Castle Labs Sees 100-Fold Growth in RWA Trading and Increase in DEX Share

The digital asset market is witnessing perpetual futures exchanges expanding into RWA and prediction markets. The trading share of decentralized exchanges (DEX) has increased more than threefold in two years, while the on-chain RWA puff market has grown 100 times in one year. According to Castle Labs' report, the puff trading volume in the last 30 days accounted for over 82% of the total digital asset trading volume, which is 4.7 times that of spot trading. CEX trading volume stands at $4.56 trillion, while DEX is at $614.5 billion. The share of puff trading on DEX is expected to rise from 4% in 2024 to over 13%, reaching 14.25% by December 2025. The on-chain open interest has reached a record high of $15.18 billion. Hyperliquid accounts for over 56% of DEX open interest, and RWA constitutes over 27% of puff trading volume. Since October 2025, the on-chain RWA puff market has grown 100 times, with August trading volume reaching $123 billion. However, RWA puffs introduce new risks, and price discrepancies may occur between exchanges. The report analyzes that competition among puff exchanges is shifting from securing trading volume to liquidity and token value return structures.

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