TVL gets talked about endlessly in crypto, and honestly, half the time no one knows what they’re looking at. Numbers get thrown around, dashboards disagree with each other, and everyone’s meant to pretend these figures are gospel. They’re not. Not unless someone independent actually checks the work.
That’s why we decided it was time to get our TVL verified properly, by a team external to us. RWA.io stepped in and did exactly that. They have verified we have $88.45 million in TVL and this is just the first step.
It’s a simple thing on the surface, but it matters for where this industry is heading.
Most crypto protocols still publish whatever number suits them that week. A billion TVL here 10 billion there who remember Solana and the Saber protocol double count.? That worked when the only people watching were retail traders on DEX aggregators. But we’re no longer in that phase. If you’re building for institutions, you can’t ask them to take your word for it.
TVL has become one of the few signals that actually tells the world whether real capital uses your rails. And if you’re serious about that, someone external needs to check it.
We’ve had steady growth across the IXS settlement layer over the past months. More issuers coming in, more liquidity partners, more activity generally. At some point, saying “trust us, this is the number” stops being acceptable.
We are working with asset managers, banks, funds, treasuries people who can’t afford guesswork or inflated dashboards. The have real people to report to with real metrics and real shareholder holding them accountable. So getting independent validation felt like a natural step. No drama, just necessary hygiene.
RWA.io have quietly become one of the few data sources in the tokenisation space that institutions actually trust. If you work with RWAs, you’ve probably ended up on their dashboards at some point, checking who’s doing what.
They’re not hype merchants. They do the boring work: tracking contracts, indexing flows, validating positions across chains. The sort of work that builds a reputation slowly and steadily. Having them verify our TVL gives us a cleaner signal to point to.
Nothing mystical. They looked at: • our on-chain settlement activity • the wallets interacting with the IXS contracts • inflows and outflows across issuers and market-makers • the contracts that sit behind our RWA activity
They pulled it all together and confirmed the numbers independently. No embellishment, no internal spreadsheets, no “trust me bro” dashboards.
It’s now visible on their platform for anyone to check.
To us, this is where the RWA space is heading. More maturity. More grown-up behaviour. Fewer protocols marking their own exams. If as Larry Fink CEO of Blackrock says “Tokenization is the future of global finance” we as an industry have to improve our reporting metrics.
When building for regulated capital third-party validation stops being a nice-to-have. It becomes part of the checklist.
We might be early in doing it, like we are in many things but I doubt we’ll be the last.
This opens a few doors for us. It makes conversations with institutions easier. It reduces the friction for issuers that want to plug into our rails. And it gives our community something objective to point at.
From here, we keep doing what we’ve been doing: • growing the settlement layer • adding more issuers • expanding custody and liquidity integrations • building the compliant infrastructure this market keeps asking for
No big declaration. Just another building block in the foundation we’re trying to lay.