Solana’s on-chain economy is growing beyond meme coins. In fact, a new report suggests that real-world assets (RWA) are becoming one of the fastest-growing sectors.
Castle Labs found that Solana’s tokenized RWA market grew more than 600% over the past year, from $700 million to $4.3 billion. This puts it well ahead of Ethereum, where the tokenized market grew only 7% over the same period, from $15.5 billion to $16.6 billion.
As a reminder, Solana’s RWA market was only 4.5% of the size of Ethereum a year ago. It now stands at 26%.
Solana’s On-Chain Economy
The growth comes as Solana expands its DeFi ecosystem and attracts more assets beyond speculative trading. The network now offers access to U.S. Treasury debt, asset-backed credit, tokenized stocks, commodities, and curated investment strategies. Tokenized stocks, for example, have played a major role in this expansion. Their market value on Solana increased from $63 million to $455 million.
The report states that over $65 million worth of tokenized shares on-chain are used to generate revenue. Much of this activity is driven by xStocks, whose assets can be used as collateral on lending platforms such as Kamino and Jupiter Lend. This gives holders more options than just buying and holding tokenized shares.
Château Laboratories said that the same trend was observed in other RWA categories. Ondo-related reinsurance exposure is available through ONyc from OnRe, while Hastra offers PRIME and AUTO, backed by residential and consumer auto loans. Maple Finance has also expanded to Solana with SyrupUSDC. These products bring yield-producing assets into the network and create new opportunities for lenders and borrowers.
The DeFi ecosystem is gaining momentum
RWA’s expansion also helps support Solana’s broader DeFi growth. Lending protocols can use tokenized assets as collateral, while users can borrow against them and put their capital to use elsewhere. As more assets arrive, this activity can create additional demand for lending and borrowing, Castle Labs said.
Additionally, Solana has become a major force in onchain application revenue. It has generated over $193 million in the last 30 days. Interestingly, this figure is almost double Hyperliquid’s $86.5 million. Consumer applications still represent around 80% of these revenues. Launchpads, trading terminals, wallets and other platforms contributed to the total.
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