Most capital onchain sits idle. Hundreds of billions of dollars in stablecoins wait in wallets earning nothing, while the institutional funds now arriving onchain still sit behind the same gates they always have. Onchain wealth is the idea that this stops being normal: that a single balance can earn yield, hold real investments, and trade, all at the same time, without ever leaving your custody.

That shift is already underway, and it is bigger than any one feature. It is the next phase of DeFi.

The supply is here. The access is not.

Every major asset issuer has moved onchain. Tokenized funds from names like BlackRock, Apollo, Franklin Templeton, and Janus Henderson now live on Ethereum, and the market for tokenized real world assets has grown from roughly $5 billion to more than $24 billion in eighteen months. At the same time, several hundred billion dollars in stablecoins sit onchain earning little or nothing.

So the product is here. The problem is what capturing it usually asks of you: pick a single vault, judge underwriting you cannot see, accept lockups, and pull money out of one position every time you want to do something else. The scarce layer is no longer yield. It is a place that makes these assets accessible, liquid, and productive from one balance.

Why yield alone is not enough

Yield is commoditizing. As tokenization infrastructure matures, almost any venue will soon be able to list a tokenized treasury or credit fund. What separates platforms is not the yield itself but what an asset can do once it lands.

This is composability. On most platforms a tokenized fund is a hold and wait product. In a composable model, the same position earns its yield, doubles as trading collateral without being unwound, and can be exited through a secondary market rather than a multi day redemption window. That is hard to replicate. Pure real world asset platforms manufacture yield but cannot make it productive as collateral. Pure trading venues keep earning and trading balances separate. Composable onchain wealth needs both in one place.

From perp DEX to onchain wealth

This is the thesis behind Grvt. Rather than trying to win purely as a perp DEX, Grvt treats its exchange as the foundation for a broader onchain wealth platform, one where a single deposited balance can earn, invest, and trade at the same time. We’re building beyond a trading app toward a complete onchain brokerage designed around how users actually manage their wealth.

The engine underneath is Unified Margin: one balance that stays productive across every use. Capital does not have to choose between earning and acting. It does both.

Here is what that looks like today:

• Earn. Idle balances put capital to work by default, so deposits are productive from the moment they land rather than sitting still between decisions.
• Trade. Access spot markets alongside crypto and TradFi perpetuals, with more than 80 markets across global equities, foreign exchange, and commodities, all in one place.
• Invest. Through Grvt Invest, curated real world asset strategies open institutional grade yield from as little as $1, with no accreditation, spanning AAA rated credit through higher yielding private credit.

The point is not any single product. It is that they share one balance, and each one strengthens the others.

Why the trading foundation still matters

None of this works without a battle-tested exchange underneath it. A perpetual DEX is the hardest part of the stack to build: institutional grade matching, real time risk, and settlement provable to Ethereum while users keep custody throughout. It is also the engine that generates the revenue.

That foundation is what makes the wealth ambition credible rather than aspirational. The same market making and liquidity infrastructure built for perps is what lets new tokenized equity and real world asset markets list with usable liquidity from day one. Composability is what transforms a trading platform into an onchain financial system.

The bigger picture

As tokenized assets move onchain, the winners will not be the platforms that simply provide access. They will be the ones that make capital more productive through a single, unified experience. That is the bet behind composable onchain wealth: a future where someone anywhere in the world can hold the same institutional assets as a large fund, from $1, with instant liquidity, while earning and trading on the same balance.

The market is expanding precisely where this model sits. Tokenized real world assets are among the fastest growing sectors onchain, and the capital waiting to be put to work is already here.

Read the full report

We partnered with The Block to break down the perp DEX landscape, Grvt's architecture and capital model, and the road to composable onchain wealth in full detail.

Read the full Grvt x The Block report →

Or explore it yourself: see how curated real world asset yield works on Grvt.