➥ If you want to find RWA projects to invest in, look at collected fees
Why do I say that? Because TVL can be pumped in the short term, while fees usually reflect real demand.
It is very hard for a project to fake collected fees, but TVL can be inflated much more easily.
If we look at May 2026 data, RWA is starting to split clearly between protocols that only hold assets and protocols that actually make money from those assets.
Top RWA protocols by collected fees:
– @Securitize: ~$5.72M
– @centrifuge: ~$4.07M
– @OndoFinance: ~$4.03M
– @apyx_fi: ~$1.74M
– @onrefinance: ~$1.67M
– @MidasRWA: ~$1.22M
– @HastraFi: ~$1.18M
– @re : ~$1.18M
– @Theo_Network: ~$346K
– @NestCredit: ~$327K
So don’t keep asking others which project you should invest in.
Look at metrics like this, then choose 1-2 top projects that already have tokens.
If I apply this method, the answer I get is: $CFG and $ONDO.