Liquidation vaults
for real world assets

Asset managers put up first loss capital. That attracts LP deposits. The vault uses that capital to buy RWA tokens at a discount when holders need to exit. Everyone earns the spread when tokens redeem at NAV.

How it works

Deposit, wait, buy the dip, redeem at par.

01Deposit USDC

Deposit USDC into the vault. Your capital is pooled with other depositors. No lockup.

02Idle yield

While waiting for sellers, your USDC earns 3 to 4% in tokenized treasuries.

03Buy at a discount

Someone needs to sell their RWA tokens. The vault bids below NAV at a discount set by the risk oracle.

04Redeem at NAV

The vault sends tokens back to the issuer and gets full NAV. The difference between what it paid and what it got back is your profit.

Core mechanism

First loss capital is the engine

The asset manager deposits capital that absorbs losses before LP deposits. That one thing makes everything else work.

01Manager puts up first loss

The asset manager deposits subordinated capital into the vault. If the vault takes a loss, this tranche gets hit first.

02First loss attracts LPs

Depositors see a vault where someone else loses money before they do. Same yield, less risk. Capital flows in.

03LP capital fills the vault

More deposits means deeper liquidity. The vault can handle larger sells and more frequent exits.

04Vault 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.

05Everyone gets paid

Tokens redeem at full NAV. The spread between the discount and par is split between LPs and the protocol. The manager earns on their first loss capital too.

Two vault types

Asset manager vaults have first loss protection and tighter pricing. The main vault has no first loss and bids wider.

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.

Risk tierCVaR 90-95
First lossAsset manager capital
CoverageSingle asset

Main Vault

LP capital only. No first loss buffer. Widest discount to compensate. Covers every listed asset.

Risk tierCVaR 97.5
First lossNone
CoverageAll listed assets

How the vault prices risk

Four inputs feed the discount. The vault reads them and bids accordingly.

Proxy basket

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.

Redemption signal

The vault monitors fund redemption queues and gates. Longer queue means more selling pressure, wider discount.

NAV buffer

Cash reserves as a percentage of fund AUM. Lower buffer means the fund has less room to absorb redemptions, wider discount.

Supply signal

Onchain token supply changes. Sudden minting or burning indicates structural shifts, discount adjusts.

For issuers

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 and run CVaR. 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.