Plainspoken notes on real-world assets, permissioned collateral, and fail-closed oracle design on Stellar.https://leontief.techenThu, 27 Aug 2026 00:00:00 GMTLeontief — 29Projects Labhttps://leontief.tech/blog/rebase-vs-price-accrualhttps://leontief.tech/blog/rebase-vs-price-accrualThree 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.Thu, 27 Aug 2026 00:00:00 GMTRWA vault accountingrebaseERC-4626vault accountingSorobanroundingMonalika Waliahttps://leontief.tech/blog/productive-treasurieshttps://leontief.tech/blog/productive-treasuriesThe 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.Mon, 24 Aug 2026 00:00:00 GMTProductive treasuriestokenized treasuriesRWAthesisStellarMonalika Waliahttps://leontief.tech/blog/nav-is-not-a-price-feedhttps://leontief.tech/blog/nav-is-not-a-price-feedA 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.Thu, 20 Aug 2026 00:00:00 GMTRWA oracle designoracleNAVfail-closedReflectorriskAdityahttps://leontief.tech/blog/etherfuse-cetes-rebasehttps://leontief.tech/blog/etherfuse-cetes-rebaseMexican treasury certificates as a token, and the accounting problem they create: when a balance can change on its own, most DeFi arithmetic quietly breaks.Mon, 17 Aug 2026 00:00:00 GMTEtherfuse stablebondsEtherfuseCETESstablebondsrebaseStellarMonalika Waliahttps://leontief.tech/blog/permissioned-liquidationhttps://leontief.tech/blog/permissioned-liquidationA 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.Thu, 13 Aug 2026 00:00:00 GMTPermissioned liquidationliquidationrestricted collateralRWAriskStellarAdityahttps://leontief.tech/blog/borrow-against-usdy-stellarhttps://leontief.tech/blog/borrow-against-usdy-stellarUSDY 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.Mon, 10 Aug 2026 00:00:00 GMTBorrowing against USDYUSDYtokenized treasuriescollateralStellarhealth factorVyomhttps://leontief.tech/blog/sep-8-sep-57-explainedhttps://leontief.tech/blog/sep-8-sep-57-explainedStellar 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.Thu, 06 Aug 2026 00:00:00 GMTPermissioned tokens on StellarSEP-8SEP-57permissioned tokensStellarcomplianceAdityahttps://leontief.tech/blog/idle-rwa-stellarhttps://leontief.tech/blog/idle-rwa-stellarStellar 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.Mon, 03 Aug 2026 00:00:00 GMTRWA on Stellarreal world assetsStellartokenized treasuriescollateralMonalika Walia