Let's investigate the new RWA Dashboard from DefiLlama:
🔸$16.9b: the sum of onchain market cap for all tracked RWAs
🔸$14.7b: the sum of onchain value taking real market risk for all tracked RWAs
🔸$940m: the sum of RWAs deployed in tracked DeFi protocols
But there's so much more.
Active mcap by chain:
🔹Ethereum: $12.5b
🔹Solana: $1.7b
🔹Stellar: $187m
Active mcap by asset category:
🔺Tokenised funds: $6.2b (41%)
🔺Tokenised gold & commodities: $5.8b (39%)
🔺Tokenised stocks & equities: $2.7b (15%)
Which assets today rule the top 10 by onchain mcap?
Gold tokens, money market funds, T-Bills, and credit/corporate bonds.
Only 2/10 are offer permissionless access (XAUT, PAXG), and 8/10 have an active DeFi TVL < $50m.
It's still early innings for tokenised stocks.
While many are already listed on CEXs, 16 of the top 20 by onchain mcap are single-stock/fully backed.
This cohort includes stocks like Tesla ($77m onchain mcap), NVIDIA ($55m), and Gamestop ($30m)
16/20 are found on xStocks, three are on Ondo, and one is the permissioned EXODB by Exodus.
DefiLlama's RWA Dashboard provides much-needed granular detail and filterable results to help focus your RWA research. Check it out here!
🔸$16.9b: the sum of onchain market cap for all tracked RWAs
🔸$14.7b: the sum of onchain value taking real market risk for all tracked RWAs
🔸$940m: the sum of RWAs deployed in tracked DeFi protocols
But there's so much more.
Active mcap by chain:
🔹Ethereum: $12.5b
🔹Solana: $1.7b
🔹Stellar: $187m
Active mcap by asset category:
🔺Tokenised funds: $6.2b (41%)
🔺Tokenised gold & commodities: $5.8b (39%)
🔺Tokenised stocks & equities: $2.7b (15%)
Which assets today rule the top 10 by onchain mcap?
Gold tokens, money market funds, T-Bills, and credit/corporate bonds.
Only 2/10 are offer permissionless access (XAUT, PAXG), and 8/10 have an active DeFi TVL < $50m.
It's still early innings for tokenised stocks.
While many are already listed on CEXs, 16 of the top 20 by onchain mcap are single-stock/fully backed.
This cohort includes stocks like Tesla ($77m onchain mcap), NVIDIA ($55m), and Gamestop ($30m)
16/20 are found on xStocks, three are on Ondo, and one is the permissioned EXODB by Exodus.
DefiLlama's RWA Dashboard provides much-needed granular detail and filterable results to help focus your RWA research. Check it out here!
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"Without even knowing it at first, we had basically reinvented the mechanics behind Premium Bonds."
Tramplin.io founder Ilya Tarutov explains how that realisation reshaped his thinking on staking incentives and reward distribution.
Full interview here.
Tramplin.io founder Ilya Tarutov explains how that realisation reshaped his thinking on staking incentives and reward distribution.
Full interview here.
DL News
Tramplin.io founder on premium staking and bringing the ‘premium bonds’ model to Solana
We recently spoke with Ilya Tarutov, Founder of Tramplin.io, about bringing the “Premium Bonds” model to Solana staking and offering users a safe alternative to high-risk speculation.
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Web3 expanded access. The next phase must secure and regulate it.
Parisii CEO Jason Cooner outlines DeFED™, a quantum-tolerant Web4 banking platform built for compliant digital assets, regenerative finance, and a post-GENIUS & Clarity Act landscape.
Learn more about the blueprint for quantum-era banking in this interview.
Parisii CEO Jason Cooner outlines DeFED™, a quantum-tolerant Web4 banking platform built for compliant digital assets, regenerative finance, and a post-GENIUS & Clarity Act landscape.
Learn more about the blueprint for quantum-era banking in this interview.
DL News
Parisii CEO on Web4 banking and the future of digital assets
We recently spoke with Jason Cooner, Chairman, President, and CEO of Parisii, about the evolution of financial infrastructure and why the industry must move beyond the “Web3 vs. TradFi” dichotomy.
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Forwarded from DefiLlama Official Round Up
Join us tomorrow on X at 11am EST for a discussion about RWAs and tokenization.
https://x.com/i/spaces/1gqGvrjdvbjGB?s=20
https://x.com/i/spaces/1gqGvrjdvbjGB?s=20
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Transient capital. Short-term incentives. Disconnected governance.
The vote-escrow model emerged to fix what liquidity mining broke, evolving at the protocol level through Curve, Solidly, and Aerodrome.
@katana_network builds on that evolution.
Within "Katana: Bringing ve(3,3) to the Chain Level," we break down how Katana transforms ve-tokenomics from a protocol tool into a network-wide coordination engine:
→ Chain-level emissions instead of siloed liquidity wars
→ vKAT directing incentives across the entire DeFi stack
→ avKAT restoring liquidity without breaking alignment
→ Bi-weekly gauge voting across DEX, lending, perps, and yield
→ Emissions designed to transition from inflation to revenue-backed buybacks
This is ve(3,3), extended to the base layer.
Katana treats liquidity as shared infrastructure:
➰Emissions attract liquidity.
➰Liquidity deepens execution.
➰Execution generates fees.
➰Fees flow back to aligned voters.
➰Rewards compound into more locked KAT.
As emissions give way to Vaultbridge yield, AUSD yield, chain-owned liquidity returns, and sequencer fees, the model shifts from subsidy to sustainability.
A coordination layer for an entire chain.
🌐Check out the full report here.
The vote-escrow model emerged to fix what liquidity mining broke, evolving at the protocol level through Curve, Solidly, and Aerodrome.
@katana_network builds on that evolution.
Within "Katana: Bringing ve(3,3) to the Chain Level," we break down how Katana transforms ve-tokenomics from a protocol tool into a network-wide coordination engine:
→ Chain-level emissions instead of siloed liquidity wars
→ vKAT directing incentives across the entire DeFi stack
→ avKAT restoring liquidity without breaking alignment
→ Bi-weekly gauge voting across DEX, lending, perps, and yield
→ Emissions designed to transition from inflation to revenue-backed buybacks
This is ve(3,3), extended to the base layer.
Katana treats liquidity as shared infrastructure:
➰Emissions attract liquidity.
➰Liquidity deepens execution.
➰Execution generates fees.
➰Fees flow back to aligned voters.
➰Rewards compound into more locked KAT.
As emissions give way to Vaultbridge yield, AUSD yield, chain-owned liquidity returns, and sequencer fees, the model shifts from subsidy to sustainability.
A coordination layer for an entire chain.
🌐Check out the full report here.
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One week until New #BUIDL City opens its doors.
ETHDenver is almost here, and our very own @seanbutta will be roaming the grounds in search of builders, projects, and DeFi fanatics to chat with.
If you're shipping, scaling, or just want to swap ideas, say hi!
💬 DM Sean or @dlresearch_tg
ETHDenver is almost here, and our very own @seanbutta will be roaming the grounds in search of builders, projects, and DeFi fanatics to chat with.
If you're shipping, scaling, or just want to swap ideas, say hi!
💬 DM Sean or @dlresearch_tg
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Risk, the boogeyman of DeFi.
Blamed after every collapse, yet ignored every bullrun.
With Credora, risk becomes the tie that binds assets, markets, and vaults into a common language.
The year of Risk-Aware DeFi begins with Credora Ratings.
In our latest, based on content from Credora, we explore how Credora Ratings creates this common language for DeFi:
• A–D grades anchored in Probability of Significant Loss (PSL)
• Ratings that update daily as LLTVs, liquidation incentives, and liquidity depth shift
• Cross-layer modelling across asset, market, and vault layers
• Oracle-native distribution alongside price feeds
• Continuous mapping of onchain exposures to calibrated default probability curves
This is the missing piece in DeFi's risk stack.
In a market racing toward institutional adoption, capital will not scale without standardised risk.
🔖 DL Research and Credora present "The Year of Risk-Aware DeFi."
Blamed after every collapse, yet ignored every bullrun.
With Credora, risk becomes the tie that binds assets, markets, and vaults into a common language.
The year of Risk-Aware DeFi begins with Credora Ratings.
In our latest, based on content from Credora, we explore how Credora Ratings creates this common language for DeFi:
• A–D grades anchored in Probability of Significant Loss (PSL)
• Ratings that update daily as LLTVs, liquidation incentives, and liquidity depth shift
• Cross-layer modelling across asset, market, and vault layers
• Oracle-native distribution alongside price feeds
• Continuous mapping of onchain exposures to calibrated default probability curves
This is the missing piece in DeFi's risk stack.
In a market racing toward institutional adoption, capital will not scale without standardised risk.
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Vaults have emerged as the dominant interface for capital deployment and access in DeFi. The next step is specialised operational infrastructure.
kpk positions curation as an infra layer with rule-bound mandates and liquidity buffers for institutional scale.
If you manage a DAO treasury, fund, or onchain portfolio, this Spotlight explores:
→ How exit liquidity now defines strategy quality
→ Why governance latency creates structural drag
→ How deterministic vault constraints improve capital resilience
→ What onchain fund infrastructure could look like next
📖 Find out more in this article.
Stay tuned for a full report exploring these topics and more. For now, check out yield opportunities for kpk's automated vaults and funds: https://kpk.io/curation/
kpk positions curation as an infra layer with rule-bound mandates and liquidity buffers for institutional scale.
If you manage a DAO treasury, fund, or onchain portfolio, this Spotlight explores:
→ How exit liquidity now defines strategy quality
→ Why governance latency creates structural drag
→ How deterministic vault constraints improve capital resilience
→ What onchain fund infrastructure could look like next
📖 Find out more in this article.
Stay tuned for a full report exploring these topics and more. For now, check out yield opportunities for kpk's automated vaults and funds: https://kpk.io/curation/
DL News
The new logic of liquidity: why curation is the next infrastructure layer
If you look back at the last cycle of Decentralised Finance (DeFi), the primary issue for capital was discovery. Allocators, DAOs, and treasuries spent the majority of their resources simply trying to find where yield existed. The market was sketchy, opportunities…
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According to Eclipse CEO and HumanAPI founder Sydney Huang, AI agents are “all dressed up with nowhere to go.”
They can reason and transact, but stall at the last mile between code and the real world. HumanAPI builds the human layer that turns agent intent into action.
Full interview here.
They can reason and transact, but stall at the last mile between code and the real world. HumanAPI builds the human layer that turns agent intent into action.
Full interview here.
DL News
HumanAPI founder on solving the ‘Last Mile’ problem for AI agents
We recently spoke with Sydney about the limitations of purely digital AI agents and why connecting them to a human workforce is the next necessary step for the autonomous economy.
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Remember Bitzlato? When the DOJ teased a 'major crypto enforcement action' that left many baffled (and laughing)?
Founder Anatoly Legkodymov was arrested in 2023 and served 18 months. Now he faces up to 20 years in France.
Here's his side of the story.
Founder Anatoly Legkodymov was arrested in 2023 and served 18 months. Now he faces up to 20 years in France.
Here's his side of the story.
DL News
Pardon me: A Q&A with Anatoly Legkodymov
We recently spoke with Anatoly Legkodymov, the founder of Bitzlato, who became a central figure in the US government’s crypto enforcement actions in early 2023.
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Forwarded from DL News | News Feed
DL News
Aave Labs proposes paying DAO all revenue from Aave-branded products
Aave Labs has proposed sharing certain revenue with the DAO and centering v4 as its focus moving forward. The proposal is intended to settle a long-running dispute over control of the Aave protocol. Influential members within the DAO chafed at Labs’ influence…
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Risk speaks different languages, onchain and off.
They serve the same purpose, but DeFi has struggled to refine a dependable dialect.
TradFi once had the upper hand with uniform classifications while onchain capital allocators did not.
Now, DeFi has Credora.
Credora's DeFi-native risk framework mirrors that of TradFi's assigned ratings to structured financial products, debt issuers, bonds, etc.
TradFi ratings are anchored in Probability of Default (PD); the chance an issuer fails to meet obligations.
Credora anchors to the same default curves, but adapts them for onchain markets.
Instead of stopping at issuer default risk, it models Probability of Significant Loss (PSL); the likelihood capital suffers real impairment from insolvency or bad debt.
Where Fitch might rate a basket of private credit "BB-," Credora might rate an RWA-backed vault "B."
Different rails.
Same discipline.
Letter grades anchored to calibrated loss probabilities.
Stay tuned for part two of our Credora breakdown, exploring how the ratings are built and applied across Morpho and Spark.
🔖 Or you can skip the wait and read "The Year of Risk-Aware DeFi" by DL Research and Credora. 🦙
They serve the same purpose, but DeFi has struggled to refine a dependable dialect.
TradFi once had the upper hand with uniform classifications while onchain capital allocators did not.
Now, DeFi has Credora.
Credora's DeFi-native risk framework mirrors that of TradFi's assigned ratings to structured financial products, debt issuers, bonds, etc.
TradFi ratings are anchored in Probability of Default (PD); the chance an issuer fails to meet obligations.
Credora anchors to the same default curves, but adapts them for onchain markets.
Instead of stopping at issuer default risk, it models Probability of Significant Loss (PSL); the likelihood capital suffers real impairment from insolvency or bad debt.
Where Fitch might rate a basket of private credit "BB-," Credora might rate an RWA-backed vault "B."
Different rails.
Same discipline.
Letter grades anchored to calibrated loss probabilities.
Stay tuned for part two of our Credora breakdown, exploring how the ratings are built and applied across Morpho and Spark.
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DL Research
Vaults have emerged as the dominant interface for capital deployment and access in DeFi. The next step is specialised operational infrastructure. kpk positions curation as an infra layer with rule-bound mandates and liquidity buffers for institutional scale.…
Did you enjoy reading this kpk Spotlight?
Next week, we publish the full report tailored towards DAO treasuries, protocol teams, sophisticated DeFi users, and institutions.
It's a blueprint for how rule-bound execution scales capital in permissionless markets.
🕒 Stay tuned!
Next week, we publish the full report tailored towards DAO treasuries, protocol teams, sophisticated DeFi users, and institutions.
It's a blueprint for how rule-bound execution scales capital in permissionless markets.
🕒 Stay tuned!
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Stop building around bridges.
SODAX's cross-network SDK abstracts execution complexity, reduces third-party liquidity risk, and delivers predictable swaps across 14+ networks.
Build the outcome, not the bridge. Read more in this Spotlight
SODAX's cross-network SDK abstracts execution complexity, reduces third-party liquidity risk, and delivers predictable swaps across 14+ networks.
Build the outcome, not the bridge. Read more in this Spotlight
DL News
Building beyond bridges: How the SODAX SDK delivers outcome-oriented cross-network execution
As developers gather for ETHDenver 2026, industry discourse around interoperability continues to gain prominence. Programming at the event highlights cross-network coordination and multinetwork execution as key themes in builders’ conversations.
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Yield used to move capital.
Now liquidity depth, governance design, and execution discipline determine whether capital can scale.
🔖 In “Curation as an Infrastructure Layer,” we examine how kpk positions curation as the next structural layer of DeFi.
███▒▒▒▒▒▒▒
Over the past year, we've seen curation emerge as a core layer of DeFi infrastructure.
In early 2025, seven of ~31 entities labelled 'active risk curators' had TVL of over $100m. Today, that number has climbed to 12 out of 43, with aggregate TVL across curated strategies peaking near $10 billion.
The demand for structured access to risk-defined DeFi is clear, but why?
█████▒▒▒▒▒
Big money and institutions do not want exposure to the operational complexities of the protocol puzzle that fuels capital growth.
Like any IRL large fund, they want enforceable rules: risk constraints, allocation limits, response mechanisms, all defined under a continuously monitored mandate.
In that lies the foundation of kpk's understanding of curation.
███████▒▒▒
The report also covers:
→ The EURC liquidity stress event
→ Real-time agent-driven rebalancing
→ Comparative analysis across leading curators
→ The evolution from curated vaults to tokenised Funds
📖Check out the full report here.
Now liquidity depth, governance design, and execution discipline determine whether capital can scale.
███▒▒▒▒▒▒▒
Over the past year, we've seen curation emerge as a core layer of DeFi infrastructure.
In early 2025, seven of ~31 entities labelled 'active risk curators' had TVL of over $100m. Today, that number has climbed to 12 out of 43, with aggregate TVL across curated strategies peaking near $10 billion.
The demand for structured access to risk-defined DeFi is clear, but why?
█████▒▒▒▒▒
Big money and institutions do not want exposure to the operational complexities of the protocol puzzle that fuels capital growth.
Like any IRL large fund, they want enforceable rules: risk constraints, allocation limits, response mechanisms, all defined under a continuously monitored mandate.
In that lies the foundation of kpk's understanding of curation.
███████▒▒▒
The report also covers:
→ The EURC liquidity stress event
→ Real-time agent-driven rebalancing
→ Comparative analysis across leading curators
→ The evolution from curated vaults to tokenised Funds
📖Check out the full report here.
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