Solana Dominates RWA Flows, Pulling In $348 Million in Net Flows

According to the RWA Foundation X account, Solana led RWA flows, pulling in $348 million in the last 30 days.

"Solana is leading the pack. It topped net flows for RWAs over the past 30 days, pulling in $348 million to the chain," the RWA Foundation X account wrote.

As seen on the rwa.xyz page, Solana led the 30-day change among major networks on the RWA League table (distributed), referring to RWA tokens using the blockchain as a distribution layer, enabling onchain investors to subscribe, hold, and manage assets directly through their own wallets or custodians. Solana recorded a 30-day increase of 11.13%, while Ethereum and Stellar rose by 0.77% and 5.22%, respectively. XRP Ledger and Avalanche declined by 5.51% and 14.06%, respectively.

As reported, Solana's RWA value has crossed $4 billion, currently at $4.23 billion. RWA holders increased by 17.63% in the last 30 days to 398,644.

One of the defining industry trends over the past year has been the growth of RWAs, with Solana sustaining its momentum. The Solana blockchain hosts tokenized Treasury products, including Circle's USYC tokenized money market fund, BlackRock's BUIDL, VanEck's VBILL, and Franklin Templeton's BENJI.

Ondo Finance runs two Treasury-linked products on Solana: USDY is a tokenized note backed by short-term U.S. Treasuries and bank demand deposits, and OUSG provides exposure to short-term U.S. government bonds and is backed significantly by BlackRock's BUIDL fund.

Solana eyes most ambitious upgrade

Solana is eyeing what could be its most ambitious core upgrade to date—one that replaces its current technology stack with a redesigned consensus protocol built for near-instant finality and responsiveness.

Dubbed Alpenglow, the upgrade proposes replacing Proof of History—Solana's well-known unique "pre-recorded clock" system—and Tower BFT, its existing voting mechanism for reaching consensus.

In late August, Solana saw its first network-wide governance vote—a proposal to speed up cuts to new SOL issuance that scraped past the required two-thirds majority in the final minutes before the deadline.