Chains

RWA value is not evenly spread, and the spread is not static. Both facts matter: concentration tells you where the risk sits, and movement tells you when a mental model has expired.

Current standing

Ethereum mainnet is not the Ethereum ecosystem

Every public RWA figure, including the table above and every number rwa.xyz and DefiLlama publish, reports Arbitrum, Base, zkSync Era and Optimism as chains sitting alongside Ethereum. That treats a rollup as a peer of the layer it settles to, and it understates the Ethereum ecosystem by exactly what its L2s carry.

Rolling them up is one join. Nobody does it.

zkSync Era is the surprise. It carries more tokenized RWA value than Arbitrum, Base and Optimism combined, and it is invisible in any mainnet-only view of Ethereum.

Polygon is deliberately not counted as Ethereum. Polygon PoS runs its own validator set and checkpoints to Ethereum rather than settling to it, so whether it belongs in an "Ethereum ecosystem" number is a contested judgement, not a fact. It stays on its own row, where anyone who disagrees can see exactly what including it would add.

Share of market over time

Ethereum still leads, but by materially less than the roughly two thirds commonly quoted. Measured here rather than assumed.

Assets that changed home chain

The sharpest version of "one asset, one truth". Everyone carries a static idea of where an asset lives. These assets moved, so that idea has already expired. Anyone still watching the old home chain is not slightly wrong, they are watching the minority of the asset and calling it the whole.

Lookback window is a methodology setting (migration_lookback_days, default 365), not a hard-coded number. See methodology.

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