Leontief · Notes
The blog
Plainspoken notes on real-world assets, permissioned collateral, and fail-closed oracle design on Stellar.
Rebase vs Price-Accrual: One Accounting Formula for Every RWA Yield
Three tokens deliver yield three ways. A vault that measures instead of trusting needs one formula for all of them — here it is, with the arithmetic worked.
Still Earning, Now Working: The Case for Productive Treasuries
The safest assets on-chain are also the least useful ones. That is not an accident of engineering — it is a choice nobody has got round to unmaking.
NAV Is Not a Price Feed: Fail-Closed Oracle Design for RWAs
A spot price is what someone paid. A net asset value is what a fund says its holdings are worth. Confusing the two is how RWA collateral gets drained.
CETES On-Chain: How Etherfuse Stablebonds and the Weekly Rebase Work
Mexican treasury certificates as a token, and the accounting problem they create: when a balance can change on its own, most DeFi arithmetic quietly breaks.
Permissioned Liquidation: How Restricted Collateral Gets Unwound Lawfully
A liquidation race cannot settle a security with holder conditions. The three-tier waterfall that can, what it costs, and what to ask a venue claiming one.
How to Borrow Against Tokenized Treasuries (USDY) on Stellar
USDY keeps accruing while you hold it. Here is the wrap-and-borrow loop that lets it also serve as collateral, the health factor in plain words, and the risks.
SEP-8 and SEP-57, Explained: How Stellar Enforces Who Can Hold an Asset
Stellar has two answers for permissioned tokens: SEP-8 puts the rule in the ledger and an approval server; SEP-57 puts it in a Soroban contract. How each works.
The Idle $3B: Why Real-World Assets on Stellar Earn the Minimum
Stellar carries $3.07B of tokenized real-world assets and $221.76M of DeFi. The gap is not a liquidity problem — it is three rules working exactly as designed.
See it for yourself
Leontief is live on Stellar testnet. Wrap a restricted asset, watch the share price accrue, borrow against it — with test funds, on a test network, at no cost.