Yield Desk Research

Institutional-grade DeFi & RWA research. Yields paired with risks, every figure sourced and dated. No hype. ↓

[Yield Desk Research @YieldDeskHQ]

Everyone's citing the on-chain private credit
market at $18–19 billion.

Almost nobody explains that only $5 billion
of that is actually investable.

The rest is blockchain-enhanced record-keeping
you cannot access, trade, or use as collateral.

That distinction changes everything. 🧵

[Yield Desk Research @YieldDeskHQ]

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智能控频逻辑，让内容持续热门
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⌨调查档🐮快递🚡体彩

[Yield Desk Research @YieldDeskHQ]

🐝推特账号🍗热门霸屏🍉引流软件🧞评论截流
持续在线的秘密，是稳定节奏
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🛋开户💆跑分🚆见面满意
🎸留学🌝粉丝号🦑Grok

[Yield Desk Research @YieldDeskHQ]

🎻推特账号🏒热门霸屏💵引流软件🚔评论截流
智能工具助力，轻松实现长红
🍑全家户籍🛠推特帐号📩电子烟
🧷灰产🦿开房记录😝同城

[Yield Desk Research @YieldDeskHQ]

🚘Closet cleanup, organized—Clara’s spirits plummeted. She had anticipated this all along. “I’m begging you,” she pleaded, her tone urgent. “This is a crisis. My friend’s granddad has been abducted, and we’ve got to travel to Egypt to track him down. There’s no time to apply for a passport.”

[Yield Desk Research @YieldDeskHQ]

@BitcoinPulseX Hi

[Yield Desk Research @YieldDeskHQ]

@TommiPedruzzi Claude

[Yield Desk Research @YieldDeskHQ]

@binance ՌՇՎ

[Yield Desk Research @YieldDeskHQ]

@AndrewBolis Money

[Yield Desk Research @YieldDeskHQ]

@OndoFinance

[Yield Desk Research @YieldDeskHQ]

BlackRock just filed two new tokenized funds
with the SEC.

The market cheered. But almost nobody can explain
the difference between BUIDL, USDY, and BENJI —
the three products already running $5B+ in
on-chain Treasury capital today.

They are not the same product. 🧵

[Yield Desk Research @YieldDeskHQ]

@centrifuge

[Yield Desk Research @YieldDeskHQ]

Everyone's citing the on-chain private credit
market at $18–19 billion.

Almost nobody explains that only $5 billion
of that is actually investable.

The rest is blockchain-enhanced record-keeping
you cannot access, trade, or use as collateral.

That distinction changes everything. 🧵

[Yield Desk Research @YieldDeskHQ]

Two types of "tokenized" private credit exist:

Representative — blockchain as a ledger for
off-chain loans. Not transferable. Not composable.
Figure alone accounts for 73% of the headline
figure this way.

Distributable — freely transferable tokens you
can hold, trade, and use in DeFi.

Only the second type is investable.

[Yield Desk Research @YieldDeskHQ]

@maplefinance

[Yield Desk Research @YieldDeskHQ]

Full report covering:

→ The $5B vs $18–19B methodology breakdown
→ All four protocols in depth
→ Complete default history across the sector
→ Risk framework and allocation strategies
→ Tax considerations by jurisdiction

Full report 👇
https://t.co/B3vtJpwCZA

#DeFi #RWA #PrivateCredit #Maple #Centrifuge

[Yield Desk Research @YieldDeskHQ]

Goldfinch — emerging markets, honest track record:

→ ~$200M+ value locked
→ Three documented defaults: $18M in losses
→ Tugende ($5M), Stratos ($7M), Lend East ($5.9M)
→ Community auditor model failed all three times
→ Prime platform now targets institutional funds

The defaults are a fact, not a speculation.
Any serious allocator needs to know them.

[Yield Desk Research @YieldDeskHQ]

The yield premium in on-chain private credit:

Conservative (Maple syrupUSDC):
~90–100bps above T-bills at 4.6% APY

High-yield (Goldfinch, Clearpool):
400–1,300bps above T-bills at 8–17%

That spread is not free money.
It is compensation for credit risk,
liquidity risk, and legal enforcement risk.

Know which one you are taking.

[Yield Desk Research @YieldDeskHQ]

Centrifuge — the RWA infrastructure layer:

→ ~$1.9B TVL (DefiLlama, May 2026)
→ Does not originate loans — provides infrastructure
→ 8–12% APY across tranched real-economy pools
→ Senior tranche = priority repayment, lower risk
→ 2025: first crypto-native equity + S&P 500 fund on-chain

Risk is pool-specific. Research the originator,
not the protocol.

[Yield Desk Research @YieldDeskHQ]

Maple Finance — the institutional anchor:

→ ~$2.1B TVL (DefiLlama, May 2026)
→ Primarily overcollateralized (BTC, ETH, SOL)
→ syrupUSDC: 4.6–7% APY, no KYC for non-US
→ Zero liquidation failures through 2025
→ $20B+ cumulative originations

Not the same protocol that collapsed in 2022.
The pivot to overcollateralized rails was total.

[Yield Desk Research @YieldDeskHQ]

@icekento1 Hello