In April, the average RWA swap size on 1inch rose by roughly 91%, pointing to larger on-chain capital allocation.
March was loud. April was quieter — and more interesting.
RWA trading on 1inch generated around $1.15 billion in total volume across roughly 578,000 transactions in March alone. April brought $575 million across approximately 152,000 transactions. Half the volume, a quarter of the transaction count.
The number that matters most: average trade size nearly doubled, from around $2,000 in March to approximately $3,800 in April.
Fewer traders, larger positions
The users who stayed active in April were allocating, not testing.
This kind of shift — volume declining while average size increases — typically signals a market moving past its discovery phase. Early participants who were experimenting with small amounts either exited or scaled up. What remained was a more selective base of users putting more capital behind each trade.
The number of active tokens stayed nearly unchanged across both months. The slowdown wasn't driven by assets disappearing from the market or interest collapsing across the category. It was a change in who was trading and how much.
Over the last 30 days, the largest RWA tokens by volume on 1inch were CRCLon, NVDAon, QQQon, SNDKon and MUon.
CRCLon remained the largest asset by volume. NVDAon and QQQon continued to show consistent demand. SNDKon and MUon entered the top group, pointing to growing activity around semiconductor-related exposure.
The pattern across these assets reflects where user interest is concentrated: tokenized access to large-cap equities, broad-market ETFs and semiconductor-linked instruments — major public-market themes, accessed on-chain.
Concentration fell as activity spread
In the previous 30-day period, the top five RWA tokens accounted for around 62% of total volume. In the most recent 30 days, that share dropped to approximately 50%.
Activity spread across a wider basket of tokenized instruments. AMDon, MRVLon, SPYon and INTCon all grew in relative share. RWA trading is beginning to look less like a concentrated bet on a few headline assets and more like on-chain access to traditional market sectors.
Broader distribution across assets generally reflects deeper market participation rather than momentum chasing around a single theme.
What the March spike actually looked like
The strongest single day in Q1 2026 came on March 10, when RWA volume on 1inch reached roughly $128 million and transactions climbed to around 200,000. QQQon drove most of that activity, contributing approximately $95 million in volume on that day alone.
Other major spikes occurred on March 25, March 11 and March 9. March activity was not evenly distributed — it was concentrated in several intense sessions, with quieter periods in between.
April showed a different pattern. Fewer sharp spikes, lower total volume, more even distribution across days. Volume fell, but the structure of trading held.
Discovery phase to consolidation phase
The Q1 2026 picture is fairly clear in hindsight. March was the discovery phase — high transaction counts, sharp spikes, users testing tokenized assets with smaller positions. April was the consolidation phase — fewer trades, larger sizes, broader asset distribution.
A market moving from spike-driven activity toward larger, more distributed trades is becoming more structured. Users are treating tokenized real-world assets less like a novelty and more like a consistent allocation.
Whether that continues into Q2 depends on market conditions and asset availability. April data alone doesn't answer that.
Data pulled on May 13, 2026. This content is for general information purposes only and does not constitute financial, investment, tax or legal advice.