We are building an exchange for the issuance and trading of credit.

I want this strategy on every redemption vault. @OriginProtocol 's ARM buys tokens at a discount on DEXes, queues them for native redemption, and pockets the spread. The mechanic is simple; exit liquidity on LSTs always trades at a slight discount to redemption value because someone needs out now and doesn't want to wait. @LidoFinance 's native APR is 2.6%. If you need immediate liquidity, you eat the DEX discount. If you're patient, you wait up to 3 days for native unstaking. ARM arbitrages the gap between those two paths. The resulting yields: > stETH through ARM: 3.02%; 16% above base staking > eETH from @ether_fi : 3.43% I want to see this applied to @roycoprotocol 's vault. Our vault has a 30-day redemption window, but it already trades on @CurveFinance and @agra_gg. That discount is sitting there right now. Buying a vault share at 1% below redemption value locks in the equivalent of several weeks yield and that's super interesting.

Introducing Accountable NAV. Today, we're launching an engine that verifies source data, independently computes Net Asset Value from underlying positions, and delivers it onchain. Powered by our Data Verification Network.

Secondary liquidity is DeFi's most underrated primitive. @roycoprotocol 's Senior Vault already had a secondary exit via @CurveFinance. Share price is now 1.016; the Curve exchange rate sits at 1.00017. That's a 1.5% premium to exit immediately. @agra_gg adds a limit order book alongside that AMM. Two competing venues for the same position: > Curve is an AMM; your exit price depends on pool depth and size > Agra runs limit orders; you see the exact cost before committing RWA is where this matters more. Those markets are illiquid by design. Secondary liquidity changes who can participate at all. Btw, entering through the secondary market is often cheaper than depositing directly. I don't know where premiums will settle on Agra, but two competing venues for the same product pushes that number lower over time.

Agra is launching a secondary market for srRoyUSDC. Native redemptions from the Senior vault take up to 30 days. With Agra, sellers exit immediately at a discount, and buyers earn that discount in exchange for the wait. Coming soon to the rest of Royco's products. Glad to have @agra_gg building with us.

Today we're launching a secondary market for srRoyUSDC, in partnership with @roycoprotocol. srRoyUSDC is Royco's senior vault. Depositors earn yield sourced across multiple markets, with junior capital taking first loss. It functions like an index of protected yield. Redemptions from the vault are not instant. They depend on the vault's state, so a holder who wants to exit today cannot redeem immediately at NAV. The difference between what the market will pay now and what the position redeems for later is the liquidity premium. Agra is built to price this in real time, so the cost of liquidity and the value of protection trade openly rather than a fixed assumption. Sellers exit without waiting on the redemption queue. Buyers get protected yield exposure, plus the premium for taking on the wait. Liquidity providers earn the spread. A later integration with Royco Dusk will form part of the liquidity sleeve, adding a further source of depth to the market. From there we plan to expand listings across Royco's single-name junior and senior vaults, so the full tranche can be priced and traded.

Agra has landed in Paris for @proofoftalk! We’ll be around talking tokenization, RWAs, private credit and liquidity. If you’re attending, come say hello to @0xjermo. See you in Paris!

Proud to be supporting liquidity for Pharos's flagship tokenized credit product, pAlpha. We're working to bring deep secondary market liquidity to tokenized credit.

0/ Introducing IRIS. A fixed-rate origination layer built on top of DeFi’s deepest lending markets. Built from the work behind 246 Club.

It's not all crypto tokens and tokenised stocks. We are excited to provide the underlying liquidity rails for the new private credit markets on Agra. wmtUSDC and wmtUSDT are now tradeable on @agra_gg and, of course, on Bebop

Over $300 billion in stablecoins have been starved of yield. Onchain credit introduces exogenous yields that fill the gap, with the asset class growing from $252.2M to $5.58B in 2025, a 22x increase. This is the State of Onchain Credit 🧵

I have a proposal here somewhat off the dome, that I'm going to drop here and then bring to Aave directly: we can facilitate exactly this with @WildcatFi, today. I haven't caught up with the precise amount to which the hole has been covered, but Aave Labs, once registered as a borrower, would be able to deploy a WETH market parameterised precisely as specified below - tradeable debt token called aaveWETH, 5% APR, whatever capacity it felt is/was viable for them to take on (which can be increased/decreased ad hoc). Open-access policy restricting OFAC-sanctioned addresses from depositing, but otherwise open to all. The market would presumably need to be fixed-term in duration - Wildcat markets can facilitate up to two years before converting, and can be configured so that they can be repaid/terminated early if needed. The prime issue here is time-duration - there would be a need for immediate secondary liquidity for aaveWETH, but there are protocols such as @agra_gg that can facilitate this provided liquidity is made available (presumably 1:1 based on faith in Aave to repay in time) - alternatively solver-based DEXes such as @bebop_dex could assist here. I genuinely don't mean to use a catastrophe to promote our work, and apologise if it comes off as crass - but this kind of facility was also something that we raised in the immediate aftermath of the Bybit hack as a way to facilitate an emergency bridge loan. In the interests of 'participating' in DeFi United, Wildcat Labs could/would also specifically request that the Wildcat Foundation (which receives revenue from markets) set aside the fees from such a vault (which would be 25 bips on 5% for the duration of the market) to be set aside/earmarked as assets to be handled as best thought appropriate (although, for the avoidance of doubt: the Wildcat Foundation is a wholly independent entity that would have the right to reject this request - I feel compelled to mention this for legal purposes). I truly think that Wildcat can help here if needed.

🚀 Tokenized private credit finally has real secondary liquidity. @agra_gg just built the first DeFi-native CLOB on Ethereum — quoting in yield discount-to-NAV, with pure P2P onchain settlement. Flagship: ACRDX (~8.18% floating), pALPHA & more. This is the credit desk RWAs have been missing. Deep dive: defiprime.com/agra-bonds-tok… #RWA #DeFi #TokenizedCredit

Today we're announcing our partnership with @Raacfi to bring both pmUSD and iREET onto Agra, with their [Redacted] product to follow. REITs made real estate liquid. They gave investors tradable exposure to income producing property, with continuous price discovery and liquidity. Through this partnership, we’re not only enabling liquid onchain markets, we’re also bringing DeFi composability to the real estate market. RAAC's iREET token brings real estate exposure onchain in a form that can be traded, priced, and integrated across DeFi. pmUSD is a fully collateralized USD pegged stablecoin backed by precious metals. It is the first of its kind to maintain its backing through precious metals as collateral. RAAC will provide balance-sheet liquidity to support both the pmUSD and iREET markets.

An overlooked area in onchain credit is peer-to-peer lending. @WildcatFi is the leader, enabling individual actors to fund credit lines for third parties like @wintermute_t and @SeliniCapital. This is not collateralized. Yields of ~10% compensate for high counterparty risk.

Coolest thing about this is that it lets the market price the risk of the bad debt. Holders aren't forced to bear the brunt of the risk on a single venue, they can offload the risk to someone else who is willing to hold the aETH until the situation is resolved.

if you need some conviction in DeFi just look at this within hours after the hack someone has spun up a marketplace for aEthWETH deposit tokens if you can't withdraw right now, someone is willing to buy your illiquid deposit token from you offers start at 7.5% discount

We have deployed a new secondary market for aEthWETH. Following today’s incident involving Aave’s rsETH market where approximately $200M was extracted, we moved to support secondary liquidity for affected positions. aEthWETH depositors can now access secondary market liquidity, enabling price discovery and a path to exit for affected users.