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 (suppose Mert Mumtaz exterior 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 now not truthful, influencing which initiatives and networks acquire visibility as extra institutional buyers turn out to be 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 fashionable, 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 details. He recommended that new approaches to information curation don’t bear in mind necessary liquidity swimming pools within the rising Asian market.
Earlier than the revamp, RWA.xyz claimed the trade’s whole RWA measurement 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 belongings tokenized as digital certificates on personal 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 belongings which might be distributed by way of blockchains and exchanges’ on-chain protocols and accessible to crypto buyers who can maintain them by way of wallets or custodians.
So far as Zhang is anxious, 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 personal chain, which he claims is the brand new “sugar daddy.” He hinted that it could 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 house fairness mortgage firm information into trade statistical tables, inflating the precise $18 billion in RWA belongings that had been really offered to buyers to greater than $300 billion.
At present, 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 job 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 consumer requested which information aggregation platform gives correct information, one other consumer claimed that almost all different platforms are higher than RWA.xyz as a result of they don’t include such exaggerations.
Certainly, information from different main aggregators like DefiLlama exhibits a notable hole in comparison with RWA.xyz, which reviews a TVL of over $21 billion in tokenized authorities debt and personal credit score.
DefiLlama makes use of a permissionless, bottom-up indexing technique that sometimes exhibits greater numbers for sure protocols and in addition consists of information from chains that RWA.xyz has not but totally acknowledged or built-in with. That is very true for the personal 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 referred to 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 japanese infrastructure like Conflux and numerous Hong Kong-based pilots are undervalued.
In response to the allegations, the co-founder and CEO of RWA.xyz stated: weblog He talked concerning the new framework and indicated that he was able to collaborate as quickly as he received “suggestions” from Conflux.
