreditCredit & Loans2020United States
Meld GoldAlgorandCommoditiesGold2020Australia
ObligatePolygonCreditCredit & Loans2019Switzerland
Ondo FinanceEthereumTokenizationCredit & Loans2021United States
OpenEdenEthereumTokenizationFixed Income2022Singapore
Parabol FinanceEthereumTokenizationFixed Income2015United States
ParclSolanaDerivativesReal Estate2022British Virgin Islands
Pearl ExchangePolygonInfrastructureStablecoins2023Unknown
Polytrade FinancePolygonCreditCredit & Loans2021United Arab Emirates
PurpleFiTokenizationReal Estate2022United Kingdom
Ribbon Lend*EthereumStablecoin CreditCredit & Loans2020Singapore
SaplingPolygonCreditCredit & Loans2022United Kingdom
Solv FinanceEthereumTokenizationFixed Income2020British Virgin Islands
Swarm*PolygonTokenizationSecurities2021Germany
TangiblePolygonStablecoinLuxury Goods,
Precious Metals,
Real Estate
2021United States
Toucan ProtocolPolygon, CeloTokenizationCarbon Credit2021Switzerland
Tribal Finance*EthereumCreditCredit & Loans2016United States
TrueFiEthereumCreditCredit & Loans2020United States
UnikuraEthereumTokenizationTrading cards, Watches, Luxury Goods, and Art2023Japan and Singapore
UntangledCeloTokenized CreditPrivate Credit Assets (Invoices and SME Loans)2020United Kingdom

*Newly added to the report

Key Takeaways

  • 4 new protocols were added to our list of decentralized providers:
    • Artrade is an art platform powered by blockchain technology that lets creators sell their work and engage with their community.
    • Ribbon Lend provides a lending platform that allows depositors to lend to institutional borrowers who have been approved.
    • Swarm allows users to trade RWAs on-chain by providing infrastructure for token issuance, liquidity, and trading.
    • Tribal Finance connects institutional investors and lending opportunities.
  • As of the end of 2023, Credit & Loans is the most common sector for DeFi tokenization products, with a total of 30 providers supporting real-world loans.
  • Ethereum is the most common blockchain among RWA DeFi applications, with 33 out of 56 providers being run on the blockchain.
  • A smaller portion of the RWA DeFi applications run on the Polygon, Solana, Avalanche, Celo, BNB Smart Chain, and Gnosis Chain blockchains.

DeFi RWA Protocols

The following table provides details on DeFi protocols that integrate real-world assets. These range from on-chain emerging markets lenders to protocols providing on-chain market participants with access to US Treasury Bills.

ProtocolNetworkActive LoansTotal Lifetime LoansTotal Value Locked (TVL)Market Capitalization of Protocol’s Native TokenQuarterly Change in Market Capitalization (%) of Protocol’s Native Token
CentrifugeEthereum$277,359,312$558,552,634$271,371,784$421,296,68327.09%
MapleEthereum$174,299,957$3,580,000,000$131,410,000$153,108,14438.39%
GoldfinchEthereum$99,470,695$112,989,772$2,650,000$306,710,272269.61%
CredixSolana$33,185,576$42,371,385$28,300,000N/AN/A
TrueFiEthereum$19,002,202$1,740,000,000$21,690,000$154,272,633131.27%
HomeCoinEthereum$6,101,113$7,955,966$6,296,638N/AN/A
Ondo FinanceEthereumN/AN/A$221,470,000$1,411,485,084N/A
Ribbon LendEthereumUnknown$55,647,465N/A$1,653,119,922N/A

Data is sourced from project websites or other publicly available information, including rwa.xyz.

Key Takeaways

  • All protocols saw the market cap of their native tokens increase over the past quarter.
  • The market capitalization of Goldfinch’s native token increased from $82,981,439 to $306,710,272 in Q1 2024, an increase of 269.61%.

RWA U.S. Treasury Protocols

ProtocolNetworkTickerNameMarket CapitalizationQuarterly Change in Market CapitalizationYield To MaturityMinimum Investment
Backed FinanceEthereumbIB01Backed IBTA $ Treasury Bond 0-1yr$29,803,445-36.32%5.23%$5,000
Franklin Templeton Benji InvestmentsStellarFOBXXFranklin OnChain U.S. Government Money Fund$363,355,11712.34%5.11%$0
HashnoteEthereumUSYCHashnote Short Duration Yield Fund$40,762,040-10.01%4.70%$100,000
MapleEthereumMPLcashUSDCCash Management Pool (USDC)$17,616,55619.44%5.06%$100,000
MapleSolanaMPLcashUSDC-SPLCash Management Pool (USDC-SPL)$8,381,215-34.43%4.80%$100,000
MatrixdockEthereumSTBTShort-term Treasury Bill Token$42,337,819-60.19%4.86%
Ondo FinanceEthereumOUSGOndo Short-Term US Government Bond Fund$88,380,753-33.64%4.68%$100,000
Open EdenEthereumTBILLOpenEden TBILL Vault$21,904,957-1.34%5.30%$100,000
WisdomTreeStellarWTSYXWisdomTree Short-Term Treasury Digital Fund$1,003,526-90.70%4.87%$25

Data is sourced from project websites or other publicly available information, including rwa.xyz.

Key Takeaways

  • Most treasury tokenization providers recorded a decrease in market capitalization in Q1 2024, while Franklin Templeton Benji Investments and Maple on Ethereum recorded increases.
  • The largest percentage decline in market capitalization was experienced by WisdomTree Stellar (WTSYX), with a decrease of ~90%. Meanwhile, Matrixdock (STBT) saw the most significant decrease in market cap value, declining by $64 million in Q1 2024.
  • Franklin Templeton Benji Investments maintains its position as the market cap leader, with a total of $363,355,117 as of 1 April 2024.

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All information is provided for information purposes only and provided “as is” without warranty ofany kind. Neither Digital Asset Research (“DAR”) nor its respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, express or implied, as to the accuracy, timeliness, completeness, merchantability or the fitness orsuitability for any particular purpose of any information contained herein or any information or results to be obtained from the use of DAR products. DAR may have a business relationship with some of the tokens, projects or entities named in this report, but every effort is made to ensure the impartiality and objectivity of the research. Neither DAR, nor its respective directors, officers, employees, partners or licensors, provide investment advice and nothing contained in this document constitutes financial, investment, tax, or legal advice. No responsibility or liability can be accepted by DAR nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever resulting from the use of, or inability to use, such information. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means without prior written permission of DAR. Use and distribution of any data or product provided by DAR requires a license from DAR and/or their respective licensors.


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