RWAting

Just published a fresh new analysis of @onrefinance's ONyc. (rwating.com/ratings) This is currently our highest rated asset at Risk: B, Return: B. The team has very clear documentation and seems one the best at structuring the entities/funds for user safety. ONyc also has good returns for a RWA, though it's not clear to us (reinsurance newbies) how much a insurance payout event will wipe out NAV. Will DeFi loops at high leverage break? @solana picked a good reinsurance team/protocol to support. We've traditionally been on EVM for DeFi but this gives good impetus to bridge to Solana for DeFi. will compare this with @re's RWA assets for the next rating.

@EthanDeFi_ A cursory online search of Figure's HELOC loans also shows that there are many consumers that use them (though it seems they don't like the loan they took up very much, lol). At least it proves that their lending business is fairly real

But what I like about PRIME is that its HELOC loans used to earn yield are originated by Figure. Figure is a publicly listed US company and it's also the largest non-bank HELOC lender in U.S. It's been operating for 8 years, which makes me think they know what they are doing.

You can still get 30% APY on your stablecoins even in a bear market. Here are 3 yield strategies with 30%+ APY 👇

@WazzCrypto Markets finally pricing in the end of the common equity dilution mechanism. Next thing he'll find a new junior-er debt with a higher APR to cover this mistake

$STRC moving back closer to its fair value of $0

@0xNairolf @Deebs_DeFi there was a study (can't find it now) which showed that 2x leveraged S&P 500 after certain drawdown conditions outperformed just normal-long S&P 500. your idea is actually not ridiculous though it was a joke

@Deebs_DeFi ahaha yea but that was a joke all my tradfi friends only talk about "oh our goal is to beat the sp500" ahha so they can just long it 2x this shit never go down anyway

if everyone wants to beat the S&P 500 why don't they just open a 2x leveraged long?

TradFi brokerages want to do this, but it wouldn't be possible. each country's currency is gated by their country, and outside of the US nobody wants capital flight to USD. Futu will not be allowed by the CN gov to offer extensive collateralization into non-CNY assets. Korea's restricting KRW outflows as well. It will be a long and slow journey, but this will happen on the blockchain as RWAs develop, the only true neutral venue everyone can agree on

昨天跟 Futu 的朋友聊完，我反而并不看好 CEX 在资产融合时代的位置。 很多人觉得 CEX 上线股票、预测市场、商品或者更多 RWA 就是在做跨资产交易，但真正的跨资产交易从来不是上线更多资产，而是让不同资产进入同一个风险体系。 Futu 很有意思。他们现在已经支持用股票持仓作为抵押物交易 Crypto，未来甚至可以把 BTC 转成 iBit 后再参与抵押融资。同时，他们拥有 FCM 牌照，可以接入 Kalshi 的预测市场，未来也有机会接入美国合规体系下的 Perp。 表面上看，这是不断扩充产品线；本质上看，这是不断把新的资产类别纳入同一个清结算体系。 未来一定是联合保证金时代，但联合保证金只是结果，不是护城河。真正的护城河是底层的清结算网络，是谁能够让股票、Crypto、预测市场、衍生品等不同资产共享同一个资金池，并在同一个风险引擎下完成定价、抵押、净额结算和清算。 CEX 的位置其实有些尴尬。 它拥有交易场，但并不拥有真正意义上的结算层。股票资产只是被上架到同一个 App，却没有进入同一个风险体系。换句话说，它做的是资产上架，而不是资产融合。 反而链上天然具备这种能力。 很多人把链上的优势理解为无需许可或者全球可访问，但我认为更重要的是，链本身就是一个统一的结算环境。 当股票、国债、稳定币、商品、永续合约和预测市场都原生存在于同一条链上时，它们不仅可以交易，还可以相互抵押、相互借贷、相互清算，并最终进入同一个风险域。 从这个角度看，拥有更多资产与更多用户，是推动它能够成为最大的跨资产清结算网络的前提。 联合保证金是这个网络长出来的第一个功能。未来还有风险净额结算、抵押品共享、流动性复用以及协议之间的可组合性。 自建 Layer1 的意义从来不仅仅是性能，也要去争夺下一代金融体系的清结算主权。

@narausd hey team, would love to get a first look at Nara USD's trade financing RWA and write a free DD report for a potentially good asset. you can see how we rate other assets on our site through our X profile. hit us up at this account to chat!

$194 trillion flows across borders every year. Projected to hit $320 trillion by 2032. DeFi's total TVL? Around $100 billion on a good day. The opportunity isn't inside crypto. It's the trillions that hasn't touched it yet. That's the market @NaraUSD is built for. Source: @jpmorgan, 2026 Cross-Border Payments Trends.

there's even more benefits - countries that don't have easy access to US markets (e.g. Korea, China) will see capital flight to USD assets - stocks to become like WBTC/ETH, collateralized for any kind of leveraged financing - single clearing instead of multiple retail brokers, better spreads for retail send the stonks onchain, it's the best outcome

the only hard barrier for tokenized stocks lending is regulation once that's sorted, it's full send imagine: - one click conversion from your trad broker to tokenized stocks - no paperwork to unlock a margin line - portfolio backed credit card - automatic refinancing to the cheapest lending market there is really something there

@laurashin with its balance sheet under pressure, it can't keep selling equity without diluting existing holders. raising $300m extends runway by a few months by diluting shareholders once, but it didn't solve its real issue of runway. why would it repeg?

1/ Strategy's STRC Bitcoin-backed preferred stock can't seem to find its way back to its par value of $100. A Bitcoin rebound surprisingly did not help. Strategy's move to bi-monthly dividend payment cycle has not helped and neither has the company's addition of $300 million to its cash reserves, bringing it to $1.4 billion. What gives?

@ModestusOkoye @tori_finance @castle_labs @re they seem to generate 10+% yield via FX carry trades. Do you understand how that might be possible? that level of return is above normalized FX carry returns

Been seeing a lot of talks around @tori_finance and here are my two cents: - Tori is an added validation to @castle_labs's vaultification of onchain finance. In the nearest future, we will have everyone depositing into valuts and agents running strategies - Like @re, Tori is expanding into global markets and not just crypo to tap into carry market spreads (this is something that is battletested for a long time now and known to work) Why I compared it with Re is because of the vault performance of Re even in the bear markets. Tori might experience similar stuff - Despite all these, as a stablecoin product, they need more than yield as moat to gain adoption which is why I'm interested in dApps integrating trUSD/strUSD.

@onrefinance @ExponentFinance @Loopscale @elementaldefi @RockawayX @AccountableData @kamino @solana nice! we really like how OnRe derisked a lot of the traditional RWA weaknesses by being pretty transparent, especially with the segregated Bermuda fund structure

Independent asset managers are now building ONyc-based strategies. Two curated vaults, OnRe Growth and ONyc Fixed Deposit, give stablecoin holders automated exposure to ONyc, each with a 4x OnRe Points multiplier. The OnRe Core Vault enables direct USDC deposits from Ethereum, expanding access to ONyc without requiring users to bridge assets themselves. Yield attracts attention. Infrastructure built around an asset creates conviction.

@stacy_muur if you're still in crypto with zero exposure to RWAs... you should probably...

If you’re still in crypto with zero exposure to Hyperliquid, Polymarket, neobanks, and privacy... You should probably leave crypto once and for all.

@ProofOfTravis the RWA vaults are fulfilling this niche via looping, and they know this too. doing DD on the issuers is very important though, so as not to get rugged a.l.a Main Street Finance

I think we're smack in the middle of vault season Vaults that reward a fair APY where you just deposit and wait is what most people are looking for until we can be bullish on Bitcoin/alts again So there's a window for curators and vault infra Once that dries up, we'll be at the bottom of the bear as there'll be literally no more capital left in this space

@0xNairolf Saw this project on Canton trying to do this with xStocks. Oracle pricing/secondary market pricing still needs to be improved as the slippage eats away all the incentives to hold them

the endgame is: > owning tokenized stocks > borrowing stablecoins against them > in one click and with size ridiculously gigantic market

@deriveinsights They've extended their STRC timebomb by half a year by diluting common equity. The STRC wrappers had their life extended by a few months, but how long can common equity be diluted before demand dries up. Not great

Update on the $STRC / $MSTR Situation 🔍 Strategy raised $335M this week. Only $35M of it bought Bitcoin. Monday's filing: 520 BTC, funded by selling 2.71M MSTR shares. The other ~$300M never touched BTC. It went to the cash reserve, now $1.4B. The filing says why: to support the credit quality of the preferred. A dividend war chest, paid for by diluting the common stock $MSTR. So far, no buyers to be seen tho looking at the $STRC price action since then; still down double digits from par (currently around $88). $BTC said the same. It popped to 65.5k on the headline, round-tripped it, now near 62.5k, below where it started. They can fund the dividend for months but they cannot fund a buyer. The flywheel has stalled and is starting to backfire.

@OrcaIshere @onrefinance @re This is one of Solana's best DeFi RWA loop farms. We rated the RWA and it has the best mix of risk and return so far (both B). Have a look at our site, it will cut through your DD to 5mins

Dont fade @onrefinance This project is one of the underated project currently like @re was before.🍹 I didn’t focus on it before but atm i am going hard for it. Currently my Yt-Exponent & Looping on Loopscale giving me 750k points everyday. 🔹 How to farm it 🔹 ▶️ Join now : app.onre.finance/earn/leaderboa… ▶️ Loopscale Usdc - OnRe vault ~ Giving 3x onre points + 3x loopscale points ▶️ Exponent Yt - At current 13.97% rate giving 25k points for 100$ position.Also giving 13.36% underlying apy. This 2 method giving you exposure on 3 best tokenless platform on solana ecosystem.

@y_cryptoanalyst @tori_finance @tori_finance claims their FX carry offers 15%+. on the face of it, that doesn't really seem possible. wish they would elaborate more before opening a pre-deposit.

上一个delta 中性策略的稳定币协议MainStreet 脱锚才过去2天，现在 ethereum:0x4ba01f22827018b4772cd326c7627fb4956a7c00 价格还在0.2左右徘徊； 今天就看到KOL 大大们批量喊同类竞品 @tori_finance 即将上线的硬顶 $50M 的预存款金库。 币圈人果然是没有记忆的。

agreed with the analysis. there are multiple paths out which haven't yet been built 1) new-generation liquidators that bid on AMMs to earn the price gap between instant liquidity and redeemed NAV. saw a few protocols trying this out 2) lending markets should cap deposit sizes. even in tradfi markets that have duration risk (e.g. mortgages), banks have found ways to keep LTVs low enough so that defaults are tolerable against their balance sheet. 3) lending markets which are not atomic liquidity. personally i think this hasn't worked as atomic liquidity has such high returns, such that non-atomic liquidity lending markets need to offer APRs that are practically unachievable/unsustainable right now.

The @alturax situation just shows the disconnect between how defi 1.0 expects things to work and how they actually work in the real world. DeFi 1.0 expects instant, atomic liquidity. The real world operates on settlement periods. Take altura at their word and assume the vault is solvent, just illiquid. In that case the depeg on the AMM's isn't insolvency, it's the market pricing a fee on instant redemption. AMM liquidity is exactly that: an instant redemption buffer that lives outside the protocol itself. In some ways this is good as it lets the market decide what the fee on instant redemption should be rather than the protocol owning that call, but it surfaces a bigger problem. There are two ways to price the asset: the market price from the amm, which carries the instant redemption discount, or nav, which gives you the full value but makes you wait out the duration. Most of defi runs on market pricing, and that's where the trouble starts. If a lending market takes AVLT as collateral and marks it at market price, a heap of positions go underwater the moment the AMM depegs, all thanks to a price the vault/rwa itself has no control over. So the lending market has to pick one: a) mark to market price. bad option. thin liquidity eventually forces a depeg, the depeg triggers liquidations, and liquidators selling into that same thin liquidity push the price down further. b) mark to nav. but when the only exit is the amm liquidity, liquidators won't even take on the liquidations. they can't realise nav. Both turn bad debt into unrecoverable debt. So what's the answer? The market itself needs an exit path that doesn't depend on amm liquidity. It needs to redeem through the issuer's native pipeline at full nav. This can still leave bad debt if there's a nav drawdown, but it won't leave unrecoverable debt. This has the added benefit that the token itself doesn't need to maintain a liquidity sleeve and can allocate for maximum capital efficiency.

just as credit funds in TradFi are not called fiat USD, we should start calling these something that's not stablecoins, perhaps Credit RWAs, to reflect the fact that these are really just tokenized credit fund/products. Pegs are still important though. atomic liquidity is still something that crypto demands today

Has anyone noticed that the newest generation of yield-bearing stablecoins consistently generates yields well above the market average, often in the 8–12%+ APY range? If you look closely, we may already be entering the third generation of YBS. The reason isn't simply higher risk or better optimization. It's because YBS are becoming yield aggregators. Instead of relying on a single source of yield, they are packaging multiple yield streams into one asset: - Treasury yield - DeFi lending yield - Funding rates - Credit spreads - Private credit - RWA income All wrapped into a single token. (1) The first generation of stablecoins focused on maintaining a peg. (2) The second generation introduced yield through a single source, typically Treasuries or lending markets. (3) Today, the newest YBS are combining multiple yield engines into one product, allowing them to generate significantly higher returns than traditional Treasury-backed stablecoins while still functioning as a dollar asset. A few examples: USD3 - @3janexyz USD3 is not only a DeFi lending product. Its yield comes from: - Lending markets such as Morpho, Aave, and Compound - Consumer credit facilities such as the recently announced LendSwift warehouse facility - Additional credit opportunities that 3Jane plans to onboard over time What's interesting is that USD3 is beginning to capture real-world credit spreads rather than relying solely on crypto leverage demand. reUSD - @re reUSD combines: - Treasury/SOFR yield - Basis trades - Funding rate income The goal is to create a more stable yield profile while maintaining exposure to crypto-native opportunities. The bigger trend is that stablecoins are becoming a distribution layer for yield. Before: Stablecoin → Treasury Yield Today: Stablecoin → Treasury + Lending + Funding + Credit + RWA Competition is no longer about who can maintain the best peg. In other words: Stablecoins are evolving from digital dollars into onchain yield indexes. And products like USD3 suggest that the next phase may involve bringing consumer credit, SMB lending, receivables, and private credit directly onchain, turning stablecoins into a bridge between crypto capital and global credit markets.

Alright, since I got banned in the Altura (@alturax) $AVLT Discord for sharing reasonable concerns, I will address them here. First of all, @AccountableData is just a service, which provides and verifies for you the information about where the assets in the vault are allocated, so you can make a decision about the risks. Withdrawing assets from all vaults Accountable is working with is just dumb, but understandable. Moving on to accountable.altura.trade, the Altura Dashboard created and verified by Accountable. As we can see, most of Altura's funds right now are allocated to Inessa RWA, an asset manager in Dubai, established in 2023, which works privately with a gold mine somewhere in Africa, and has no proof of its reserves, as well as no reputation or clear public evidence of their work. They just say “we have gold, we have money.” This has always been the red flag number one about Altura.

"The software connects directly to primary data sources, using API connections verified through secure enclaves and zkTLS attestations that create transport-layer proofs of data retrieval from source systems." so what primary data sources are accepted? One could stick a daily self-reported NAV report into an oracle and have that "not self reported"?