Ethereum’s RWA dominance down from 93% to 61%, but is that the real story?

Ethereum’s [ETH] RWA market is altering, with rivals taking a share of exercise. However is it solely concerning the competitors?

The Ethereum Basis has been lowering its direct affect over the ecosystem within the current instances, elevating eyebrows. Therefore, one wonders – Is the community shifting past each market dominance and centralized management?

Ethereum’s RWA lead has dropped

Ethereum’s lively RWA market share has fallen from 93.4% in the beginning of 2025 to 61.1% by the top of Q1 2026. That could be a massive decline, but it surely doesn’t imply Ethereum is dropping relevance.

As an alternative, the area itself is turning into extra multi-chain. Networks like BNB Chain [BNB], Solana [SOL], Stellar [XML], Liquid Community [LBTC], Avalanche [AVAX], ZKsync Period, and Arbitrum [ARB] are actually attracting extra tokenized asset exercise.

Right here, it’s price noting that Ethereum [ETH] remains to be the most important chain by RWA market cap, with about $18.7 billion.

Ethereum Basis reduces central level of management

It’s also interesting to contemplate Ethereum’s personal governance construction. Whereas its RWA market share is turning into much less concentrated, the Ethereum Basis can also be making an attempt to make the community much less depending on itself.

The concept is that Ethereum ought to be capable of maintain working, upgrading, and defending itself even when the Basis turns into a lot much less essential over time. That’s the reason current departures from the EF aren’t routinely a crimson flag. They could very nicely be deliberate to scale back central affect.

Observe that the EF’s March 2026 mandate read,

Our purpose is to scale back the Basis’s relative affect over time.

The true take a look at is profitable with out full management

That leaves the community with a extra sophisticated query – Can it lose market share in key sectors and nonetheless stay crucial settlement layer in crypto?

The long-term wager is probably totally different now. Ethereum might not win by controlling each market. It could win by turning into the impartial base layer that doesn’t want a central proprietor in any respect.

Last Abstract

• Ethereum’s RWA market share fell from 93.4% to 61.1%.
• On the identical time, the Ethereum Basis is deliberately lowering its affect.