According to a new report co-authored by RedStone Oracles, Gauntlet, Stablewatch, and the Tokenized Asset Coalition and shared with Cointelegraph, cryptocurrency yield products still lag far behind their traditional finance (TradFi) counterparts, but emerging blockchain sectors such as liquid staking tokens (LST) and real-world assets (RWA) are steadily closing the gap.
The report found that only 8% to 11% of cryptocurrencies offer passive income generation models, indicating a significant gap compared to 55% to 65% for traditional financial assets, roughly a fivefold difference. However, stablecoins, RWAs, and "blue-chip" yield tokens are rapidly narrowing the passive income gap in decentralized finance (DeFi).
The report states that emerging regulations, such as the GENIUS Act passed in July, are helping the industry catch up, leading to a rising demand for yield-bearing stablecoins and RWAs. The GENIUS Act establishes clear rules for stablecoin collateral and mandates compliance with anti-money laundering laws.
RWAs are tokenized versions of traditional assets like bonds or funds, and as major institutions recognize the efficiency of on-chain settlement, they are also introducing new sources of passive income.
Blue-chip yield tokens, such as Ethereum (ETH) LST and Solana (SOL) LST, are also gaining attention by creating higher capital efficiency for cryptocurrency stakers.
Over the two years leading up to November, ETH LST grew from 6 million to 16 million, with a nominal value increase of $34 billion at today’s prices.
LSTs, such as Lido's stETH (STETH), provide cryptocurrency stakers with tokens equivalent to their staked tokens, which can be traded or deployed in other DeFi protocols, thereby creating higher capital efficiency.
According to the report, cryptocurrency yield assets are expected to achieve "exponential growth" in the coming months and will benefit from the gap between DeFi and traditional finance, which the report describes as "the biggest opportunity in cryptocurrency."
The report states: "As the argument of 'cryptocurrency as infrastructure' gains traction, on-chain finance proves its superior capital efficiency, and yield-bearing crypto assets are poised for exponential growth," as institutional capital seeks higher "efficiency."
Yield tokens, such as Solana LST, are also gaining attention among institutions as they can earn about 4% passive income based on holdings.
Similar to Ethereum, the supply of Solana LST has doubled, growing from 20 million in January 2024 to about 40 million at the time of writing, with 67% of the total supply of Solana tokens currently locked in staking smart contracts.
Related: Sonic Labs shifts to a "business-first" strategy, moving from a focus on speed to a focus on survival.
Original article: “As Staking and RWA Surge, the Yield Gap Between Crypto and Traditional Finance Narrows”
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