Blockchain analytics platform Santiment has ranked Hedera as the leading blockchain network for real-world asset (RWA) development, citing recent developer activity recorded on GitHub. Chainlink and Avalanche placed second and third, respectively, in the ranking, which tracks software development across blockchain projects focused on tokenization and related infrastructure.

Santiment's latest assessment points to continued development activity among projects building systems intended to support the representation, management, and transfer of traditional financial and physical assets on blockchain networks. Developer activity is commonly monitored in the cryptocurrency sector as a measure of ongoing technical work, including software maintenance, protocol upgrades, and application development. The ranking emerged as tokenization gained broader institutional traction, exemplified by BlackRock launching BUIDL, a tokenized U.S. Treasury fund on Ethereum earlier in 2024, signaling growing engagement from major asset managers.

According to Santiment, Hedera led the RWA category by development activity, followed by Chainlink and Avalanche. The ranking indicates that developers remain focused on infrastructure for institutional and enterprise use cases, including asset tokenization, digital identity, payments, and financial services designed for large-scale adoption.

The RWA sector refers to blockchain initiatives that seek to represent tangible and financial assets—such as securities, real estate, commodities, invoices, and other instruments—as digital tokens. These tokens can then be issued, managed, settled, or transferred through blockchain-based systems. Supporters of tokenization say the model can improve transparency, accessibility, and operational efficiency in traditional financial markets, while potentially reducing administrative costs and improving settlement processes.

Hedera's placement at the top of Santiment's ranking also reflects the network's enterprise-oriented positioning. Hedera is governed by a council of global organizations across technology, finance, and other sectors, including Google, IBM, and Boeing, a structure designed to provide decentralized governance while maintaining enterprise credibility. The network has pursued collaborations across several industries, including a high-profile relationship with McLaren Racing. Such partnerships illustrate how blockchain networks are attempting to apply distributed ledger technology in commercial settings beyond cryptocurrency trading, including corporate operations and broader digital transformation projects.

Enterprise Development Supports RWA Activity

Chainlink and Avalanche also remained prominent in Santiment's RWA development rankings. Chainlink is widely known for its decentralized oracle infrastructure, which enables blockchain applications to securely access external data. That function is considered important for tokenized asset applications, which may require reliable off-chain information to support issuance, pricing, settlement, and verification.

Avalanche has continued to develop an ecosystem that includes enterprise-focused blockchain solutions and scalable infrastructure for developers and financial institutions. Its presence among the top three RWA projects in Santiment's ranking highlights the role of multiple blockchain ecosystems in building infrastructure for tokenized assets and institutional use cases.

The development activity reported across Hedera, Chainlink, and Avalanche reflects ongoing technical work aimed at supporting enterprise adoption and the tokenization of traditional assets. GitHub metrics are frequently used by analysts to evaluate blockchain projects because sustained developer contributions can indicate active maintenance, new features, and long-term ecosystem development. However, developer activity alone does not guarantee commercial adoption, market performance, or future success.

Santiment Intelligence posted the ranking on X on July 22, 2026, listing Hedera, Chainlink, Avalanche, Stellar, and OriginTrail among the top RWA projects by development activity.

Here are crypto's top Real World Assets (RWA's) by development. Directional indicators represent each project's ranking rise or fall since last month:

1. @hedera $HBAR 2) @chainlink $LINK 3) @avax $AVAX 4) @stellarorg $XLM 5) @origin_trail $TRAC 6)… pic.twitter.com/fWaXaZt6rY

— Santiment Intelligence (@SantimentData) July 22, 2026

https://x.com/SantimentData/status/2079993159111627088?ref_src=twsrc%5Etfw

Tokenized Assets Draw Broader Financial Interest

The focus on RWA infrastructure comes as banks, asset managers, and technology companies continue exploring blockchain-based systems for asset issuance, settlement, and custody. Tokenization has become one of the most closely watched blockchain applications because it connects digital networks with existing financial instruments and business processes. Industry research from firms such as Boston Consulting Group has projected the tokenized asset market could reach sizable valuations over the coming decade, further motivating infrastructure investment across blockchain networks.

Hedera's enterprise-focused strategy has helped position the network as a notable participant in this market. Its work with established organizations reflects interest in using blockchain technology within mainstream business operations while supporting secure and scalable digital infrastructure.

The broader RWA ecosystem shows increasing overlap between blockchain technology and traditional finance. Projects in the sector are building tools for institutions seeking blockchain-based approaches to asset management, payments, settlement, and recordkeeping. As these networks continue to invest in infrastructure and partnerships, developer activity remains one of the metrics used to track technical progress across the sector.

Santiment's latest ranking highlights the cryptocurrency industry's continuing move toward practical enterprise applications. By placing Hedera first, followed by Chainlink and Avalanche, the report shows that RWA-focused development remains active across several major blockchain ecosystems as tokenization efforts expand beyond digital assets into wider financial and commercial use cases.