Leontief · Notes
The blog
Plainspoken notes on real-world assets, permissioned collateral, and fail-closed oracle design on Stellar.
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.
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.
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.
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.
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.
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.
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.
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.
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.