RWAs
Real-world assets (RWAs) are making waves, even outside the world of crypto. Markets such as the S&P 500, Korean won and oil have found their way onchain for 24/7 trading. Connecting a real-world price with onchain representation requires offchain machinery: signers, keepers, commercial APIs, wrappers and NAV feeds. Every link in that chain can be compromised.
Risks faced
For RWAs, the plumbing is the protocol. Real-world markets keep office hours while DeFi doesn’t, so feeds can go thin or break at exactly the moments leveraged positions need them most.
• Smart contract exploits in any protocol holding fund capital
• Centralized exchange failure, including halted withdrawals and exchange-wide haircuts
• Stablecoin depeg on reserves, collateral and settlement assets
• ETH liquid staking and restaking token depeg
• Oracle failure and manipulation feeding a bad price into an open position
• Liquidation failure that leaves bad debt behind
• Leveraged liquidation and unrealized loss on looped strategies
• Governance takeover at a protocol holding fund assets
Relevant products
Single Protocol Cover and Multi Protocol Cover protect against oracle failure and manipulation, smart contract exploits, liquidation failure and governance takeover on listed RWA protocols. Custom infrastructure is not a barrier to listing. RWA protocols rarely run off-the-shelf feeds, so our risk team reviews each design on its own merits before a listing goes live, from the signer and keeper roles to staleness handling and what happens when the underlying market is closed.
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