RWA Repo Backstop · liquidation-safe collateral
We lend against Liquidation NAV, not marketing NAV. The asset is its executable liquidation path.
The thesis, plainly
Most DeFi prices tokenized Treasuries as cash-like at $1.00. That is wrong. The price of collateral is not its marketing NAV — it is what you actually realize on exit, at size. We measure & publish Liquidation NAV: the real exit value at $100k / $1M / $10M, not the assumed dollar.
Status
Paper research. Advisory — it opens no live positions. The underwriting business itself is relationship-, capital- and legal-gated; here we publish the measurement layer — the Collateral Safety Board — not a trade book. Every verdict is deterministic (LLM forbidden in the risk gate).
The Collateral Safety Board
source: static / offline · —Each asset — marketing NAV vs Liquidation NAV at $100k / $1M / $10M, the gap %, on-chain DEX liquidity and redemption delay. Verdict LIQUID / THIN / REDEMPTION-ONLY / UNSAFE. UNSAFE and REDEMPTION-ONLY are surfaced first. A live feed from /api/rwa-safety-board.
Live board verdicts (measurement-GO)
static / offline · — assets—
LIQUID — liquid to $10M on a DEX
—
THIN — thin exit at size
—
REDEMPTION-ONLY — cash via issuer only
—
UNSAFE — depeg / gap at size
Verdicts are counted live from the board (verdict_counts in /api/rwa-safety-board) — not hardcoded. MEASUREMENT-GO: we ship the measurement layer; the underwriting book is capital/legal-gated (off-code).
On-chain NAV coverage
—How many assets carry a REAL on-chain ERC-4626 intrinsic NAV (keyless eth_call of totalAssets/convertToAssets) vs an off-chain estimate. Partial/zero coverage is the point — the NAV of permissioned, non-4626 tokens is not on-chain-verifiable.
Loading the collateral safety board…
The honest finding
No tokenized-RWA collateral asset on the board is cash-like on an executable on-chain exit; nearly all have ~$0 public on-chain exit — cash only via the relationship-gated issuer redemption queue. The exact counts below are derived live from the board. We'd rather measure the real exit than assume the $1.00.
—
NOT cash-like on executable exit
—
~$0 public on-chain exit (redemption-only)
—
liquid to $10M on a public DEX
Why this is the moat
Lend against verified exit capacity, not the assumed dollar. Whoever measures real Liquidation NAV underwrites safe leverage where others lend against marketing — and survives the first stress exit.