Conflux co-founder questions the authenticity of the data stating "the total value of RWA assets reaches 410 billion USD": RWA.XYZ exaggerates its scale by "fabricating data"

Conflux co-founder Forgiven stated on the X platform that the widely circulated data claiming "the total asset value represented by global RWA is 410 billion USD" is seriously misleading, stemming from a recent artificial adjustment in the metrics by the RWA data website RWA.XYZ.

Before the revision of RWA.XYZ, the total asset scale of the RWA industry was approximately 30 billion USD, but after the revision, it suddenly inflated to 410 billion USD. The main reason for this is that the website introduced two new statistical metrics:

• Reported Asset Value: Assets that issue digital certificates only in private chains or closed systems, but have not undergone actual on-chain transfers or distribution, currently amounting to approximately 410 billion USD;
• Distributed Asset Value: RWA assets that are actually distributed to investors through public chains, DeFi protocols, or exchanges, currently amounting to approximately 18 billion USD.

Forgiven pointed out that about 91% of the currently hyped 410 billion USD data comes from assets issued on the private chain Canton, while about 14 billion USD comes from Figure's home equity line of credit (HELOC) products issued on its self-developed private chain Provenance. These assets have almost no direct relationship with the crypto market and are merely "private chain accounting tokens." The Distributed Asset Value (18 billion USD) better reflects the true demand structure of the RWA industry.

He also warned against blindly believing Wall Street narratives or "authoritative data platforms," suggesting that some data platforms, after gaining crypto traffic and benefits, have turned to cooperate with capital to package narratives, misleading market perceptions, and called for vigilance regarding the recent hype around RWA concepts in the Hong Kong stock market.