Sergey Nazarov, co-founder of Chainlink, said that the current slowdown in the crypto market has two critical differences compared to previous bear markets.
Nazarov pointed out that this cycle did not see a major corporate collapse like FTX or a systemic risk event on a scale that would shake the market. According to Nazarov, this shows that the sector has become more resilient to volatility and its risk management capabilities have improved compared to previous years.
The second important difference highlighted by Nazarov was that, despite price pressure, the tokenization of real-world assets (RWA) and on-chain futures/perpetual contract markets for traditional commodities continued to grow.
Nazarov argued that innovation in these areas carries an “intrinsic value” independent of cryptocurrency price fluctuations, and that demand is not solely dependent on speculative cycles.
According to the Chainlink co-founder, this chart reveals that the on-chain RWA value is not directly correlated with cryptocurrency prices. Nazarov stated that if the tokenization trend continues, the total on-chain RWA value could eventually surpass the total value of the cryptocurrency market, creating a fundamental transformation that would change the structure of the sector.
Although the crypto market remains weak in the short term, Nazarov emphasized that RWA-focused growth is a critical signal for the long-term development of the sector.
*This is not investment advice.
