Plume Network, a new blockchain project built for real-world assets (RWAs), has skyrocketed in recent weeks, reaching over $110 million in total value locked (TVL). That’s a massive 200% increase in just one month, according to DefiLlama.

Backed by the US-based Plume Foundation, the project is part of a larger trend in crypto: the tokenisation of traditional financial assets like real estate, commodities, bonds, and invoices. These RWAs are being brought onchain, where they can be used within decentralised finance (DeFi) platforms.

The sector is booming. Total value locked in RWA-based protocols has grown to nearly $13 billion. According to a report by Boston Consulting Group and Ripple, tokenised assets could swell to a massive $19 trillion market within the next eight years.

To put things in perspective, the entire crypto market is currently valued at around $3.4 trillion. And stablecoins? They’re expected to top $250 billion in total supply by the end of 2025, thanks to increasing global regulatory clarity and adoption.

Strong Start for Plume’s Mainnet

Plume’s mainnet launched on June 5, with the mission to make interacting with RWAs feel “just like crypto.”

The launch was impressive. Over 50 protocols went live on day one, including heavyweights like Morpho and Curve, both well-known in the DeFi space. Since then, over 200 protocols have been deployed on the Plume Network.

Two standout projects on Plume are:

• Pell Network – a Bitcoin restaking protocol
• DeSyn Protocol – a DeFi liquidity provider

Each holds around $53 million in TVL, making them the top two on the chain. Other notable RWA-focused protocols include:

• Superstate – tokenises fixed-income instruments (over $40M TVL)
• Nest Staking – enables RWA-based staking models (also over $40M TVL)

In total, the blockchain has processed almost 20 million transactions and gathered over 110,000 users since launch.

Leading the RWAfi Movement

Plume is not just another blockchain, it’s targeting a niche called RWAfi, blending real-world asset tokenisation with the flexibility of DeFi. The aim? Make RWAs easy and accessible for traditional crypto users.

According to CryptoRank.io, Plume now leads all blockchains in holders of non-stablecoin RWA tokens, boasting over 100,000 holders. That’s more than Ethereum, which holds second place with around 80,000.

Its user growth highlights strong interest in RWA-backed protocols and assets. Many industry insiders, including BlackRock CEO Larry Fink, have voiced support for the RWA movement. Two years ago, Fink said that tokenisation could “drive efficiencies in capital markets” and reduce costs for investors.

In fact, in 2024, BlackRock launched its own tokenised money market fund called BUIDL, which has already attracted over $1 billion.

Token Price Lags Behind Growth

Despite its impressive ecosystem and adoption, Plume’s token has not kept pace. The token is currently down 65% from its March 19 peak, though its market value remains at around $210 million.

One major event affecting sentiment was the death of Plume co-founder Eugene Shen, announced on May 29. Since then, the token price has dropped about 30%, likely as a result of market uncertainty.

While the Plume Foundation has not commented publicly, the project’s fundamentals and growth continue to attract interest.

Plume Network is quickly becoming a major player in the RWA blockchain space. Its fast-growing ecosystem, large user base, and strategic focus on “RWAfi” show strong potential.

However, the token’s price lag and the loss of a key founder highlight the challenges even promising projects can face.

As real-world asset tokenisation moves into the mainstream, platforms like Plume may play a critical role in bridging traditional finance and decentralised systems. The next few months will be key in determining whether Plume can maintain its momentum and gain lasting relevance in the expanding RWA economy.