Inventory of RWAs Loan Agreement


With the rise of traditional risk-free interest rates and the decline of DeFi yields, investors have flocked to the U.S. Treasury market. In order to expand the market size and provide users with more sustainable and stable returns, DeFi protocols are using RWA as a source of collateral or new investment opportunities.

The accumulated loan volume of the RWA lending protocol reached USD 4.4 billion, with a peak of USD 1.4 billion in May 2022. Currently, the loan amount of RWA lending protocols is less than USD 500 million (excluding MakerDAO). Especially in the deleveraging phase of 2022, institutions have been withdrawing their investments, and some lending protocols have experienced bad debts. Although the market’s attention to the RWA sector has increased, the borrowing volume has not increased significantly. In the past year, the growth of funds in the RWA sector has mainly been targeted at U.S. Treasury subscription business.

This article will mainly introduce the most active lending protocols that access real-world assets and follow their development trends based on tracking by Nansen and These protocols are MakerDAO, Maple Finance, Truefi, Goldfinch, Centrifuge, and Clearpool.

Figure: Active loan volume of RWA protocols

Source:, LD Research


Rank #70

MakerDAO is a stablecoin protocol that allows users to borrow Dai, a stablecoin pegged to the U.S. dollar, by collateralizing cryptocurrencies.

The MakerDAO RWA sector is divided into two parts: MIP21, which supports RWA as collateral for lending and adopts Centrifuge Tinlake as the underlying asset, usually charging a 4% stability fee, was approved in November 2020. MIP65 supports obtaining USDC through the PSM module and investing it strategically through Monetalis. The initial debt ceiling was USD 500 million, which was later raised to USD 1.25 billion in March 2023, and the additional USD 750 million will be used to purchase U.S. Treasury bonds in 12 installments over the next six months.

Figure: How MakerDAO’s RWA collateral lending works

Source: MakerDAO blog, LD Research

As of June 24, 2023, according to Dune data, the MakerDAO RWA business has a size of nearly $1.4 billion, accounting for 41% of MakerDAO’s balance sheet assets, bringing in $5.3 million in revenue, accounting for 52.2% of the protocol’s annualized revenue.

Image: MakerDAO RWAs

Source:, LD Research

Token Model

The total number of tokens is 1 million, but due to the existence of additional issuance (to cover protocol bad debts) and protocol profit destruction buyback mechanisms, the current actual circulating supply is 977,631.03.

The token’s main function is governance, and a staking mining function will be added to the SBlockingrk protocol in the future.


Rank #257

Centrifuge was founded in 2017 by Lucas Vogelsang, Maex Ament, and Martin Quensel, and was jointly funded by the Berlin Investment Bank’s Pro FIT program and the European Regional Development Fund (ERDF). On January 29, 2022, Centrifuge won the 8th parallel chain auction of Polkadot by locking 5,435,100 DOT.

Its product is Tinlake, which supports users to collateralize assets and generate an NFT for financing. Each asset pool has two different risk tokens, Tin and Drop. Centrifuge charges a 0.4% platform fee.

Centrifuge Tinlake is the underlying technology for MakerDAO RWA collateralized borrowing and lending. In April 2021, financial institution New Silver established a fix-and-flip loan pool in its Tinlake contract, completing the first loan financing with MakerDAO as the credit facility.

At the end of December 2022, BlockTower Credit partnered with Maker and Centrifuge to bring $220 million in real-world assets into DeFi. Maker will issue Dai loans backed by these RWAs, Centrifuge will handle on-chain issuance and tokenization, and BlockTower Credit will act as the asset manager.

In February 2023, Centrifuge proposed to introduce real-world assets (RWAs) to Aave and use them as collateral for the native stablecoin GHO. Centrifuge stated that once GHO is ready, it will release a formal proposal.

From January 2023 to June 2023, Centrifuge did not have any significant progress.

Centrifuge’s platform fee is very low, but the amount of funds it accesses is large, and it is one of the earliest protocols to adopt risk grading.

Token Model

Centrifuge initially released 400,000,000 CFG and distributed it to the foundation and initial contributors, core team, investors, and validators. To pay for PoS block rewards, an additional 3% of CFG tokens are expected to be minted each year, but tokens used to pay for transaction fees will be burned to stabilize the total supply of CFG tokens. However, since there are few transactions on the main chain, the amount of tokens burned is very small. Currently, some CFG is bridged to Ethereum. The main use of CFG is for staking, paying transaction fees on the main chain, and participating in governance.

Maple Finance

Rank #395

Maple Finance was created in 2020 and officially launched in May 2021. Its products are launched on Solana and Ethereum chains. Its main business is to provide unsecured lending services to institutions, and its user base used to be mainly crypto companies, resulting in bad debts of 52 million US dollars in the deleveraging market environment of 2022.

According to Defillama, March 2023 was the historical low point of Maple Finance’s TVL (24M), and then the protocol rebounded after launching a cash management pool for US Treasuries in May. Compared with Truefi’s upcoming US Treasury pool, Maple Finance does not have a minimum subscription amount, but from the on-chain records, large subscription amounts are still the main theme. On June 12, it launched an occasional loan pool to increase the protocol’s flexibility. As of June 24, 2023, Maple Finance’s TVL reached 62.82M, of which the RWA sector’s TVL was 22.83M.

Maple Finance charges a 0.66% platform fee and a 2.5% performance fee (paid as a percentage of interest when repaying the loan).

Figure: Maple TVL on Ethereum

Source: Defillama, LD Research

Token Model

Maple Finance issued two tokens, MPL on Ethereum and SYRUP on SOL, each with a total supply of 10,000,000. Users who pledge MPL can receive xMPL, and 50% of the protocol’s income will be used to buy back MPL on the market and reward xMPL holders. Currently, the circulating supply of MPL is 7.96 million, of which 30.41% participate in staking, and the number of MPL repurchased is 30,010.



Truefi is an unsecured lending protocol created by the TrustToken team in 2020 for investment institutions. TrustToken had previously created TUSD, but sold the business to a company called Techteryx in 2020.

There are currently no active lending pools in the Truefi protocol after the TVL fell below $10 million and showed no signs of rebounding. Adapt3r digital is about to open a US bond pool, with a minimum subscription of $100,000, currently in the registration application stage.

The protocol charges a 0.5% platform fee.

Figure: Truefi TVL

Source: DeFillama, LD Research

(The TVL displayed in the protocol is $17.25 million, of which the unpaid loan amount is $7.17 million, which is inconsistent with DeFillama.)

Token Model

The maximum supply of TRU is 1.45 billion, and the current token supply is 1,198,450,773, of which the current circulating supply is 1,061,445,050, and 251 million tokens have been burned. As of May 22, 2023, team statistics show that approximately 140 million tokens are locked for team, token sale, liquidity rewards, and governance.

TRU captures value from:

1) pledging, approving, or rejecting new loans;

2) reserve;

3) liquidity incentives;

4) governance.



Goldfinch Finance’s main business is to provide loans to real companies, targeting borrowers such as debt funds and fintech companies, and providing them with USDC credit lines.

According to Dune data, the active loan volume and protocol TVL of Goldfinch have been basically stagnant since May 2022, with a total loan amount of around $100 million. The main reason is that unsecured lending requires detailed investigation of the entity, and the borrower is usually an institution. In the bearish market, the evaluation of risk and return by the borrower and the lender is difficult to match.

Goldfinch’s revenue comes from the interest paid by borrowers and the withdrawal fees generated by LPs, of which DAO will charge 10% of the above fees. LPs need to pay a withdrawal fee of 0.5% when withdrawing from the senior pool, which will also be allocated to DAO.

Image: Goldfinch Active Loan Volume/TVL

Source:, LD Research

Token Model

Total token supply is 114,285,714, and a moderate inflation plan may be introduced in the future (2 years later), ultimately determined by the community. The current circulating supply is 51.9m, accounting for 45% of the total token supply. Almost 55% of the token supply will be released in the 3 years after TGE, with a monthly release amount of approximately 1.76 million tokens.

Clear Pool

Rank #960

The protocol will be launched on the Ethereum mainnet in Q1 2022, with team members mainly from traditional financial institutions. The protocol’s products include permissionless pools and permissioned pools.

Permissionless pools refer to pools that anyone can provide loans to, but borrowers still need to apply to the team’s whitelist. The size of the permissionless pool is dynamic and there is no limit on the amount of liquidity that can be provided to the borrowing side. Borrowers can use the utilization rate/interest rate curve to optimize the size of the fund pool, with no predetermined repayment time and dynamically calculated interest. Its lending method is similar to Aave and other collateralized lending protocols. However, the utilization rate of the pool needs to be kept below 95%. When the utilization rate exceeds 95%, borrowers can no longer borrow. When it exceeds 99%, the lender cannot withdraw funds, and the borrower needs to repay a portion of the funds.

Prime is the permissioned pool that Clearpool will launch soon, built on Polygon and currently in the testnet phase. All participants in the Prime pool need to undergo KYC and AML investigations.

March 2023 was the low point for protocol TVL (2.6m), and the current TVL is 28.49m, but TVL growth has slowed since May.

Image: Clearpool TVL

Source: Defillama, LD Research

Token Model

The total supply of the CPOOL token is 1 billion, and the public round valuation is $40 million, currently in the state of breaking. Before January 2024, 3.11% of the total circulating supply of tokens will be released on the 28th of each month.

The token value capture comes from: 1) 5% of protocol revenue is used for buyback;

2) Obtain token rewards by pledging;

3) Participate in governance.

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