Crypto survived major price drops without FTX-style collapses, proving better risk management maturity.
- Real-world asset tokenization accelerates independently of Bitcoin prices, showing unique lasting value.
- On-chain RWAs may soon exceed crypto’s total value, fundamentally reshaping the industry’s core focus.
Sergey Nazarov believes the current crypto cycle reveals something different.
The Chainlink co-founder shared his thoughts on what market movements tell us about industry progress. Unlike previous cycles, this one shows resilience and growth in unexpected areas.
Nazarov points to two critical developments. First, the industry avoided major institutional failures despite price volatility. Second, real-world asset migration continues regardless of Bitcoin prices.
Risk Management Marks a Clear Improvement
The crypto industry weathered significant price drops without widespread collapse. Nazarov noted the absence of FTX-style disasters or major lender failures. Previous cycles saw catastrophic losses from poor risk management.
This cycle tells a different story. Institutional and retail capital found safer ground. The industry proved it can handle liquidity issues and price drawdowns. Better management practices emerged across platforms and protocols.
Trading systems held up under pressure. No systemic risks materialized at scale. The improvements signal maturity in how crypto handles volatility.
Real-World Assets Grow Independent of Crypto Prices
RWA tokenization accelerated throughout market turbulence.
Nazarov highlighted that on-chain asset migration isn’t tied to cryptocurrency valuations. The trend provides unique value beyond speculative trading.
On-chain perpetual markets for traditional commodities gained traction. Silver perps rivaled traditional finance volumes during certain periods. Traders shifted to permissionless markets when traditional venues became risky.
RWA issuance continues climbing. More data flows on-chain to support various asset types. The infrastructure builds momentum separate from token price action.
Cycles are a normal part of the crypto industry, what is important is what those cycles reveal about how far the industry has progressed and what next stage/trends of adoption/value creation will go on to define the industry.
So far this cycle reveals two key things for me:…
— Sergey Nazarov (@SergeyNazarov) February 9, 2026
Three Trends Reshaping Crypto’s Future
Nazarov outlined key forces driving mainstream adoption. On-chain perps and tokenization offer durable value through constant availability. Moreover, markets operate 24/7/365 with transparent collateral management.
Institutional adoption will follow fundamental technology value. Permissionless DeFi markets provide access that traditional finance cannot match. This combination drives growth beyond speculative interest.
Infrastructure demand grows as RWAs multiply. Complex assets require sophisticated on-chain systems. More interfaces connect traditional finance to blockchain networks.
Chainlink Positions for RWA Infrastructure Demand
The Chainlink co-founder sees his platform meeting critical needs. Data feeds enable most RWAs to function on-chain. Market data powers perps while Proof of Reserves backs stablecoins.
Chainlink holds 70% market share for DeFi data services. Partnerships with S&P and ICE extend reach into institutional RWA markets. The platform connects blockchains and traditional backend systems.
Cross-chain connectivity and payment integration create liquidity pathways. Moreover,workflowk’s Runtime Environment coordinates multiple systems into a single workflow. Privacy features are expanding within orchestration capabilities.
Nazarov predicts that on-chain RWAs will surpass cryptocurrency in total value. Besides, this shift changes what the industry fundamentally represents. The transformation benefits crypto assets while RWAs drive mainstream adoption.
The Chainlink executive expressed strong optimism about building better financial systems.
