Woofun AI reports that tokenized real-world assets (RWAs) have overtaken all other asset classes on the perpetual decentralized exchange Hyperliquid, a shift underscored by ARK Invest’s digital assets research director, Lorenzo Valente.

Trading activity in RWAs surged to $25.1 billion between July 13 and July 19, representing 52% of the platform’s total weekly volume of $48.2 billion.

Woofun AI data shows that RWA holder counts expanded by 32% to 1.25 million users over the past month, while the total value of tokenized RWAs climbed 3.5% to $36.7 billion, per RWA.xyz. In terms of revenue, Hyperliquid generated $7.6 million last week, ranking third among crypto applications according to DefiLlama, trailing stablecoin issuers Tether ($112 million) and Circle ($45 million).

The expansion of tokenized assets involves both crypto-native entities and traditional financial institutions. The NYSE collaborated with Securitize in March to build blockchain-based stock trading infrastructure, while Pantera Capital highlighted the structural advantages of perpetual futures, such as 24/7 trading and no contract expiries. Circle CEO Jeremy Allaire characterized the trend as a "major structural shift" away from speculating on endogenous digital commodities.

Wall Street attention has intensified, with Intercontinental Exchange CEO Jeffrey Sprecher advocating for a "level playing field" for onchain perpetual futures. The sector’s appeal lies in continuous price discovery and simpler position management, offering a distinct alternative to traditional derivatives.