Ever notice how in crypto, just like those explosive meme coins that capture all the hype, a handful of projects end up dominating the space? The latest buzz from Token Terminal nails this "power law" dynamic right in the heart of tokenized funds.

Take a good look at this chart. Securitize, the go-to platform for tokenizing real-world assets (RWAs)—think turning traditional investments like Treasury funds into blockchain-native tokens—has spread its wings across more than 10 blockchains. They've got products on Ethereum, Solana, Polygon, Avalanche, Arbitrum, zkSync, Aptos, OP Mainnet, and even BNB Chain. Impressive, right?

But here's the kicker: BlackRock's BUIDL fund, tokenized exclusively on Securitize, sits on Ethereum and commands a staggering $2.5 billion in assets under management (AUM). That's more than all the other Securitize products combined across every other chain. It's not even close—BUIDL is the orange bar towering over a sea of much tinier stacks.

Tom Murphy, Securitize's Head of Comms, couldn't resist pulling back the curtain in his reply. "Lifting the 4th wall," he shared, "we debate internally about showing BUIDL's metrics to scale or not like this." It's hilarious and telling—when one product is this dominant, do you zoom out to show the full picture or risk making everything else look irrelevant?

For a bit more context, Murphy points to their VBILL fund (VanEck's tokenized short-term U.S. Treasury fund) on BNB Chain. That one's a speck compared to BUIDL, but guess what? It'd still crack the Top 40 on RWA.xyz, the go-to analytics dashboard for tokenized real-world assets. Imagine that— a "small" player in Securitize's lineup is elite by industry standards.

If you're dipping your toes into RWAs for the first time, here's the quick lowdown: These tokenized funds package up boring-but-reliable stuff like U.S. Treasuries into ERC-20 tokens. Investors get daily yields, instant blockchain transfers, and the ability to plug into DeFi protocols for extra composability. BUIDL, launched by BlackRock in 2024, kicked off this trend and has been onboarding institutions ever since, now with share classes expanding to other chains for broader access.

Securitize deserves props here—they're the tech backbone, handling compliance, issuance, and transfers to make it all seamless for Wall Street giants. And while multi-chain deployments (like BUIDL variants on Solana or ACRED on Ethereum) add flexibility, the data screams one truth: Ethereum remains king for serious money moving on-chain.

This power law isn't unique to RWAs—it's the same vibe that turns a funny dog pic into a billion-dollar meme token. In a market eyeing trillions in tokenized assets, BUIDL's lead could inspire more blue-chip entries, but it also raises questions: Will Ethereum's dominance hold, or will faster, cheaper chains chip away at the throne?

What’s your take—bullish on BUIDL's moat, or betting on the underdogs? Hit us up in the comments, and keep an eye on Meme Insider for more where crypto meets the wild side.