Overview

RAVA is a non custodial liquidation vault for tokenized real world assets. Deposit USDC. When someone needs to sell their RWA tokens, the vault buys them below NAV. Idle capital earns yield in tokenized treasuries. You keep the spread when tokens redeem.

The Problem

Tokenized RWAs have no secondary markets. If you hold a tokenized private credit fund and want to sell, your only option is to redeem with the issuer. Redemption queues, gates, waiting months. No one will buy because no one can price the risk.

What RAVA Does

Liquidation vaults. USDC depositors fund the vault. When a seller needs instant liquidity, the vault buys their RWA tokens below NAV. Tokens go back to the issuer at par. Depositors keep the difference.

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

Dynamic pricing. The discount is driven by how long until the token becomes USDC. The oracle monitors issuer redemption contracts at the smart contract level: sleeve balance, queue length, gate status, and the issuer's own redemption fee. The floor is always the issuer's fee plus RAVA's spread. When instant liquidity is available, the discount sits near that floor. When the vault has to wait for queued redemption, the discount widens. Proxy baskets, CVaR, queue length, NAV buffer, and supply changes all feed the price. It moves on its own.

First loss vaults. Asset managers put up first loss capital to create a vault for their own token. Their capital absorbs losses before yours, so the vault can bid tighter (CVaR 90-95). Sellers get a better price, depositors get a loss buffer.

Who Sells Into the Vault

Protocols and users that are not whitelisted with the issuer and cannot redeem directly. The vault acts as the redemption layer for anyone who doesn't have a direct relationship with the issuer.

Whitelisted holders also sell into the vault when instant liquidity at the issuer is unavailable and they need USDC now rather than waiting for the queued redemption window.