The "Policy Tailwind + RWA Track" Takes Off, Solana May Become the Biggest Dark Horse in the Second Half of the Year

On August 8, 2025, the People's Bank of China, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Finance, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the "Guiding Opinions on Financial Support for New-type Industrialization," which for the first time clearly proposed in national-level policies—supporting financial institutions to use technologies such as blockchain, artificial intelligence, and big data to simplify business processes and enhance financing efficiency for small and medium-sized manufacturing enterprises.

This policy signal directly ignited the market's imagination for RWA (Real World Asset Tokenization):

• Financial assets on the chain will have clearer compliance paths;

• The efficiency pain points of financing for small and medium-sized enterprises align perfectly with the low barriers and traceability characteristics of RWA;

• The integration of on-chain and traditional finance will move from pilot programs to industrialized implementation.

In the RWA track, Ethereum still occupies over 70% of the market value share, but high gas fees and network congestion pose dual challenges of cost and efficiency for institutions when onboarding large-scale assets.

Advantages of Solana:

1. Low cost & High concurrency: Single transaction fee is less than $0.01, with TPS reaching thousands, suitable for high-frequency asset settlement scenarios.

2. Rapid expansion of RWA ecosystem: Existing projects include government bond tokenization (Superstate), stablecoins (USDC, PYUSD deployment), and pilot programs for gold and commodity tokenization.

3. Rapid growth in trading volume: According to The Block, in the first half of 2025, Solana's RWA-related trading volume increased by approximately 260% year-on-year. Although its market value share is less than 5%, its growth rate far exceeds that of established competitors like Ethereum and Polygon.

4. Anticipation of ETF approval: If Solana's spot ETF is approved in the United States, it will directly attract institutional funds, bringing stronger liquidity to on-chain assets like RWA.

Other competitors:

• Hedera: Piloting cooperation with traditional financial institutions, but overall ecosystem enthusiasm is not as high as Solana.

• Avalanche: Focuses on government and enterprise chain reform projects, holding advantages in the RWA governmental assetization field.

• Pendle: Leading in yield derivatives and interest rate tokenization, but the breadth of the ecosystem is not as extensive as Solana.

If Ethereum will continue to take the largest slice of the pie, then Solana is standing on an excellent acceleration track: policy tailwind + technological advantage + ETF fund expectations $SOL