TLDR:
- The Solana RWA market cap rose from roughly $700 million to $4.3 billion in one year, narrowing its value gap with Ethereum during the period.
- Ethereum still leads in total tokenized asset value, but Solana expanded faster and reached 26% of Ethereum RWA market capitalization.
- Solana applications produced $193.1 million in 30-day revenue, exceeding Hyperliquid at $86.5 million and Ethereum at $53.8 million.
- Tokenized stocks on Solana increased from $63 million to $455 million, while supported assets gained lending and collateral uses.
Solana RWA market cap climbed from about $700 million to $4.3 billion over the past year. Castle Labs reported the expansion in its ecosystem study. The figure lifted Solana’s RWA scale from 4.5% of Ethereum’s RWA market to 26%. SOL traded at $106.39, up 3.28% during the session. The price move offered market context, while the report focused on tokenized assets and application revenue.
Solana RWA market cap now remains smaller than Ethereum’s in absolute terms. Yet its expansion was far faster over the measured year. Ethereum’s on-chain RWA value rose from $15.5 billion to $16.6 billion. Solana added roughly $3.6 billion over that span, while Ethereum added about $1.1 billion.
Solana has not overtaken Ethereum in total RWA value. Ethereum’s larger base remained dominant across the two networks. That held despite Solana’s much faster percentage expansion over the reported year.
Solana RWA Market Cap Reaches $4.3 Billion in One Year
The rise represents a little more than six times Solana’s previous RWA market value. It also altered the relative gap between the two networks. One year earlier, Solana’s tokenized asset value equaled about 4.5% of Ethereum’s. It now equals roughly one quarter.
The Solana RWA market cap covers financial assets represented on-chain. Castle Labs listed U.S. Treasury debt, asset-backed credit, tokenized stocks, curated strategies, and commodities among available categories. The report did not assign a specific share of the increase to each RWA category. Market capitalization measures the value of assets issued or represented. It does not, by itself, show their trading depth or borrower demand.
Tokenized stocks posted a notable increase inside the broader Solana RWA market cap. Their value rose from $63 million to $455 million during the period. Castle Labs linked that expansion to issuers including xStocks and Backpack. Ethereum held approximately $750 million in the same category.
The report also identified a growing link between tokenized assets and DeFi. More than $65 million in tokenized equities were earning yield on Solana. xStocks could be used as collateral through Kamino and Jupiter Lend. That functionality can increase the utility of a tokenized asset beyond passive ownership.
Solana Application Revenue Tops Other Major Blockchain Rivals
Solana’s application layer generated $193.1 million in revenue during the latest 30-day period. That placed it first among networks included in Castle Labs’ comparison. Hyperliquid followed with $86.5 million, while Ethereum recorded $53.8 million.
The application revenue figure measures a separate part of the ecosystem from Solana RWA market cap. It reflects revenue attributed to applications, rather than the outstanding value of tokenized financial assets. The two metrics therefore should not be treated as interchangeable.
Castle Labs attributed roughly 80% of Solana application revenue to consumer-facing applications. That category included launchpads, trading terminals, collectible markets, and wallet applications. PumpFun generated approximately $39 million over 30 days, or about one fifth of the reported total.
The remaining revenue came from decentralized exchanges, lending, and other DeFi protocols. That mix matters because the RWA figures do not explain the full revenue lead. Consumer activity remained the report’s largest source of application income.
Still, Castle Labs reported more than $500 million in active RWA value locked within Solana DeFi protocols. It estimated that amount represented around 8% of the network’s net value locked. Yield-bearing assets can be used as collateral and support borrowing activity.
The Solana RWA market cap has grown faster than Ethereum’s over the reported period. Ethereum still has a considerably larger on-chain RWA base. The next test concerns whether Solana can retain asset value. It also concerns the growing use of those tokens across lending, trading, and other financial applications over time.
