Blockchain Is No Longer Replacing Wall Street, It Is Becoming Wall Street's New Pipeline
- In Q2 2026, total DeFi deposits fell about 15% year-over-year, while on-chain real-world asset (RWA) deposits increased over 200%.
- Total DEX spot trading volume dropped about 70% year-over-year, contrasting with a 220% growth in RWA spot trading volume.
- The decline in DeFi is attributed to a downcycle in Bitcoin and rising hacking incidents, leading to reduced confidence and capital exit.
- Tokenized U.S. Treasuries grew significantly, with BlackRock controlling about 40% of that market.
- RWA perpetual contracts saw a 16-fold increase in trading volume, becoming a major force in on-chain trading.
A report by CoinShares and Token Terminal indicates that the total deposits in decentralized finance (DeFi) fell approximately 15% year-over-year in Q2 2026, while deposits in on-chain real-world assets (RWA) surged over 200%. This shift highlights a growing preference for traditional financial assets on blockchain platforms.
In contrast to the declining DeFi landscape, RWA spot trading volume experienced a significant increase of about 220%. The total trading volume on decentralized exchanges (DEX) dropped roughly 70% year-over-year, reflecting the challenges faced by the DeFi sector amid a broader market downturn.
The report attributes the decline in DeFi to a downturn in Bitcoin prices and an increase in hacking incidents, which has eroded investor confidence and led to capital exit from the market. Meanwhile, tokenized U.S. Treasuries have emerged as a key component of RWA, with BlackRock controlling a substantial share of this market.
Additionally, RWA perpetual contracts have seen explosive growth, with quarterly trading volume increasing from $12.37 billion in Q4 2025 to $202.7 billion in Q2 2026, marking a significant shift in on-chain trading dynamics. This trend indicates that blockchain technology is becoming increasingly integrated with traditional financial markets.
区块链不再取代华尔街，而是成为华尔街的新管道
CoinShares和Token Terminal的报告显示，2026年第二季度，去中心化金融（DeFi）的总存款同比下降约15%，而链上真实世界资产（RWA）的存款激增超过200%。这一变化突显了对传统金融资产在区块链平台上日益增长的偏好。
与下降的DeFi市场形成对比的是，RWA现货交易量经历了约220%的显著增长。去中心化交易所（DEX）的总交易量同比下降约70%，反映了DeFi部门在更广泛市场下行中面临的挑战。
报告将DeFi的下降归因于比特币价格的下跌和黑客事件的增加，这削弱了投资者信心并导致资本流出市场。同时，代币化美国国债已成为RWA的关键组成部分，贝莱德在该市场中占据了相当大的份额。
此外，RWA永久合约的交易量也出现了爆炸性增长，季度交易量从2025年第四季度的123.7亿美元增加到2026年第二季度的2027亿美元，标志着链上交易动态的显著变化。这一趋势表明，区块链技术正日益与传统金融市场融合。