Crypto▲ Bullish
Tokenized RWAs Hit $29.5B, Reshaping Onchain Trade Execution
Allium data shows $29.5B in tokenized RWAs as of July, driving a split between AMM and RFQ execution for large onchain trades. The shift is steering big orders toward private lanes.
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Tokenized real-world assets surpassed $29.5 billion in mid-July, Allium data shows, a milestone that market participants said is changing how professional traders move size onchain.
The shift is steering large orders away from automated market makers toward request-for-quote systems, Allium data shows. The footprint is drawing professional desks that expect execution infrastructure matching traditional markets, traders said.
AMMs price along a curve. Push size through and the price slides along the curve until the order is filled. RFQ systems work differently. An RFQ packages the order context: token pair and side. Each maker responds with a firm price for the exact size. The maker prices the order factoring in its inventory and hedging routes on centralized exchanges or perpetuals markets. If the trader accepts, the maker executes the settlement transaction or signs a message the trader can settle. Good RFQ flows include quote expiry and match-ahead rules to prevent sandwiching.
Aggregators watch both streams: public AMM quotes and private RFQ responses. They simulate fills with gas costs and route risk. If an RFQ quote beats the best simulated AMM path after costs, they take it. If the RFQ is stale or too wide, they go back to pools. Many split the order across both sources, testing a small amount on AMMs to probe depth and then pinging RFQ makers for firm size.
Allium's DEX Analytics schema separates dex.trades for AMM pool fills from dex.aggregator_trades for fills routed through aggregators and RFQ systems. The Orderflow Explorer lets a trader paste a transaction hash and see the full execution path. Allium said the schema split allows researchers to attribute the final price to the real liquidity source.