In a transfer that’s sending ripples by means of the RWA ecosystem, considered one of Conflux’s founders, Yuanjie Zhang, who goes by Forgivenever on X and serves as a key ecosystem promoter — suppose Mert Mumtaz however for Conflux and RWAs — has publicly referred to as out the RWA analytics platform RWA.xyz.
His assertion is coming at a delicate time for the RWA sector, which witnessed an explosion of institutional curiosity in 2024 and 2025.
In a lengthy X publish that Zhang penned in his native language of Chinese language, the co-founder accused RWA.xyz of sharing biased information and selectively reporting blockchain networks.
What did Conflux’s co-founder say about RWA.xyz?
In his X publish, Forgivenever implied that the RWA.xyz platform has intentionally averted reflecting the true scope of actions occurring on non-EVM appropriate chains or these he claims fall exterior a bunch of protocols favored by the West.
His allegations indicate the platform is now not neutral and now dictates which tasks and networks grow to be seen as extra institutional traders get entangled.
Zhang claims that by leaving out or under-reporting the precise RWA quantity on fringe, less-popular, or non-Western platforms like Conflux, RWA.xyz is pushing out a skewed erosion of the worldwide RWA market.
In response to him, the platform’s new methodology, which it switched to a month in the past after it underwent a revamp, prioritizes narratives over unfiltered on-chain information. He recommended that the brand new method to information curating doesn’t bear in mind the numerous liquidity swimming pools within the rising Asian market.
Previous to the revamp, RWA.xyz claimed industry-wide RWA scale was round $300 billion. Nonetheless, after the redesign, that determine grew to become $410 billion, and two new metrics had been launched.
The primary metric is the Reported Asset Worth, which is the $410 billion and covers belongings which are tokenized as digital certificates on personal or permissioned chains, though they lack true on-chain transfers or real public distribution.
The second metric launched is the Distributed Asset Worth, which is rated at $18 billion and covers belongings which have been distributed through on-chain protocols of blockchains and exchanges and which are accessible to crypto traders who can maintain them through wallets or custodians.
So far as Zhang is worried, the second metric is what represents the true crypto-relevant scale.
In response to him, the opposite metric, which has the hyped $410 billion worth, is 91% dominated by Canton’s personal chain, who he claims is the brand new “sugar daddy.” He implied that it changed Determine’s Provenance chain, which he claims was the primary entity to bribe the RWA.xyz platform and has been relegated to second place behind Canton because it has gone public and received’t be “renewing its subscription.”
Zhang alleged that Determine bribed the platform in order to forcibly stuff a house fairness mortgage firm’s information into the {industry}’s statistics desk, inflating the actual $18 billion in RWA belongings which have truly been bought to traders to over $300 billion.
Now, it’s Canton doing the bribing, which is why Determine solely makes up 3% of the Reported Asset Worth whereas Canton makes up 91%.
He alleged that it was not the primary time RWA.xyz was dabbling in information manipulation, citing Determine’s loans, which served to spice up numbers earlier than reclassifying them. Zhang implied that business incentives are what drive inclusions.
In response to him, after excluding Determine’s inflated anomalies from the Distributed Asset Worth, it regains some truthful reference worth.
Zhang claims in his publish that RWA.xyz has been scamming US traders within the crypto and inventory sectors. He claims that the platform now has its sights set on the Hong Kong market after seeing that Asia’s RWA sector is booming.
How true are the allegations?
The claims that Zhang made in his publish had been corroborated by his followers, who additionally claimed discrepancies. When one consumer requested which of the info aggregation platforms offered correct information, one other claimed a lot of the others are higher than RWA.xyz since none of them comprise such exaggeration.
It’s true that in comparison with RWA.xyz, which experiences a TVL in tokenized treasuries and personal credit score exceeding $21 billion, information from different main aggregators like DefiLlama present notable gaps.
DefiLlama makes use of a permissionless bottom-up indexing technique and normally shows larger numbers for sure protocols and even consists of information from chains that RWA.xyz has but to totally acknowledge or combine. That is very true within the personal credit score sector, the place DefiLlama lists rising protocols on L1 networks that aren’t current on RWA.xyz’s league desk.
When Determine co-founder, Mike Cagney referred to as out DefiLlama in September for excluding Determine’s information from its platform, the aggregator defended the motion by revealing that Determine’s information was not verifiable and lacked any true on-chain footprints.
In the meantime, RWA.xyz has defended its methodology by claiming it “standardizes and verifies first-party information” to make sure institutional-grade accuracy. Nonetheless, there are critics, like Zhang, who consider the so-called verification course of is basically a whitelist.
The discrepancy Zhang speaks of is most noticeable when one considers the Asian RWA market. It turns into clear that RWA.xyz is closely dominated by US-based entities like Ondo and BUIDL, whereas tokenized business paper and inexperienced bonds occurring on Japanese infrastructure like Conflux and varied Hong Kong-based pilots go underrepresented.
In response to the allegations, the cofounder and CEO of RWA.xyz shared a weblog speaking in regards to the new framework and recommended he was able to work with Conflux as quickly as they offered “suggestions.”
