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With all companies competing for RWA market share, which chain is the biggest winner? RWA assets can be simply divided into: - Distributed (distribution): Truly issued on-chain, allowing investors to hold and transfer funds using their own wallets. -Represented: Assets are off-chain, only the records are written on-chain, and cannot circulate on-chain. If ranked by distributed assets, Ethereum Chain leads $ETH $15.5B, BNB Chain $BNB $5.2B drops to one-third, and the third to tenth places are at $3~0.4B, with the top two together accounting for over 60% of the top ten. 🔵 Among them, Ethereum is the only token with both large institutional products and retail commodity tokens, such as BlackRock's BUIDL fund (1 billion), JPMorgan's JLTXX fund (810 million), and the gold token PAXG (1.8 billion), which is available to regular retail investors. 🟡BNB Chain is the only chain in the top ten to exceed 5 billion in scale, 100% distributed in scale. It hit a record high of 5.2 billion in July, up 32% month-on-month, indicating high value, but about 4.7 billion of that is tokenized U.S. Treasury bonds, accounting for 90%, indicating a highly concentrated asset class. 🔴 Looking at Avalanche $AVAX, which has a very high proportion of gray, the distribution type alone is $1.91B (ranked 5th), while the representational type surges by $11.41B to a total of $13.32B (ranked 2nd in this chart). Representational accounts for 85.6%, and 97% of representational types come from a single project. The distribution type mainly consists of institutional products, with the largest being BlackRock's BUIDL (about $900 million), while the rest are mostly private funds, with only single-digit holders. Notably, distribution sales rose from $370 million in Q1 2026 to $1.91 billion in July, a monthly increase of 60.47%. ➡️ In summary, Ethereum currently leads RWA development by a wide margin, mainly benefiting from stablecoin volume and smart contract maturity. Tokenized fund subscriptions and redemptions are settled with stablecoins, so issuers consider whether investors have sufficient stablecoin depth when redempting. Since Ethereum's launch in 2015 has never experienced a chain break, this is the risk issue institutions prioritize. Another notable point is that the RWA market share on Ethereum fell from 58.4% in February to 47.9% in July, a decrease of 10.5 percentage points in half a year. The capital trends are clear: BNB Chain 12.1%, Solana 9.8% (its RWA holders surpassed Ethereum for the first time in mid-2026), and BUIDL increased by $436 million in Avalanche in a single week. Ethereum Chain's advantage comes mostly from its early first-mover advantage. Breaking it down, none of these are the optimal choices. Ultimately, it falls behind Avalanche, costs lag behind Solana and L2, and throughput lags behind most new chains. As long as these competitors run for an extra year and chain operations remain stable without issues, the gap narrows slightly.