The race to tokenize real-world assets (RWAs) has become one of the most important battlegrounds in the blockchain industry. As traditional financial institutions increasingly explore blockchain technology to digitize stocks, bonds, commodities, real estate, and investment funds, the network that dominates RWA tokenization could gain a significant advantage in the next phase of global finance. Recently, analytics platform Token Terminal sparked debate across the crypto community by suggesting that Ethereum may be "losing" the RWA tokenization race. The claim is based on data showing Ethereum's declining market share across several tokenized asset categories, including tokenized equities, commodities, and funds. The statement immediately divided opinions. While some see the data as evidence that Ethereum's dominance is fading, others argue that the blockchain remains the backbone of institutional tokenization and that the current market share decline reflects growing ...