RWAfi

Protocols whose core product is DeFi functionality built on top of tokenized real-world assets issued by third parties. Where RWA Protocols handle issuance, these protocols take an already-tokenized asset as input and make it financially productive: separating an asset's yield from its principal, lending against it as collateral, providing or managing its liquidity, constructing baskets from it, or routing value into it. Protocols in this category represent a claim on protocol activity and are not themselves backed by real-world assets.