- Plume Network is a blockchain focused on tokenisation of real-world assets, or RWAs.
- The blockchain has hit $110 million in investor deposits.
- RWAs have surged to almost $13 billion, according to DefiLlama data.
Plume Network is riding the real-world asset boom.
Developed by US-based Plume Foundation, Plume is a layer 1 blockchain specialised in real-world assets, or RWAs.
RWAs refer to tangible or traditional financial assets like real estate, commodities, invoices, or bonds that are tokenised and brought onchain to be used within DeFi.
Plume has amassed over $110 million in total value deposited on the chain, a 200% in the past month, according to data from DefiLlama.
Its meteoric rise comes as the total value locked in RWAs having surged to almost $13 billion, according to DefiLlama.
Tokenised assets will grow to a $19 trillion asset class over the next eight years, according to Boston Consulting Group, consulting firm, which prepared the report with crypto company Ripple, the developer of XRP.
To put that into perspective, the entire crypto market is worth almost $3.4 trillion.
I predict the total float of stablecoins will exceed $250 billion by year’s end in 2025, driven by increased adoption and the pragmatism of regulators globally
And it’s just not the crypto industry who are excited. Anticipation has been building for years.
Larry Fink, CEO of BlackRock, said two years ago that “the tokenisation of asset classes offers the prospect of driving efficiencies in capital markets, shortening value chains, and improving cost and access for investors.”
In 2024, BlackRock launched BUIDL, its tokenised money market fund, which has drawn in over $1 billion.
What’s on Plume Network?
Plume has found itself at the centre of a ballooning business opportunity.
Its mainnet launched on June 5, with a goal to make onchain RWAs feel “just like crypto.”
A mainnet is a blockchain that conducts real transactions with value. Unlike testnets, which are used to test proof-of-concept and attract users, the mainnet is the true blockchain.
On day one, over 50 protocols were launched on the chain, including major players such as Morpho and Curve.
Top two leading projects on the blockchain, measured by TVL, are Pell network and DeSyn Protocol, both with just over $53 million in investor deposits, according to data from DefiLlama. Pell is a Bitcoin restaking protocol, while DeSyn provides liquidity for DeFi.
Superstate and Nest Staking, two RWA protocols, have each surpassed $40 million in TVL. Superstate tokenises traditional fixed-income instruments, and Nest Staking focuses on staking mechanisms for RWA protocols.
Since then, over 200 protocols have been deployed on the network. So far, there have been almost 20 million transactions and over 110,000 users on the blockchain.
According to data CryptoRank.io, Plume leads all blockchains in holders for non-stablecoin RWAs, recently reaching over 100,000. This is second to Ethereum with about 80,000 holders.
Plume said its goal is to make the RWA process easy and targeted towards crypto investors. They use the term RWAfi, meaning that it wants to turn the traditional onchain RWA process into something more aligned with DeFi.
While metrics are soaring, the token price has not followed suit. It is down 65% from its March 19 high and has a market value of over $210 million.
On May 29, Plume announced the death of its co-founder, Eugene Shen. The price has slid about 30% since then.
Plume Foundation didn’t respond to a request for comment.
Zachary Rampone is a DeFi correspondent at DL News. Have a tip? Contact him at zrampone@dlnews.com.
