Keyring Research

Research and insights from @KeyringNetwork

[Keyring Research @KeyringResearch]

1/ You're going to hear a lot about RWAs in 2026. Tokenised RWAs just crossed $26B on-chain, ($2 trillion still off-chain).

But capital efficiency is broken, and until that's fixed, the market is stuck.

[Symbiotic @symbioticfi]

https://t.co/HQlMYbLsLn

[Keyring Network @KeyringNetwork]

Join us on May 22nd at 5:15pm UTC for our panel:

How AI Is Already Changing Your Daily Operations

[Keyring Research @KeyringResearch]

Fixed income vaults in DeFi are increasingly becoming a cornerstone of the liquidity ecosystem.

A simplified model of both @aave and @Morpho below shows how the vaults are used by borrowers to provide a service to lenders by giving them liquidity combined initial margin protection on the underlying illiquid collaterals in exchange for a cut of the yield.

This trade only works for assets with yields greater than 1.8 times the overnight rate in each currency.

Right now, that threshold is 6.55%

If you are a tokenisation platform or fund issuer: make sure to focus on assets that clear this rate if you intend them to be used as DeFi collateral.

[Keyring Network @KeyringNetwork]

Think Google single sign-on, but you share nothing. No email, no personal data.

You just verify. That's zkVerification.

[Keyring Research @KeyringResearch]

We're firm believers that markets of large size are done for a reason. Therefore, we don't agree that lenders are being scammed (and require exceptional rates) because if they were, they wouldn't be LPing this trade.

We feel like some of the discussions recently have been like those that look at smokers and drinkers and saying they are objectively ruining their bodies. However, they forget that the smoking corner in Clapham's @1nfernosclapham nightclub has probably been the nucleus of a huge number of babies in the Clapham area. To a large degree the smokers and drinkers have found an optimal way of reproducing. In the same vein people criticise the "smokers and drinkers" of DeFi lending, labelling them as "degens" but the "degens" are actually getting something in return.

This article looks at what they get in return and there is a way that you can price the implied optionality if you want to go that far as well.

The thing which was unexpected for us was that fixed rates seems to be "prime brokerage".

If not mistaken, we have all been kind of thinking about DeFi lending as PB-like and we think that making a decentralised PB is actually an insanely good trade.

[Alex McFarlane @flipdazed]

https://t.co/jzvRwj9Mm3

[Centrifuge @centrifuge]

Coinbase has made a strategic investment in Centrifuge and selected Centrifuge as a Preferred Tokenization Infrastructure.

Centrifuge brings deep institutional tokenization expertise.
@coinbase brings consumer access, institutional relationships, and developer reach.

Together, we’re bringing differentiated assets to @base.

[Keyring Network @KeyringNetwork]

Digitization made KYC faster, but also created more places demanding verification, more companies storing personal data, and more data breach vectors

ZKs allow you to verify information without revealing who you are, which is a real upgrade to how identity should work online

[Keyring Network @KeyringNetwork]

https://t.co/RhKfFDneGV

[Asseto Finance @AssetoFinance]

Asseto 🤝 Keyring

We're thrilled to partner with @KeyringNetwork to bring leveraged access to institutional-grade tokenized assets into DeFi.

Keyring is building the infrastructure for scalable fixed-income markets on-chain, combining zk-permissioned compliance, regulated insurance, and atomic RWA execution through their rwa [un]wind protocol.

Through this collaboration, Asseto’s products will be integrated into Keyring's rwa [un]wind as accepted collateral for leveraged RWA positions on @eulerfinance. Our tokenized products, including YIELD+ (multi-strategy income) and NGI+ (private infrastructure exposure), can now be wound and unwound atomically, bridging the gap between traditional fund settlement cycles and on-chain execution speed.

By connecting Keyring's compliance and execution framework with Asseto's institutional-grade tokenization infrastructure, we're turning institutional-grade assets into composable, leverageable DeFi building blocks, something previously locked behind traditional fund-of-funds structures.

Bringing real yield and real leverage together, the right way.

[House of Chimera @HouseofChimera]

The next phase of RWAs won’t look like today.

What changes in 2026?

Live, April 24, 6:00 PM UTC with:
🔹 @capital_jn from @VestExchange
🔸 @mfisher10x from @katana
🔹 @flipdazed from @KeyringNetwork
🔸 @Swagtimus from @arbitrum Foundation

Join the conversation: https://t.co/LDI4StKiLo

[Keyring Network @KeyringNetwork]

The biggest risk in DeFi isn't always hacks.

It can be inaccurate data.

[Keyring Network @KeyringNetwork]

Every RWA hits the same four walls: compliance, exploits, governance, and settlement risk.

Until you solve all of them, you're not getting mass adoption.

[Keyring Network @KeyringNetwork]

https://t.co/DfCkLroTL1

[Keyring Network @KeyringNetwork]

rwa [un]wind waitlist is now open for a limited time only

Access here: https://t.co/4FNmCk3DyQ

✅Register for early access and market incentives
✅Get an initial boost by signing up early
✅Powered by borrowers leveraging RWA positions

[Cointelegraph @Cointelegraph]

🚨 NEW: @flipdazed of @KeyringNetwork at Cointelegraph Connect: Cannes points to a core tension in DeFi.

As soon as protocols resemble broker-dealers, regulatory pressure kicks in, making KYC far more complex.

[Alex McFarlane @flipdazed]

https://t.co/zzHxF2QlvO

[Alex McFarlane @flipdazed]

https://t.co/DErT3lJMHM

[Real-World Asset Summit @rwasummit]

Founder of @KeyringNetwork, @flipdazed, is building compliance automation in DeFi.

He also joins our speaker lineup, as we welcome Keyring as an Innovator partner.

[Keyring Research @KeyringResearch]

WIND
requestWind (user) https://t.co/3Q4kBnWGNb
settleQueue + finalizeWind (Keyring Operator) https://t.co/P4KnKfixmD

UNWIND
requestUnwind (user) https://t.co/8RsYWcBxr2
settleQueue + fulfillUnwind (Keyring Operator) https://t.co/fZyWuatV9M

[Keyring Research @KeyringResearch]

We did an atomic levered loop with @paretocredit , @centrifuge and @eulerfinance

✅ no external OTC liquidity
✅ async redemption
✅ async mint
✅ extendable to every DeFi protocol.

Here's how the wind/unwind works:

# WIND FLOW: opening a leveraged RWA position

💵 Stage 1: User funds the position
The borrower deposits USDC equity and selects target leverage. That USDC transfers to the wind manager, not directly into the final RWA position. A per-request escrow is deployed to isolate this position from every other request, one escrow per request, no commingling.

🌉 Stage 2: Virtual collateral bridges the settlement gap
The manager mints a pending settlement token (psToken) to the escrow. That token represents a confirmed dollar-denominated pending subscription and functions as virtual collateral during the settlement window. It bridges the gap between "capital has been committed" and "fund tokens have not arrived yet."

🏦 Stage 3: Temporary CDP opens on Euler
The escrow deposits the psToken into a dedicated Euler vault as collateral. The escrow borrows USDC against that virtual collateral and sends the borrowed USDC back to the manager. This creates the temporary CDP: virtual collateral + real debt.

📦 Stage 4: Total capital enters the fund subscription path, fee is collected
The manager now holds the borrower's original equity plus the newly borrowed USDC. The Keyring fee is excluded from the total sent to the fund. The total assets (minus fee) are sent through the Pareto adapter into the async subscription queue toward the RWA fund. The Keyring fee is then transferred to a separate fee collector. Multiple requests within the same epoch accumulate into a single batch.

📅 Stage 5: Issuer processes at NAV
The fund administrator does not see or care about the psToken. The issuer processes subscriptions at the next NAV strike and determines how many real fund shares the subscribed capital buys. Standard off-chain fund logic, bridged back on-chain through the tokenisation layer.

🧾 Stage 6: Queue settles, shares are allocated
Settlement runs opportunistically when users transact (new wind requests or finalisations) and can also be triggered directly via settleQueue. An off-chain operator ensures timely settlement when no user transactions occur. The adapter claims all tranche shares in one shot and streams them pro-rata across pending requests in FIFO order. At this point the request's share allocation is recorded, but the escrow still holds psToken as collateral.

🔁 Stage 7: Finalization swaps virtual collateral for real collateral
A separate finalizeWind call is made by the operator. The escrow atomically swaps: psToken withdrawn and burned, real RWA collateral deposited into the Euler position. If any step fails, the entire transaction reverts.

🎯 Stage 8: Borrower holds the final leveraged position
The completed CDP, now backed by real RWA collateral, transfers to the borrower's own Euler sub-account. What would normally require multiple looping transactions to build leverage happens in a single atomic action. The user holds the leveraged RWA position directly on the lending market.

Wind TLDR
- USDC equity to the manager
- psToken minted to escrow
- temporary CDP opened on Euler
- borrowed USDC sent back to manager
- total capital (minus fee) sent through Pareto into fund subscription
- fee transferred to collector
- issuer allocates fund tokens at NAV
- queue settles, shares allocated to request
- operator calls finalizeWind, psToken burns, real RWA collateral replaces it
- final leveraged position transfers to borrower

# UNWIND FLOW: closing a leveraged RWA position
🔒 Stage 1: User locks the existing position
The borrower starts with a leveraged RWA CDP on Euler: real collateral (deACRDX) and USDC debt. They submit an unwind request. The system checks position health is below liquidation LTV minus a safety buffer. Positions already close to liquidation cannot enter the unwind flow.

🏦 Stage 2: Position moves into the unwind escrow
A dedicated unwind escrow is deployed. Collateral shares transfer from the borrower's sub-account to the escrow first. Then the debt relationship is pulled into the escrow. The position is now isolated.

🪄 Stage 3: Virtual collateral replaces real collateral in one atomic step
The manager mints psTokens to the escrow. In a single atomic batch, the escrow deposits psToken as Euler collateral and withdraws the real RWA collateral back to the manager. Same bridging logic as wind, running in reverse. The psToken keeps the Euler position healthy while the real asset enters the redemption queue.

📤 Stage 4: Real collateral enters the redemption path
The manager sends the real RWA collateral through the Pareto adapter into the fund's redemption queue. The fund processes the redemption according to its normal notice period and dealing cycle.

🎟️ Stage 5: Receipt NFT is minted
After all escrow setup, debt pulling, collateral swapping, and adapter submission is complete, the system mints an ERC-721 Receipt NFT to the borrower. An NFT because every exit has unique parameters: size, fee, and path. It tracks the request through its lifecycle.

⏳ Stage 6: Operator settles when proceeds are available
Settlement liveness depends on an off-chain operator. When the fund settles and the adapter reports claimable assets, the operator calls settlement. The FIFO queue distributes proceeds in order: first request in gets settled first. Settlement correctness is enforced on-chain, but settlement liveness requires the operator call.

💸 Stage 7: Fees deducted, surplus distributed, debt repaid, virtual collateral removed
The NFT holder or operator calls fulfilment. Fees are computed and paid first: Keyring fee to the fee recipient, adapter fee to the adapter's recipient.
Any surplus after fees and debt is transferred to the borrower. The repay amount goes to the escrow. The escrow repays the Euler debt, withdraws psToken to the manager (which burns it), and transfers any remaining position to the caller's sub-account.

🚨 Stage 8: What happens if the escrow goes unhealthy during the wait
The settlement window can last days to weeks. If debt accrues faster than psToken collateral can sustain, the escrow breaches Euler's liquidation LTV.
A liquidation operator deploys a per-liquidation contract that executes Euler's native liquidation: seizes psToken collateral, settles debt, distributes surplus. The request is marked as liquidated and skipped during subsequent queue processing. Wind is configured to avoid this scenario. The unwind system includes a dedicated liquidation path for it.

Unwind TLDR
- health check passes
- collateral to escrow, debt pulled in
- psToken minted, real collateral swapped out atomically
- real collateral sent through Pareto for redemption
- Receipt NFT minted
- issuer redeems at next settlement window
- operator settles queue when proceeds arrive
- fees deducted first
- surplus transferred to borrower
- escrow repays Euler debt, psToken burns
- remaining position to caller's sub-account

Why this is an innovation for RWAs
The fund never sees the psToken. It settles subscriptions and redemptions the same way it always has. The psToken exists purely at the protocol layer. It keeps the Euler position collateralised while the real asset moves through the fund's settlement cycle. Virtual collateral that bridges DeFi's atomic execution with TradFi's async fund mechanics, then disappears.

Winding in uses psTokens that are pegged 1:1 to the debt asset (USDC in this case), whereas unwinding uses psTokens that are pegged 1:1 to the RWA asset (pACRDX in this case).

rwa [un]wind is coming.