Solana has emerged as the dominant blockchain for real-world asset distribution-layer activity, recording $348 million in net flows over the last 30 days, according to data from the RWA Foundation and rwa.xyz.
The network posted a 30-day increase of 11.13%, placing it ahead of other major chains in the RWA League table. Ethereum rose 0.77% and Stellar increased 5.22%, while XRP Ledger declined 5.51% and Avalanche fell 14.06%. The league table tracks RWA tokens that use blockchains as a distribution layer, allowing onchain investors to subscribe, hold, and manage assets directly through their own wallets or custodians.
Solana's RWA value has crossed $4 billion, currently sitting at $4.23 billion. RWA holders increased by 17.63% over the past 30 days to 398,644. The chain hosts tokenized Treasury products including Circle's USYC tokenized money market fund, BlackRock's BUIDL, VanEck's VBILL, and Franklin Templeton's BENJI. Ondo Finance also runs two Treasury-linked products on Solana: USDY, a tokenized note backed by short-term U.S. Treasuries and bank demand deposits, and OUSG, which provides exposure to short-term U.S. government bonds and is backed significantly by BlackRock's BUIDL fund.
Beyond RWA momentum, Solana is preparing what could be its most ambitious core upgrade to date. Dubbed Alpenglow, the proposal would replace Proof of History and Tower BFT with a redesigned consensus protocol built for near-instant finality and responsiveness. In late August, Solana held its first network-wide governance vote, with a proposal to speed up cuts to new SOL issuance narrowly passing the required two-thirds majority in the final minutes.
