# RWA — X 热门讨论 (2026-09-19 09:32 UTC)
## @Elikrypt (ΞLIKRYPTO) · 09-19 07:30 · ♥52 ↻1 💬27 HYPE just hit a new ATH at $94.47.
The price is getting all the attention, but the numbers behind it are more interesting.
At that price, HYPE was around a $20.6B circulating market cap.
So what’s actually behind the move?
@HyperliquidX is way past being just another perp DEX.
By June 30, it was doing roughly 9.4% of global perp volume, including CEXs.
By Aug. 23, it had about 63% of decentralized perp OI.
That’s a serious amount of the market.
Hyperliquid isn’t just taking volume from other DeFi venues anymore. It’s starting to capture derivatives flow from CEXs as well. (Nasdaq)
Then there’s the HYPE tokenomics.
99% of protocol fees go to the Assistance Fund, which uses those fees to buy HYPE from the market.
By Aug. 23, it had bought 46.7M HYPE, permanently removing roughly 4.7% of the initial supply from circulation.
The loop is simple:
Trading → fees → HYPE buys → supply removed.
That doesn’t mean HYPE has to keep going up.
But it does give the token a clear link to activity on the protocol.
Then there’s RWA perps.
RWA markets made up more than 50% of Hyperliquid’s weekly volume for two straight weeks in July.
HIP-3 OI also crossed $4B in August. (Nasdaq)
That’s where the Hyperliquid story starts getting bigger.
It’s no longer just about crypto perps. The platform is adding markets around RWAs, outcome markets and other products on the same trading and margin infrastructure. (Nasdaq)
Now look at @Robinhood Chain.
It launched on July 1, and the early numbers have moved quickly.
CoinDesk had TVL around $757M on Sept. 4. Later reports put it near $1B, while Bernstein cited roughly $1.5B TVL and $50B+ in cumulative DEX volume around Sept. 8.
Those are different dates and sources, so I wouldn’t treat them as one current figure.
Still, the amount of activity this early is worth watching.
And there’s another number that stands out:
Robinhood’s own app users were estimated to account for only ~1–2% of Chain transactions in early September.
So far, a lot of the activity has been coming from crypto-native users.
That matters because Robinhood already has something most new chains have to spend years building: an existing user base with assets already sitting on the platform.
At the end of August, Robinhood reported 28.6M funded customers and $384B in platform assets. (Robinhood Markets, Inc.)
The question is how much of that activity eventually makes its way onchain.
Then there’s tokenized equities.
Tokenized-equity value on Robinhood Chain was estimated to grow from around $10–12M to $140–150M in roughly two months.
And on Sept. 17, the SEC announced a five-year exemption framework for certain tokenized-stock trading, with conditions around investor rights and issuer notification.
That doesn’t mean every tokenized-stock model works.
But it does make the tokenization side of Robinhood worth watching more closely.
Hyperliquid → trading infrastructure.
Robinhood → users, assets and distribution.
Hyperliquid is proving that serious derivatives activity can happen onchain.
Robinhood already has the customers and financial assets. The interesting question is how much of that existing ecosystem can actually be brought onchain.
If tokenized equities become collateral, RWA perps keep growing, stablecoins become the settlement layer, and more Robinhood activity moves onchain, these two models could eventually start overlapping.
That’s a much bigger story than another perp DEX or another L2.
It’s about where capital, assets and trading activity end up living. https://x.com/Elikrypt/status/2101212437378691197
## @CryptoNaija042 (CryptoNaija042, ACA🪢) · 09-19 07:59 · ♥46 ↻8 💬2 $RIO the king of RWA. > 引用 @ja1405_ja: 1/ My ethereum:0x94a8b4ee5cd64c79d0ee816f467ea73009f51aa0 target this cycle: $5–$10. Here’s why. 2/ The product is no longer a pitch deck. Freehold’s RWA Tokenization Studio is live, asset structuring, issuance, cap tables, and compliance rails in one stack. 3/ What’s coming onto Freehold next: • tokenized real estate • tokenized stocks • fractional collector cars (The Freehold Collection is already in early access) 4/ Then the part most people skipped: Realio x Cevidica. 5/ Cevidica is a US SEC-registered broker-dealer, FINRA + SIPC member, plus a New York RIA investment banking, structuring, and institutional distribution next to the Studio. That’s how tokenized assets reach real capital. 6/ $RIO already went ~$3.15 in 2024. Live product. US footprint. Active development. In a real RWA cycle, previous-cycle highs usually get taken out. $5–$10 is the range I’m watching. 7/ I also think we get US CEX attention this cycle, names like Kraken and Coinbase. Not listed there yet. Just the setup I think they fit. 8/ And the macro just flipped: 🇺🇸 The CFTC sent new crypto market rules to the White House for review days after the CLARITY Act failed in the Senate. Regulators are moving anyway. US-based RWA infrastructure doesn’t need a perfect bill to start winning share. 9/ August was ugly but the chain is back. Product is still live. My target assumes they finish the cleanup and keep shipping. NFA. This is my target, not a promise.
@realio_network @freehold_wallet
$RIO #RWA #Tokenization https://x.com/CryptoNaija042/status/2101219496765567114
## @justforatzz (rwa) · 09-19 07:25 · ♥51 ↻1 💬5 ya kahhar https://t.co/6fsUdEwdmc https://x.com/justforatzz/status/2101211067103768703