Reports & Insights
Articles, monthly reports, case studies, and research shaping onchain asset management.
Euler in August 2026: the deposits grew, the book did not
Monad ended August larger than Ethereum for the first time. Deposits rose 5.9% in dollars and fell 2.7% once collateral repricing is stripped out.
Euler in August 2026: the deposits grew, the book did not
Monad ended August larger than Ethereum for the first time. Deposits rose 5.9% in dollars and fell 2.7% once collateral repricing is stripped out.
Fluid in August 2026: everyone grew, so growth is the wrong question
Deposits up 4.5%, sector median up 7.0%, and an efficiency decline that reverses once you strip out collateral repricing. What August's headline number hides.
Spark in August 2026: every asset line grew, every earnings line fell
Deposits up 10.9%, net revenue down 26.0%, and a spread that closed the month at six basis points. How both were true of the same month.
The State of Composable Real-World Assets: June and July 2026
Tokenizing a real-world asset is easy. Using it is the test. Two months of on-chain data on whether tokenized assets are actually composable.
The State of Lending on Ethereum — July 2026
Aave V3 was the only major Ethereum lending protocol to grow in July; the other five netted an outflow. Growth halved from June, curator concentration deepened, and stablecoin real yield sank to −75 bps below the T-bill.
The State of Lending on Ethereum — June 2026
Aave V3 grew $845 million in June while its USDC book contracted. The paradox of consolidation under yield compression.
The State of Lending on Sui — May and June 2026
Borrowers left in May. Suppliers left in June. Two months of Sui lending data, five protocols, one direction.
The State of Lending on Ethereum — May 2026
LRT collateral left, BTC collateral arrived, and Ethereum lending yields matched T-bills for the first time in eight months. Six protocols, one month, one threshold crossed.
The State of Lending on Ethereum — April 2026
A bridge exploit, a $14.57B Aave outflow, and a bad-debt question that April did not settle.
Tokenizing a real-world asset is easy. Using it is the hard part.
Tokenising an RWA is easy; using it is the test. A preview of our June–July on-chain data on Aave Horizon and Morpho.
How Centrifuge is Making Tokenised RWAs Composable
The tokenised RWA market has reached $30 billion in distributed asset value, with $348 billion represented (this accounts for the RWA tokens using the blockchain as a recordkeeping layer) according to rwa.xyz.
The Four Plumbing Problems of Tokenised Finance
Tokenised real-world assets have reached $29.297 billion in on-chain market cap, with $2.53 billion deployed in DeFi as collateral or vault supply. And that works out to a DeFi utilisation rate of roughly 8% across the whole category.