RWA trade sizes near-doubles

In April, the average RWA swap size on 1inch rose by roughly 91%, pointing to larger on-chain capital allocation.

RWA trading is entering a more serious phase. March brought a spike in activity. But April showed something just as important: larger trades.

According to recent 1inch data, average trade size almost doubled - from about $2,000 in March to around $3,800 in April. 

What does that mean? It seems that users aren’t just testing tokenized real-world assets, but putting more capital behind them.  

Let's understand the market with a deeper dive into the data.

RWA trading activity becomes more selective 

Q1 2026 was off to a strong start, with RWA tokens generating around $1.15 bln in total volume across roughly 578k transactions, in March alone. Data from April shows activity normalising, with approximately $575 mln in volume and around 152k transactions recorded during the month. However, the average trade size increased sharply, from around $2.0k in March to approximately $3.8k in April. This means that while there were fewer trades, those trades became significantly larger.

Source: 1inch Dune dashboard

RWA trading became less crowded, but the users who remained active traded in larger sizes. The number of active tokens stayed nearly unchanged, showing that the slowdown was not driven by a collapse in asset coverage or user interest across the category.

Leading RWA assets show strong equity and ETF demand

Over the last 30 days, the largest RWA tokens by volume included CRCLon, NVDAon, QQQon, SNDKon and MUon. These assets show that user interest remains concentrated around tokenized exposure to major public-market themes, including large-cap equities, ETFs and semiconductor-linked assets.

Source: 1inch Dune dashboard

CRCLon remained the largest asset by volume, while NVDAon and QQQon continued to show strong demand. At the same time, SNDKon and MUon entered the top group, pointing to growing activity around semiconductor-related exposure.

Trading activity rotates into broader market themes

One of the healthier signs is the decline in top-token concentration. In the previous 30 days, the top five RWA tokens accounted for around 62% of total volume. In the last 30 days, that share fell to approximately 50%.

This suggests that RWA trading became less dependent on a small number of dominant assets. Activity started spreading across a wider basket of tokenized instruments, which is a positive signal for market depth and category expansion.

Source: 1inch Dune dashboard

The growth of SNDKon, AMDon, MRVLon, SPYon and INTCon points to a broader shift in user behavior. RWA trading is no longer only about a few headline assets. It is beginning to look more like on-chain access to traditional market sectors, including semiconductors, broad-market ETFs and large-cap equity exposure.

Q1 2026 was the burst phase, Q2 2026 is about the post-hype phase

While the first quarter of 2026 was marked by several intense bursts of RWA trading activity, with the strongest daily spike coming on March 10, when RWA volume reached roughly $128M and transactions climbed to around 200k. QQQon was the main driver of that day, contributing approximately $95M in volume.

Other major spikes occurred on March 25, March 11 and March 9, confirming that March activity was highly concentrated in several intense trading sessions.

Source: 1inch Dune dashboard

From April onwards, the pattern changed. The market looked calmer and more selective. There were fewer sharp transaction spikes, lower total volume and fewer trades overall. But average trade size rose, concentration fell and activity remained spread across almost the same number of assets.

The story is clear: early 2026 was the discovery phase. April onwards looks like the consolidation phase.

That suggests RWA trading is becoming more mature. March was about spikes, testing and high transaction counts. April was about larger tickets, wider distribution and more selective activity.

For the RWA narrative, that matters. The category appears to be moving beyond short-term trading bursts and toward more structured on-chain exposure to traditional financial assets.

Disclaimer: Data pulled on May 13, 2026. This content is for general information purposes only and does not constitute financial, investment, tax, or legal advice and is not a recommendation to buy or sell any particular digital asset or to employ any specific investment strategy.

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