DeFi· ★★★· neutral·

Dune report: tokenized credit makes up 76% of RWA collateral in DeFi lending

  • —Credit products make up 76% of RWA lending deposits, about $1.61 billion
  • —Tokenized RWA market hit $34.5 billion, up over 140% year-over-year
  • —Morpho, Kamino and Aave account for 83% of RWA lending activity
  • —Only 6.1% ($2.11 billion) of tokenized RWA supply sits in lending protocols
Why it matters: Credit, not tokenized Treasuries, has become the leading onchain RWA collateral, but concentration in three protocols raises systemic risk.
Source: Crypto Briefing
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