{"evidence":{"manifest_id":"RWA-E8A349E4","payload_hash":{"alg":"SHA-256","hex":"e8a349e497e84fcde6714590bed83a78f31af6c84b69a87bb15749717e696a39"},"signature":{"alg":"ES256K","hex":"0x0d01732a144839fa3285d916c37385829e805d213aedaa5337a1cfb733d559f4b1d6004e8aae92ef52062bbd5d5f139bca186bf49023e733fab22c75664d393b","kid":"feedoracle-prod-2026"},"signature_scope":{"canonicalization":"JSON_canonical_sorted","payload_excludes":["evidence"],"signed":"payload_hash.hex"},"verification":{"jwks_url":"https://api.feedoracle.io/.well-known/jwks.json","verifier_kit":"https://api.feedoracle.io/verify/kit"}},"freshness":[{"age_seconds":3,"observed_at":"2026-04-11T10:02:01Z","source":"defillama","stale":false},{"age_seconds":7,"observed_at":"2026-04-11T10:01:56Z","source":"fred","stale":false},{"age_seconds":32475,"observed_at":"2026-04-11T01:00:48Z","source":"defillama_dex","stale":true},{"age_seconds":26901,"observed_at":"2026-04-11T02:33:43Z","source":"etherscan","stale":false}],"generated_at":"2026-04-11T10:02:04.357436+00:00","market_summary":{"avg_risk_score":67.9,"high_risk_count":2,"total_rwa_tvl_usd":124068085926.93999},"meta":{"generated_at":"2026-04-11T10:02:04Z","normalization_version":"norm-2026-02-08","schema_version":"rwa-1.0.0","scoring_model_version":"rwa-risk-2.0.0"},"protocols":[{"chain_count":1,"chain_hhi":7551,"chains":{"Base":9.12},"compliance":{"accessible_jurisdictions":["US","SG","AE","BVI"],"compliance_score":2,"kyc_level":"none"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":86.4},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":7.8},{"chain":"Blast","co2_mt":1e-06,"green_score":100,"symbol":"BLAST","tvl_pct":0.4},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.7}],"category":"EXCELLENT","chains_matched":4,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":99},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"US","legal_name":"Anzen Finance","lei":null,"name":"Anzen Finance","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"private_credit","cusip":null,"description":"Anzen V2 tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"multisig","admin_type":"protocol","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":true,"can_upgrade":true},"risk_flags":{"centralization_score":4,"investor_protection_score":3,"regulatory_clarity_score":3},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Anzen V2","reason_codes":{"codes":[{"impact":"negative","text":"Low TVL ($11M) suggests limited adoption","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 7551)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"SMALL_TVL: <$50M","vector":"risk_flag"},{"impact":"warning","text":"TVL_DROP_7D: -39.5%","vector":"risk_flag"},{"impact":"warning","text":"TVL_DROP_30D: -84.3%","vector":"risk_flag"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=7551","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":9,"positive_count":1,"summary":"Anzen V2: Elevated risk \u2014 9 concerns require attention. Key factors: Low TVL ($11M) suggests limited adoption; High chain concentration (HHI 7551)."},"risk_flags":["SMALL_TVL: <$50M","TVL_DROP_7D: -39.5%","TVL_DROP_30D: -84.3%","MODERATE_CHAIN_CONCENTRATION: HHI=7551","SINGLE_CHAIN"],"risk_grade":"D","risk_score":47,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":99,"institutional":50,"maturity":50,"onchain_transparency":30,"regulatory":20,"tvl_weight":30,"yield_spread":80},"slug":"anzen-v2","tvl_delta_30d_pct":-84.26,"tvl_delta_7d_pct":-39.48,"tvl_usd":10555021,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":1,"chain_hhi":9928,"chains":{"Flare":41.44},"compliance":{"accessible_jurisdictions":["US","EU","SG"],"compliance_score":5,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["whitepaper","general","audit"],"last_updated":null,"total_documents":3},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"variable","transfer_restrictions":["kyc_optional"]},"issuer":{"entity_type":"lending_protocol","jurisdiction":"SG","legal_name":"Clearpool Finance Pte. Ltd.","lei":"N/A","name":"Clearpool Finance Pte. Ltd.","parent_lei":null,"regulator":["MAS"]},"underlying":{"asset_type":"unsecured_lending","cusip":null,"custody":"Self-custody","denomination":"USDC","description":"Permissionless institutional credit marketplace with dynamic interest rates","figi":null,"isin":null,"nav_source":"internal","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Clearpool TPOOL","reason_codes":{"codes":[{"impact":"negative","text":"High chain concentration (HHI 9928)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"warning","text":"Contract not verified or inactive","vector":"onchain"},{"impact":"warning","text":"SMALL_TVL: <$50M","vector":"risk_flag"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9928","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":6,"positive_count":0,"summary":"Clearpool TPOOL: Elevated risk \u2014 6 concerns require attention. Key factors: High chain concentration (HHI 9928); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["SMALL_TVL: <$50M","HIGH_CHAIN_CONCENTRATION: HHI=9928","SINGLE_CHAIN"],"risk_grade":"D","risk_score":47,"risk_vectors":{"dex_liquidity":0,"diversification":20,"esg_carbon":50,"institutional":50,"maturity":80,"onchain_transparency":0,"regulatory":50,"tvl_weight":65,"yield_spread":80},"slug":"clearpool-tpool","tvl_delta_30d_pct":4.83,"tvl_delta_7d_pct":-6.41,"tvl_usd":41589261,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.75,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Permissionless credit marketplace. Yield from borrower interest on institutional loans.","yield_source_class":"INSTITUTIONAL_CREDIT"}},{"chain_count":0,"chain_hhi":10000,"chains":{},"compliance":{"accessible_jurisdictions":["BVI","KY","AE"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"redemption_terms":"instant_on_chain","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"unknown","legal_name":"Elixir Protocol","lei":null,"name":"Elixir Protocol","regulator":[]},"underlying":{"asset_type":"defi_yield","custody":"smart_contract","denomination":"USD","description":"DeFi yield aggregation with RWA exposure","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"protocol","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":1,"can_upgrade":1},"risk_flags":{"centralization_score":3,"investor_protection_score":3,"regulatory_clarity_score":2,"summary":"DeFi yield; permissionless"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Elixir DeFi","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":1,"summary":"Elixir DeFi: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":51,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":50,"institutional":50,"maturity":70,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":80},"slug":"elixir-defi","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":null,"type":"synthetic","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":0,"chain_hhi":10000,"chains":{},"compliance":{"accessible_jurisdictions":["BVI","KY"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["whitepaper"],"last_updated":"2024-05-01","total_documents":1},"identifier_registry":{"compliance":{"custody_type":"unknown","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"unknown","legal_name":"Pleasing","lei":null,"name":"Pleasing","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"gold","cusip":null,"description":"Gold-backed token tracking physical gold spot price","figi":null,"isin":null,"type":"commodity_gold"}},"legal_state":{"contract_powers":{"admin_address":"unknown","admin_type":"unknown","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":false,"can_upgrade":false},"risk_flags":{"centralization_score":3,"investor_protection_score":1,"regulatory_clarity_score":1},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Pleasing Gold","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":1,"summary":"Pleasing Gold: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":51,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":50,"institutional":50,"maturity":70,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":80},"slug":"pleasing-gold","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":null,"type":"commodity","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.7,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Gold-backed token. No native yield; value tracks physical gold spot price.","yield_source_class":"COMMODITY_BACKED"}},{"chain_count":1,"chain_hhi":10000,"chains":{"zkSync Era":38.59},"compliance":{"accessible_jurisdictions":["CH","SG","EU"],"compliance_score":8,"kyc_level":"accredited"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","prospectus"],"last_updated":null,"total_documents":2},"identifier_registry":{"compliance":{"investor_type":"qualified_institutional","mica_relevant":true,"min_investment":100000,"redemption_terms":"T+1","transfer_restrictions":["kyc_required","whitelist_only"]},"issuer":{"entity_type":"bank","jurisdiction":"CH","legal_name":"Sygnum Bank AG","lei":"529900B0X2GW5KMWAH78","name":"Sygnum Bank AG","parent_lei":null,"regulator":["FINMA"]},"underlying":{"asset_type":"money_market_fund","cusip":null,"custody":"Sygnum Bank AG","denomination":"USD","description":"Tokenized USD liquidity fund by Swiss digital asset bank","figi":null,"isin":null,"nav_source":"nav_transfer_agent","ownership_record":"off_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Sygnum FIUSD","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"warning","text":"Contract not verified or inactive","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"warning","text":"SMALL_TVL: <$50M","vector":"risk_flag"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":6,"positive_count":2,"summary":"Sygnum FIUSD: Elevated risk \u2014 6 concerns require attention. Key factors: High chain concentration (HHI 10000); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["SMALL_TVL: <$50M","HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":52,"risk_vectors":{"dex_liquidity":0,"diversification":20,"esg_carbon":50,"institutional":50,"maturity":60,"onchain_transparency":0,"regulatory":80,"tvl_weight":80,"yield_spread":80},"slug":"sygnum-fiusd-liquidity-fund","tvl_delta_30d_pct":-18.2,"tvl_delta_7d_pct":0.06,"tvl_usd":38593374,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":0,"chain_hhi":10000,"chains":{},"compliance":{"accessible_jurisdictions":["US","SG","AE"],"compliance_score":3,"kyc_level":"basic"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"redemption_terms":"pool_dependent","transfer_restrictions":[]},"issuer":{"entity_type":"l1_blockchain","jurisdiction":"US","legal_name":"Plume Network Inc.","lei":null,"name":"Plume Network Inc.","regulator":[]},"underlying":{"asset_type":"private_credit","custody":"smart_contract","denomination":"USD","description":"Tokenized private credit on Plume L1","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"protocol","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":1,"can_upgrade":1},"risk_flags":{"centralization_score":3,"investor_protection_score":3,"regulatory_clarity_score":3,"summary":"L1-native credit; early-stage framework"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Plume Nest Credit","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":1,"summary":"Plume Nest Credit: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":54,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":50,"institutional":50,"maturity":70,"onchain_transparency":30,"regulatory":30,"tvl_weight":100,"yield_spread":80},"slug":"plume-nest-credit","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":null,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Arbitrum":277.55},"compliance":{"accessible_jurisdictions":["BVI","KY"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["whitepaper"],"last_updated":"2024-10-01","total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":100},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"redemption_terms":"instant_on_chain","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"unknown","legal_name":"USD.ai Foundation","lei":null,"name":"USD.ai Foundation","regulator":[]},"underlying":{"asset_type":"synthetic_usd","custody":"smart_contract","denomination":"USD","description":"AI-managed USD stablecoin with RWA exposure","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"unknown","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":0,"can_upgrade":1},"risk_flags":{"centralization_score":2,"investor_protection_score":2,"regulatory_clarity_score":1,"summary":"Minimal info; high uncertainty on legal protections"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"USD AI","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.3B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":2,"summary":"USD AI: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":55,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":100,"institutional":50,"maturity":50,"onchain_transparency":30,"regulatory":10,"tvl_weight":85,"yield_spread":80},"slug":"usd-ai","tvl_delta_30d_pct":-17.13,"tvl_delta_7d_pct":-9.85,"tvl_usd":277554575,"type":"synthetic","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.55,"credit_spread":0.035,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.071,"notes":"AI-managed stablecoin with RWA treasury allocation. Yield from T-Bill and money market exposure.","yield_source_class":"ALGO_STABLECOIN_RWA"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":253.3},"compliance":{"accessible_jurisdictions":["EU","UK","SG","CH","HK"],"compliance_score":2,"kyc_level":"none"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"institutional","mica_relevant":true,"redemption_terms":"instant_on_chain","transfer_restrictions":["whitelist_only"]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"UK","legal_name":"Aave Companies","lei":null,"name":"Aave Companies","regulator":[]},"underlying":{"asset_type":"rwa_lending","custody":"smart_contract","denomination":"USD","description":"Institutional RWA lending through Aave protocol","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"dao_governance","can_blacklist":1,"can_burn":1,"can_clawback":0,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":1},"risk_flags":{"centralization_score":3,"investor_protection_score":5,"regulatory_clarity_score":4,"summary":"DAO-governed; institutional RWA collateral"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":true,"protocol":"Aave Horizon RWA","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.3B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":2,"summary":"Aave Horizon RWA: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":56,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":40,"maturity":50,"onchain_transparency":30,"regulatory":20,"tvl_weight":100,"yield_spread":80},"slug":"aave-horizon-rwa","tvl_delta_30d_pct":-18.9,"tvl_delta_7d_pct":3.03,"tvl_usd":253301541,"type":"lending","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.5,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Aave RWA markets; lending against tokenized real-world collateral.","yield_source_class":"PRIVATE_CREDIT_SECURED"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Solana":355.03},"compliance":{"accessible_jurisdictions":["BVI","KY","AE"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["whitepaper"],"last_updated":"2024-06-01","total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"redemption_terms":"instant_on_chain","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"unknown","legal_name":"Hastra Protocol","lei":null,"name":"Hastra Protocol","regulator":[]},"underlying":{"asset_type":"rwa_yield","custody":"smart_contract","denomination":"USD","description":"RWA yield optimization protocol","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"protocol","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":0,"can_upgrade":1},"risk_flags":{"centralization_score":2,"investor_protection_score":2,"regulatory_clarity_score":1,"summary":"DeFi-native; minimal legal protections"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Hastra","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.4B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"YIELD_PREMIUM: 7.13% vs 3.60%","vector":"risk_flag"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":6,"positive_count":2,"summary":"Hastra: Elevated risk \u2014 6 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["YIELD_PREMIUM: 7.13% vs 3.60%","HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":56,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":90,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":50},"slug":"hastra","tvl_delta_30d_pct":9.13,"tvl_delta_7d_pct":-2.81,"tvl_usd":355034399,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":0.035322,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.071322,"notes":"RWA yield optimization. Aggregates yield across multiple RWA strategies.","yield_source_class":"RWA_YIELD_AGGREGATOR"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":866.06},"compliance":{"accessible_jurisdictions":["BVI","KY","AE","HK"],"compliance_score":2,"kyc_level":"none"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"min_investment":0,"redemption_terms":"T+0","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"BVI","legal_name":"Ethena Labs Ltd.","lei":null,"name":"Ethena Labs Ltd","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"tokenized_treasury","cusip":null,"custody":"blackrock_buidl","denomination":"USD","description":"BlackRock BUIDL-backed stablecoin with Treasury yield","figi":null,"isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid","target_yield":"tbill_rate"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"multisig","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":1,"can_upgrade":1},"risk_flags":{"centralization_score":5,"investor_protection_score":4,"regulatory_clarity_score":3,"summary":"BVI with limited oversight; BUIDL backing indirect protection"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Ethena USDtb","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.9B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"warning","text":"Contract not verified or inactive","vector":"onchain"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":6,"positive_count":2,"summary":"Ethena USDtb: Elevated risk \u2014 6 concerns require attention. Key factors: High chain concentration (HHI 10000); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":57,"risk_vectors":{"dex_liquidity":0,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":100,"onchain_transparency":0,"regulatory":20,"tvl_weight":100,"yield_spread":80},"slug":"ethena-usdtb","tvl_delta_30d_pct":3.66,"tvl_delta_7d_pct":0.32,"tvl_usd":866064683,"type":"synthetic","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.95,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"Stablecoin peg","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Solana":375.99},"compliance":{"accessible_jurisdictions":["BVI","KY"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["whitepaper"],"last_updated":"2024-09-01","total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"redemption_terms":"instant_on_chain","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"unknown","legal_name":"xStocks Protocol","lei":null,"name":"xStocks Protocol","regulator":[]},"underlying":{"asset_type":"synthetic_equity","custody":"smart_contract","denomination":"USD","description":"Synthetic stock exposure on-chain","isin":null,"nav_source":"oracle","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"protocol","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":1,"can_upgrade":1},"risk_flags":{"centralization_score":3,"investor_protection_score":2,"regulatory_clarity_score":1,"summary":"Synthetic equity; likely securities law implications"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"xStocks","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.4B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":2,"summary":"xStocks: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":58,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":80,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":80},"slug":"xstocks","tvl_delta_30d_pct":0.09,"tvl_delta_7d_pct":12.22,"tvl_usd":375989707,"type":"equities","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Synthetic stock exposure on-chain. Returns mirror underlying equity performance.","yield_source_class":"SYNTHETIC_EQUITY"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":125.34},"compliance":{"accessible_jurisdictions":["BVI","KY","AE"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["whitepaper"],"last_updated":"2024-08-01","total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"redemption_terms":"instant_on_chain","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"unknown","legal_name":"RAAC Protocol","lei":null,"name":"RAAC Protocol","regulator":[]},"underlying":{"asset_type":"rwa_lending","custody":"smart_contract","denomination":"USD","description":"RWA-backed lending and credit protocol","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"protocol","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":0,"can_upgrade":1},"risk_flags":{"centralization_score":2,"investor_protection_score":3,"regulatory_clarity_score":2,"summary":"DeFi-native; limited legal protections"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"RAAC","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":2,"summary":"RAAC: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":58,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":80,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":80},"slug":"raac","tvl_delta_30d_pct":-7.12,"tvl_delta_7d_pct":1.95,"tvl_usd":125342182,"type":"real_estate","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.65,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"RWA-backed lending protocol. Yield from collateralized credit facilities.","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":1,"chain_hhi":9998,"chains":{"Polygon":42.17},"compliance":{"accessible_jurisdictions":["EU","UK","AE"],"compliance_score":3,"kyc_level":"basic"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":0.0},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.0},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":3,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["MATIC"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"redemption_terms":"secondary_market_only","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"unknown","legal_name":"Tangible Labs","lei":null,"name":"Tangible Labs","regulator":[]},"underlying":{"asset_type":"real_estate","custody":"spv_per_property","denomination":"USD","description":"Tokenized real estate (TNFT) and real-world collectibles","isin":null,"nav_source":"appraisal","ownership_record":"hybrid"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"protocol","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":0,"can_upgrade":1},"risk_flags":{"centralization_score":3,"investor_protection_score":4,"regulatory_clarity_score":3,"summary":"Real estate TNFTs with SPV backing"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":true,"protocol":"Tangible","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 9998)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"SMALL_TVL: <$50M","vector":"risk_flag"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9998","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":6,"positive_count":2,"summary":"Tangible: Elevated risk \u2014 6 concerns require attention. Key factors: High chain concentration (HHI 9998); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["SMALL_TVL: <$50M","HIGH_CHAIN_CONCENTRATION: HHI=9998","SINGLE_CHAIN"],"risk_grade":"C","risk_score":58,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":90,"onchain_transparency":30,"regulatory":30,"tvl_weight":80,"yield_spread":80},"slug":"tangible","tvl_delta_30d_pct":0.68,"tvl_delta_7d_pct":1.79,"tvl_usd":42176375,"type":"real_estate","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":5.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":6.0,"notes":"Rental income","yield_source_class":"REAL_ESTATE_YIELD"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Solana":134.99},"compliance":{"accessible_jurisdictions":["BVI","KY","AE"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["whitepaper"],"last_updated":"2024-07-01","total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"unknown","legal_name":"OnRe","lei":null,"name":"OnRe","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"insurance_linked","cusip":null,"description":"Decentralized reinsurance protocol for catastrophe risk","figi":null,"isin":null,"type":"insurance"}},"legal_state":{"contract_powers":{"admin_address":"unknown","admin_type":"protocol","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":true,"can_upgrade":true},"risk_flags":{"centralization_score":3,"investor_protection_score":2,"regulatory_clarity_score":1},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"OnRe","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":2,"summary":"OnRe: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":59,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":90,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":80},"slug":"onre","tvl_delta_30d_pct":2.23,"tvl_delta_7d_pct":2.22,"tvl_usd":134988958,"type":"insurance","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":0.065842,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.101842,"notes":"Decentralized reinsurance protocol. Yield from insurance premium pools.","yield_source_class":"INSURANCE_RWA"}},{"chain_count":0,"chain_hhi":5454,"chains":{},"compliance":{"accessible_jurisdictions":["US","SG"],"compliance_score":6,"kyc_level":"standard"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":65.1}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"accredited","mica_relevant":false,"redemption_terms":"pool_dependent","transfer_restrictions":["kyc_required"]},"issuer":{"entity_type":"fintech","jurisdiction":"US-DE","legal_name":"Fortunafi Inc.","lei":null,"name":"Fortunafi Inc.","regulator":[]},"underlying":{"asset_type":"private_credit","custody":"institutional_custodian","denomination":"USD","description":"Tokenized private credit and revenue-based financing","isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"corporate","can_blacklist":1,"can_burn":1,"can_clawback":0,"can_freeze":1,"can_mint":1,"can_pause":0,"can_upgrade":0},"risk_flags":{"centralization_score":6,"investor_protection_score":6,"regulatory_clarity_score":5,"summary":"Private credit SPV; accredited investor protections"},"transfer_finality":{"finality_condition":"compliance_check","reversible":0,"reversible_by":null,"settlement_lag":"pool_dependent","settlement_type":"hybrid"}},"mica_relevant":false,"protocol":"Fortunafi","reason_codes":{"codes":[{"impact":"negative","text":"High chain concentration (HHI 5454)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"LOW_TVL: <$10M","vector":"risk_flag"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=5454","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":1,"summary":"Fortunafi: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 5454); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["LOW_TVL: <$10M","MODERATE_CHAIN_CONCENTRATION: HHI=5454","SINGLE_CHAIN"],"risk_grade":"C","risk_score":60,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":70,"maturity":80,"onchain_transparency":30,"regulatory":60,"tvl_weight":60,"yield_spread":80},"slug":"fortunafi","tvl_delta_30d_pct":0.0,"tvl_delta_7d_pct":0.0,"tvl_usd":221821,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":188.45},"compliance":{"accessible_jurisdictions":["BVI","KY","AE","SG"],"compliance_score":2,"kyc_level":"basic"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"BVI","legal_name":"Re Labs","lei":null,"name":"Re Labs","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"insurance_linked","cusip":null,"description":"Re tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"multisig","admin_type":"protocol","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":true,"can_upgrade":true},"risk_flags":{"centralization_score":4,"investor_protection_score":3,"regulatory_clarity_score":2},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Re (Reinsurance)","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.2B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":2,"summary":"Re (Reinsurance): Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":60,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":90,"onchain_transparency":30,"regulatory":20,"tvl_weight":100,"yield_spread":80},"slug":"re","tvl_delta_30d_pct":56.45,"tvl_delta_7d_pct":1.97,"tvl_usd":188451265,"type":"insurance","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":2.56},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG"],"compliance_score":7,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","legal"],"last_updated":null,"total_documents":2},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"instant_on_chain","transfer_restrictions":["sanctions_screening"]},"issuer":{"entity_type":"payment_services","jurisdiction":"US-NY","legal_name":"Paxos Trust Company, LLC","lei":"5493002FUM4MQSLSZN22","name":"Paxos Trust Company, LLC","parent_lei":null,"regulator":["NYDFS"]},"underlying":{"asset_type":"stablecoin","cusip":null,"custody":"Paxos Trust Company","denomination":"USD","description":"USD stablecoin regulated by NYDFS, backed by USD deposits & US Treasuries","figi":null,"isin":null,"nav_source":"attestation","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.1,"is_proxy":true,"score":100,"verified":true},"protocol":"Paxos Dollar USDP","reason_codes":{"codes":[{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"LOW_SUPPLY","vector":"risk_flag"}],"negative_count":1,"positive_count":2,"summary":"Paxos Dollar USDP: Elevated risk \u2014 1 concerns require attention. Key factors: LOW_SUPPLY."},"risk_flags":["LOW_SUPPLY"],"risk_grade":"C","risk_score":61,"risk_vectors":{"dex_liquidity":50,"diversification":40,"esg_carbon":85,"institutional":55,"maturity":50,"onchain_transparency":30,"regulatory":85,"tvl_weight":40,"yield_spread":100},"slug":"usdp","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":2639208.32,"type":"regulated_stablecoin","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.85,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"Paxos Dollar; no yield distributed to holders.","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":84.44},"compliance":{"accessible_jurisdictions":["BVI","KY","AE"],"compliance_score":2,"kyc_level":"none"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"US","legal_name":"Frax Finance","lei":null,"name":"Frax Finance","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"stablecoin_backed","cusip":null,"description":"Frax USD tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"frax_governance","admin_type":"dao_governance","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":false,"can_upgrade":true},"risk_flags":{"centralization_score":2,"investor_protection_score":3,"regulatory_clarity_score":3},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":false,"score":90,"verified":true},"protocol":"Frax USD","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":3,"summary":"Frax USD: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":61,"risk_vectors":{"dex_liquidity":0,"diversification":20,"esg_carbon":85,"institutional":40,"maturity":80,"onchain_transparency":90,"regulatory":20,"tvl_weight":100,"yield_spread":80},"slug":"frax-usd","tvl_delta_30d_pct":20.22,"tvl_delta_7d_pct":20.91,"tvl_usd":84436997,"type":"synthetic","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.95,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"Stablecoin peg","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":3,"chain_hhi":5283,"chains":{"Base":4.63,"Binance":28.37,"Ethereum":8.09},"compliance":{"accessible_jurisdictions":["EU","US"],"compliance_score":5,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal","whitepaper","general"],"last_updated":null,"total_documents":3},"esg_carbon":{"breakdown":[{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":11.3},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":19.7},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":69.1},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":0.0},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":0.0}],"category":"EXCELLENT","chains_matched":5,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["MATIC"]},"score":87},"identifier_registry":{"compliance":{"investor_type":"accredited","mica_relevant":true,"min_investment":1000,"redemption_terms":"T+2","transfer_restrictions":["kyc_required"]},"issuer":{"entity_type":"tokenization_platform","jurisdiction":"ES","legal_name":"Brickken S.L.","lei":"N/A","name":"Brickken S.L.","parent_lei":null,"regulator":["CNMV"]},"underlying":{"asset_type":"tokenized_equity","cusip":null,"custody":"Self-custody","denomination":"EUR","description":"Digital securities issuance platform for equity and debt tokenization","figi":null,"isin":null,"nav_source":"internal","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Brickken","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"warning","text":"Contract not verified or inactive","vector":"onchain"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"SMALL_TVL: <$50M","vector":"risk_flag"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=5283","vector":"risk_flag"}],"negative_count":4,"positive_count":2,"summary":"Brickken: Elevated risk \u2014 4 concerns require attention. Key factors: No DEX liquidity \u2014 exits only via OTC or transfer agent; Contract not verified or inactive."},"risk_flags":["SMALL_TVL: <$50M","MODERATE_CHAIN_CONCENTRATION: HHI=5283"],"risk_grade":"C","risk_score":61,"risk_vectors":{"dex_liquidity":0,"diversification":60,"esg_carbon":87,"institutional":50,"maturity":80,"onchain_transparency":0,"regulatory":50,"tvl_weight":80,"yield_spread":80},"slug":"brickken","tvl_delta_30d_pct":-0.02,"tvl_delta_7d_pct":-0.01,"tvl_usd":41088188,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.65,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Digital securities issuance platform. Revenue from tokenization fees and platform usage.","yield_source_class":"PLATFORM_EQUITY"}},{"chain_count":1,"chain_hhi":10000,"chains":{"xDai":156.81},"compliance":{"accessible_jurisdictions":["US"],"compliance_score":7,"kyc_level":"standard"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"identifier_registry":{"compliance":{"investor_type":"accredited","mica_relevant":false,"redemption_terms":"secondary_market_only","transfer_restrictions":["kyc_required","reg_d_506c"]},"issuer":{"entity_type":"real_estate_tokenizer","jurisdiction":"US-FL","legal_name":"RealToken Inc.","lei":null,"name":"RealT Inc.","regulator":["SEC"]},"underlying":{"asset_type":"real_estate","custody":"spv_per_property","denomination":"USD","description":"Fractional ownership of US residential real estate","isin":null,"nav_source":"appraisal","ownership_record":"hybrid","target_yield":"rental_income"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"corporate","can_blacklist":1,"can_burn":1,"can_clawback":0,"can_freeze":1,"can_mint":1,"can_pause":0,"can_upgrade":0},"risk_flags":{"centralization_score":6,"investor_protection_score":7,"regulatory_clarity_score":7,"summary":"SEC Reg D; per-property SPV isolation"},"transfer_finality":{"finality_condition":"compliance_check","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"hybrid"}},"mica_relevant":false,"protocol":"RealT Tokens","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.2B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":1,"summary":"RealT Tokens: Elevated risk \u2014 4 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":62,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":50,"institutional":70,"maturity":80,"onchain_transparency":30,"regulatory":70,"tvl_weight":100,"yield_spread":80},"slug":"realt-tokens","tvl_delta_30d_pct":-0.08,"tvl_delta_7d_pct":-0.06,"tvl_usd":156810458,"type":"real_estate","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":5.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":6.0,"notes":"Rental income","yield_source_class":"REAL_ESTATE_YIELD"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":94.93},"compliance":{"accessible_jurisdictions":["BVI","KY","AE","SG"],"compliance_score":2,"kyc_level":"none"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"KY","legal_name":"Sky (ex-MakerDAO)","lei":null,"name":"Sky (MakerDAO)","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"treasury_bill","cusip":null,"description":"Sky RWA tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"sky_governance","admin_type":"dao_governance","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":false,"can_upgrade":true},"risk_flags":{"centralization_score":2,"investor_protection_score":3,"regulatory_clarity_score":3},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":false,"score":90,"verified":true},"protocol":"Sky RWA","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":5,"positive_count":3,"summary":"Sky RWA: Elevated risk \u2014 5 concerns require attention. Key factors: High chain concentration (HHI 10000); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":62,"risk_vectors":{"dex_liquidity":0,"diversification":20,"esg_carbon":85,"institutional":40,"maturity":90,"onchain_transparency":90,"regulatory":20,"tvl_weight":100,"yield_spread":80},"slug":"sky-rwa","tvl_delta_30d_pct":5.31,"tvl_delta_7d_pct":1.99,"tvl_usd":94927415,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":0,"chain_hhi":10000,"chains":{},"compliance":{"accessible_jurisdictions":["BR"],"compliance_score":7,"kyc_level":"standard"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"identifier_registry":{"compliance":{"custody_type":"institutional","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"liqi"},"issuer":{"entity_type":"issuer","jurisdiction":"BR","legal_name":"Liqi Digital Assets","lei":null,"name":"Liqi Digital Assets","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"private_credit","cusip":null,"description":"Liqi tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"liqi_admin","admin_type":"regulated_entity","can_blacklist":true,"can_clawback":false,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":7,"investor_protection_score":6,"regulatory_clarity_score":6},"transfer_finality":{"finality_condition":"ta_settlement","reversible":true,"settlement_lag":"T+1","settlement_type":"transfer_agent_confirmed"}},"mica_relevant":false,"protocol":"Liqi","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":2,"summary":"Liqi: Elevated risk \u2014 4 concerns require attention. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":63,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":50,"institutional":85,"maturity":70,"onchain_transparency":30,"regulatory":70,"tvl_weight":100,"yield_spread":80},"slug":"liqi","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":null,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":2,"chain_hhi":9451,"chains":{"Ethereum":1.81,"Tron":62.11},"compliance":{"accessible_jurisdictions":["AE","BVI","KY"],"compliance_score":1,"kyc_level":"none"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["general"],"last_updated":null,"total_documents":2},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":2.8},{"chain":"Tron","co2_mt":2.5e-05,"green_score":85,"symbol":"TRX","tvl_pct":97.2}],"category":"EXCELLENT","chains_matched":2,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["TRX"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"unknown","legal_name":"stUSDT / JustLend","lei":null,"name":"stUSDT / JustLend","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"stablecoin_yield","cusip":null,"description":"stUSDT tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"justlend","admin_type":"protocol","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":true,"can_upgrade":true},"risk_flags":{"centralization_score":5,"investor_protection_score":2,"regulatory_clarity_score":2},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"onchain_transparency":{"category":"MEDIUM","days_since_last_tx":37.4,"is_proxy":true,"score":70,"verified":true},"protocol":"stUSDT","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 9451)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9451","vector":"risk_flag"}],"negative_count":4,"positive_count":2,"summary":"stUSDT: Elevated risk \u2014 4 concerns require attention. Key factors: High chain concentration (HHI 9451); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=9451"],"risk_grade":"C","risk_score":63,"risk_vectors":{"dex_liquidity":0,"diversification":30,"esg_carbon":85,"institutional":50,"maturity":90,"onchain_transparency":70,"regulatory":10,"tvl_weight":100,"yield_spread":100},"slug":"stusdt","tvl_delta_30d_pct":2.03,"tvl_delta_7d_pct":0.69,"tvl_usd":63916304,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.55,"credit_spread":0.000183,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.036182,"notes":"stUSDT by Tron/JustLend; yield from lending and repo operations.","yield_source_class":"REPO_TREASURY_COLLATERAL"}},{"chain_count":1,"chain_hhi":10000,"chains":{"zkSync Era":756.85},"compliance":{"accessible_jurisdictions":["US"],"compliance_score":7,"kyc_level":"enhanced"},"document_summary":{"categories":["general"],"last_updated":null,"total_documents":2},"identifier_registry":{"compliance":{"investor_type":"accredited","mica_relevant":false,"redemption_terms":"fund_lifecycle","transfer_restrictions":["reg_d_506c","lock_up"]},"issuer":{"entity_type":"venture_fund","jurisdiction":"US-CA","legal_name":"Blockchain Capital LLC","lei":null,"name":"Blockchain Capital LLC","regulator":["SEC"]},"underlying":{"asset_type":"tokenized_fund","custody":"institutional_custodian","denomination":"USD","description":"Tokenized venture capital fund","isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"corporate","can_blacklist":1,"can_burn":0,"can_clawback":0,"can_freeze":1,"can_mint":0,"can_pause":0,"can_upgrade":0},"risk_flags":{"centralization_score":7,"investor_protection_score":7,"regulatory_clarity_score":7,"summary":"SEC Reg D security token; fixed supply"},"transfer_finality":{"finality_condition":"compliance_check","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"hybrid"}},"mica_relevant":false,"protocol":"Blockchain Capital","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.8B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":1,"summary":"Blockchain Capital: Moderate profile \u2014 1 strengths, 4 concerns. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":64,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":50,"institutional":70,"maturity":100,"onchain_transparency":30,"regulatory":70,"tvl_weight":100,"yield_spread":80},"slug":"blockchain-capital","tvl_delta_30d_pct":263.18,"tvl_delta_7d_pct":null,"tvl_usd":756851939,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.7,"credit_spread":31.984624,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":32.020624,"notes":"Venture capital fund. Returns via portfolio company appreciation, not yield. NAV-based.","yield_source_class":"PRIVATE_EQUITY_VC"}},{"chain_count":5,"chain_hhi":7090,"chains":{"Arbitrum":9.84,"Base":3.1,"Binance":5.0,"Ethereum":168.96,"Sei":15.01},"compliance":{"accessible_jurisdictions":["AE","BVI","KY"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["general"],"last_updated":null,"total_documents":2},"esg_carbon":{"breakdown":[{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":1.5},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":4.9},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":83.7},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":2.5},{"chain":"Sei","co2_mt":1e-05,"green_score":85,"symbol":"SEI","tvl_pct":7.4}],"category":"EXCELLENT","chains_matched":5,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":86},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":false,"redemption_terms":"instant_on_chain","transfer_restrictions":[]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"unknown","legal_name":"GAIB Labs","lei":null,"name":"GAIB Labs","regulator":[]},"underlying":{"asset_type":"gpu_compute","custody":"smart_contract","denomination":"USD","description":"Tokenized GPU compute infrastructure","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"unknown","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":0,"can_upgrade":1},"risk_flags":{"centralization_score":2,"investor_protection_score":2,"regulatory_clarity_score":1,"summary":"Novel GPU compute tokenization; untested legal framework"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"GAIB","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.2B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=7090","vector":"risk_flag"}],"negative_count":3,"positive_count":2,"summary":"GAIB: Elevated risk \u2014 3 concerns require attention. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage; Limited regulatory coverage \u2014 compliance risk elevated."},"risk_flags":["MODERATE_CHAIN_CONCENTRATION: HHI=7090"],"risk_grade":"C","risk_score":64,"risk_vectors":{"dex_liquidity":30,"diversification":70,"esg_carbon":86,"institutional":50,"maturity":80,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":80},"slug":"gaib","tvl_delta_30d_pct":-0.07,"tvl_delta_7d_pct":-0.0,"tvl_usd":201918977,"type":"compute","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":0.068822,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.104822,"notes":"GPU compute infrastructure. Yield from compute rental revenue and hardware appreciation.","yield_source_class":"INFRASTRUCTURE_YIELD"}},{"chain_count":3,"chain_hhi":9629,"chains":{"Ethereum":646.34,"Plume Mainnet":11.42,"Solana":1.02},"compliance":{"accessible_jurisdictions":["US"],"compliance_score":8,"kyc_level":"enhanced"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":98.1},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":0.2}],"category":"EXCELLENT","chains_matched":2,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"qualified","mica_relevant":false,"min_investment":100000,"redemption_terms":"T+1","transfer_restrictions":["whitelist_only","kyc_required"]},"issuer":{"entity_type":"fintech","jurisdiction":"US-DE","legal_name":"Superstate Inc.","lei":null,"name":"Superstate Inc.","parent_lei":null,"regulator":["SEC"]},"underlying":{"asset_type":"tokenized_treasury","cusip":null,"custody":"US Bank","denomination":"USD","description":"Short-duration US Government Securities Fund","figi":null,"isin":null,"nav_source":"transfer_agent","ownership_record":"hybrid","target_yield":"tbill_rate"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"institutional_multisig","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":8,"investor_protection_score":8,"regulatory_clarity_score":8,"summary":"SEC-registered fund with strong protections"},"transfer_finality":{"finality_condition":"whitelist_check","reversible":1,"reversible_by":"issuer","settlement_lag":"T+1","settlement_type":"hybrid"}},"mica_relevant":false,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Superstate USTB","reason_codes":{"codes":[{"impact":"negative","text":"High chain concentration (HHI 9629)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"warning","text":"Contract not verified or inactive","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"TVL_DROP_7D: -21.7%","vector":"risk_flag"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9629","vector":"risk_flag"}],"negative_count":5,"positive_count":2,"summary":"Superstate USTB: Moderate profile \u2014 2 strengths, 5 concerns. Key factors: High chain concentration (HHI 9629); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["TVL_DROP_7D: -21.7%","HIGH_CHAIN_CONCENTRATION: HHI=9629"],"risk_grade":"C","risk_score":65,"risk_vectors":{"dex_liquidity":0,"diversification":30,"esg_carbon":85,"institutional":75,"maturity":100,"onchain_transparency":0,"regulatory":80,"tvl_weight":70,"yield_spread":100},"slug":"superstate-ustb","tvl_delta_30d_pct":1.95,"tvl_delta_7d_pct":-21.66,"tvl_usd":658784179,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":-0.001622,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.034378,"notes":"Superstate USTB invests in short-duration US Treasury securities.","yield_source_class":"US_TREASURY_BILLS_DIRECT"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":1346.67},"compliance":{"accessible_jurisdictions":["BVI","KY","SG","AE"],"compliance_score":5,"kyc_level":"standard"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"qualified","mica_relevant":false,"redemption_terms":"T+1 to T+3","transfer_restrictions":["kyc_required"]},"issuer":{"entity_type":"asset_manager","jurisdiction":"BVI","legal_name":"Anemoy Capital Ltd.","lei":null,"name":"Anemoy Capital Ltd.","regulator":[]},"underlying":{"asset_type":"tokenized_treasury","custody":"institutional_custodian","denomination":"USD","description":"Tokenized US Treasury fund via Centrifuge","isin":null,"nav_source":"on_chain","ownership_record":"on_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"pool_operator","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":0,"can_upgrade":0},"risk_flags":{"centralization_score":4,"investor_protection_score":5,"regulatory_clarity_score":4,"summary":"BVI SPV; on-chain settlement"},"transfer_finality":{"finality_condition":"epoch_close","reversible":0,"reversible_by":null,"settlement_lag":"T+1 to T+3","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Anemoy Capital","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $1.3B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":2,"summary":"Anemoy Capital: Moderate profile \u2014 2 strengths, 4 concerns. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":65,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":50,"maturity":100,"onchain_transparency":30,"regulatory":50,"tvl_weight":100,"yield_spread":80},"slug":"anemoy-capital","tvl_delta_30d_pct":101.44,"tvl_delta_7d_pct":8.5,"tvl_usd":1346668980,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":3,"chain_hhi":7065,"chains":{"Ethereum":107.37,"Ethereum-staking":10.83,"staking":10.83},"compliance":{"accessible_jurisdictions":["EU","FR","DE","CH"],"compliance_score":4,"kyc_level":"none"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":83.2}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":true,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"FR","legal_name":"Usual Labs","lei":null,"name":"Usual Labs SAS","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"stablecoin_backed","cusip":null,"description":"Usual tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"governance","admin_type":"dao_governance","can_blacklist":true,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":true,"can_upgrade":true},"risk_flags":{"centralization_score":3,"investor_protection_score":4,"regulatory_clarity_score":5},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":true,"score":100,"verified":true},"protocol":"Usual","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"Yield above T-Bill benchmark \u2014 premium risk","vector":"yield_spread"},{"impact":"warning","text":"YIELD_PREMIUM_HIGH: 40.76%","vector":"risk_flag"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=7065","vector":"risk_flag"}],"negative_count":4,"positive_count":3,"summary":"Usual: Elevated risk \u2014 4 concerns require attention. Key factors: No DEX liquidity \u2014 exits only via OTC or transfer agent; Yield above T-Bill benchmark \u2014 premium risk."},"risk_flags":["YIELD_PREMIUM_HIGH: 40.76%","MODERATE_CHAIN_CONCENTRATION: HHI=7065"],"risk_grade":"C","risk_score":65,"risk_vectors":{"dex_liquidity":0,"diversification":60,"esg_carbon":85,"institutional":40,"maturity":80,"onchain_transparency":100,"regulatory":40,"tvl_weight":100,"yield_spread":20},"slug":"usual","tvl_delta_30d_pct":-4.81,"tvl_delta_7d_pct":0.36,"tvl_usd":107370868,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.65,"credit_spread":0.371595,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.407595,"notes":"Usual USD0 backed by T-Bills; yield redistributed to stakers.","yield_source_class":"US_TREASURY_BILLS_DIRECT"}},{"chain_count":2,"chain_hhi":5904,"chains":{"Arbitrum":3.11,"Ethereum":7.72},"compliance":{"accessible_jurisdictions":["US","EU"],"compliance_score":5,"kyc_level":"standard"},"document_summary":{"categories":["legal","whitepaper"],"last_updated":null,"total_documents":2},"esg_carbon":{"breakdown":[{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":0.0},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":28.7},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":71.3}],"category":"EXCELLENT","chains_matched":3,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":89},"identifier_registry":{"compliance":{"investor_type":"retail","mica_relevant":true,"min_investment":1,"redemption_terms":"T+1","transfer_restrictions":["kyc_required","accreditation_check"]},"issuer":{"entity_type":"tokenization_platform","jurisdiction":"US-CA","legal_name":"Dinari Inc.","lei":"N/A","name":"Dinari Inc.","parent_lei":null,"regulator":["SEC","FINRA"]},"underlying":{"asset_type":"tokenized_equity","cusip":null,"custody":"Apex Clearing","denomination":"USD","description":"Tokenized US stocks and ETFs via SEC-registered broker-dealer","figi":null,"isin":null,"nav_source":"transfer_agent","ownership_record":"on_chain"}},"mica_relevant":true,"protocol":"Dinari","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"SMALL_TVL: <$50M","vector":"risk_flag"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=5904","vector":"risk_flag"}],"negative_count":3,"positive_count":2,"summary":"Dinari: Moderate profile \u2014 2 strengths, 3 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage; SMALL_TVL: <$50M."},"risk_flags":["SMALL_TVL: <$50M","MODERATE_CHAIN_CONCENTRATION: HHI=5904"],"risk_grade":"C","risk_score":65,"risk_vectors":{"dex_liquidity":30,"diversification":60,"esg_carbon":89,"institutional":50,"maturity":80,"onchain_transparency":30,"regulatory":50,"tvl_weight":80,"yield_spread":80},"slug":"dinari","tvl_delta_30d_pct":-0.0,"tvl_delta_7d_pct":-0.0,"tvl_usd":10832336,"type":"equities","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":3,"chain_hhi":8715,"chains":{"ICP":51.32,"ICP-staking":1.86,"staking":1.86},"compliance":{"accessible_jurisdictions":["CH","EU","AE","SG"],"compliance_score":4,"kyc_level":"basic"},"document_summary":{"categories":["general"],"last_updated":null,"total_documents":2},"esg_carbon":{"breakdown":[{"chain":"ICP","co2_mt":2.5e-05,"green_score":85,"symbol":"ICP","tvl_pct":93.2}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":true,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"CH","legal_name":"ORIGYN Foundation","lei":null,"name":"ORIGYN Foundation","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"luxury_collectibles","cusip":null,"description":"Digital certification and provenance for luxury goods and art","figi":null,"isin":null,"type":"digital_certificate"}},"legal_state":{"contract_powers":{"admin_address":"origyn_foundation","admin_type":"foundation","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":false,"can_upgrade":true},"risk_flags":{"centralization_score":4,"investor_protection_score":3,"regulatory_clarity_score":4},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":true,"protocol":"ORIGYN","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 8715)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=8715","vector":"risk_flag"}],"negative_count":3,"positive_count":2,"summary":"ORIGYN: Moderate profile \u2014 2 strengths, 3 concerns. Key factors: High chain concentration (HHI 8715); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=8715"],"risk_grade":"C","risk_score":66,"risk_vectors":{"dex_liquidity":30,"diversification":30,"esg_carbon":85,"institutional":70,"maturity":90,"onchain_transparency":30,"regulatory":40,"tvl_weight":100,"yield_spread":80},"slug":"origyn","tvl_delta_30d_pct":0.03,"tvl_delta_7d_pct":0.04,"tvl_usd":51315646,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Digital certification and provenance platform for luxury goods and collectibles.","yield_source_class":"DIGITAL_CERTIFICATE"}},{"chain_count":0,"chain_hhi":10000,"chains":{},"compliance":{"accessible_jurisdictions":["EU","CH","DE","UK"],"compliance_score":8,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"identifier_registry":{"compliance":{"investor_type":"retail_non_us","mica_relevant":true,"redemption_terms":"T+1 to T+3","transfer_restrictions":["kyc_required","us_excluded"]},"issuer":{"entity_type":"fintech","jurisdiction":"CH","legal_name":"Backed Finance AG","lei":null,"name":"Backed Assets GmbH","regulator":["FINMA"]},"underlying":{"asset_type":"tokenized_etf","cusip":null,"custody":"regulated_custodian_ch","denomination":"USD","description":"Tokenized iShares Treasury Bond 0-1yr UCITS ETF","figi":null,"isin":"IE00BGSF1X88","nav_source":"etf_nav","ownership_record":"off_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"regulated_entity","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":7,"investor_protection_score":8,"regulatory_clarity_score":8,"summary":"Swiss FINMA-aware; iShares ETF backing"},"transfer_finality":{"finality_condition":"issuer_approval","reversible":1,"reversible_by":"issuer","settlement_lag":"T+1 to T+3","settlement_type":"hybrid"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":11.4,"is_proxy":true,"score":80,"verified":true},"protocol":"Backed Finance","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":4,"summary":"Backed Finance: Moderate profile \u2014 4 strengths, 4 concerns. Key factors: High chain concentration (HHI 10000); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":67,"risk_vectors":{"dex_liquidity":0,"diversification":20,"esg_carbon":50,"institutional":85,"maturity":70,"onchain_transparency":80,"regulatory":80,"tvl_weight":100,"yield_spread":80},"slug":"backed-finance","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":null,"type":"equities","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.7,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Backed Finance tokenizes ETFs. bIB01 tracks short-term US Treasuries.","yield_source_class":"TOKENIZED_FUND_GOV_BONDS"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Algorand":99.28},"compliance":{"accessible_jurisdictions":["US"],"compliance_score":7,"kyc_level":"standard"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Algorand","co2_mt":5e-06,"green_score":85,"symbol":"ALGO","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"custody_type":"lofty_llc","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"lofty"},"issuer":{"entity_type":"issuer","jurisdiction":"US","legal_name":"Lofty AI","lei":null,"name":"Lofty AI","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"real_estate","cusip":null,"description":"Lofty tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"lofty_admin","admin_type":"corporate","can_blacklist":true,"can_clawback":false,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":7,"investor_protection_score":6,"regulatory_clarity_score":6},"transfer_finality":{"finality_condition":"platform_settlement","reversible":true,"settlement_lag":"T+0","settlement_type":"platform_confirmed"}},"mica_relevant":false,"protocol":"Lofty","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":2,"summary":"Lofty: Moderate profile \u2014 2 strengths, 4 concerns. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"C","risk_score":67,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":60,"maturity":80,"onchain_transparency":30,"regulatory":70,"tvl_weight":100,"yield_spread":80},"slug":"lofty","tvl_delta_30d_pct":0.0,"tvl_delta_7d_pct":0.04,"tvl_usd":99279263,"type":"real_estate","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":5.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":6.0,"notes":"Rental income","yield_source_class":"REAL_ESTATE_YIELD"}},{"chain_count":9,"chain_hhi":1506,"chains":{"Aptos":10.12,"Avalanche":3.0,"Hedera":9.91,"Immutable zkEVM":13.52,"Mantra":1.52,"Near":13.16,"Polygon":1.29,"Sei":14.68,"Sui":20.4},"compliance":{"accessible_jurisdictions":["BVI","KY","AE"],"compliance_score":1,"kyc_level":"none"},"document_summary":{"categories":["general"],"last_updated":null,"total_documents":2},"esg_carbon":{"breakdown":[{"chain":"Sui","co2_mt":1.5e-05,"green_score":85,"symbol":"SUI","tvl_pct":22.8},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":3.4},{"chain":"Hedera","co2_mt":5e-06,"green_score":85,"symbol":"HBAR","tvl_pct":11.1},{"chain":"Sei","co2_mt":1e-05,"green_score":85,"symbol":"SEI","tvl_pct":16.4},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":0.9},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":1.4},{"chain":"Near","co2_mt":1e-05,"green_score":85,"symbol":"NEAR","tvl_pct":14.7},{"chain":"Aptos","co2_mt":1.5e-05,"green_score":85,"symbol":"APT","tvl_pct":11.3}],"category":"EXCELLENT","chains_matched":8,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL","MATIC"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"unknown","legal_name":"KAIO","lei":null,"name":"KAIO","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"multi_asset","cusip":null,"description":"Tokenized asset fund with diversified RWA exposure","figi":null,"isin":null,"type":"mixed_rwa"}},"legal_state":{"contract_powers":{"admin_address":"unknown","admin_type":"protocol","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":true,"can_upgrade":true},"risk_flags":{"centralization_score":3,"investor_protection_score":2,"regulatory_clarity_score":1},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"KAIO","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 9 chains (HHI 1506)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":2,"positive_count":3,"summary":"KAIO: Moderate profile \u2014 3 strengths, 2 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage; Limited regulatory coverage \u2014 compliance risk elevated."},"risk_flags":[],"risk_grade":"C","risk_score":67,"risk_vectors":{"dex_liquidity":30,"diversification":100,"esg_carbon":85,"institutional":50,"maturity":80,"onchain_transparency":30,"regulatory":10,"tvl_weight":100,"yield_spread":80},"slug":"kaio","tvl_delta_30d_pct":-0.01,"tvl_delta_7d_pct":0.0,"tvl_usd":89380421,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.55,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Tokenized asset fund with mixed RWA exposure.","yield_source_class":"TOKENIZED_FUND"}},{"chain_count":3,"chain_hhi":5706,"chains":{"Ethereum":9.05,"Polygon":4.08,"Ripple":34.88},"compliance":{"accessible_jurisdictions":["SG","HK","AE","CH"],"compliance_score":8,"kyc_level":"enhanced"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":0.0},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":18.8},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":8.5},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":0.0},{"chain":"Ripple","co2_mt":5e-06,"green_score":85,"symbol":"XRP","tvl_pct":72.7}],"category":"EXCELLENT","chains_matched":5,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["MATIC"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"institutional","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"openeden"},"issuer":{"entity_type":"issuer","jurisdiction":"SG","legal_name":"OpenEden","lei":null,"name":"OpenEden","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"stablecoin_backed","cusip":null,"description":"OpenEden USDO tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"openeden_admin","admin_type":"regulated_entity","can_blacklist":true,"can_clawback":true,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":7,"investor_protection_score":7,"regulatory_clarity_score":7},"transfer_finality":{"finality_condition":"ta_settlement","reversible":true,"settlement_lag":"T+1","settlement_type":"transfer_agent_confirmed"}},"mica_relevant":false,"protocol":"OpenEden USDO","reason_codes":{"codes":[{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"SMALL_TVL: <$50M","vector":"risk_flag"},{"impact":"warning","text":"TVL_DROP_7D: -26.8%","vector":"risk_flag"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=5706","vector":"risk_flag"}],"negative_count":4,"positive_count":3,"summary":"OpenEden USDO: Moderate profile \u2014 3 strengths, 4 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage; SMALL_TVL: <$50M."},"risk_flags":["SMALL_TVL: <$50M","TVL_DROP_7D: -26.8%","MODERATE_CHAIN_CONCENTRATION: HHI=5706"],"risk_grade":"C","risk_score":67,"risk_vectors":{"dex_liquidity":30,"diversification":60,"esg_carbon":85,"institutional":85,"maturity":50,"onchain_transparency":30,"regulatory":80,"tvl_weight":50,"yield_spread":100},"slug":"openeden-usdo","tvl_delta_30d_pct":-15.5,"tvl_delta_7d_pct":-26.8,"tvl_usd":48008711,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":4,"chain_hhi":9842,"chains":{"Avalanche":3.85,"Ethereum":3343.11,"Monad":14.51,"Plasma":7.68},"compliance":{"accessible_jurisdictions":["AE","HK","BVI","KY"],"compliance_score":3,"kyc_level":"basic"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":99.2},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.0},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":0.0},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":0.1}],"category":"EXCELLENT","chains_matched":4,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["MATIC"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"retail","mica_relevant":true,"redemption_terms":"T+0_physical_delivery","transfer_restrictions":[]},"issuer":{"entity_type":"commodity_issuer","jurisdiction":"BVI","legal_name":"TG Commodities Limited","lei":null,"name":"Tether Holdings Ltd","regulator":[]},"underlying":{"asset_type":"commodity_gold","custody":"swiss_vault","denomination":"USD","description":"1:1 backed by LBMA-accredited gold bars in Swiss vaults","isin":null,"nav_source":"lbma_gold_price","ownership_record":"off_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"corporate","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":9,"investor_protection_score":4,"regulatory_clarity_score":3,"summary":"BVI; full centralized control, limited framework"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":1,"reversible_by":"issuer","settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":true,"score":100,"verified":true},"protocol":"Tether Gold","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $3.4B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 9842)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9842","vector":"risk_flag"}],"negative_count":4,"positive_count":3,"summary":"Tether Gold: Moderate profile \u2014 3 strengths, 4 concerns. Key factors: High chain concentration (HHI 9842); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=9842"],"risk_grade":"C","risk_score":69,"risk_vectors":{"dex_liquidity":0,"diversification":30,"esg_carbon":85,"institutional":60,"maturity":100,"onchain_transparency":100,"regulatory":30,"tvl_weight":100,"yield_spread":80},"slug":"tether-gold","tvl_delta_30d_pct":-8.11,"tvl_delta_7d_pct":1.93,"tvl_usd":3369906828,"type":"commodity","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.65,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"XAUT backed by physical gold. No yield; value tracks gold price.","yield_source_class":"COMMODITY_LEASE_OR_FEE"}},{"chain_count":3,"chain_hhi":3938,"chains":{"Arbitrum":36.68,"Ethereum":70.34,"Solana":26.04},"compliance":{"accessible_jurisdictions":["BVI","KY","AE"],"compliance_score":2,"kyc_level":"none"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":19.6},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":27.6},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":52.9}],"category":"EXCELLENT","chains_matched":3,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":89},"identifier_registry":{"compliance":{"custody_type":"smart_contract","investor_type":"varies","mica_relevant":false,"regulated":false,"transfer_agent":"none"},"issuer":{"entity_type":"issuer","jurisdiction":"unknown","legal_name":"Theo Network","lei":null,"name":"Theo Network","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"treasury_bill","cusip":null,"description":"Theo Network thBill tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"unknown","admin_type":"protocol","can_blacklist":false,"can_clawback":false,"can_freeze":false,"can_mint":true,"can_pause":true,"can_upgrade":true},"risk_flags":{"centralization_score":4,"investor_protection_score":3,"regulatory_clarity_score":2},"transfer_finality":{"finality_condition":"block_confirmation","reversible":false,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":false,"protocol":"Theo Network thBill","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 3 chains (HHI 3938)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"negative","text":"Limited regulatory coverage \u2014 compliance risk elevated","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":2,"positive_count":3,"summary":"Theo Network thBill: Moderate profile \u2014 3 strengths, 2 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage; Limited regulatory coverage \u2014 compliance risk elevated."},"risk_flags":[],"risk_grade":"C","risk_score":69,"risk_vectors":{"dex_liquidity":30,"diversification":80,"esg_carbon":89,"institutional":50,"maturity":90,"onchain_transparency":30,"regulatory":20,"tvl_weight":100,"yield_spread":100},"slug":"theo-network-thbill","tvl_delta_30d_pct":2.7,"tvl_delta_7d_pct":0.07,"tvl_usd":133058012,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":5,"chain_hhi":5146,"chains":{"Avalanche":8.39,"Base":67.83,"Ethereum":335.95,"Solana":72.83,"Stellar":3.59},"compliance":{"accessible_jurisdictions":["EU","US","UK","SG","CH"],"compliance_score":10,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","recovery_plan","audit","legal","whitepaper","redemption_plan"],"last_updated":null,"total_documents":3},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"instant_on_chain","transfer_restrictions":["sanctions_screening"]},"issuer":{"entity_type":"payment_services","jurisdiction":"US-DE","legal_name":"Circle Internet Group, Inc.","lei":"549300ZYUTQ1EJOV1V38","name":"Circle Internet Group, Inc.","parent_lei":null,"regulator":["FinCEN","NYDFS"]},"underlying":{"asset_type":"stablecoin","cusip":null,"custody":"BNY Mellon","denomination":"EUR","description":"EUR-pegged stablecoin, fully reserved with euro-denominated assets","figi":null,"isin":null,"nav_source":"attestation","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":true,"score":100,"verified":true},"protocol":"Circle EURC","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.5B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 5 chains (HHI 10000)","vector":"diversification"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"Yield above T-Bill benchmark \u2014 premium risk","vector":"yield_spread"},{"impact":"warning","text":"PEG_RISK:0.172466","vector":"risk_flag"}],"negative_count":2,"positive_count":4,"summary":"Circle EURC: Moderate profile \u2014 4 strengths, 2 concerns. Key factors: Yield above T-Bill benchmark \u2014 premium risk; PEG_RISK:0.172466."},"risk_flags":["PEG_RISK:0.172466"],"risk_grade":"B","risk_score":70,"risk_vectors":{"dex_liquidity":50,"diversification":90,"esg_carbon":87,"institutional":55,"maturity":50,"onchain_transparency":30,"regulatory":100,"tvl_weight":85,"yield_spread":20},"slug":"eurc","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":488615507.44,"type":"regulated_stablecoin","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.85,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"Circle EURC; EUR-pegged stablecoin, no yield to holders.","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":9,"chain_hhi":1506,"chains":{"Aptos":10.12,"Avalanche":3.0,"Hedera":9.91,"Immutable zkEVM":13.52,"Mantra":1.52,"Near":13.16,"Polygon":1.29,"Sei":14.68,"Sui":20.4},"compliance":{"accessible_jurisdictions":["SG","AE","HK","BVI"],"compliance_score":5,"kyc_level":"enhanced"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Sui","co2_mt":1.5e-05,"green_score":85,"symbol":"SUI","tvl_pct":22.8},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":3.4},{"chain":"Hedera","co2_mt":5e-06,"green_score":85,"symbol":"HBAR","tvl_pct":11.1},{"chain":"Sei","co2_mt":1e-05,"green_score":85,"symbol":"SEI","tvl_pct":16.4},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":0.9},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":1.4},{"chain":"Near","co2_mt":1e-05,"green_score":85,"symbol":"NEAR","tvl_pct":14.7},{"chain":"Aptos","co2_mt":1.5e-05,"green_score":85,"symbol":"APT","tvl_pct":11.3}],"category":"EXCELLENT","chains_matched":8,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL","MATIC"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"qualified","mica_relevant":false,"redemption_terms":"T+1 to T+5","transfer_restrictions":["kyc_required"]},"issuer":{"entity_type":"asset_manager","jurisdiction":"UK","legal_name":"Libre Capital Ltd.","lei":null,"name":"Libre Capital Ltd","regulator":[]},"underlying":{"asset_type":"tokenized_fund","custody":"institutional_custodian","denomination":"USD","description":"Tokenized institutional fund access","isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"institutional","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":7,"investor_protection_score":6,"regulatory_clarity_score":5,"summary":"Institutional fund; moderate regulatory clarity"},"transfer_finality":{"finality_condition":"issuer_approval","reversible":1,"reversible_by":"issuer","settlement_lag":"T+1 to T+5","settlement_type":"hybrid"}},"mica_relevant":false,"protocol":"Libre Capital","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 9 chains (HHI 1506)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":1,"positive_count":3,"summary":"Libre Capital: Moderate profile \u2014 3 strengths, 1 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":[],"risk_grade":"B","risk_score":71,"risk_vectors":{"dex_liquidity":30,"diversification":100,"esg_carbon":85,"institutional":40,"maturity":80,"onchain_transparency":30,"regulatory":50,"tvl_weight":100,"yield_spread":80},"slug":"libre-capital","tvl_delta_30d_pct":-0.01,"tvl_delta_7d_pct":0.0,"tvl_usd":89380421,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":104.76},"compliance":{"accessible_jurisdictions":["US"],"compliance_score":9,"kyc_level":"enhanced"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"custody_type":"qualified_custodian","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"securitize"},"issuer":{"entity_type":"issuer","jurisdiction":"US-CA","legal_name":"Securitize","lei":"549300ZK53CNGEEI6A29","name":"Securitize","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"structured_credit","cusip":null,"description":"Securitize Tokenized AAA CLO Fund tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"securitize_admin","admin_type":"regulated_entity","can_blacklist":true,"can_clawback":true,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":8,"investor_protection_score":8,"regulatory_clarity_score":8},"transfer_finality":{"finality_condition":"ta_settlement","reversible":true,"settlement_lag":"T+1","settlement_type":"transfer_agent_confirmed"}},"mica_relevant":false,"protocol":"Securitize AAA CLO","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":4,"summary":"Securitize AAA CLO: Moderate profile \u2014 4 strengths, 4 concerns. Key factors: High chain concentration (HHI 10000); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"B","risk_score":72,"risk_vectors":{"dex_liquidity":30,"diversification":20,"esg_carbon":85,"institutional":85,"maturity":80,"onchain_transparency":30,"regulatory":90,"tvl_weight":100,"yield_spread":80},"slug":"securitize-tokenized-aaa-clo-fund","tvl_delta_30d_pct":-0.96,"tvl_delta_7d_pct":0.11,"tvl_usd":104760311,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":2,"chain_hhi":9754,"chains":{"Binance":2.43,"Ethereum":194.66},"compliance":{"accessible_jurisdictions":["SG","HK","AE"],"compliance_score":8,"kyc_level":"enhanced"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":1.2},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.0},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":98.8}],"category":"EXCELLENT","chains_matched":3,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"accredited_sg","mica_relevant":false,"redemption_terms":"T+1 to T+3","transfer_restrictions":["kyc_required","accredited_only"]},"issuer":{"entity_type":"exchange","jurisdiction":"SG","legal_name":"DigiFT Tech Pte. Ltd.","lei":null,"name":"DigiFT Tech Pte. Ltd.","regulator":["MAS"]},"underlying":{"asset_type":"tokenized_bonds","custody":"regulated_custodian_sg","denomination":"USD","description":"Tokenized Treasury and corporate bonds","isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"regulated_entity","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":8,"investor_protection_score":8,"regulatory_clarity_score":8,"summary":"MAS-regulated digital securities exchange"},"transfer_finality":{"finality_condition":"exchange_settlement","reversible":1,"reversible_by":"exchange","settlement_lag":"T+1 to T+3","settlement_type":"hybrid"}},"mica_relevant":false,"protocol":"DigiFT","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.2B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 9754)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9754","vector":"risk_flag"}],"negative_count":3,"positive_count":4,"summary":"DigiFT: Moderate profile \u2014 4 strengths, 3 concerns. Key factors: High chain concentration (HHI 9754); Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=9754"],"risk_grade":"B","risk_score":73,"risk_vectors":{"dex_liquidity":30,"diversification":30,"esg_carbon":85,"institutional":85,"maturity":90,"onchain_transparency":30,"regulatory":80,"tvl_weight":100,"yield_spread":80},"slug":"digift","tvl_delta_30d_pct":4.54,"tvl_delta_7d_pct":0.57,"tvl_usd":197109263,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":7.964,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":8.0,"notes":"Private credit","yield_source_class":"PRIVATE_CREDIT"}},{"chain_count":5,"chain_hhi":7027,"chains":{"Avalanche":257.29,"BSC":1.01,"Base":6.53,"Ethereum":1499.45,"Plume Mainnet":51.38},"compliance":{"accessible_jurisdictions":["US","EU","SG","CH"],"compliance_score":5,"kyc_level":"pool_dependent"},"dex_liquidity":{"category":"SHALLOW","score":20,"total_liq_usd":48166.56,"vol_24h_usd":37236.21},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":82.6},{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":0.4},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.0},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":14.2}],"category":"EXCELLENT","chains_matched":4,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"pool_dependent","transfer_restrictions":["pool_specific_kyc"]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"US-DE","legal_name":"Centrifuge Inc.","lei":null,"name":"Centrifuge Inc.","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"private_credit","cusip":null,"custody":"smart_contract","denomination":"USD","description":"Tokenized private credit, trade receivables, real estate loans","figi":null,"isin":null,"nav_source":"on_chain","ownership_record":"on_chain","target_yield":"variable"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"dao_governance","can_blacklist":0,"can_burn":1,"can_clawback":0,"can_freeze":0,"can_mint":1,"can_pause":0,"can_upgrade":1},"risk_flags":{"centralization_score":3,"investor_protection_score":5,"regulatory_clarity_score":4,"summary":"Decentralized pool structure; protection varies by pool operator"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":0,"reversible_by":null,"settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":false,"score":90,"verified":true},"protocol":"Centrifuge","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $1.8B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=7027","vector":"risk_flag"}],"negative_count":2,"positive_count":3,"summary":"Centrifuge: Moderate profile \u2014 3 strengths, 2 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage; MODERATE_CHAIN_CONCENTRATION: HHI=7027."},"risk_flags":["MODERATE_CHAIN_CONCENTRATION: HHI=7027"],"risk_grade":"B","risk_score":74,"risk_vectors":{"dex_liquidity":20,"diversification":70,"esg_carbon":85,"institutional":40,"maturity":100,"onchain_transparency":90,"regulatory":50,"tvl_weight":100,"yield_spread":80},"slug":"centrifuge","tvl_delta_30d_pct":58.2,"tvl_delta_7d_pct":6.5,"tvl_usd":1815971771,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.55,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Centrifuge pools backed by real-world assets (invoices, real estate, trade finance). Variable yields.","yield_source_class":"PRIVATE_CREDIT_SECURED"}},{"chain_count":2,"chain_hhi":5118,"chains":{"Ethereum":78.4,"Ripple":55.23},"compliance":{"accessible_jurisdictions":["SG","HK","AE","CH"],"compliance_score":8,"kyc_level":"enhanced"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.0},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":58.5},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":0.3},{"chain":"Ripple","co2_mt":5e-06,"green_score":85,"symbol":"XRP","tvl_pct":41.2}],"category":"EXCELLENT","chains_matched":4,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"institutional","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"openeden"},"issuer":{"entity_type":"issuer","jurisdiction":"SG","legal_name":"OpenEden","lei":null,"name":"OpenEden Labs Pte Ltd","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"treasury_bill","cusip":null,"description":"OpenEden TBILL tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"openeden_admin","admin_type":"regulated_entity","can_blacklist":true,"can_clawback":true,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":7,"investor_protection_score":7,"regulatory_clarity_score":7},"transfer_finality":{"finality_condition":"ta_settlement","reversible":true,"settlement_lag":"T+1","settlement_type":"transfer_agent_confirmed"}},"mica_relevant":false,"protocol":"OpenEden TBILL","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=5118","vector":"risk_flag"}],"negative_count":2,"positive_count":4,"summary":"OpenEden TBILL: Moderate profile \u2014 4 strengths, 2 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage; MODERATE_CHAIN_CONCENTRATION: HHI=5118."},"risk_flags":["MODERATE_CHAIN_CONCENTRATION: HHI=5118"],"risk_grade":"B","risk_score":75,"risk_vectors":{"dex_liquidity":30,"diversification":60,"esg_carbon":85,"institutional":85,"maturity":80,"onchain_transparency":30,"regulatory":80,"tvl_weight":85,"yield_spread":100},"slug":"openeden-tbill","tvl_delta_30d_pct":62.96,"tvl_delta_7d_pct":-9.4,"tvl_usd":134050323,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.75,"credit_spread":0.000413,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.036413,"notes":"OpenEden T-Bill Vault backed by US Treasury bills.","yield_source_class":"US_TREASURY_BILLS_DIRECT"}},{"chain_count":3,"chain_hhi":5051,"chains":{"Binance":275.59,"Ethereum":457.3,"Solana":18.82},"compliance":{"accessible_jurisdictions":["SG","HK","AE","CH","UK","BVI"],"compliance_score":7,"kyc_level":"enhanced"},"dex_liquidity":{"category":"ILLIQUID","score":5,"total_liq_usd":0.0,"vol_24h_usd":0.0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":60.8},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":36.7},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":2.5}],"category":"EXCELLENT","chains_matched":3,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"qualified","mica_relevant":false,"min_investment":5000,"redemption_terms":"T+1","transfer_restrictions":["whitelist_only","kyc_required"]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"US-DE","legal_name":"Ondo Finance, Inc.","lei":null,"name":"Ondo Finance Inc.","parent_lei":null,"regulator":["SEC"]},"underlying":{"asset_type":"tokenized_treasury","cusip":null,"custody":"Clear Street","denomination":"USD","description":"Ondo Short-Term US Government Bond Fund","figi":null,"isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid","target_yield":"tbill_rate"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"multisig","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":1},"risk_flags":{"centralization_score":8,"investor_protection_score":7,"regulatory_clarity_score":7,"summary":"Qualified investor fund; upgradeable contract adds risk"},"transfer_finality":{"finality_condition":"whitelist_check","reversible":1,"reversible_by":"issuer","settlement_lag":"T+1","settlement_type":"hybrid"}},"mica_relevant":false,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.5,"is_proxy":true,"score":100,"verified":true},"protocol":"Ondo Global Markets","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.8B indicates institutional confidence","vector":"tvl_weight"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"MODERATE_CHAIN_CONCENTRATION: HHI=5051","vector":"risk_flag"}],"negative_count":2,"positive_count":4,"summary":"Ondo Global Markets: Moderate profile \u2014 4 strengths, 2 concerns. Key factors: No DEX liquidity \u2014 exits only via OTC or transfer agent; MODERATE_CHAIN_CONCENTRATION: HHI=5051."},"risk_flags":["MODERATE_CHAIN_CONCENTRATION: HHI=5051"],"risk_grade":"B","risk_score":76,"risk_vectors":{"dex_liquidity":5,"diversification":60,"esg_carbon":85,"institutional":40,"maturity":100,"onchain_transparency":100,"regulatory":80,"tvl_weight":100,"yield_spread":80},"slug":"ondo-global-markets","tvl_delta_30d_pct":10.59,"tvl_delta_7d_pct":4.08,"tvl_usd":751706936,"type":"multi","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":5,"chain_hhi":2795,"chains":{"Binance":26.68,"Ethereum":24.44,"Plume Mainnet":3.54,"Solana":6.4,"Sui":12.94},"compliance":{"accessible_jurisdictions":["SG","HK","AE"],"compliance_score":7,"kyc_level":"standard"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Sui","co2_mt":1.5e-05,"green_score":85,"symbol":"SUI","tvl_pct":17.5},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":33.0},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":36.1},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":8.6}],"category":"EXCELLENT","chains_matched":4,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"institutional","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"matrixdock"},"issuer":{"entity_type":"issuer","jurisdiction":"SG","legal_name":"MatrixDock (Matrixport)","lei":null,"name":"Matrixport Technologies","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"gold","cusip":null,"description":"MatrixDock XAUM tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"matrixport","admin_type":"corporate","can_blacklist":true,"can_clawback":false,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":7,"investor_protection_score":6,"regulatory_clarity_score":6},"transfer_finality":{"finality_condition":"platform_settlement","reversible":true,"settlement_lag":"T+1","settlement_type":"platform_confirmed"}},"mica_relevant":false,"protocol":"MatrixDock XAUM","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 5 chains (HHI 2795)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":1,"positive_count":3,"summary":"MatrixDock XAUM: Moderate profile \u2014 3 strengths, 1 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":[],"risk_grade":"B","risk_score":76,"risk_vectors":{"dex_liquidity":30,"diversification":100,"esg_carbon":85,"institutional":60,"maturity":80,"onchain_transparency":30,"regulatory":70,"tvl_weight":100,"yield_spread":80},"slug":"matrixdock-xaum","tvl_delta_30d_pct":-9.98,"tvl_delta_7d_pct":-0.17,"tvl_usd":74000946,"type":"commodity","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"MatrixDock XAUM gold-backed token.","yield_source_class":"COMMODITY_LEASE_OR_FEE"}},{"chain_count":2,"chain_hhi":9461,"chains":{"Ethereum":838.17,"Stellar":23.91},"compliance":{"accessible_jurisdictions":["US"],"compliance_score":9,"kyc_level":"standard"},"dex_liquidity":{"category":"ILLIQUID","score":5,"total_liq_usd":0.0,"vol_24h_usd":0.0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":97.2}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"accredited","mica_relevant":false,"min_investment":1000,"redemption_terms":"T+0","transfer_restrictions":["whitelist_only","kyc_required"]},"issuer":{"entity_type":"asset_manager","jurisdiction":"US-DE","legal_name":"WisdomTree, Inc.","lei":"549300WIU8IS0GANFI23","name":"WisdomTree, Inc.","parent_lei":null,"regulator":["SEC"]},"underlying":{"asset_type":"money_market_fund","cusip":null,"custody":"regulated_custodian","denomination":"USD","description":"WisdomTree Government Money Market Digital Fund","figi":null,"isin":null,"nav_source":"transfer_agent","ownership_record":"hybrid","target_yield":"fed_funds_rate"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"institutional_multisig","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":9,"investor_protection_score":9,"regulatory_clarity_score":9,"summary":"SEC-registered; maximum institutional protection"},"transfer_finality":{"finality_condition":"transfer_agent_approval","reversible":1,"reversible_by":"transfer_agent","settlement_lag":"T+0","settlement_type":"hybrid"}},"mica_relevant":false,"onchain_transparency":{"category":"HIGH","days_since_last_tx":11.4,"is_proxy":true,"score":80,"verified":true},"protocol":"WisdomTree","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.9B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 9461)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9461","vector":"risk_flag"}],"negative_count":3,"positive_count":4,"summary":"WisdomTree: Moderate profile \u2014 4 strengths, 3 concerns. Key factors: High chain concentration (HHI 9461); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=9461"],"risk_grade":"B","risk_score":77,"risk_vectors":{"dex_liquidity":5,"diversification":30,"esg_carbon":85,"institutional":75,"maturity":100,"onchain_transparency":80,"regulatory":90,"tvl_weight":100,"yield_spread":80},"slug":"wisdomtree","tvl_delta_30d_pct":13.91,"tvl_delta_7d_pct":0.57,"tvl_usd":862078664,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.7,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"WisdomTree digital funds backed by government securities.","yield_source_class":"TOKENIZED_FUND_GOV_BONDS"}},{"chain_count":5,"chain_hhi":5852,"chains":{"Arbitrum":297.41,"Berachain":0.41,"Ethereum":2955.19,"Flow":9.49,"Solana":738.19},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","JP"],"compliance_score":8,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","recovery_plan","audit","legal","redemption_plan"],"last_updated":null,"total_documents":2},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"instant_on_chain","transfer_restrictions":["sanctions_screening"]},"issuer":{"entity_type":"payment_services","jurisdiction":"US-DE","legal_name":"PayPal Holdings, Inc.","lei":"5493005X2GOFLQ0WT735","name":"PayPal Holdings, Inc.","parent_lei":null,"regulator":["NYDFS","SEC"]},"underlying":{"asset_type":"stablecoin","cusip":null,"custody":"Paxos Trust Company","denomination":"USD","description":"USD stablecoin backed by USD deposits, US Treasuries & equivalents","figi":null,"isin":null,"nav_source":"paxos_attestation","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":true,"score":100,"verified":true},"protocol":"PayPal PYUSD","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $4.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 5 chains (HHI 10000)","vector":"diversification"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":0,"positive_count":4,"summary":"PayPal PYUSD: Moderate profile \u2014 4 strengths, 0 concerns."},"risk_flags":[],"risk_grade":"B","risk_score":77,"risk_vectors":{"dex_liquidity":50,"diversification":90,"esg_carbon":86,"institutional":55,"maturity":50,"onchain_transparency":30,"regulatory":85,"tvl_weight":100,"yield_spread":100},"slug":"pyusd","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":4000701461.2,"type":"regulated_stablecoin","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"PayPal USD; reserve yield retained by Paxos/PayPal.","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":3,"chain_hhi":9188,"chains":{"Binance":2553.52,"Ethereum":110.13,"Near":2.79},"compliance":{"accessible_jurisdictions":["US","SG","HK","AE","CH"],"compliance_score":8,"kyc_level":"enhanced"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":4.1},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":95.8},{"chain":"Near","co2_mt":1e-05,"green_score":85,"symbol":"NEAR","tvl_pct":0.1}],"category":"EXCELLENT","chains_matched":3,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"qualified","mica_relevant":false,"min_investment":100000,"redemption_terms":"T+0 to T+1","transfer_restrictions":["whitelist_only"]},"issuer":{"entity_type":"fintech","jurisdiction":"US-DE","legal_name":"Circle Internet Financial, LLC","lei":"549300UHJLR6LBGAFV55","name":"Circle Internet Financial, LLC","parent_lei":null,"regulator":["SEC","FinCEN"]},"underlying":{"asset_type":"tokenized_treasury","cusip":null,"custody":"institutional_custodian","denomination":"USD","description":"Short-duration US Government Securities","figi":null,"isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid","target_yield":"tbill_rate"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"institutional_multisig","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":8,"investor_protection_score":8,"regulatory_clarity_score":8,"summary":"Circle backing; strong regulatory standing"},"transfer_finality":{"finality_condition":"whitelist_check","reversible":1,"reversible_by":"issuer","settlement_lag":"T+0","settlement_type":"hybrid"}},"mica_relevant":false,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.6,"is_proxy":true,"score":100,"verified":true},"protocol":"Circle USYC","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $2.7B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 9188)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=9188","vector":"risk_flag"}],"negative_count":3,"positive_count":4,"summary":"Circle USYC: Moderate profile \u2014 4 strengths, 3 concerns. Key factors: High chain concentration (HHI 9188); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=9188"],"risk_grade":"B","risk_score":78,"risk_vectors":{"dex_liquidity":0,"diversification":30,"esg_carbon":85,"institutional":75,"maturity":100,"onchain_transparency":100,"regulatory":80,"tvl_weight":100,"yield_spread":100},"slug":"circle-usyc","tvl_delta_30d_pct":17.63,"tvl_delta_7d_pct":-0.68,"tvl_usd":2666442958,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":3,"chain_hhi":4902,"chains":{"Ethereum":84.16,"Polygon":4.08,"XRPL":55.23},"compliance":{"accessible_jurisdictions":["SG","HK","AE","CH"],"compliance_score":8,"kyc_level":"enhanced"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.0},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":58.5},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":0.3},{"chain":"XRPL","co2_mt":5e-06,"green_score":85,"symbol":"XRP","tvl_pct":38.4},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":2.8}],"category":"EXCELLENT","chains_matched":5,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL","MATIC"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"accredited","mica_relevant":false,"redemption_terms":"T+0 to T+1","transfer_restrictions":["kyc_required","whitelist_only"]},"issuer":{"entity_type":"fintech","jurisdiction":"SG","legal_name":"OpenEden Labs Pte. Ltd.","lei":null,"name":"OpenEden Labs Pte Ltd","regulator":["MAS"]},"underlying":{"asset_type":"tokenized_treasury","custody":"regulated_custodian_sg","denomination":"USD","description":"Tokenized US T-Bill vault","isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"regulated_entity","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":7,"investor_protection_score":8,"regulatory_clarity_score":8,"summary":"MAS-regulated T-Bill vault"},"transfer_finality":{"finality_condition":"whitelist_check","reversible":1,"reversible_by":"issuer","settlement_lag":"T+0","settlement_type":"hybrid"}},"mica_relevant":false,"onchain_transparency":{"category":"HIGH","days_since_last_tx":1.0,"is_proxy":true,"score":90,"verified":true},"protocol":"OpenEden","reason_codes":{"codes":[{"impact":"positive","text":"Well-diversified across 3 chains (HHI 4902)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"TVL_DROP_7D: -10.8%","vector":"risk_flag"}],"negative_count":2,"positive_count":5,"summary":"OpenEden: Moderate profile \u2014 5 strengths, 2 concerns. Key factors: No DEX liquidity \u2014 exits only via OTC or transfer agent; TVL_DROP_7D: -10.8%."},"risk_flags":["TVL_DROP_7D: -10.8%"],"risk_grade":"B","risk_score":78,"risk_vectors":{"dex_liquidity":0,"diversification":80,"esg_carbon":85,"institutional":85,"maturity":80,"onchain_transparency":90,"regulatory":80,"tvl_weight":70,"yield_spread":100},"slug":"openeden","tvl_delta_30d_pct":55.64,"tvl_delta_7d_pct":-10.85,"tvl_usd":143897713.93,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.7,"credit_spread":0.000413,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.036413,"notes":"OpenEden tokenized Treasury products.","yield_source_class":"US_TREASURY_BILLS_DIRECT"}},{"chain_count":1,"chain_hhi":10000,"chains":{"Ethereum":2404.17},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","HK","AE","CH","JP"],"compliance_score":9,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","legal"],"last_updated":"2026-02-11","total_documents":2},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":100.0}],"category":"EXCELLENT","chains_matched":1,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":[]},"score":85},"identifier_registry":{"compliance":{"investor_type":"retail","mica_relevant":true,"redemption_terms":"T+0_physical_or_usd","transfer_restrictions":[]},"issuer":{"entity_type":"trust_company","jurisdiction":"US-NY","legal_name":"Paxos Trust Company, LLC","lei":"549300BHQGE3I4ZVKW46","name":"Paxos Trust Company, LLC","parent_lei":null,"regulator":["NYDFS"]},"underlying":{"asset_type":"commodity_gold","custody":"Brinks","denomination":"USD","description":"1:1 backed by LBMA-accredited London Good Delivery gold bars","isin":null,"nav_source":"lbma_gold_price","ownership_record":"off_chain"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"regulated_trust","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":8,"investor_protection_score":9,"regulatory_clarity_score":9,"summary":"NYDFS trust; highest regulatory clarity for commodity tokens"},"transfer_finality":{"finality_condition":"block_confirmation","reversible":1,"reversible_by":"trust_company","settlement_lag":"T+0","settlement_type":"atomic_on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":true,"score":100,"verified":true},"protocol":"Paxos Gold","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $2.4B indicates institutional confidence","vector":"tvl_weight"},{"impact":"negative","text":"High chain concentration (HHI 10000)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"HIGH_CHAIN_CONCENTRATION: HHI=10000","vector":"risk_flag"},{"impact":"warning","text":"SINGLE_CHAIN","vector":"risk_flag"}],"negative_count":4,"positive_count":5,"summary":"Paxos Gold: Moderate profile \u2014 5 strengths, 4 concerns. Key factors: High chain concentration (HHI 10000); No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":["HIGH_CHAIN_CONCENTRATION: HHI=10000","SINGLE_CHAIN"],"risk_grade":"B","risk_score":79,"risk_vectors":{"dex_liquidity":0,"diversification":20,"esg_carbon":85,"institutional":85,"maturity":100,"onchain_transparency":100,"regulatory":100,"tvl_weight":100,"yield_spread":80},"slug":"paxos-gold","tvl_delta_30d_pct":-6.01,"tvl_delta_7d_pct":0.59,"tvl_usd":2404174135,"type":"commodity","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.7,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"PAXG backed 1:1 by London Good Delivery gold bars. No yield; price appreciation only.","yield_source_class":"COMMODITY_LEASE_OR_FEE"}},{"chain_count":98,"chain_hhi":4590,"chains":{"Abstract":11.88,"Algorand":68.06,"Apechain":0.25,"Aptos":299.87,"Arbitrum":2264.83,"Arbitrum Nova":0.34,"Aurora":2.44,"Avalanche":578.86,"BSC":1280.49,"Base":4335.88,"Berachain":11.54,"Bob":0.26,"Boba":1.11,"Bsquared":0.18,"Canto":4.11,"Cardano":19.91,"Celo":17.5,"Codex":51.09,"Core":1.04,"Cronos":179.41,"DFK":0.86,"Dogechain":0.4,"EDU Chain":0.18,"Elastos":0.12,"Ethereum":52223.74,"Etherlink":17.54,"Fantom":181.47,"Flare":6.33,"Flow":2.96,"Fogo":2.92,"Fuse":0.14,"Gnosis":19.46,"Goat":0.17,"Hedera":48.37,"Hemi":0.48,"Hyperliquid L1":4931.32,"ICP":1.53,"Immutable zkEVM":2.85,"Injective":1.69,"Ink":47.61,"IoTeX":2.54,"KCC":1.81,"Kaia":2.93,"Katana":55.81,"Kava":5.35,"Linea":32.01,"Lisk":0.65,"Loopring":1.05,"Manta":2.11,"Mantle":47.71,"Mantra":0.21,"Meter":0.53,"Metis":4.36,"Mixin":2.46,"Mode":0.87,"Monad":279.13,"Moonbeam":1.36,"Moonriver":3.9,"Movement":3.0,"MultiversX":8.45,"Nibiru":0.29,"Noble":142.08,"OKExChain":0.24,"OP Mainnet":238.42,"Osmosis":23.77,"Perennial":0.72,"Plume Mainnet":7.19,"Polkadot":40.6,"Polygon":1784.46,"Polygon zkEVM":0.94,"PulseChain":14.99,"Rootstock":0.25,"Scroll":9.2,"Sei":69.66,"Shape":0.26,"Solana":7989.47,"Soneium":4.78,"Sonic":111.24,"Stacks":27.42,"StarkNet":240.26,"Stellar":257.01,"Story":1.17,"Sui":371.26,"Syscoin":0.17,"Taiko":1.94,"Telos":0.51,"ThunderCore":0.16,"Tron":28.36,"Unichain":36.34,"Wanchain":1.09,"World Chain":28.76,"X Layer":7.97,"XDC":77.49,"XRPL":5.14,"ZKsync Era":52.6,"Zircuit":0.42,"edgeX L1":74.83,"zkSync Lite":3.75},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","JP","HK","AE","CH","AU","CA","BR"],"compliance_score":10,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","recovery_plan","audit","whitepaper","redemption_plan"],"last_updated":"2026-02-11","total_documents":2},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"instant_on_chain","transfer_restrictions":["sanctions_screening"]},"issuer":{"entity_type":"payment_services","jurisdiction":"US-DE","legal_name":"Circle Internet Group, Inc.","lei":"549300ZYUTQ1EJOV1V38","name":"Circle Internet Group, Inc.","parent_lei":null,"regulator":["FinCEN","NYDFS"]},"underlying":{"asset_type":"stablecoin","cusip":null,"custody":"BNY Mellon","denomination":"USD","description":"USD-pegged stablecoin, fully reserved with US Treasuries & cash","figi":null,"isin":null,"nav_source":"attestation","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.0,"is_proxy":true,"score":100,"verified":true},"protocol":"Circle USDC","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $78.7B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 98 chains (HHI 10000)","vector":"diversification"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":0,"positive_count":4,"summary":"Circle USDC: Moderate profile \u2014 4 strengths, 0 concerns."},"risk_flags":[],"risk_grade":"B","risk_score":79,"risk_vectors":{"dex_liquidity":50,"diversification":90,"esg_carbon":86,"institutional":55,"maturity":50,"onchain_transparency":30,"regulatory":100,"tvl_weight":100,"yield_spread":100},"slug":"usdc","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":78731249802.29,"type":"regulated_stablecoin","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.95,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"USDC holders do not receive yield; reserve income retained by Circle.","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":4,"chain_hhi":4529,"chains":{"Ethereum":371.03,"Ink":107.54,"Solana":1255.41,"X Layer":253.89},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","HK","AE","CH"],"compliance_score":9,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","legal"],"last_updated":null,"total_documents":2},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"instant_on_chain","transfer_restrictions":["sanctions_screening"]},"issuer":{"entity_type":"payment_services","jurisdiction":"SG","legal_name":"Paxos International Pte. Ltd.","lei":"N/A","name":"Paxos International Pte. Ltd.","parent_lei":null,"regulator":["MAS"]},"underlying":{"asset_type":"stablecoin","cusip":null,"custody":"Paxos","denomination":"USD","description":"USD stablecoin issued by Paxos International, backed by USD reserves","figi":null,"isin":null,"nav_source":"attestation","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Paxos USDG","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $2.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 4 chains (HHI 10000)","vector":"diversification"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":0,"positive_count":4,"summary":"Paxos USDG: Moderate profile \u2014 4 strengths, 0 concerns."},"risk_flags":[],"risk_grade":"B","risk_score":79,"risk_vectors":{"dex_liquidity":50,"diversification":90,"esg_carbon":85,"institutional":55,"maturity":50,"onchain_transparency":30,"regulatory":100,"tvl_weight":100,"yield_spread":100},"slug":"usdg","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":1987877438.3,"type":"regulated_stablecoin","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"USDG by Paxos; yield from reserves distributed to partners, not directly to holders.","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":11,"chain_hhi":4066,"chains":{"Aptos":105.86,"Arbitrum":5.56,"Ethereum":1740.59,"Mantle":29.64,"Noble":15.05,"Plume Mainnet":201.17,"Ripple":221.68,"Sei":103.86,"Solana":251.1,"Stellar":123.29,"Sui":16.8},"compliance":{"accessible_jurisdictions":["SG","HK","AE","CH","UK","BVI","KY"],"compliance_score":7,"kyc_level":"standard"},"dex_liquidity":{"category":"SHALLOW","score":40,"total_liq_usd":155370.33,"vol_24h_usd":2677.37},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":61.8},{"chain":"Sui","co2_mt":1.5e-05,"green_score":85,"symbol":"SUI","tvl_pct":0.6},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.2},{"chain":"Ripple","co2_mt":5e-06,"green_score":85,"symbol":"XRP","tvl_pct":7.9},{"chain":"Aptos","co2_mt":1.5e-05,"green_score":85,"symbol":"APT","tvl_pct":3.8},{"chain":"Sei","co2_mt":1e-05,"green_score":85,"symbol":"SEI","tvl_pct":3.7},{"chain":"Mantle","co2_mt":1e-06,"green_score":100,"symbol":"MNT","tvl_pct":1.1},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":8.9}],"category":"EXCELLENT","chains_matched":8,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"non_us_persons","mica_relevant":false,"min_investment":500,"redemption_terms":"T+0 to T+2","transfer_restrictions":["kyc_required","us_excluded"]},"issuer":{"entity_type":"defi_protocol","jurisdiction":"US-DE","legal_name":"Ondo Finance, Inc.","lei":null,"name":"Ondo Finance Inc.","parent_lei":null,"regulator":["SEC"]},"underlying":{"asset_type":"tokenized_note","cusip":null,"custody":"Ankura Trust","denomination":"USD","description":"Tokenized note backed by short-term US Treasuries and bank demand deposits","figi":null,"isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid","target_yield":"fed_funds_rate_minus_spread"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"multisig","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":1},"risk_flags":{"centralization_score":8,"investor_protection_score":7,"regulatory_clarity_score":6,"summary":"Upgradeable proxy; moderate regulatory clarity"},"transfer_finality":{"finality_condition":"whitelist_check","reversible":1,"reversible_by":"issuer","settlement_lag":"T+0 to T+2","settlement_type":"hybrid"}},"mica_relevant":false,"onchain_transparency":{"category":"MEDIUM","days_since_last_tx":999,"is_proxy":true,"score":60,"verified":true},"protocol":"Ondo Yield Assets","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $2.8B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 11 chains (HHI 4066)","vector":"diversification"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":0,"positive_count":4,"summary":"Ondo Yield Assets: Moderate profile \u2014 4 strengths, 0 concerns."},"risk_flags":[],"risk_grade":"B","risk_score":80,"risk_vectors":{"dex_liquidity":40,"diversification":90,"esg_carbon":85,"institutional":40,"maturity":100,"onchain_transparency":60,"regulatory":80,"tvl_weight":100,"yield_spread":100},"slug":"ondo-yield-assets","tvl_delta_30d_pct":39.07,"tvl_delta_7d_pct":0.77,"tvl_usd":2814604369,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":-0.0005,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0355,"notes":"USDY/OUSG backed by short-duration US Treasuries and bank deposits. Yield passes to holders.","yield_source_class":"US_TREASURY_BILLS_DIRECT"}},{"chain_count":7,"chain_hhi":3190,"chains":{"Arbitrum":378.69,"Base":22.97,"Ethereum":70.48,"Etherlink":9.78,"Polygon":128.01,"Starknet":34.53,"Stellar":504.76},"compliance":{"accessible_jurisdictions":["EU","FR","DE"],"compliance_score":9,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":33.0},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":6.1},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":11.1},{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":2.0}],"category":"EXCELLENT","chains_matched":4,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["MATIC"]},"score":95},"identifier_registry":{"compliance":{"investor_type":"retail_eu","mica_relevant":true,"min_investment":1,"redemption_terms":"T+1","transfer_restrictions":["kyc_required"]},"issuer":{"entity_type":"asset_manager","jurisdiction":"FR","legal_name":"Spiko SAS","lei":null,"name":"Spiko SAS","parent_lei":null,"regulator":["AMF"]},"underlying":{"asset_type":"money_market_fund","cusip":null,"custody":"regulated_custodian_eu","denomination":"EUR","description":"EU T-Bills Money Market Fund on distributed ledger","figi":null,"isin":null,"nav_source":"on_chain","ownership_record":"on_chain_distributed_ledger","target_yield":"ecb_rate"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"regulated_entity","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":7,"investor_protection_score":9,"regulatory_clarity_score":9,"summary":"EU MiCA-compliant; AMF-regulated"},"transfer_finality":{"finality_condition":"transfer_agent_approval","reversible":1,"reversible_by":"issuer_regulatory","settlement_lag":"T+1","settlement_type":"hybrid"}},"mica_relevant":true,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Spiko","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $1.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 7 chains (HHI 3190)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"warning","text":"Contract not verified or inactive","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"}],"negative_count":2,"positive_count":5,"summary":"Spiko: Moderate profile \u2014 5 strengths, 2 concerns. Key factors: No DEX liquidity \u2014 exits only via OTC or transfer agent; Contract not verified or inactive."},"risk_flags":[],"risk_grade":"B","risk_score":80,"risk_vectors":{"dex_liquidity":0,"diversification":90,"esg_carbon":95,"institutional":85,"maturity":100,"onchain_transparency":0,"regulatory":90,"tvl_weight":100,"yield_spread":80},"slug":"spiko","tvl_delta_30d_pct":-3.03,"tvl_delta_7d_pct":0.14,"tvl_usd":1149222313,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.7,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Spiko tokenized money market fund (European government bonds).","yield_source_class":"MMF_GOV_ONLY"}},{"chain_count":8,"chain_hhi":2633,"chains":{"Aptos":559.02,"Arbitrum":25.88,"Avalanche":111.2,"Binance":507.78,"Ethereum":1217.7,"Optimism":26.08,"Polygon":9.97,"Solana":525.8},"compliance":{"accessible_jurisdictions":["US","SG","HK","AE","CH","JP"],"compliance_score":9,"kyc_level":"enhanced"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["factsheet","audit","prospectus"],"last_updated":"2026-02-11","total_documents":3},"esg_carbon":{"breakdown":[{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":17.0},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":40.8},{"chain":"Optimism","co2_mt":1e-06,"green_score":100,"symbol":"OP","tvl_pct":0.9},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":3.7},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":17.6},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":0.9},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":0.3},{"chain":"Aptos","co2_mt":1.5e-05,"green_score":85,"symbol":"APT","tvl_pct":18.7}],"category":"EXCELLENT","chains_matched":8,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL","MATIC"]},"score":85},"identifier_registry":{"compliance":{"investor_type":"qualified_institutional","mica_relevant":false,"min_investment":5000000,"redemption_terms":"T+0","transfer_restrictions":["whitelist_only","kyc_required"]},"issuer":{"entity_type":"asset_manager","jurisdiction":"US-DE","legal_name":"BlackRock, Inc.","lei":"529900VBK42Y5HHRMD23","name":"BlackRock, Inc.","parent_lei":null,"regulator":["SEC"]},"underlying":{"asset_type":"money_market_fund","cusip":null,"custody":"Bank of New York Mellon","denomination":"USD","description":"USD Institutional Digital Liquidity Fund - US Treasury Bills, Repos, Cash","figi":null,"isin":null,"nav_source":"transfer_agent","ownership_record":"off_chain","target_yield":"fed_funds_rate"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"institutional_multisig","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0,"notes":"Securitize acts as transfer agent"},"risk_flags":{"centralization_score":9,"investor_protection_score":9,"regulatory_clarity_score":9,"summary":"SEC-regulated; maximum investor protection"},"transfer_finality":{"finality_condition":"transfer_agent_approval","reversible":1,"reversible_by":"transfer_agent","settlement_lag":"T+0","settlement_type":"hybrid"}},"mica_relevant":false,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"BlackRock BUIDL","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $3.0B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 8 chains (HHI 2633)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"warning","text":"Contract not verified or inactive","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":2,"positive_count":4,"summary":"BlackRock BUIDL: Moderate profile \u2014 4 strengths, 2 concerns. Key factors: No DEX liquidity \u2014 exits only via OTC or transfer agent; Contract not verified or inactive."},"risk_flags":[],"risk_grade":"B","risk_score":81,"risk_vectors":{"dex_liquidity":0,"diversification":100,"esg_carbon":85,"institutional":75,"maturity":100,"onchain_transparency":0,"regulatory":100,"tvl_weight":100,"yield_spread":100},"slug":"blackrock-buidl","tvl_delta_30d_pct":18.16,"tvl_delta_7d_pct":5.29,"tvl_usd":2983432511,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":-0.000588,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.035411,"notes":"BUIDL invests in US Treasury bills, repo agreements, and cash. Daily accrual to token holders.","yield_source_class":"MMF_GOV_ONLY"}},{"chain_count":8,"chain_hhi":3360,"chains":{"Arbitrum":6.2,"Base":1.28,"Binance":2.31,"Ethereum":102.98,"Hyperliquid L1":2.62,"Katana":9.1,"Monad":39.56,"Plasma":36.6},"compliance":{"accessible_jurisdictions":["EU","DE","CH"],"compliance_score":8,"kyc_level":"standard"},"dex_liquidity":{"category":"ILLIQUID","score":5,"total_liq_usd":1790.48,"vol_24h_usd":0.0},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Base","co2_mt":1e-06,"green_score":100,"symbol":"BASE","tvl_pct":0.6},{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":51.1},{"chain":"Arbitrum","co2_mt":1e-06,"green_score":100,"symbol":"ARB","tvl_pct":3.1},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":0.0},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":1.1},{"chain":"Optimism","co2_mt":1e-06,"green_score":100,"symbol":"OP","tvl_pct":0.0},{"chain":"Mantle","co2_mt":1e-06,"green_score":100,"symbol":"MNT","tvl_pct":0.0},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":0.0},{"chain":"Sei","co2_mt":1e-05,"green_score":85,"symbol":"SEI","tvl_pct":0.0}],"category":"EXCELLENT","chains_matched":9,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["MATIC"]},"score":86},"identifier_registry":{"compliance":{"investor_type":"retail_eu","mica_relevant":true,"redemption_terms":"T+0 to T+1","transfer_restrictions":["kyc_required"]},"issuer":{"entity_type":"fintech","jurisdiction":"DE","legal_name":"Midas GmbH","lei":null,"name":"Midas GmbH","regulator":["BaFin"]},"underlying":{"asset_type":"tokenized_treasury","custody":"regulated_custodian_eu","denomination":"USD","description":"Tokenized T-Bill product with daily yield","isin":null,"nav_source":"issuer_reported","ownership_record":"hybrid"}},"legal_state":{"contract_powers":{"admin_address":null,"admin_type":"regulated_entity","can_blacklist":1,"can_burn":1,"can_clawback":1,"can_freeze":1,"can_mint":1,"can_pause":1,"can_upgrade":0},"risk_flags":{"centralization_score":7,"investor_protection_score":8,"regulatory_clarity_score":8,"summary":"German BaFin; MiCA-compliant"},"transfer_finality":{"finality_condition":"issuer_approval","reversible":1,"reversible_by":"issuer","settlement_lag":"T+0","settlement_type":"hybrid"}},"mica_relevant":true,"onchain_transparency":{"category":"HIGH","days_since_last_tx":0.1,"is_proxy":true,"score":100,"verified":true},"protocol":"Midas RWA","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.2B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 8 chains (HHI 3360)","vector":"diversification"},{"impact":"warning","text":"No DEX liquidity \u2014 exits only via OTC or transfer agent","vector":"dex_liquidity"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"}],"negative_count":1,"positive_count":6,"summary":"Midas RWA: Moderate profile \u2014 6 strengths, 1 concerns. Key factors: No DEX liquidity \u2014 exits only via OTC or transfer agent."},"risk_flags":[],"risk_grade":"B","risk_score":81,"risk_vectors":{"dex_liquidity":5,"diversification":90,"esg_carbon":86,"institutional":85,"maturity":70,"onchain_transparency":100,"regulatory":80,"tvl_weight":85,"yield_spread":80},"slug":"midas-rwa","tvl_delta_30d_pct":-9.85,"tvl_delta_7d_pct":-6.0,"tvl_usd":201528902,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.65,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Midas mBASIS backed by short-term US Treasuries.","yield_source_class":"US_TREASURY_BILLS_DIRECT"}},{"chain_count":3,"chain_hhi":3615,"chains":{"Binance":21.64,"Ethereum":31.76,"Solana":13.86},"compliance":{"accessible_jurisdictions":["US"],"compliance_score":9,"kyc_level":"standard"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":46.7},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":1.0},{"chain":"Solana","co2_mt":0.000255,"green_score":85,"symbol":"SOL","tvl_pct":20.4},{"chain":"Binance","co2_mt":5e-05,"green_score":85,"symbol":"BNB","tvl_pct":31.9}],"category":"EXCELLENT","chains_matched":4,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["SOL"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"qualified_custodian","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"vaneck"},"issuer":{"entity_type":"issuer","jurisdiction":"US-NY","legal_name":"VanEck","lei":"5493002FL0Y7E54TXR11","name":"VanEck","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"treasury_bill","cusip":null,"description":"VanEck Treasury Fund tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"vaneck_admin","admin_type":"regulated_entity","can_blacklist":true,"can_clawback":true,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":8,"investor_protection_score":8,"regulatory_clarity_score":8},"transfer_finality":{"finality_condition":"ta_settlement","reversible":true,"settlement_lag":"T+1","settlement_type":"transfer_agent_confirmed"}},"mica_relevant":false,"protocol":"VanEck Treasury Fund","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 3 chains (HHI 3615)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"}],"negative_count":1,"positive_count":5,"summary":"VanEck Treasury Fund: Moderate profile \u2014 5 strengths, 1 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":[],"risk_grade":"B","risk_score":81,"risk_vectors":{"dex_liquidity":30,"diversification":80,"esg_carbon":85,"institutional":85,"maturity":80,"onchain_transparency":30,"regulatory":90,"tvl_weight":100,"yield_spread":100},"slug":"vaneck-treasury-fund","tvl_delta_30d_pct":7.85,"tvl_delta_7d_pct":-3.65,"tvl_usd":67952353,"type":"treasury","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.8,"credit_spread":-0.000341,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.035659,"notes":"VanEck tokenized Treasury fund on Ethereum.","yield_source_class":"US_TREASURY_BILLS_DIRECT"}},{"chain_count":5,"chain_hhi":2786,"chains":{"Aptos":21.63,"Avalanche":6.31,"Ethereum":42.05,"Ink":10.93,"Sei":15.41},"compliance":{"accessible_jurisdictions":["US","SG","HK","AE"],"compliance_score":9,"kyc_level":"enhanced"},"document_summary":{"categories":["legal"],"last_updated":null,"total_documents":1},"esg_carbon":{"breakdown":[{"chain":"Ethereum","co2_mt":0.0013,"green_score":85,"symbol":"ETH","tvl_pct":43.3},{"chain":"Polygon","co2_mt":5e-06,"green_score":85,"symbol":"MATIC","tvl_pct":0.9},{"chain":"Avalanche","co2_mt":0.00025,"green_score":85,"symbol":"AVAX","tvl_pct":6.5},{"chain":"Sei","co2_mt":1e-05,"green_score":85,"symbol":"SEI","tvl_pct":15.8},{"chain":"Aptos","co2_mt":1.5e-05,"green_score":85,"symbol":"APT","tvl_pct":22.2}],"category":"EXCELLENT","chains_matched":5,"data_provenance":{"cross_validation":"VeChain ToolChain sustainability data (source pipeline DNV-certified)","method_reference":"ISO 14040/14044 lifecycle assessment","sources":["FeedOracle Carbon Chain API","EU ETS","Ember Climate"],"vechain_attestation":{"carbon_efficiency":95,"consensus":"PoA 2.0","green_score":95,"method_reference":"ISO 14040/14044 lifecycle assessment (VeChain pipeline)","network":"VeChainThor","status":"EXCELLENT"},"verified_chains":["MATIC"]},"score":85},"identifier_registry":{"compliance":{"custody_type":"qualified_custodian","investor_type":"varies","mica_relevant":false,"regulated":true,"transfer_agent":"securitize"},"issuer":{"entity_type":"issuer","jurisdiction":"US-NY","legal_name":"Apollo Global Management / Securitize","lei":"549300LJ0EFG09RVBR73","name":"Apollo Global Management / Securitize","parent_lei":null,"regulator":[]},"underlying":{"asset_type":"structured_credit","cusip":null,"description":"Apollo Diversified Credit Securitize Fund tokenized asset","figi":null,"isin":null}},"legal_state":{"contract_powers":{"admin_address":"apollo_securitize","admin_type":"institutional_multisig","can_blacklist":true,"can_clawback":true,"can_freeze":true,"can_mint":true,"can_pause":true,"can_upgrade":false},"risk_flags":{"centralization_score":9,"investor_protection_score":9,"regulatory_clarity_score":9},"transfer_finality":{"finality_condition":"ta_settlement","reversible":true,"settlement_lag":"T+1","settlement_type":"transfer_agent_confirmed"}},"mica_relevant":false,"protocol":"Apollo/Securitize","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $0.1B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 5 chains (HHI 2786)","vector":"diversification"},{"impact":"negative","text":"Shallow DEX liquidity \u2014 large exits may cause slippage","vector":"dex_liquidity"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"}],"negative_count":1,"positive_count":4,"summary":"Apollo/Securitize: Moderate profile \u2014 4 strengths, 1 concerns. Key factors: Shallow DEX liquidity \u2014 large exits may cause slippage."},"risk_flags":[],"risk_grade":"B","risk_score":82,"risk_vectors":{"dex_liquidity":30,"diversification":100,"esg_carbon":85,"institutional":75,"maturity":90,"onchain_transparency":30,"regulatory":90,"tvl_weight":100,"yield_spread":80},"slug":"apollo-diversified-credit-securitize-fund","tvl_delta_30d_pct":1.35,"tvl_delta_7d_pct":0.94,"tvl_usd":97227212,"type":"credit","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.9,"credit_spread":4.464,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":4.5,"notes":"T-Bill backed","yield_source_class":"TREASURY_YIELD"}},{"chain_count":2,"chain_hhi":6346,"chains":{"ethereum":1056.93,"xrpl":334.76},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","JP","AE","KR"],"compliance_score":8,"kyc_level":"standard"},"dex_liquidity":{"category":"ERROR","score":0,"total_liq_usd":0,"vol_24h_usd":0},"document_summary":{"categories":["attestation","recovery_plan","audit","legal","whitepaper","redemption_plan","regulatory"],"last_updated":"2026-02-11","total_documents":4},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"instant_on_chain","transfer_restrictions":["sanctions_screening","kyc_required"]},"issuer":{"entity_type":"payment_services","jurisdiction":"US-CA","legal_name":"Ripple Labs, Inc.","lei":"549300LMEIZ6ION8BQ78","name":"Ripple Labs, Inc.","parent_lei":null,"regulator":["NYDFS"]},"underlying":{"asset_type":"stablecoin","cusip":null,"custody":"Standard Custody & Trust","denomination":"USD","description":"USD stablecoin issued by Standard Custody & Trust, backed by USD deposits & US Treasuries","figi":null,"isin":null,"nav_source":"attestation","ownership_record":"on_chain"}},"mica_relevant":true,"onchain_transparency":{"category":"OPAQUE","days_since_last_tx":999,"is_proxy":false,"score":0,"verified":false},"protocol":"Ripple RLUSD","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $1.4B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"},{"impact":"warning","text":"SUPPLY_SWING_24H:12999127.1%","vector":"risk_flag"}],"negative_count":1,"positive_count":5,"summary":"Ripple RLUSD: Strong profile with 5 positive indicators. Key factors: SUPPLY_SWING_24H:12999127.1%."},"risk_flags":["SUPPLY_SWING_24H:12999127.1%"],"risk_grade":"A","risk_score":87,"risk_vectors":{"dex_liquidity":50,"diversification":70,"esg_carbon":85,"institutional":100,"maturity":100,"onchain_transparency":100,"regulatory":85,"tvl_weight":85,"yield_spread":100},"slug":"rlusd","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":1391680907.82,"type":"regulated_stablecoin","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.95,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"RLUSD is a stablecoin pegged to USD; reserves generate yield for issuer, not holders.","yield_source_class":"STABLECOIN_NO_YIELD"}},{"chain_count":1,"chain_hhi":10000,"chains":{"xrpl":2241.68},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","JP"],"compliance_score":6,"kyc_level":"standard"},"document_summary":{"categories":["whitepaper"],"last_updated":null,"total_documents":1},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"varies","transfer_restrictions":[]},"issuer":{"entity_type":"blockchain_infra","jurisdiction":"US","legal_name":"XRP Ledger Foundation","lei":"N/A","name":"XRP Ledger Foundation","parent_lei":null,"regulator":["FinCEN"]},"underlying":{"asset_type":"tokenized_assets","cusip":null,"custody":"Self-custody","denomination":"USD","description":"Multi-asset tokenization on XRPL including bonds, equities, commodities","figi":null,"isin":null,"nav_source":"internal","ownership_record":"on_chain"}},"mica_relevant":true,"protocol":"XRPL Tokenized Assets","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $2.2B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 1 chains (HHI 10000)","vector":"diversification"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"}],"negative_count":0,"positive_count":5,"summary":"XRPL Tokenized Assets: Strong profile with 5 positive indicators."},"risk_flags":[],"risk_grade":"A","risk_score":87,"risk_vectors":{"dex_liquidity":50,"diversification":80,"esg_carbon":95,"institutional":95,"maturity":100,"onchain_transparency":95,"regulatory":75,"tvl_weight":90,"yield_spread":80},"slug":"xrpl-tokenized-assets","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":2241680907.82,"type":"xrpl_tokenization","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"Tokenized assets on XRPL; mix of T-Bills, stablecoins, and other RWAs.","yield_source_class":"TOKENIZED_ASSETS"}},{"chain_count":1,"chain_hhi":10000,"chains":{"xrpl":5441.68},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","JP","AE","KR"],"compliance_score":7,"kyc_level":"none"},"document_summary":{"categories":["governance","whitepaper"],"last_updated":null,"total_documents":2},"identifier_registry":{"compliance":{"investor_type":"permissionless","mica_relevant":true,"min_investment":0,"redemption_terms":"instant_on_chain","transfer_restrictions":[]},"issuer":{"entity_type":"blockchain_infra","jurisdiction":"US","legal_name":"XRP Ledger Foundation","lei":"N/A","name":"XRP Ledger Foundation","parent_lei":null,"regulator":["FinCEN"]},"underlying":{"asset_type":"blockchain_ecosystem","cusip":null,"custody":"Self-custody","denomination":"XRP","description":"XRP Ledger native DeFi and tokenization ecosystem","figi":null,"isin":null,"nav_source":"internal","ownership_record":"on_chain"}},"mica_relevant":true,"protocol":"XRPL Ecosystem","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $5.4B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 1 chains (HHI 10000)","vector":"diversification"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"}],"negative_count":0,"positive_count":5,"summary":"XRPL Ecosystem: Strong profile with 5 positive indicators."},"risk_flags":[],"risk_grade":"A","risk_score":88,"risk_vectors":{"dex_liquidity":50,"diversification":80,"esg_carbon":95,"institutional":95,"maturity":100,"onchain_transparency":95,"regulatory":75,"tvl_weight":100,"yield_spread":80},"slug":"xrpl-ecosystem","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":5441680907.82,"type":"xrpl_infrastructure","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.6,"credit_spread":null,"derivation":{"inputs":["defillama_yield","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":null,"notes":"XRPL ecosystem aggregate; mixed yield sources across DEX, AMM, and native staking.","yield_source_class":"BLOCKCHAIN_INFRASTRUCTURE"}},{"chain_count":1,"chain_hhi":10000,"chains":{"xrpl":3200.0},"compliance":{"accessible_jurisdictions":["US","EU","UK","SG","JP","AE"],"compliance_score":8,"kyc_level":"institutional"},"document_summary":{"categories":["legal","compliance"],"last_updated":null,"total_documents":2},"identifier_registry":{"compliance":{"investor_type":"qualified_institutional","mica_relevant":true,"min_investment":100000,"redemption_terms":"T+1","transfer_restrictions":["kyc_required","whitelist_only"]},"issuer":{"entity_type":"custodian","jurisdiction":"US-CA","legal_name":"Ripple Labs, Inc.","lei":"549300LMEIZ6ION8BQ78","name":"Ripple Labs, Inc.","parent_lei":null,"regulator":["FinCEN","NYDFS"]},"underlying":{"asset_type":"custody_service","cusip":null,"custody":"Ripple Custody","denomination":"USD","description":"Enterprise-grade digital asset custody with institutional controls","figi":null,"isin":null,"nav_source":"internal","ownership_record":"off_chain"}},"mica_relevant":true,"protocol":"Ripple Custody","reason_codes":{"codes":[{"impact":"positive","text":"Strong TVL at $3.2B indicates institutional confidence","vector":"tvl_weight"},{"impact":"positive","text":"Well-diversified across 1 chains (HHI 10000)","vector":"diversification"},{"impact":"positive","text":"Verified contract with active on-chain activity","vector":"onchain"},{"impact":"positive","text":"Strong regulatory clarity across multiple jurisdictions","vector":"regulatory"},{"impact":"positive","text":"Low carbon footprint (ISO 14040/14044 verified source data) \u2014 suitable for ESG-mandated and CSRD-reporting portfolios","vector":"esg_carbon"},{"impact":"positive","text":"Strong institutional backing with regulated entity","vector":"institutional"}],"negative_count":0,"positive_count":6,"summary":"Ripple Custody: Strong profile with 6 positive indicators."},"risk_flags":[],"risk_grade":"A","risk_score":88,"risk_vectors":{"dex_liquidity":50,"diversification":80,"esg_carbon":95,"institutional":95,"maturity":100,"onchain_transparency":95,"regulatory":85,"tvl_weight":90,"yield_spread":80},"slug":"ripple-custody","tvl_delta_30d_pct":null,"tvl_delta_7d_pct":null,"tvl_usd":3200000000,"type":"xrpl_custody","yield_analysis":{"benchmark":{"name":"US_TBILL_3M","observed_at":"2026-04-11T00:00:00Z","rate":0.036,"source":"FRED"},"confidence":0.5,"credit_spread":-0.036,"derivation":{"inputs":["curated_override","fred_tbills_3m"],"method":"nominal_minus_benchmark"},"nominal_apy":0.0,"notes":"Ripple Custody services; institutional custody without direct yield pass-through.","yield_source_class":"STABLECOIN_NO_YIELD"}}],"protocols_scored":61,"tbill_3m_yield":3.6,"telemetry":{"latency_ms":7832},"warnings":[{"code":"STALE_DATA","details":{"age_seconds":32475,"source":"defillama_dex","threshold_seconds":21600},"message":"defillama_dex data is stale"}]}