Everyoneearnsthespreadwhentokenssellorredeem.
How it works
Deposit, wait, buy the dip, redeem at par.
Deposit USDC
Deposit USDC into the vault. Your capital is pooled with other depositors. No lockup.
Idle yield
While waiting for sellers, your USDC earns 3 to 4% in tokenized treasuries.
Buy at a discount
Someone needs to sell their RWA tokens. The vault bids below NAV at a discount set by the risk oracle.
Recover capital
The vault redeems with the issuer or sells on secondary markets. The spread between cost and recovery is your profit. The manager's first loss capital absorbs any shortfall.
Core mechanism
- 01
Manager puts up first loss
The asset manager deposits subordinated capital into the vault. If the vault takes a loss, this tranche gets hit first.
- 02
First loss attracts LPs
Depositors see a vault with subordinated protection. The manager's capital is first in line for losses. That brings in more LPs.
- 03
LP capital fills the vault
More deposits means deeper liquidity. The vault can handle larger sells and more frequent exits.
- 04
Vault buys tokens at a discount
When a holder needs out, the vault bids below NAV. The discount is set by the risk oracle, not the manager.
- 05
Everyone gets paid
The vault redeems or sells tokens. LPs earn their preferred return first. The manager earns a performance fee on the excess for providing first loss capital. Their tranche absorbs losses before LP capital is impacted.
Two vault types
Asset Manager Vaults
The manager puts up first loss capital. LPs deposit on top. Tighter discount because the manager is on the hook first. Single asset per vault.
Main Vault
Deploys LP capital into asset manager vaults that carry first loss. Covers every listed asset at the widest discount.
How the vault
prices risk
Proxy CVaR (20%)
Each tokenized asset is mapped to publicly traded equivalents (BDCs, CEFs, mREITs) with decades of return history. The vault uses CVaR on the proxy basket to anchor the discount.
Market making for your token
Your token has no secondary market. Your holders are stuck in redemption queues. RAVA builds the liquidity infrastructure so they can exit at a transparent, risk‑priced discount.
Pricing oracle
We map your token to a proxy basket, run CVaR, and monitor onchain behavior like supply changes, queues, and liquidity. Your holders see a live, auditable discount. Not a black box.
Vault infrastructure
Smart contracts, sell API, receipt tokens, onchain execution. Your holders sell through our app or you integrate the API.
First loss vault
Put up first loss capital. That attracts LP deposits on top. More capital in the vault means deeper liquidity for your holders.
Earn yield from
RWA liquidations
Deposit USDC. Earn yield while you wait. Keep the spread when someone sells.