Recently, the competition for on-chain RWA is no longer about "who can move stocks onto the chain first," but rather who can build a complete set of DeFi nested systems around RWA.
Currently, it can be divided into four states:
1. Robinhood: Starting to build a complete RWA DeFi infrastructure
Robinhood is doing more than just issuing tokenized stocks; it is gradually integrating these assets into trading, LP, lending, collateralization, leverage, structured products, and on-chain gaming.
Once a stock asset is on-chain, it can continue to be used for:
Trading
→ Market making
→ Collateralized loans
→ Leveraging in cycles
→ Forming yield products
→ Entering games and prediction markets
→ Generating fees and recycling into the protocol
This is what is referred to as "nested systems."
The real value lies not in issuing a few more stock tokens, but in allowing the same RWA to be used repeatedly on-chain, creating liquidity and capital efficiency.
2. BSC: Currently mainly at the "coin-stock" stage
BSC has seen several stock narrative tokens, but overall it is still focused on trading and speculation, and there has not yet been a complete DeFi combination relationship among RWA assets.
However, BSC's biggest advantage is its large user base, active funds, and fast replication speed.
Once the RWA lending, LP, structured products, and gaming models on Robinhood are validated by the market, BSC is likely to swiftly follow, upgrading from "speculating on coin-stocks" to "creating nested systems around coin-stocks."
3. Solana: Quickly copied once, but did not persist
Solana previously saw a wave of stock tokens and RWA narratives, but most projects only replicated asset names and market hype, without establishing a sustainable fund recycling mechanism.
Without stable underlying assets, lending demand, protocol income, and product combinations, liquidity is naturally hard to maintain once the hype fades.
Solana's problem is not lack of performance, but that it only grasped the superficial aspect of "stocks on the chain" without continuing to build the financial structure.
4. Base: Just started copying homework, but hasn't grasped the essence
Base is seeing more and more RWA, stock tokens, and related applications, but many current projects still remain at the stage of issuing tokens, establishing trading pools, and packaging narratives.
The true essence of Robinhood's model is not to issue a conceptual token like NVDA or SPCX, but to:
Make RWA the underlying building blocks of on-chain finance.
Asset issuance is only the first layer.
Trading and liquidity are the second layer.
Collateral, lending, and leverage are the third layer.
Structured products, games, and protocol income form the fourth layer.
Only when these four layers are connected can RWA transition from one-time speculation to a sustainable on-chain economy.
Thus, the current landscape of on-chain RWA can be briefly summarized as:
Robinhood is building infrastructure and starting to create nested systems;
BSC is still speculating on coin-stocks, but is likely to follow quickly;
Solana once chased the hype but did not form a lasting ecosystem;
Base is copying homework, but temporarily only grasped the surface.
The real focus going forward should not be on which chain issued how many "on-chain US stocks," but on which chain successfully runs through this cycle:
RWA assets
→ Liquidity
→ Collateralized lending
→ Leverage and structured products
→ Gaming and trading demand
→ Protocol income
→ More RWA assets
Whoever can create this closed loop will have the opportunity to become the true main venue for on-chain RWA.
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