Conflux Foundation Questions the Authenticity of "RWA Asset Total Value Reaching $410 Billion" Claim, Alleges RWA.XYZ Inflated Scale through "Data Fabrication"

Conflux co-founder Forgiven said in a post on December 19 that widely shared market data claiming “the total value of global RWA-represented assets is $410 billion” is severely misleading. The root cause is a recent artificial update from RWA data platform RWA.XYZ: Before the update, the total RWA industry asset value stood at ~$30 billion; after the update, it jumped to $410 billion overnight. The jump stemmed from two new statistical metrics added by the platform: - **Reported Asset Value**: Assets issued as digital certificates on private chains or closed systems that have not undergone actual on-chain transfers or distribution (currently ~$410 billion). - **Distributed Asset Value**: RWA assets distributed to investors via public chains, DeFi protocols, or exchanges and actively held by them (currently ~$18 billion). Forgiven noted that ~91% of the hyped $410 billion figure comes from assets on the private Canton chain, while ~$14 billion is tied to Figure’s Home Equity Line of Credit (HELOC) products on its proprietary Provenance chain. These assets have little to no direct connection to the crypto market and are just “private ledger tokens.” The $18 billion Distributed Asset Value better reflects the RWA industry’s actual demand structure. He also warned against blindly trusting Wall Street narratives or “authoritative data platforms,” noting some platforms—after cashing in on crypto traffic and gains—have shifted to align with capital-backed stories, distorting market perceptions. He urged vigilance against recent RWA hype in the Hong Kong stock market.