In a transfer that has rippled by way of the RWA ecosystem, Yuanjie Zhang, one of many founders of Conflux, who goes by Forgivenever in X and is a key ecosystem promoter (assume Mert Mumtaz outdoors of Conflux and RWA), has publicly criticized the RWA analytics platform RWA.xyz.
His assertion comes at a delicate time for the RWA sector, which has seen an explosion of institutional investor curiosity in 2024 and 2025.
in lengthy x publish Writing in Zhang’s native Chinese language, the co-founder accused RWA.xyz of sharing biased information and selectively reporting blockchain networks.
What does the co-founder of Conflux say about RWA.xyz?
Forgivenever implied within the
His claims counsel that the platform is not truthful, influencing which tasks and networks acquire visibility as extra institutional buyers turn into concerned.
Zhang claims that RWA.xyz distorts and erodes the worldwide RWA market by ignoring or underreporting precise RWA buying and selling volumes on fringe, much less widespread, or non-Western platforms like Conflux.
He stated the platform’s new methodology, which it switched to a month in the past following a revamp, prioritizes narrative over unfiltered on-chain information. He steered that new approaches to information curation don’t take note of vital liquidity swimming pools within the rising Asian market.
Earlier than the revamp, RWA.xyz claimed the business’s complete RWA dimension was round $300 billion. Nonetheless, after the redesign, that quantity elevated to $410 billion and two new metrics had been launched.
The primary metric is the reported asset worth, which is $410 billion and covers property tokenized as digital certificates on non-public or permissioned chains, with none true on-chain switch or real public distribution.
The second metric launched is Decentralized Asset Worth, which is valued at $18 billion and targets property which can be distributed through blockchains and exchanges’ on-chain protocols and accessible to crypto buyers who can maintain them through wallets or custodians.
So far as Zhang is worried, the second metric represents the true magnitude of the crypto connection.
One other metric, the touted worth of $410 billion, he stated, is 91% managed by Canton’s non-public chain, which he claims is the brand new “sugar daddy.” He hinted that it will change Determine’s Provenance chain. The chain claims it was the primary group to bribe the RWA.xyz platform and that it has been relegated to second place behind Canton for not going public and “renewing subscriptions.”
Zhang alleged that Determine bribed platforms to forcefully stuff dwelling fairness mortgage firm information into business statistical tables, inflating the precise $18 billion in RWA property that had been truly bought to buyers to greater than $300 billion.
Presently, it’s the cantons that do the bribery, so the figures account for under 3% of the reported asset worth, whereas the cantons account for 91%.
Citing Mr. Determine’s mortgage, he argued that this was not the primary time RWA.xyz had dabbled in information manipulation, which performed a task in boosting the numbers earlier than the reclassification. Mr Chan hinted that business incentives drive inclusion.
In accordance with him, after excluding the inflated determine anomaly from the diversified asset worth, a sure stage of truthful baseline was restored.
In his publish, Zhang claims that RWA.xyz is defrauding US buyers within the crypto and fairness sectors. He claims that the platform has set its sights on the Hong Kong market, seeing as Asia’s RWA sector is booming.
How true are the suspicions?
The claims in Zhang’s publish had been corroborated by his supporters, who additionally claimed there have been contradictions. When one person requested which information aggregation platform gives correct information, one other person claimed that the majority different platforms are higher than RWA.xyz as a result of they don’t comprise such exaggerations.
Certainly, information from different main aggregators like DefiLlama reveals a notable hole in comparison with RWA.xyz, which experiences a TVL of over $21 billion in tokenized authorities debt and personal credit score.
DefiLlama makes use of a permissionless, bottom-up indexing methodology that sometimes reveals larger numbers for sure protocols and likewise contains information from chains that RWA.xyz has not but totally acknowledged or built-in with. That is very true for the non-public credit score sector. DefiLlama lists rising protocols on L1 networks that aren’t current within the RWA.xyz leaderboard.
Mike Cagney, co-founder of When Determine known as DefiLlama sued DefiLlama in September for excluding Determine’s information from its platform, however the aggregator defended the lawsuit by stating that Determine’s information was not verifiable and lacked a real on-chain footprint.
In the meantime, RWA.xyz defends its methodology, claiming that it “standardizes and validates first-party information” to make sure institutional-grade accuracy. Nonetheless, some critics, like Zhang, imagine that the so-called verification course of is actually a whitelist.
The contradiction Chan describes is most obvious when contemplating the Asian RWA market. We discovered that RWA.xyz is closely dominated by US-based entities like Ondo and BUIDL, whereas tokenized business paper and inexperienced bonds originating from jap infrastructure like Conflux and varied Hong Kong-based pilots are undervalued.
In response to the allegations, the co-founder and CEO of RWA.xyz stated: weblog He talked in regards to the new framework and indicated that he was able to collaborate as quickly as he received “suggestions” from Conflux.
