Los tokens RWA se alzan como ganadores mientras la mayoría de los sectores cripto sufren un año a la baja
En un mercado que ha dejado cicatrices en casi todos los rincones, una clase de activos digitales emerge ilesa—y con ganancias.
La excepción tangible
Mientras las criptomonedas tradicionales luchan por recuperar su antiguo esplendor, los tokens de activos del mundo real (RWA) están cortando el ruido. No se trata de especulación sobre futuros descentralizados, sino de tokenizar cosas que puedes tocar: bienes raíces, bonos del Tesoro, materias primas. Es la narrativa de 'vuelta a lo básico' que los inversiones institucionales están comprando—literalmente.
El atractivo en tiempos de incertidumbre
Cuando la volatilidad reina, los activos con flujos de caja predecibles brillan. Los RWA ofrecen un puente entre la eficiencia blockchain y la estabilidad percibida de los activos tradicionales. Bypassean la narrativa puramente tecnológica para ofrecer algo que los gestores de fondos entienden: un rendimiento respaldado por algo más que promesas y memes. Una jugada inteligente, o quizás solo el eterno ciclo de Wall Street de envolver productos viejos en papel nuevo.
El resultado es claro: en un ecosistema acostumbrado a los altibajos salvajes, los tokens vinculados a lo tangible están escribiendo su propia regla—demostrando que a veces, la innovación más radical es simplemente conectar lo digital con lo que ya tiene valor.
L1 crypto narrative struggled in the past year
L1 chains were considered blue chips, but most of the assets also slowed down in the past year. ETH is down a net 10% for the past 12 months, despite the growing activity. Ethereum emerged as a utility chain with growth in stablecoins, lending, and other activities, but ETH failed to break out to a higher range.
SOL is down over 34% in the past month, at $123.52. Despite becoming a trading hub and a strong meme season, SOL did not manage to retain significant earnings.
The only exceptions among L1 tokens were BNB, up by 22% net in the past year, and TRX, rising by 9.9% net. Both tokens are down from their all-time peak, but are among the few major L1 chains in the green.
Smaller L1 chains fared the worst, as they lost traffic to L2 networks. AVAX was down by 66.5% for the year, despite expectations of emerging as a key liquidity hub and reinventing itself as a DeFi chain.
Telegram’s TON token is down by 73.4% in the past year, down to $1.52. The network failed to capture sufficient liquidity, despite the inflow of users from Telegram.
Memes and AI agents track losses despite popularity
Memes and AI agents helped build new types of on-chain and consumer structures. Briefly, those narratives offset the lack of an altcoin market.
Memes lost 31.6% on average, while AI agent tokens are down by 50.2% for the year to date. The slowdown of memes and AI agents affected DEX activity, leading to a 55.5% slump in DEX-based tokens.
L2 chains, some of which were used for memes and AI agents, are down by 40.6% on average. Again, token performance does not always reflect on-chain activity, as some of the networks retained their liquidity and some of the trading volumes.
The Solana ecosystem as a whole was down more than 64%, based on the slower meme market.
The worst performers in 2025 were GameFi and DePIN tokens. The AI narrative was not sufficient to reawaken older DePIN tokens, which are down by over 95% on average.
In 2025, tokens and altcoins also showed the market rarely returned to old assets, instead seeking new trends and use cases.
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