Ethereum is winning the war for real world assets and nothing is close. I just looked at the numbers and oh my god. Two things to establish. First, RWAs are a network effect game. Liquidity begets liquidity. Institutions go where there's liquidity. Power laws win. Second, the network effect game is three fold. There's a good, better, best for Ethereum network effects. Good = Ethereum virtual machine (EVM) Better = Ethereum L2 Best = Ethereum L1 Ok. Let's go category by category on RWAs. Stablecoins. Ethereum has almost $160 billion of stablecoins on its L1, that's 57% of all stablecoins - already impressive. If you add EVM share you get 95%. That means 95% of all stablecoins reinforce Ethereum's existing network effects. Newer stablecoin focused networks - Stripe Tempo, Circle Arc, Plasma Tether - all EVM. Strange as it sounds, EVM momentum is dominant but increasing. Stablecoins are the king of RWAs, the OGs - 90% of all RWAs are stablecoins. No RWA class is as mature. All other assets will go where the stablecoins go. Winning stablecoins probably means winning RWAs and Ethereum stablecoin network effects are staggering. Treasuries. Ethereum L1 has $5.2 billion here, that's 70% share. Add EVM and you get 86% share of onchain Treasuries. All issuers that matter - BlackRock, WisdomTree, Franklin, Ondo have treasuries on Ethereum. No one gets fired for deploying on Ethereum, so everyone does - 34 total issuers on Ethereum, the next closest doesn't have half that number. Treasuries are the world reserve asset and Ethereum is the onchain home for treasuries. Gold. Ethereum L1 has 78% of the worlds tokenized gold - almost $2B worth. If you add the EVMs, it's 99.96%. Utterly dominant. Tokenized gold is poised for growth with crypto native issues like Paxos and Tether tripling down. And when the big gold institutions enter - say BlackRock's Gold EFT - where do you think they'll deploy? If you're bullish onchain gold you're bullish Ethereum. Stocks. Tokenized stocks are the most nascent of onchain markets and the most regulated - only $420m so far. Stocks is the one category Ethereum is not yet dominating. Ethereum L1 has $65m - that's only 15%. But look more closely - Algorand and Stellar only have 1 stock each, whereas Ethereum has 200. Exodus Movement is the single stock on Algorand and worth $215m alone, a clear outliner experiment - likely incentivized by Algorand. Remove those and Ethereum L1 is closer to 44% of total, trailed closely by Solana at 30%. Does Solana stand a chance here? Maybe. But consider the heavyweights about to enter - Robinhood, eToro, even Coinbase - all of these are preparing to list tokenized securities on Ethereum L2s. All of these will be ready when the SEC greenlights tokenized stocks. Robinhood alone has $170 billion in stocks it could move onchain to Ethereum. Hard to win against these network effects. Let's zoom out Adding stablecoins and non-stablecoin RWAs together you see Ethereum dominance. Ethereum L1 = 79% marketshare ($160B) Add Ethereum L2s = 86% marketshare ($185B) Add Ethereum EVMs = 93% marketshare ($200B) 93% of RWAs are good for Ethereum. 86% of RWAs are really good for Ethereum. 79% of RWAs are really really good for Ethereum. This is why people like @fundstrat say things like institutions are building on Ethereum - they are. Ethereum is winning the RWAs game and nothing is close. What if the EVM wins but Ethereum doesn't? Some people still find a way to believe that the EVM will win but Ethereum won't - they point to permissioned corporate chains building separate L1 EVMs and say, a-ha! They're building a better Ethereum! My friends - every centralized EVM chain just cements Ethereum's lead - the only thing the corp chains will agree on is using Ethereum for security and neutrality, none can compete on this dimension. What if Ethereum wins but ETH doesn't? Others will find a way to believe none of these RWA adds value to ETH the asset. How is this accretive to Ethereum revenue? My friends - if Ethereum becomes the world ledger you think it's farfetched to believe ETH the asset - with lower issuance than bitcoin or gold and better censorship resistance - you think it's farfetched to believe ETH will catch up and even exceed these other store of value assets? ETH issuance is .7% - issuance is capped - the world is starved for fixed supply assets that aren't anyone else's liability and have no counterparty risk. Once they see it the world will catch on. Ethereum = world ledger ETH = world reserve asset