Securitize has $4.11B of tokenized assets onchain, and only 0.7% of it gets used. Maple is a fraction of that size, yet 62% of its assets are actually being lent, borrowed and used in DeFi. That gap matters because the whole point of putting an asset onchain is for people to lend it, borrow against it and trade it. RWAs are a $30B market now, and 87% of it is just sitting there doing nothing. So I stopped caring about who has the longest asset list and started watching utilization, because it tells you way more than market cap. Here's how the major platforms stack up: • @Securitize leads institutional issuance at ~$4.11B onchain. Utilization? Only 0.7%. • @OndoFinance is getting the widest range of assets into 10+ chains , still only ~2.7% in use. • @maplefinance is smaller, but a much larger 62% of its assets is actually being lent, borrowed and used in DeFi. Everyone else is basically at zero, so that's not Maple being slightly better, it's Maple running a completely different business. • @RobinhoodCrypto has a different advantage altogether. It already owns the app, wallet and customer relationship, so it doesn’t need to find users after launching the product. • Then there’s @HyperliquidX, which isn’t really focused on tokenizing the underlying asset. It’s letting people trade stocks, gold, oil and indices around the clock through perps. The category split makes the difference even clearer. Bonds and money-market funds make up ~$16.25B of the market, but only around 5% is active in DeFi. Private credit is much smaller at ~$3.55B, yet roughly 61% is already being put to work. So the filter for the whole sector now is who can get RWA assets into wallets, lending markets and trading venues where people actually use them. And for the tokens, the question is even simpler: when all this activity happens, does any of the money reach holders? Because an RWA platform can build a very good business without creating a particularly useful token.(Edgy - The DeFi Edge 🗡️)