In a move that is sending waves through the RWA ecosystem, one of Conflux’s founders, Yuanjie Zhang, who goes by Forgivenever on
His statement comes at a sensitive time for the RWA sector, which witnessed an explosion of institutional interest in 2024 and 2025.
In one long X post that Zhang wrote in his native Chinese, the co-founder accused RWA.xyz of sharing biased data and selective reporting of blockchain networks.
What did Conflux co-founder say about RWA.xyz?
In its
His accusations imply that the platform is no longer impartial and is now dictating which projects and networks become visible as more institutional investors become involved.
Zhang claims that by omitting or under-reporting actual RWA volume on marginal, less popular, or non-Western platforms like Conflux, RWA.xyz is counteracting a lopsided erosion of the global RWA market.
According to him, the platform’s new methodology, which it switched to a month ago after undergoing a refresh, prioritizes stories over unfiltered on-chain facts. He suggested that the new approach to data curation does not take into account the significant sources of liquidity in the growing Asian market.
Before the refresh, RWA.xyz claimed that the industry-wide RWA scale was approximately $300 billion. However, after the redesign, that figure became $410 billion, and two new metrics were introduced.
The first metric is reported asset value, which is $410 billion and includes assets tokenized as digital certificates on private or permissioned chains, even though lacking real on-chain transfers or real public distribution.
The second metric introduced is the Distributed Asset Value, which is estimated at $18 billion and covers assets distributed through on-chain protocols of blockchains and exchanges and accessible to crypto investors who can hold them through wallets or custodians.
As for Zhang, the second metric represents the true crypto-relevant scale.
According to him, the other benchmark, which has a hyped value of $410 billion, is 91% dominated by Canton’s private chain, which he says is the new “sugar daddy.” He suggested it replaced Figure’s Provenance chain, which he claims was the first entity to bribe the RWA.xyz platform and has been relegated to the second position behind Canton since it went public and will not renew its subscription.
Zhang alleged that Figure bribed the platform to forcibly stuff a home loan company’s data into the industry’s statistics table, inflating the real $18 billion in RWA assets actually sold to investors to more than $300 billion.
Now it’s Canton doing the bribery, which is why Figure makes up only 3% of the reported asset value, while Canton makes up 91%.
He claimed that it was not the first time that RWA.xyz engaged in data manipulation, citing Figure’s loans, which served to inflate its figures before being reclassified. Zhang suggested that commercial incentives promote inclusion.
According to him, after excluding Figure’s inflated anomalies from the Distributed Asset Value, it regains a reasonable reference value.
Zhang claims in his post that RWA.xyz defrauded US investors in the crypto and stock sectors. He claims the platform has now set its sights on the Hong Kong market after seeing the Asian RWA sector booming.
How true are the accusations?
The claims made by Zhang in office were confirmed by his followers, who also alleged contradictions. When a user asked which of the data aggregation platforms provided accurate data, another user claimed that most of the others are better than RWA.xyz as none of them contain such exaggerations.
It is true that compared to RWA.xyz, which reports a TVL in tokenized treasuries and retail credits of over $21 billion, data from other major aggregators such as DefiLlama shows notable gaps.
DefiLlama uses a permissionless bottom-up indexing method and tends to display higher numbers for certain protocols and even includes data from chains that RWA.xyz has yet to fully acknowledge or integrate. This is especially true in the private credit sector, where DefiLlama lists emerging protocols on L1 networks that are not present in RWA.xyz’s rankings.
Mike Cagney, co-founder of When Figure called After banning DefiLlama in September for excluding Figure’s data from its platform, the aggregator defended the action by revealing that Figure’s data was unverifiable and had no real footprints on the chain.
Meanwhile, RWA.xyz has defended its methodology, claiming that it “standardizes and verifies first-party data” to ensure accuracy at the institutional level. Yet there are critics, like Zhang, who believe the so-called verification process is essentially a whitelist.
The discrepancy Zhang speaks of is most striking when considering the Asian RWA market. It becomes clear that RWA.xyz is heavily dominated by US-based entities such as Ondo and BUIDL, while tokenized commercial paper and green bonds featured on eastern infrastructure such as Conflux and several Hong Kong-based pilots are underrepresented.
Responding to the allegations, the co-founder and CEO of RWA.xyz shared a blogging talking about the new framework and suggesting he was ready to work with Conflux once they provided ‘feedback’.