Tokenized real-world assets may be far more active than surface-level data suggests, according to Katana's Matthew Fisher, who argues that conventional utilization metrics dramatically understate how much these assets are actually being used across decentralized finance.
Why The Numbers Mislead
The prevailing narrative around tokenized assets often points to low utilization figures as evidence that the sector is more hype than substance. Critics have pointed to seemingly idle tokens sitting in wallets, suggesting that the real-world asset (RWA) boom is not translating into meaningful on-chain activity.
But Fisher contends that this reading is flawed because it fails to account for how tokenized assets are structured and held. Many tokens were never designed to move in the first place, and lumping them into aggregate utilization calculations distorts the true picture of how the ecosystem functions.
Strip out what was never meant to move, and a very different picture of tokenized finance emerges.
According to Fisher, once you exclude assets that were never mobile, adjust for the specific reasons different holders keep their tokens parked, and factor in activity that happens off-contract, the effective utilization rate climbs to roughly 20%.
A More Accurate Framework
The argument reframes how observers should evaluate the health of tokenized markets. Rather than treating all tokenized assets as a single pool that should be constantly circulating, Fisher suggests a more granular approach that recognizes the varied purposes these instruments serve.
Several adjustments drive the higher estimate:
- Removing assets that were never intended to be mobile or traded
- Correcting for the different motivations behind who holds specific tokens
- Adding back economic activity that occurs off-contract rather than on-chain
This methodology paints tokenized finance as a maturing sector with genuine underlying demand, rather than a speculative experiment producing empty numbers. For an industry frequently accused of overpromising, a nearly 20% utilization rate would mark a meaningful signal that adoption is progressing beneath the surface of the headline statistics.