While the crypto market has been crashing for weeks and most coins are still drowning in red, one sector is quietly breaking the trend, Real-World Assets (RWAs). Now, new data from on-chain analytics firm Santiment reveals that Chainlink, Hedera, Avalanche, and other RWA coins are not just surviving the downturn, they’re building faster than ever.
This shift is raising a big question across the market: Is the next major crypto rally going to start from RWAs, not memecoins or L1s?
Chainlink is No. 1 in developer activity, reflecting its role as the go-to oracle network for real-world asset data. Its Cross-Chain Interoperability Protocol (CCIP) has facilitated approximately $19 billion in cross-chain RWA transfers.
Santiment’s data shows a significantly higher number of GitHub commits for LINK than for any other RWA project.
This makes sense as Chainlink’s technology is essential for bridging off-chain financial assets with smart contracts, providing the infrastructure needed for accurate, real-time pricing.
Right behind Chainlink, Hedera (HBAR) ranks second in RWA developer activity. That’s notable because Hedera has been pushing enterprise adoption and tokenization use cases in finance and supply chain.
Avalanche (AVAX) is also near the top. It’s gaining traction thanks to its high-throughput smart contract capabilities, making it a favorite for building tokenized financial instruments like real estate or credit products.
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Beyond the top three, several other networks are seeing meaningful development:
Stellar (XLM) ranks high, thanks to its lightweight design and appeal for tokenizing payments or simpler real-world asset classes.
IOTA, Axelar, Chia (XCH), Injective (INJ), VeChain (VET), and Centrifuge (CFG) all show up on Santiment’s list, highlighting a diverse group of protocols pushing forward into real-world asset tokenization.
This rise in development isn’t just about writing code, it shows a real change in how blockchains are being used. As traditional finance looks for safer and easier ways to use tokenized real-world assets, these projects could become the foundation.
Santiment’s data also hints that top developers are now focusing heavily on RWA, which means big institutions may start paying attention soon.
