The three major trends reshaping the crypto industry: Chainlink co-founder on future risk management and the new phase of RWA

Traditional financial giants Fidelity International and DTCC have begun utilizing Chainlink’s services to bring net asset value data onto the blockchain, marking an acceleration in institutional adoption. The blockchain industry is entering a new phase of development, where the core driving force is no longer mere speculation but the integration of real-world value into on-chain systems.

Cycle Test: Maturity of Risk Management and Resilience of Asset Prices

The cryptocurrency market is demonstrating unprecedented maturity. Sergey Nazarov, co-founder of Chainlink, recently pointed out two major positive signals emerging from this market cycle.

Unlike previous cycles, this time the market has not experienced systemic risk events similar to FTX during significant price retracements, indicating a substantial improvement in overall risk management capabilities within the industry. Bitcoin, as the market’s barometer, validates this assessment. According to Gate data, as of February 10, 2026, Bitcoin’s price is $70,157. Despite a slight 0.83% decline over 24 hours, it remains firmly above the $70,000 psychological threshold.

Bitcoin’s current market capitalization is $1.41 trillion, accounting for 56.14% of the entire cryptocurrency market. Market analyst Bernstein’s team believes that Bitcoin’s recent decline reflects more of a “confidence crisis rather than structural damage.” They reaffirm their target price of $150,000 for Bitcoin by 2026. This optimistic forecast is based on factors such as increased institutional investor acceptance, improved ETF infrastructure, and better liquidity conditions.

Independent Value: The Decoupling of RWA On-Chain Progress and Crypto Asset Prices

The second positive signal Nazarov observed is the ongoing acceleration of real-world asset (RWA) onboarding, with a decreasing correlation between RWA and the prices of cryptocurrencies like Bitcoin.

The total value of RWAs has surpassed that of traditional DeFi, currently fluctuating between $140 billion and $180 billion, while DeFi’s range is between $90 billion and $120 billion. This “decoupling” indicates that bringing real-world assets onto the chain inherently possesses independent, sustainable long-term value, unaffected by short-term crypto market volatility.

This value stems from multiple aspects: 24/7/365 continuous market operation, on-chain collateral management, and on-chain data verification. The time restrictions and geographical boundaries of traditional financial markets are being broken down. Especially when trading in traditional regulated markets becomes difficult or riskier, permissionless on-chain markets demonstrate unique advantages.

Three Driving Forces: How Data, Connectivity, and Orchestration Shape the Future of RWA

The three technological pillars supporting large-scale RWA adoption are forming a synergy that propels the industry into the next stage of development.

The reliability and richness of on-chain data are the foundation of RWA. As a leading decentralized oracle network, Chainlink holds over 70% of the DeFi data demand market share. From providing market data for on-chain silver markets, to reserve proof for stablecoins, to net asset value data for tokenized funds, Chainlink is becoming the core data provider for institutional RWA applications.

Cross-chain and cross-system connectivity determine the liquidity level of RWAs. Chainlink’s interoperability protocols bridge traditional financial infrastructure with various blockchain environments. This connectivity not only exists between different blockchains but also extends to existing back-end accounting and risk management systems, paving the way for global-scale RWA adoption.

Coordinating complex workflows is key to enabling advanced RWA functionalities. Chainlink’s runtime environment allows multiple chains, off-chain systems, market data sources, and even multiple AI systems to be orchestrated into a single application workflow. This orchestration capability is crucial for handling increasingly complex RWAs and also opens new possibilities for privacy-preserving solutions.

From Concept to Practice: Asset Compatibility and Compliance Pathways for RWA

Which real-world assets are most suitable for onboarding? According to Hong Kong’s published “RWA Industry Development Research Report,” assets that achieve scalable implementation must meet three thresholds: value stability, clear legal rights, and verifiable off-chain data.

Currently, the most promising RWA asset classes include financial assets, new energy assets, real estate, intangible assets, and computing power assets.

For example, computing power assets such as AI servers and data centers are highly digitalized. Data on resource usage, compute hours, and revenue sharing can be monitored in real-time, with transparent and verifiable returns, naturally aligning with RWA’s on-chain trustworthiness requirements. The China Academy of Information and Communications Technology (CAICT), in collaboration with over 20 enterprises, has developed technical standards for on-chain entity assets, systematically proposing full-process technical requirements for data onboarding, regarded as a “5G-like standard” for RWA.

The formal enactment of Hong Kong’s “Stablecoin Regulations” provides clear regulatory guidance for RWA activities in token issuance and trading, further reducing compliance risks.

By July 2025, the total market value of on-chain RWAs worldwide has exceeded $25 billion. Consulting firms like Boston Consulting Group project that by 2030, the RWA market could surpass $10 trillion. In the future, as the digital and physical worlds merge, the pathways for value transfer are being laid across global blockchain networks. When traditional financial giants start onboarding net asset value data and every kilowatt-hour of solar power generation is recorded on an immutable ledger, the boundaries of the financial world are being redefined.

Cryptocurrency price volatility is no longer the sole indicator of industry development. The enhancement of risk management capabilities and the acceleration of real-world asset onboarding are building a more solid and diverse blockchain value foundation.