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DeFi tokenized RWA activity rebounds to about $3.77B
The recovery follows an April 18 exploit that caused a $13B drop across DeFi in 48 hours, and it left attackers’ forged, unbacked rsETH releases traceable to KelpDAO’s setup.
DeFi tokenized real-world asset, or RWA, activity has rebounded to about $3.77 billion, close to the level seen before an April 18 exploit triggered a broader DeFi selloff, according to CryptoSlate. DefiLlama data cited by CryptoSlate indicates the active RWA figure took roughly 95 days to recover to around $3.77 billion as of July 22, after the April 18 incident drove an estimated $13 billion decline across DeFi within 48 hours.
The failure, as described by CryptoSlate, involved a compromised verification setup that allowed attackers to forge a cross-chain message and release roughly 116,500 unbacked rsETH, worth about $292 million, through KelpDAO’s LayerZero multichain infrastructure. Once Aave accepted the token as collateral, the attacker borrowed against it, and the resulting run pulled $8.45 billion out of Aave within two days. CryptoSlate adds that the impact spread to lending markets with little or no exposure to rsETH.
CryptoSlate also notes that tokenized funds can act as “working capital” in DeFi when posted as collateral across platforms like Aave, Morpho, or Kamino, enabling loans, vault supply, or cross-chain strategies. In the current landscape tracked by DefiLlama, the total tokenized RWA value is about $51.9 billion, with only about 7% sitting in the active DeFi figure, while Ethereum anchors the recovered market at about $1.98 billion, or 53% of active RWA value. CryptoSlate further reports that Solana is the largest non-Ethereum deployment center at about $464 million active, and that Monad holds about $337 million, concentrated in syrupUSDC, VUSD private credit, and aHYPER’s delta-neutral fund exposure.
Latest closeEthereum $1,901.31 ▼1.7%|Solana $76.63 ▼1.6%