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 surged over 200%.
- Total DEX spot trading volume declined by approximately 70% year-over-year, contrasting with a 220% growth in RWA spot trading volume.
- The decline in DeFi is attributed to a downcycle in BTC prices and increased hacking incidents, leading to a loss of confidence among users.
- Tokenized U.S. Treasuries have grown significantly, with BlackRock controlling about 40% of this market segment.
- RWA perpetual contracts have seen a dramatic increase in trading volume, becoming a major force in on-chain trading.
A report released by CoinShares and Token Terminal on August 6 highlights significant shifts in the crypto finance landscape. In Q2 2026, while total DeFi deposits fell by about 15% year-over-year, on-chain real-world asset (RWA) deposits soared from $2.33 billion to $7.44 billion, marking an increase of over 200%.
The decline in DeFi is characterized by a nearly 40% drop in total value locked (TVL), attributed to a downcycle in Bitcoin prices and a series of hacking incidents that have eroded user confidence. Conversely, the RWA sector is thriving, with tokenized U.S. Treasuries becoming a prominent asset class, accounting for a significant portion of on-chain collateral.
RWA perpetual contracts have also emerged as a key player in on-chain trading, with quarterly trading volume skyrocketing from $12.37 billion in Q4 2025 to $202.7 billion in Q2 2026. This rapid growth indicates a shift in the types of assets being traded on decentralized exchanges, moving away from crypto-native assets towards traditional financial instruments.
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于8月6日发布的报告强调了加密金融领域的重要变化。在2026年第二季度，尽管DeFi总存款同比下降约15%，但链上真实世界资产（RWA）存款从23.3亿美元激增至74.4亿美元，增幅超过200%。
DeFi的下降表现为总锁仓价值（TVL）下降近40%，这归因于比特币价格的下行周期和一系列黑客事件，导致用户信心下降。相反，RWA领域蓬勃发展，代币化的美国国债成为一个显著的资产类别，占据了链上抵押品的重要部分。
RWA永续合约也已成为链上交易的关键参与者，季度交易量从2025年第四季度的123.7亿美元飙升至2026年第二季度的2027亿美元。这一快速增长表明，去中心化交易所交易的资产类型正在从加密本土资产转向传统金融工具。