RWAs Overtake DEXs as Fifth-Largest Category in DeFi by TVL
Real-world asset (RWA) protocols are one of decentralized finance’s (DeFi’s) winners in 2025, overtaking decentralized exchanges (DEXs) to become the fifth-largest category by total value locked (TVL), according to DefiLlama. RWAs now account for about $17 billion in TVL, up from $12 billion in Q4 2024, highlighting how quickly tokenized Treasurys, private credit and other...
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