The blockchain dividend is costing billions in token wealth.
The split between blockchain networks is already taking a measurable economic toll on the tokenized asset market, with volatility pulling in an annual value of $1.3 billion.
In a report to Cointelegraph, real-world asset (RWA) data provider RWA.io argued that while blockchains accelerate innovation, they also create walls that trap liquidity and prevent capital from moving freely across networks.
As a result, tokenized RWAs increasingly behave like fragmented markets rather than a unified financial system. The study found that while identical or economically equivalent assets are regularly traded across chains at different prices, moving capital between networks remains expensive and complex.
According to the researchers, these inefficiencies are a mechanism that prevents the market from self-correcting through arbitrage, a mechanism that facilitates efficient price discovery.
“This fragmentation is the single biggest obstacle to the market realizing its multi-trillion dollar potential,” said Marco Vidrich, co-founder and CEO of RWA.io.
“In traditional finance, the EU-wide SEPA real-time order shows how value can move between accounts in seconds. Tokenized assets must also be frictionless,” Widrih added.
Price efficiency and capital friction in the chain
One of the clear consequences of fragmentation, the report says, is persistent price differences for the same assets issued on different blockchains.
According to the report, economically equivalent tokenized assets are traded on major networks with spreads ranging from 1% to 3%, even though they represent claims on the same underlying assets. In traditional finance, arbitrage quickly eliminates such market gaps.
However, due to technical barriers, fees, delays and operational concerns, cross-chain arbitration is not feasible, the report said. It states that the costs of relocating assets exceed the price difference, allowing inefficiencies to persist.
Beyond value discovery, RWA.io estimates that moving capital between unrelated chains can result in a loss of 2 to 5 percent per transaction. This is because of currency exchange fees, slippage, transfer costs, gas fees and timing risks. In total, the report reported an average loss of around 3.5% per capital transfer position.
If these distribution patterns continue, RWA.io estimates that the conflict costs between $600 million and $1.3 billion annually.
RWA.io projects that real-world assets could grow to a $16 trillion to $30 trillion market by 2030, and warns that if current trends continue, the associated value will increase with it.
Applying today's fragmentation-related conflicts to a market of that size could result in annual losses of $30 billion to $75 billion, turning infrastructure deficiencies into a material impediment to long-term growth.
Related: Tokenized shares may be onchain, but the SEC still wants the keys
Despite the inefficiencies, certified properties are in high demand.
Despite claims of undervaluation, crypto-assets continue to dominate both crypto-native platforms and traditional financial institutions. As recently as this week, companies have made moves to mimic stocks.
On Tuesday, RWA-focused company Securities Compliance, onchain announced plans to start trading shares.
On Thursday, the crypto exchange Coinbase launched a stock trading feature that allows users to invest directly in the app's stocks.
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