Chain rankings
Blockchains ranked by the value of institutional tokenized fund assets settled on them. DeFi deposits, stablecoin float, NFTs and consumer activity are not counted here, because they measure a different market.
- Networks in use
- 12
- Multi-chain products
- 12/22
- Concentration
- 2996
Institutional assets by network
AUM is attributed to each network by its share of tracked token supply, so a product deployed on six chains contributes to six rows without inflating the total.
| Distribution | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ethereum | public l1 | $3.86B | 48.5% | -8.2% | 22 | 15 | 3 | 13 | |
| 2 | Solana | public l1 | $1.77B | 22.3% | -4.2% | 12 | 9 | 4 | 11 | |
| 3 | Avalanche C-Chain | public l1 | $521.5M | 6.6% | -5.6% | 5 | 4 | 2 | 10 | |
| 4 | Stellar | public l1 | $508.0M | 6.4% | -2.4% | 3 | 1 | 1 | 3 | |
| 5 | Polygon PoS | public l2 | $426.2M | 5.4% | -8.1% | 7 | 6 | 3 | 11 | |
| 6 | Arbitrum One | public l2 | $369.2M | 4.6% | -9.9% | 9 | 7 | 2 | 8 | |
| 7 | XRP Ledger | public l1 | $187.4M | 2.4% | -4.4% | 2 | 2 | 1 | 1 | |
| 8 | Aptos | public l1 | $161.7M | 2.0% | -5.8% | 4 | 4 | 2 | 8 | |
| 9 | Base | public l2 | $87.4M | 1.1% | -12.4% | 8 | 6 | 2 | 10 | |
| 10 | OP Mainnet | public l2 | $26.5M | 0.3% | -5.8% | 2 | 2 | 1 | 6 | |
| 11 | Hedera | public l1 | $17.4M | 0.2% | +0.2% | 1 | 1 | 1 | 1 | |
| 12 | Sui | public l1 | $14.4M | 0.2% | +5.1% | 1 | 1 | 1 | 5 |
What the ranking says
Ethereum holds 49% of tracked assets and hosts 15 of the 20 issuers in coverage. Concentration is falling as issuers launch multi-chain from day one rather than migrating later.
12 of 22 products are multi-chain. Time-to-multi-chain has collapsed for new entrants, which means network choice is no longer a differentiator for issuers: it is a distribution checkbox.
10 products remain single-network. These are concentrated in bank-issued and venue-distributed structures, where the network is chosen by the infrastructure provider rather than the manager.