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.
Oracle failure and manipulation in the feeds carrying real-world prices onchain
Smart contract exploits in tokenization, wrapping and settlement contracts
Stablecoin depeg on asset-backed tokens and the settlement assets behind them
Centralized exchange failure at a venue holding the offchain backing
Liquidation failure when the positions can’t be unwound
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.
Contact us to structure cover around your RWA exposure
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