Gross Vault return = funding and basis P\&L + collateral yield + World/RWA/cross-venue arbitrage + RFQ/market-making P\&L - financing - trading costs - insurance - defaults - liquidation losses - idle-cash drag.
Net depositor return = 90% x gross Vault return - 1% management fee - any insurance charged to the depositor.
A 20% net depositor return therefore requires approximately 23.3% gross with no insurance charged to the depositor, 24.8% if half the capital is insured at 2.7%, and 26.3% if all capital is insured. We believe a 15% net return target is a reasonable lower bound on the vault.
The exact bridge from a conventional strategy to the target:
| Typical returns from funding arbitrage | PLUS 7% COLLATERAL YIELD | 100% INSURED | | -------------------------------------- | ------------------------ | ------------ | | 10.0% | 17.0% | 9.33 pp | | 12.5% | 19.5% | 6.83 pp | | 15.0% | 22.0% | 4.33 pp |
The defensible claim is not that every source can be added without limit. It is that a 10%-15% systematic strategy can gain roughly 7% just from lending, leaving a measurable 1.3-6.3 percentage-point gap that World-specific strategies must earn to reach 20% net. The 7% yield on collateral can be increased to \~13% by holding institutional yield bearing assets as collateral, detailed below.
Who pays the lending yield:
| BORROWER | WHY IT BORROWS | COLLATERAL / USE | EXTERNAL PROOF | | ---------------------------- | ---------------------------------------------------------------------- | ---------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | | Leveraged yield investors | Borrow when expected asset yield exceeds the loan rate | mEDGE, mHYPER, mF-ONE, wiTRY, Avant and future approved products | Existing Morpho markets directly demonstrate borrowing utility. | | Funding / basis arbitrageurs | Finance the spot or stablecoin leg when funding exceeds financing cost | Crypto, stocks, ETFs, indices and other assets with spot + perps | World beta demand came mainly from levered basis and wiTRY leverage. | | Market makers / RFQ firms | Finance inventory and hedge without prefunding each market | Crypto and RWA spot inventory | Aave/Morpho prove multi-billion-dollar borrowing; World reuses one balance across markets. | | Whales / treasuries | Access liquidity without selling productive holdings | BTC, ETH, funds and yield-bearing assets | Existing DeFi lending shows broad demand beyond arbitrage funds. |
The economic rule is simple: borrowers lever an asset or trade when its expected return exceeds the all-in loan cost. World does not need to invent this behavior. It needs to list safe, liquid assets with yields above the clearing loan rate and price their collateral risk conservatively. Additionally, when the lending rate is lower than any funding rate with a high OI, there is an arbitrage opportunity given sufficient liquidity; that arbitrage pulls the lending rate up towards the funding rate. Funding rates are typically 10.95% on Hyperliquid for BTC and ETH. ## 5. The Capital Sink: Vault builds market liquidity
| STEP | MECHANISM | EFFECT ON WORLD | | ------------------------ | ---------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | | 1. Internal arbitrage | Borrow to buy spot with leverage and short the perp inside World. | World lending and funding move toward internal equilibrium. | | 2. External spread opens | World rates now differ from Hyperliquid, Aave, Morpho, trade.xyz or another venue. | A new cross-venue trade becomes profitable. | | 3. External arbitrage | Hold one side on World and the offsetting side elsewhere. | The trade requires collateral and open interest on World. | | 4. Capital enters | Deposits support positions, loans, inventory and margin. | World TVL and executable capacity increase. | | 5. Capacity compounds | More capital permits larger internal basis trades and tighter quotes. | The next internal/external arbitrage cycle becomes larger. | | 6. Equilibrium retention | If aggregate capital leaves, the World/external rate gap reopens. | Individual balances may rotate; a standing equilibrium pool remains economically required. |
World’s showcase trade during Beta was the “[Levered Basis Trade](https://x.com/0xlarpist/status/2061857642109194545).” The risk-reward of this trade is extremely attractive; the consequence is that it sucks liquidity into World from all of its nearest neighbors. The retention claim is aggregate equilibrium capital, not permanent loyalty from each arbitrageur. If capital leaves and World rates diverge again, the arbitrage reopens. Productive collateral and Ethereum composability give the capital additional reasons to remain after any one spread closes. \[S2] \[S9]
During World’s Beta other MegaETH venues routed spot orders back to World because World had become the primary spot-liquidity source, which is observable onchain (additional evidence can be found in the data room). Other venues routing back to World limited our ability to market make spot (i.e. we were constrained by the ecosystem's liquidity, not a lack of demand). For this reason we are extremely excited about launching the venue with Ethereum Mainnet synchronous composability. Same block composability with Ethereum mainnet allows us to use liquidity from any and every venue on ethereum. We believe we will suck in at least >$2Bn of liquidity from Morpho, Aave, and Uniswap on Ethereum Mainnet for USDC, ETH and WBTC (or cbBTC or BTC.b).
What proves the Capital Sink: · Internal World basis notional increases. · World lending/funding rates move toward one another. · The World-versus-external spread changes. · Cross-venue open interest and World deposits increase. · World spot depth and loan capacity improve. · Aggregate TVL remains economically deployed after the original spread compresses. ### 5b. Taker flow: who pays, who takes, and how they are acquired The Capital Sink describes an equilibrium. This section addresses the early book directly: who is on the paying side of the funding rate, at what scale, why on World first, and how that flow is acquired. It also states what the Vault's return is underwritten on when rates fully compress. #### Where paying legs come from "Who net-pays funding" is the wrong unit of analysis. No rational trader net-pays across their whole book on any venue; a delta-neutral team is neutral in aggregate, not on every venue it operates on. Venue by venue, a multi-venue book is all legs, and every carry structure has a paying leg somewhere. A team collecting funding on Hyperliquid may be long the perp on World to hedge; a team collecting basis on Lighter pays funding on World against it. The commercially meaningful question is where rational books choose to host their paying legs — and paying legs migrate to the venue where hedging is cheapest and margin stays productive. That is World's structural claim: portfolio margin recognizes the hedge, the margin itself earns yield, and loans are usable as collateral (unique to World). The advantage is largest precisely for hedged, multi-leg books — the population that hosts paying legs. Four groups sit on the paying side of World's funding markets, and none requires the short leg to live elsewhere — funding-rate arbitrage between two perp venues opens perp positions on both books, so every internal and cross-venue dislocation prints perp taker volume and open interest on World: 1. Cross-venue books and funding arbitrageurs, long or short World's perps against Hyperliquid, Lighter and trade.xyz whenever rates diverge. This flow pins World's rates to external markets; it is volume and OI rather than durable net payment, and we treat it as such. 2. Hedgers, for whom funding is an insurance premium rather than a cost to minimize: wiTRY holders shorting the TRY perp today, tokenized-equity and RWA holders hedging exposure as those markets grow. Hedger demand is bounded by tokenized float, and tokenized float is compounding now, not on a five-year horizon: tokenized Treasuries at $15.98B, Ondo at $3.62B across 441 assets, trade.xyz from zero to $81B of monthly RWA-perp volume. Every yield-bearing collateral listing (mEDGE, mHYPER, wiTRY, Avant, mTBILL pipeline) mints its own hedger population by construction, because holding a yield asset creates the demand to hedge it. This is the one payer class whose growth World does not have to fund — the tokenization market funds it. 3. Professional trading teams onboarded through Annamite. These teams are market-neutral in aggregate, which means their books are distributed across venues — and the leg that pays funding on World is frequently the hedge for a position held elsewhere. World is the best venue to host that leg for the capital-efficiency reasons above. 4. Directional prosumers and retail, acquired through the channels below and through listings with demonstrated directional demand: trade.xyz's $81B of monthly RWA-perp volume proves the appetite for stock perps that World's SK Hynix, SpaceX and index markets serve — wrapped, on World only, with financing and cross-margin in the same account. If World's funding clears below external venues, that is not a leak in the model: the Vault captures the reopened cross-venue spread in the other direction, and compression toward equilibrium is the state in which the exchange earns fees on the open interest the dislocations attracted.
#### Acquisition: baseline proven at zero spend, paid levers unexercised
For example: DeFi attracts builders.
#### The RWA basis engine: the spread exists today and the market is compounding
Funding rates per the data above are extremely off because there is no spot and lending market for these assets, which is required to create a hedge. World’s GTM here is to take the same [trade we successfully proved during Beta for ETH and BTC](https://x.com/0xlarpist/status/2061857642109194545) described above and apply it to RWAs. Importantly, you need not only spot but also a lending market for the RWA spot assets to arb negative funding rates. World is the only venue which offers both.
Across the top three tokenized equities on trade.xyz (NVDA, MU, SNDK), funding computed from 4-hour snapshots against onchain Aave variable borrow rates ran roughly 20–60% APR against a 3–6% dollar borrow cost over Feb–May 2026 — an average carry spread of 25.6 percentage points, versus \~7–9 points for the same trade on ETH over 2020–2026. An equal-weight, unlevered basis vault across the three names returned +39%, +19%, +16% and +29% annualized in successive months: roughly 30% annualized with zero leverage, gross of fees, fully hedged by construction. Every rate input is taken from its actual onchain source — funding from exchange snapshots, borrow from Aave's variableBorrowIndex, and the USD lend yield in negative-funding months from Aave's liquidityIndex (the real supply rate). (See rwa\_spread\_1x\_by\_period.png and its accompanying methodology note, which documents the negative-funding treatment, the stand-aside rule, and the known caveats — short sample, single venue, gross figures, expected compression.)
Compression is not ignored; it is the mechanism. As basis capital enters, the spread compresses toward the borrow rate — and the stand-aside rule means compression degrades returns toward zero rather than producing losses. Two offsets matter. First, cross-venue arbitrage regenerates the spread: once the internal funding-vs-borrow gap closes, differentials against other venues reopen it, so the trade mechanically attracts liquidity rather than exhausting a fixed pool. Second, the market is growing far faster than the capital compressing it: tokenized equities are \~$1.4B today against a $120T+ global equity market, with industry projections (Standard Chartered at the high end) putting onchain RWA tokenization at 100–1000x growth by 2030. Even substantial compression on a market growing by orders of magnitude leaves absolute carry capacity far larger than today's. The same growth curve drives Group 2 above: every dollar of tokenized float is potential hedging demand, so the payer base and the basis capacity scale together.
#### What the Vault is underwritten on when rates fully compress
The Vault's return bridge does not depend on World-internal dislocations persisting. It is underwritten on cross-venue carry — harvested from external funding payers and unaffected by World's internal equilibrium — plus lending yield paid by borrowers, a demand proven off-network by Aave and Morpho's $14B of active loans and floored by borrower demand rather than by market regime (Aave USDC borrow averaged 5.9% over Dec 2020–Jun 2026 and sat below 3% in only 12 of 67 months). World-specific arbitrage is incremental upside, as Section 4's table already labels it. In the fully compressed case, the two-sided |funding − borrow| spread still averaged 3.4 percentage points through the 2022–2023 bear market, and the 67-month ETH-carry backtest (same rules as the RWA analysis) produced no losing calendar period. The compressed-case Vault return is therefore lending yield plus residual two-sided carry — materially below target, positive, and retained by the productive-collateral reasons in Section 5, not by the persistence of any single spread.
#### The Vault floor, and what it does not prove
Beneath these channels the Vault provides the liquidity floor: it arbitrages World against external venues whenever prices, funding rates or borrow rates diverge, and takes the other side of leveraged basis trades either internally — unlevered basis plus lending the USD leg — or by holding the World leg and hedging on another perp DEX. The external hedge is the structural difference from pool-model precedents such as HLP: one-sided internal flow becomes a cross-venue position rather than absorbed inventory, so the Vault is not the terminal counterparty on its own island. Router flow (\~$16.7B monthly, Section 7) seeds the spot leg and dealer revenue rather than perp demand, and we do not count it as such.
Vault-originated volume is bootstrap, not proof. The GTM gates count only unaffiliated organic volume (Stage 5) — the same sequencing Hyperliquid ran with HLP before organic flow took over, executed here with a payer base (hedgers, cross-venue paying legs) that grows with the tokenization market rather than with our own incentive budget.
#### Yield bearing collateral & leveraged exposure
World’s risk engine is powerful in allowing traders to generate yield on their collateral while they trade spot and perps. World will list some of the highest quality assets on [https://midas.app/product](https://midas.app/products), in partnership with those funds to be able to process liquidations effectively. We have known many of these managers for 3-5 years. Users and traders already leverage these yield products on Morpho, but poor capital efficiency limits users’ yield. Additionally, users cannot use their positions as collateral for other trades.
During Beta, World successfully listed
Currently, World is the only place in the world (pun!) where: * You can use wiTRY as collateral to trade * You can be long wiTRY, the turkish money market, and short the lyra (perps; listing coming soon) in 1 cross margined account. This very attractive trade is not possible anywhere else, globally because of regulation. * You will be able to use yield bearing assets such as Midas vaults as collateral to trade and leverage the yield on those products on 1 account balance. #### “Looping ” Trades have better UX, higher yield, and lower risk World increases the yield and decreases of DeFi users’ favorite “loop leveraged” trades compared to Morpho and Aave. The return is higher and the risk is lower on World. The return is higher because users are able to use 1 account balance to margin all trades. The risk is lower because World does not use lending pools or variable rate loans, both of which create extreme tail risk for users in these positions, due primarily to (often intentional) rate spikes. Loans are fixed rate, fixed term.
Example trades: * stETH vs ETH * JLP vs BTC, ETH, SOL * jitoSOL vs SOL
Also, no looping is needed. 1 click.
## 6. RWA: Substitute to Complement The first wave of asset issuers tokenizing assets onchain have already realized their biggest dilemma: a trader must choose between their existing, working strategy or this newly issued asset. The dilemma is that the trader is having to choose between substitute products. For example, if I am trading perps on Hyperliquid, I have to stop some of my trading to buy the new token on Ethereum, which is a bad tradeoff.
World is able to change these tokenized assets from substitutes to complement. That changes the question from, “is this new asset your single best option?” to “does this asset contribute to your portfolio?” The latter is a much easier sell. World is able to make that change for issuers, because traders on World can use any listed spot asset as collateral; traders can also borrow USDC to buy other spot assets, all from the same balance. To enable this change requires 1) RWA spot listings and 2) unified margin.
The result of this change is that asset issuers, who are trying to sell their assets, bring their buyers to trade World, because their assets are most useful and productive there. This happened with Brix (above) during our Beta.
Most importantly, World can evolve to be the central hub of the whole tokenized RWA market. The reasons are: 1. Every tokenized asset listed on World will be first due diligenced by Annamite. Even the brand name products and services in crypto have glaring flaws, much less new products. 2. The popular asset issuers, such as Ondo, xStocks (Kraken), and Binance are all owned by exchanges (or own exchanges), which has created a major conflict of interest in the market. Asset issuers must compete with the listing teams internal to these businesses and, not surprisingly, these exchanges near exclusively list the assets they own and issue. Traders want to trade the best tokenized asset or product, not whatever the exchange is making money on the back of their trades. 3. Annamite is the target buyer of every asset issuer because it is both a hedge fund and an allocator of other funds, with a traditional background. Most assets are not worth buying. When we approach other funds after identifying a high quality asset, they see us as a fellow buyer instead of “an issuer trying to sell them something.”
These new tokenized assets can be traded in the World trading vault (1), which itself attracts more issuers for partnerships.
Additionally, World is the first venue in the history of finance that is able to integrate prime broker, exchange, and custodial functionality into one unified system without inheriting the conflicts of interest regulation has evolved to prevent, because the whole venue is fully onchain.
## 7. Market plan and capacity evidence Ethereum supplies the balance sheet:
| CAPITAL POOL | CURRENT SCALE | WHY IT MATTERS | SOURCE | | ------------------------- | ------------- | -------------------------------------------------------------------- | ------ | | Ethereum stablecoins | $150.2B | Large dollar balance sheet for loans, margin and settlement. | S92 | | Ethereum USDC | $47.1B | Primary basis-trade financing asset. | S92 | | Ethereum DeFi TVL | $40.9B | Capital already comfortable with onchain risk. | S93 | | Ethereum active RWA value | $14.9B | RWA inventory already on the target settlement layer. | S94 | | Ethereum RWA DeFi TVL | $2.0B | Existing productive RWA base and substantial unused headroom. | S94 | | Aave V3 Ethereum TVL | $11.16B | Largest Ethereum lending balance sheet. | S95 | | Morpho Ethereum TVL | $3.65B | Curated/isolated lending and future tokenized-position distribution. | S96 |
The relevant serviceable pool is not all Ethereum TVL. It is the subset available at rates, haircuts and liquidity conditions that support World strategies. The table establishes that the raw balance sheet is already large enough for a substantial venue.
Investors already allocate billions to adjacent return products:
| COMPARABLE PRODUCT | CURRENT SCALE | CAPITAL EXPOSURE | PROOF FOR WORLD | | --------------------------- | ------------- | ----------------------------------------- | ---------------------------------------------------------------------------- | | Ethena | $4.25B TVL | Basis-linked yield product | Billions already allocated to crypto carry. Was previously >$12Bn. | | Jupiter JLP | $709M TVL | Exchange liquidity and market making | Users accept pooled venue-liquidity exposure. | | Hyperliquid HLP | $252M TVL | Exchange liquidity, liquidations and fees | $250M World Vault TVL would already be peer scale. | | Pendle | $1.10B TVL | Tokenized yield and rate trading | Tokenization creates a second distribution layer. | | Combined Ethena + JLP + HLP | \~$5.21B | Adjacent capital pool | A $5B World leadership case is ambitious but has direct category precedents. |
Yield-bearing collateral: launch set and pipeline:
| ASSET | RETURN SOURCE | EXISTING DEFI / MARKET PROOF | WORLD APPLICATION | | --------------------- | ------------------------------------------------------- | --------------------------------------------------------------------------------------- | ---------------------------------------------------------------- | | Launch: mEDGE | Diversified delta-neutral DeFi yield | Existing Morpho USDC market; 86% LLTV | Productive strategy collateral across lending, spot and perps. | | Launch: mHYPER | Market-neutral stablecoin strategy managed by Hyperithm | Existing Morpho USDC market; 86% LLTV | Institutional yield asset with direct leverage precedent. | | Launch: mF-ONE | Fasanara private-credit and digital-asset strategy | Existing Morpho USDC market; 91.5% LLTV | Differentiated credit/yield collateral and financing demand. | | Launch: wiTRY | Turkish money-market yield | Live on World beta; [Brix](https://brix.money/) reports >15% annualized over five years | Long wiTRY + short TRY perp creates a concrete World-only hedge. | | Launch: Avant | Senior and junior USD/BTC/ETH yield products | \~$110M NAV; public dashboard showed 7.83% savUSD and 13.56% avUSDx | Additional collateral across several base denominations. | | Pipeline: mTBILL | Short-duration Treasuries | Morpho 94.5% LLTV | Low-volatility dollar collateral. | | Pipeline: mBASIS | Tokenized crypto basis strategy | Morpho 91.5% LLTV | Tokenized extension of the Vault return engine. | | Pipeline: mMEV / mBTC | Market-neutral DeFi carry / BTC lending yield | Morpho, Euler and Pendle integrations | Strategy collateral and BTC-whale distribution. |
World's beta wiTRY example is the simplest proof: hold a yield-bearing Turkish money-market asset, short the corresponding TRY perpetual, and manage the position in one cross-margined account. This converts local yield into a hedgeable onchain product rather than an isolated token holding. \[S56] \[S74]
We expect approximately 200 third-party stocks and ETFs at launch. The commercial strategy will not spread active liquidity equally across all of them. We will concentrate the Vault, RFQ, market-making and marketing resources in 15-25 markets with the largest external volume, open interest and funding dislocations.
| PRIORITY MARKET | 30D VOLUME (JULY 18 SNAPSHOT) | OPEN INTEREST | WHY IT MATTERS | | --------------- | ----------------------------- | ------------- | ------------------------------------------------------------------- | | SK Hynix | $14.36B | $414M | Large concentrated stock-perp demand. | | Nasdaq-100 | $10.46B | $215M | Broad index demand and simple tokenized-ETF hedge. | | Micron | $7.87B | $168M | Large semiconductor funding demand. | | SpaceX | $7.39B | $139M | Private-company exposure with strong derivatives demand. | | S\&P 500 | $6.93B | $501M | Largest OI among the selected markets; clear ETF/index application. | | SanDisk | $5.43B | $148M | Another concentrated funding market. | | Top six total | $52.45B | - | Roughly two-thirds of trade.xyz volume in the July 18 snapshot. |
* Public-equity tokens have about $1.29B of active value but only about $55.7M deployed in DeFi: roughly 4.3% utilization. World targets the unused collateral utility. \[S101] * Public equities and equity indices represent 71.6% of decentralized RWA-perp open interest. Stocks and indices are therefore the best first RWA category. \[S104] * The full World trade is: buy tokenized spot, finance it through lending, hedge with the perpetual, and cross-margin the complete portfolio. Perp-only venues cannot internalize all four legs. ## 8. Ethereum routers and RFQ create low-friction distribution World can compete for existing Ethereum order flow before each trader becomes a direct customer. The immediate GTM is a prioritized counterparty list, not a generic claim that routers will discover World automatically.
| ROUTER / CHANNEL | CURRENT ETHEREUM VOLUME | MODEL | WORLD FIT | PRIORITY | | ---------------- | ----------------------- | ---------------------- | ----------------------------------------------------------- | -------- | | KyberSwap | $4.13B / month | Aggregator / RFQ | Largest current Ethereum router pool in the selected set. | 1 | | 0x | $2.37B / month | RFQ + custom liquidity | Explicit support for professional and order-book liquidity. | 1 | | CoW Swap | $2.31B / month | Solver / batch auction | Execution-quality positioning and block flow. | 1 | | 1inch | $2.19B / month | Fusion resolver | Direct fit for World inventory and RWA routing. | 1 | | Bebop | $1.14B / month | RFQ / intent | Professional flow and large-order fit. | 2 | | Velora | $0.93B / month | Aggregator / intents | Additional Ethereum distribution. | 2 | | OKX DEX | $0.80B / month | Wallet / aggregator | Exchange and wallet distribution. | 2 |
Why an integrated order book + RFQ can outperform AMMs and propAMMs:
| EXECUTION PROPERTY | PAIR-SPECIFIC AMM | WORLD ORDER BOOK + RFQ | | ------------------ | ------------------------------------- | ------------------------------------------------- | | Inventory | Isolated by pool and pair | Shared across spot, loans and perps | | Hedging | External rebalancing | Immediate hedge in one risk engine | | Capital | Duplicated across pools and fee tiers | One balance supports quotes, loans and hedges | | Pricing | Curve + fee + price impact | Portfolio-risk-based quote | | Large orders | Price impact rises with size | Dealer inventory can support block liquidity | | Tail assets | Thin passive pools limit usability | RFQ can price without deep passive liquidity | | Distribution | Pool-by-pool or router dependent | The same quote can reach many routers and wallets |
We have provided evidence in the data room in the “GTM Description” doc for Rabby integrating World after user requests, and independent users built Worldalytics without paid marketing. These are early signals that a strong market backend can attract third-party distribution. \[S54] \[S55] ## 9. Competitive position Hyperliquid aggregates traders and derivatives demand. Ondo aggregates tokenized-asset supply. World's position is the issuer-neutral Ethereum market where third-party supply and trading demand meet - and where each asset can become collateral, a loan market, a hedge and a source of yield.
| CAPABILITY / ECONOMIC OUTCOME | WORLD | HYPERLIQUID | ONDO | WHY IT MATTERS | | ------------------------------- | ----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | ------------------------------------------------------------ | ------------------------------------------------------------------------------------ | | Primary capital acquisition | >17% net Vault target plus manager allocations | Trading and HLP | Asset issuance and yield products | World enters through a return product and known manager network. | | Integrated capital productivity | Spot + fixed-term lending + perps + yield collateral under ATLAS | Strong trading; portfolio margin is emerging but Ethereum lending/composability remain constrained | Strong asset supply; financing and hedging remain fragmented | World can improve return per dollar and recognize complete hedges. | | Yield assets as active margin | Underlying yield can continue while the asset supports loans and trades | Not the core architecture | Assets are mainly issuance/distribution products | This directly increases capital productivity. | | Ethereum liquidity | Builds native spot and lending liquidity connected to Ethereum | Liquidity is concentrated on its own chain | Assets exist on Ethereum but not inside a unified market | Liquidity and integrations become path-dependent moats. | | Issuer position | Issuer-neutral; selects the best third-party asset | Trader-led venue | Vertically integrated issuer and market | World can optimize for trader utility and quality rather than proprietary inventory. | | Quality control | Annamite evaluates assets as a buyer and allocator | No equivalent buyer-led issuer function | Diligence centers on Ondo products | A World listing can become a signal to funds. | | Network effect | Issuers <-> funds and traders | Primarily trader side | Primarily asset-supply side | World combines both sides in one Ethereum market. |
The brief innovator's-dilemma observation: incumbents are economically motivated to protect the chain, issuance and liquidity they own. World benefits from making the best third-party Ethereum assets maximally useful. Features can be copied; accumulated liquidity, security trust and a two-sided issuer/trader network are harder to copy.
## 10. Scale path: TVL, volume, institutional users and revenue The old spreadsheet applied fixed market-share assumptions to large markets. This version instead presents transparent scale sensitivities. Each case can be accepted or rejected using observable TVL, monthly volume and institutional-user counts. It is not a forecast. Vault fee pool assumes a 20% net depositor return with a 1% management fee and 10% performance fee, equal to approximately 3.33% of average TVL. Exchange revenue uses 0.35-2.15 basis points of net protocol revenue per dollar of volume, spanning roughly trade.xyz to Hyperliquid-like realized economics. \[S97] \[S91]
| SCALE CASE | AVG. VAULT TVL | AVG. MONTHLY VOLUME | INSTITUTIONAL USERS | VAULT FEE POOL | EXCHANGE REVENUE | COMBINED GROSS REVENUE | WHAT IT PROVES | | ------------------- | -------------- | ------------------- | ------------------- | -------------- | ---------------- | ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------- | | Proof case | $50M | $1B / month | 10-15 | $1.67M | $0.42M-$2.58M | $2.09M-$4.25M | Demonstrates funded conversion, live returns and real volume. | | Peer-scale case | $250M | $5B / month | 30-40 | $8.33M | $2.10M-$12.90M | $10.43M-$21.23M | Vault is approximately HLP scale; validates institutional repeatability. | | Category-scale case | $1B | $10B / month | 50-66 | $33.33M | $4.20M-$25.80M | $37.53M-$59.13M | TVL exceeds JLP and approaches/exceeds current Pendle scale. | | Leader | $5B | $50B / month | 100+ | $166.67M | $21.00M-$129.00M | $187.67M-$295.67M | Long-term sensitivity, not base forecast: exceeds current Ethena TVL and remains below one-third of current Hyperliquid monthly volume. |
* Proof case: validates the product and converts the first Annamite cohort. * Peer-scale case: approximately HLP-scale Vault TVL and material direct volume. * Category-scale case: more TVL than current JLP and near/above current Pendle scale, supported by 50-66 known-network professional teams. * Leadership sensitivity: more TVL than current Ethena and $50B monthly volume, which is still below one-third of current Hyperliquid volume and below 10% of total onchain perpetual volume. This is the quantified end-state test, not the base case.
Gross revenue is before manager compensation, rebates, external trading costs, insurance subsidies, bad debt, custody, data, audit, legal, compliance and operating costs. Contribution margin must be published separately.
Compounding durable advantages:
| TYPE | ASSET / METRIC | WHY IT COMPOUNDS | | ----------------- | ----------------------------------------------------- | ---------------------------------------------------------------------------------------------------------- | | North star 1 | TVL | Capital acquired by the Vault and retained through productive collateral and Ethereum utility. | | North star 2 | Volume | Manager, direct, routed and issuer-attributable spot/perp activity. | | Moat 1 | Ethereum spot + lending liquidity | Depth attracts more depth and cannot be copied instantly. | | Moat 2 | Brand + security trust | Time without exploits, transparent risk and successful liquidations lower institutional friction. | | Moat 3 | Issuer <-> trader network | More high-quality assets attract funds; more funds and traders attract issuers. | | Victory condition | World becomes Ethereum distribution + quality control | Leading issuers approach World before launch and leading funds treat a World listing as a positive signal. | ## 11. Data The register separates quantities and units so the analysis can be reproduced programmatically. Point-in-time values must be refreshed during diligence. | ID | CATEGORY | METRIC | VALUE | UNIT | MEASUREMENT DATE | SOURCE | | -------- | -------------------- | -------------------------------- | ------- | ----- | ---------------- | ----------- | | MKT-01 | Perps | Hyperliquid 30d perp volume | 190.448 | $B | 2026-07-20 | S91 | | MKT-02 | Perps | Hyperliquid open interest | 11.136 | $B | 2026-07-20 | S91 | | MKT-03 | RWA perps | trade.xyz 30d perp volume | 81.331 | $B | 2026-07-19 | S97 | | MKT-04 | RWA perps | trade.xyz open interest | 3.309 | $B | 2026-07-19 | S97 | | MKT-05 | RWA perps | Total RWA-perp open interest | 4.034 | $B | 2026-07-19 | S98 | | MKT-06 | RWA perps | RWA-perp markets | 634 | count | 2026-07-19 | S98 | | MKT-07 | RWA perps | Public equities share of OI | 46.35 | % | 2026-07-14 | S104 | | MKT-08 | RWA perps | Equity indices share of OI | 25.26 | % | 2026-07-14 | S104 | | CAP-01 | Ethereum capital | Ethereum stablecoin market cap | 150.182 | $B | 2026-07-19 | S92 | | CAP-02 | Ethereum capital | Ethereum USDC | 47.080 | $B | 2026-07-19 | S92 | | CAP-03 | Ethereum capital | Ethereum DeFi TVL | 40.932 | $B | 2026-07-20 | S93 | | CAP-04 | Ethereum RWA | Ethereum active RWA value | 14.926 | $B | 2026-07-19 | S94 | | CAP-05 | Ethereum RWA | Ethereum RWA DeFi TVL | 1.951 | $B | 2026-07-19 | S94 | | LEND-01 | Lending | Aave V3 total TVL | 13.591 | $B | 2026-07-19 | S95 | | LEND-02 | Lending | Aave V3 Ethereum TVL | 11.162 | $B | 2026-07-19 | S95 | | LEND-03 | Lending | Aave V3 active loans | 10.374 | $B | 2026-07-19 | S95 | | LEND-04 | Lending | Morpho total TVL | 7.467 | $B | 2026-07-20 | S96 | | LEND-05 | Lending | Morpho Ethereum TVL | 3.646 | $B | 2026-07-20 | S96 | | LEND-06 | Lending | Morpho active loans | 3.930 | $B | 2026-07-20 | S96 | | RWA-01 | Public equities | Active market value | 1.294 | $B | 2026-07-19 | S101 | | RWA-02 | Public equities | DeFi active TVL | 55.720 | $M | 2026-07-19 | S101 | | RWA-03 | Public equities | DeFi utilization vs active value | 4.31 | % | 2026-07-19 | calculation | | RWA-04 | Tokenized Treasuries | Distributed value | 15.980 | $B | 2026-07-18 | S100 | | RWA-05 | Tokenized Treasuries | Assets | 85 | count | 2026-07-18 | S100 | | RWA-06 | Ondo | Platform RWA value | 3.624 | $B | 2026-07-18 | S102 | | RWA-07 | Ondo | RWA count | 441 | count | 2026-07-18 | S102 | | FLOW-01 | Ethereum spot | DEX volume 30d | 28.410 | $B | 2026-07-19 | S99 | | FLOW-02 | Ethereum routing | Aggregator volume 30d | 16.676 | $B | 2026-07-20 | S105 | | FLOW-03 | Ethereum routing | KyberSwap 30d volume | 4.128 | $B | 2026-07-20 | S105 | | FLOW-04 | Ethereum routing | 0x 30d volume | 2.372 | $B | 2026-07-20 | S105 | | FLOW-05 | Ethereum routing | CoW 30d volume | 2.312 | $B | 2026-07-20 | S105 | | FLOW-06 | Ethereum routing | 1inch 30d volume | 2.185 | $B | 2026-07-20 | S105 | | PEER-01 | Vault peers | Ethena TVL | 4.252 | $B | 2026-07-20 | S106 | | PEER-02 | Vault peers | Jupiter JLP TVL | 709.240 | $M | 2026-07-19 | S107 | | PEER-03 | Vault peers | Hyperliquid HLP TVL | 251.690 | $M | 2026-07-19 | S108 | | PEER-04 | Yield peers | Pendle TVL | 1.097 | $B | 2026-07-19 | S109 | | WORLD-01 | World beta/public | Cumulative perp volume | 653.820 | $M | 2026-07-20 | S12 | | WORLD-02 | World beta/public | Cumulative spot volume | 22.450 | $M | 2026-07-20 | S12 | | WORLD-03 | World beta/public | Cumulative revenue | 0.763 | $M | 2026-07-20 | S12 | | WORLD-04 | World beta/public | Current public TVL | 5.320 | $M | 2026-07-20 | S12 | | WORLD-05 | World | Beta lending yield | 7.000 | %+ | beta | Mega chain | | WORLD-06 | World | Pre-launch Vault commitments | 20.000 | $M+ | beta | World | | ANN-01 | Annamite | Sourced teams | 1750 | count | current | Annamite | | ANN-02 | Annamite | Screened teams | 400 | count | current | Annamite | | ANN-03 | Annamite | Approved teams | 100 | count | current | Annamite | | ANN-04 | Annamite | Active manager relationships | 25 | count | current | Annamite |
## 12. Conclusion World has a credible path to category leadership because it starts with a reachable professional customer network and an economic improvement that is easy to measure: more capital and more return per dollar for strategies those managers already run. The external markets required for the strategy already exist at scale. Hyperliquid and trade.xyz provide deep perp demand and recurring funding dislocations. Aave and Morpho prove large borrower demand. Ethereum supplies more than $150B of stablecoins and more than $40B of DeFi TVL. Tokenized Treasuries, public equities, Ondo, Midas and Avant provide a rapidly expanding asset inventory. Routers already allocate more than $16B of monthly Ethereum flow. \[S91] \[S92] \[S93] \[S95] \[S96] \[S97] \[S100] \[S101] \[S102] \[S105] World's unique unlock is integration: spot, fixed-term loans, perpetuals, yield-bearing collateral, tokenized positions, order books and RFQ are evaluated by one risk engine and connected to Ethereum. This is what allows the same capital to earn yield, finance positions, support quotes and hedge risk without being fragmented across isolated systems. Annamite makes the wedge executable. It supplies a known manager funnel, capital allocation, strategy selection and buyer-led asset diligence. If World converts the first cohort, proves more than 20% net with controlled drawdown, demonstrates the Capital Sink causal sequence and retains aggregate capital after spreads move, it will have a repeatable engine for TVL and volume rather than a one-time launch campaign. The leadership case is then mechanical: TVL creates liquidity; liquidity creates execution quality and volume; volume attracts traders and issuers; issuers expand the productive asset set; builders and routers distribute the market. The durable moat becomes Ethereum liquidity, accumulated security trust and the issuer-trader network - not a feature competitors can copy overnight. ## 13. Sources \[S1] Institutional Investor — Former Citadel Pro Heads Up New Crypto Manager. Annamite founders, company-reported 2024 performance, proprietary capital and infrastructure investment.[ https://www.institutionalinvestor.com/article/2e0v6xiwcos4xozk5m9s0/corner-office/former-citadel-pro-heads-up-new-crypto-manager](https://www.institutionalinvestor.com/article/2e0v6xiwcos4xozk5m9s0/corner-office/former-citadel-pro-heads-up-new-crypto-manager) \[S2] World — The Capital Sink. Internal funding/lending arbitrage, external arbitrage and iterative capital movement.[ https://docs.world.inc/tl-dr-unique-features/the-capital-sink](https://docs.world.inc/tl-dr-unique-features/the-capital-sink) \[S3] World — ATLAS Risk Engine. Yield-bearing collateral, loans as collateral, portfolio netting, fixed-term loans and trade examples.[ https://docs.world.inc/tl-dr-unique-features/atlas](https://docs.world.inc/tl-dr-unique-features/atlas) \[S4] World — Available Margin & Collateral. Treatment of spot assets, loans, vault tokens and unrealized P\&L.[ https://docs.world.inc/essentials/available-margin-and-collateral](https://docs.world.inc/essentials/available-margin-and-collateral) \[S5] World — Counterparty Risk. Bilateral counterparty structure and default treatment.[ https://docs.world.inc/venue/counterparty-risk](https://docs.world.inc/venue/counterparty-risk) \[S6] World — Unified Margin Risk. Contagion-risk framework, onchain risk parameters and absence of ADLs.[ https://docs.world.inc/details/managing-contagion-risk](https://docs.world.inc/details/managing-contagion-risk) \[S7] World — Liquidation & No ADLs. Liquidation process, creditor priority and bankruptcy handling.[ https://docs.world.inc/essentials/liquidation-and-no-adls](https://docs.world.inc/essentials/liquidation-and-no-adls) \[S8] World — Risk Parameters & Stats. Risk Price, Risk Slippage, public parameters and exchange statistics.[ https://docs.world.inc/essentials/risk-parameters-and-stats](https://docs.world.inc/essentials/risk-parameters-and-stats) \[S9] World — Fees. Current beta fee schedule and maximum fee mechanics.[ https://docs.world.inc/essentials/fees](https://docs.world.inc/essentials/fees) \[S10] World — Security. Audit status and security materials.[ https://docs.world.inc/venue/security](https://docs.world.inc/venue/security) \[S11] World — Restrictions. Current restricted jurisdictions and UI-level restrictions.[ https://docs.world.inc/getting-started/restrictions](https://docs.world.inc/getting-started/restrictions) \[S12] World Markets on DefiLlama. Public TVL, cumulative fees, revenue and trading-volume history.[ https://defillama.com/protocol/world-markets](https://defillama.com/protocol/world-markets) \[S13] Hyperliquid — Funding. Funding formula and the fixed 11.6% annualized interest component before the variable premium.[ https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding) \[S14] Hyperliquid — Perpetuals API. Public info endpoint, funding history and market metadata.[ https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/info-endpoint/perpetuals](https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/info-endpoint/perpetuals) \[S15] Hyperliquid on DefiLlama. Current TVL, open interest, volume, fees and revenue.[ https://defillama.com/protocol/hyperliquid](https://defillama.com/protocol/hyperliquid) \[S16] Hyperliquid — Portfolio Margin. Evidence that competitors are adding adjacent features; useful for competitive diligence.[ https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin) \[S17] Aavescan — USDC on Aave V3 Ethereum. Current and historical USDC supply/borrow APRs, balances and utilization.[ https://aavescan.com/ethereum-v3/usdc](https://aavescan.com/ethereum-v3/usdc) \[S18] Aave V3 on DefiLlama. Ethereum TVL, active loans, fees and liquidations.[ https://defillama.com/protocol/aave-v3](https://defillama.com/protocol/aave-v3) \[S19] Morpho on DefiLlama. Total and Ethereum TVL, active loans and yields.[ https://defillama.com/protocol/morpho](https://defillama.com/protocol/morpho) \[S20] Ethereum Stablecoins on DefiLlama. Ethereum stablecoin balance sheet.[ https://defillama.com/stablecoins/ethereum](https://defillama.com/stablecoins/ethereum) \[S21] trade.xyz on DefiLlama. RWA perpetual volume, open interest, fees and revenue.[ https://defillama.com/protocol/tradexyz](https://defillama.com/protocol/tradexyz) \[S22] DefiLlama RWA Perps. Market-level RWA-perp open interest, volume, funding and market count.[ https://defillama.com/rwa/perps](https://defillama.com/rwa/perps) \[S23] trade.xyz — Account Types. Separation of equity, crypto-perp and spot balances.[ https://docs.trade.xyz/getting-started/account-types](https://docs.trade.xyz/getting-started/account-types) \[S24] trade.xyz — Margin and Leverage. Current margin and leverage structure.[ https://docs.trade.xyz/trading/margin-and-leverage](https://docs.trade.xyz/trading/margin-and-leverage) \[S25] Ondo — Tokenized Stocks Surpass $1B. Tokenized-stock scale, asset count, growth and volume.[ https://ondo.finance/blog/ondo-tokenized-stocks-surpass-one-billion-tvl](https://ondo.finance/blog/ondo-tokenized-stocks-surpass-one-billion-tvl) \[S26] Ondo — Introducing Ondo Perps. Issuer expansion into perpetuals and integrated collateral.[ https://ondo.finance/blog/introducing-ondo-perps](https://ondo.finance/blog/introducing-ondo-perps) \[S27] xStocks. Tokenized-stock and ETF catalog, backing and supported networks.[ https://xstocks.com/](https://xstocks.com/) \[S28] Kraken — Acquisition of Backed. Vertical integration of xStocks issuance and exchange distribution.[ https://blog.kraken.com/news/backed-acquisition](https://blog.kraken.com/news/backed-acquisition) \[S29] Robinhood Chain Mainnet. Stock tokens, DEXs, lending and agentic-trading roadmap.[ https://robinhood.com/us/en/newsroom/robinhood-accelerates-global-expansion-robinhood-chain-mainnet-stock-tokens-agentic-trading/](https://robinhood.com/us/en/newsroom/robinhood-accelerates-global-expansion-robinhood-chain-mainnet-stock-tokens-agentic-trading/) \[S30] Ethena on DefiLlama. Comparable basis-linked yield product scale.[ https://defillama.com/protocol/ethena](https://defillama.com/protocol/ethena) \[S31] Hyperliquid HLP on DefiLlama. Comparable exchange-liquidity vault scale.[ https://defillama.com/protocol/hyperliquid-hlp](https://defillama.com/protocol/hyperliquid-hlp) \[S32] Jupiter Perpetual Exchange on DefiLlama. Comparable liquidity-vault and perpetual-exchange scale.[ https://defillama.com/protocol/jupiter-perpetual-exchange](https://defillama.com/protocol/jupiter-perpetual-exchange) \[S33] Pendle on DefiLlama. Scale of tokenized-yield markets.[ https://defillama.com/protocol/pendle](https://defillama.com/protocol/pendle) \[S34] Midas Products. Current product catalog and live product data.[ https://midas.app/products](https://midas.app/products) \[S35] Midas Docs. mTokens as composable investment products.[ https://docs.midas.app/](https://docs.midas.app/) \[S36] Midas — Lending Integrations. Morpho, Euler and other lending integrations.[ https://docs.midas.app/defi-integration/lending-protocol-integrations](https://docs.midas.app/defi-integration/lending-protocol-integrations) \[S37] Midas — mTBILL. Short-duration Treasury strategy.[ https://docs.midas.app/tokens/mtbill](https://docs.midas.app/tokens/mtbill) \[S38] Midas — mBASIS. Crypto funding-rate and basis strategy.[ https://docs.midas.app/tokens/mbasis](https://docs.midas.app/tokens/mbasis) \[S39] Midas — mEDGE. Diversified delta-neutral DeFi yield.[ https://docs.midas.app/tokens/medge](https://docs.midas.app/tokens/medge) \[S40] Midas — mMEV. Market-neutral DeFi carry.[ https://docs.midas.app/tokens/mmev](https://docs.midas.app/tokens/mmev) \[S41] Midas — mBTC. BTC-denominated yield strategy.[ https://docs.midas.app/tokens/mbtc](https://docs.midas.app/tokens/mbtc) \[S42] Ethereum DEX Volume on DefiLlama. Ethereum spot flow and protocol rankings.[ https://defillama.com/dexs/chain/ethereum](https://defillama.com/dexs/chain/ethereum) \[S43] Ethereum DEX Aggregators on DefiLlama. Current Ethereum routed volume.[ https://defillama.com/dex-aggregators/chain/ethereum](https://defillama.com/dex-aggregators/chain/ethereum) \[S44] UniswapX. Open filler network, RFQ and auction execution.[ https://blog.uniswap.org/uniswapx-protocol](https://blog.uniswap.org/uniswapx-protocol) \[S45] Uniswap — Tokenized Assets Are Live. RWA pool swaps, transactions and wallet adoption.[ https://blog.uniswap.org/tokenized-securities-are-live](https://blog.uniswap.org/tokenized-securities-are-live) \[S46] 1inch Fusion. Resolver and professional market-maker distribution model.[ https://1inch.com/fusion/](https://1inch.com/fusion/) \[S47] 0x — Liquidity Integrations. RFQ, order-book and custom-liquidity integration paths.[ https://docs.0x.org/liquidity-integration/liquidity-integrations](https://docs.0x.org/liquidity-integration/liquidity-integrations) \[S48] CoW Protocol Docs. Batch auctions and solver competition.[ https://docs.cow.fi/](https://docs.cow.fi/) \[S49] RWA.xyz — Tokenized Treasuries. Treasury product value, yields, issuers and investor restrictions.[ https://app.rwa-xyz.com/treasuries](https://app.rwa-xyz.com/treasuries) \[S50] DefiLlama — Public Equities RWAs. Tokenized public-equity value and DeFi utilization.[ https://defillama.com/rwa/asset-group/public-equities](https://defillama.com/rwa/asset-group/public-equities) \[S51] World Federation of Exchanges. Global listed-equity market capitalization.[ https://www.world-exchanges.org/news/articles/new-wfe-data-public-markets-post-strong-growth-2025-despite-geopolitical-instability](https://www.world-exchanges.org/news/articles/new-wfe-data-public-markets-post-strong-growth-2025-despite-geopolitical-instability) \[S52] L2BEAT — Total Value Secured. Value secured across Ethereum rollups.[ https://l2beat.com/scaling/tvs](https://l2beat.com/scaling/tvs) \[S53] CoinGecko — RWA Report 2026. RWA category and tokenized-stock market development.[ https://www.coingecko.com/research/publications/rwa-report-2026](https://www.coingecko.com/research/publications/rwa-report-2026) \[S54] Rabby / DeBank Proposal. Community evidence for the beta wallet integration.[ https://debank.com/proposal/84551](https://debank.com/proposal/84551) \[S55] Worldalytics. Independent user-built World analytics referenced in the original GTM.[ https://worldalytics.com/](https://worldalytics.com/) \[S56] Brix Money. Yield-bearing local-currency product used in World beta.[ https://brix.money/](https://brix.money/) \[S57] World Lending. Direct counterparty order book, fixed 10-day loans, hourly interest, extension controls, counterparty swaps and borrower-paid fees.[ https://docs.world.inc/details/lending](https://docs.world.inc/details/lending) \[S58] Midas Series A and traction. More than $1.7B minted, $37M yield paid, $500M current TVL and 20,000 holders.[ https://blog.midas.app/midas-raises-50m-series-a-to-launch-instant-liquidity-layer/](https://blog.midas.app/midas-raises-50m-series-a-to-launch-instant-liquidity-layer/) \[S59] Midas March 2026 recap. MSL capacity, product targets, professional managers and market-neutral strategy examples.[ https://blog.midas.app/midas-in-march-2026-recap/](https://blog.midas.app/midas-in-march-2026-recap/) \[S60] Midas June 2026 recap. More than $500M TVL and mGLOBAL collateral use on Aave Horizon.[ https://blog.midas.app/midas-in-june-2026-recap/](https://blog.midas.app/midas-in-june-2026-recap/) \[S61] Midas Atomic Redemption. Target immediate and 2-day/7-day redemption capacity by mToken.[ https://docs.midas.app/defi-integration/atomic-redemption](https://docs.midas.app/defi-integration/atomic-redemption) \[S62] Midas Staked Liquidity. Up to $40M committed instant liquidity and three-layer redemption architecture.[ https://blog.midas.app/introducing-msl-midas-staked-liquidity/](https://blog.midas.app/introducing-msl-midas-staked-liquidity/) \[S63] Morpho Blue on DefiLlama. Current TVL, Ethereum TVL, active loans and average supply APY.[ https://defillama.com/protocol/morpho-blue](https://defillama.com/protocol/morpho-blue) \[S64] Morpho Effect March 2026. More than $11B deposits, approximately $4B active loans, enterprise channels and stablecoin loan mix.[ https://morpho.org/blog/the-morpho-effect-march-2026/](https://morpho.org/blog/the-morpho-effect-march-2026/) \[S65] Morpho Coinbase story. More than $1B active loans, $500M lending deposits and 90,000 active users.[ https://morpho.org/stories/coinbase/](https://morpho.org/stories/coinbase/) \[S66] Morpho, Spark and Ethena. Initial $100M DAI allocation to sUSDe/DAI and USDe/DAI markets.[ https://morpho.org/blog/morpho-enters-makers-endgame-with-spark-and-ethena/](https://morpho.org/blog/morpho-enters-makers-endgame-with-spark-and-ethena/) \[S67] Morpho Effect March 2025. More than $100M lender interest, Steakhouse $500M curated TVL and mMEV/USDC market.[ https://morpho.org/blog/the-morpho-effect-march-2025/](https://morpho.org/blog/the-morpho-effect-march-2025/) \[S68] Societe Generale FORGE and Morpho. MEV Capital-curated stablecoin vaults using crypto and tokenized money-market collateral.[ https://morpho.org/blog/societe-generale-forge-comes-onchain-with-morpho/](https://morpho.org/blog/societe-generale-forge-comes-onchain-with-morpho/) \[S69] Coinbase Institutional perpetual-futures primer. Funding normalization and BTC OI-weighted funding positive more than 85% of the time in its two-year sample.[ https://www.coinbase.com/institutional/research-insights/research/market-intelligence/a-primer-on-perpetual-futures](https://www.coinbase.com/institutional/research-insights/research/market-intelligence/a-primer-on-perpetual-futures) \[S70] Market Inefficiency in Digital Asset Markets. 2019-Jan 2026 panel and 12.5% average annualized perpetual funding-implied carry.[ https://papers.ssrn.com/sol3/papers.cfm?abstract\_id=6239518](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6239518) \[S71] Crypto Carry, Management Science. Peer-reviewed evidence that crypto carry can exceed 40% and reflects limits to arbitrage.[ https://doi.org/10.1287/mnsc.2024.05069](https://doi.org/10.1287/mnsc.2024.05069) \[S72] Aavescan API. Latest rates, liquidity, 5+ years of daily Aave history and one year of hourly history.[ https://aavescan.com/api](https://aavescan.com/api) \[S73] Binance Public Data. Official daily and monthly market archives, including futures funding-rate data.[ https://github.com/binance/binance-public-data](https://github.com/binance/binance-public-data) \[S74] Brix iTRY and wiTRY. Asset design, reserves, custody, World availability and risk disclosures.[ https://brix.money/itry](https://brix.money/itry) \[S75] DefiLlama wiTRY. Current market cap, World spot TVL and native yield data.[ https://defillama.com/rwa/asset/wiTRY](https://defillama.com/rwa/asset/wiTRY) \[S76] World Trading. Fixed-term loan mechanics, 98% lender-side margin contribution and collateral eligibility.[ https://docs.world.inc/essentials/trading](https://docs.world.inc/essentials/trading) \[S77] World Unified Margin Risk Question. Risk Price, Risk Slippage, contagion scenarios and onchain transparency.[ https://docs.world.inc/details/unified-margin-risk-question](https://docs.world.inc/details/unified-margin-risk-question) \[S78] World Risk-Based Valuation. Asset shock pricing and portfolio valuation mechanics.[ https://docs.world.inc/details/risk-based-portfolio-valuation](https://docs.world.inc/details/risk-based-portfolio-valuation) \[S79] Midas mEDGE. Edge Capital-advised multi-strategy product using lending, LP, rewards, basis and Treasury exposures.[ https://docs.midas.app/tokens/medge](https://docs.midas.app/tokens/medge) \[S80] Morpho curator scale. Historical average supply managed by major curators including MEV Capital and Steakhouse.[ https://forum.morpho.org/t/mip60-introducing-morpho-olympics-rewarding-metamorpho-vault-curators/604](https://forum.morpho.org/t/mip60-introducing-morpho-olympics-rewarding-metamorpho-vault-curators/604) \[S81] Morpho is powering USDC lending on Coinbase. $900M+ loans originated at publication and Steakhouse-curated lending vaults.[ https://morpho.org/blog/morpho-is-now-powering-usdc-lending-on-coinbase/](https://morpho.org/blog/morpho-is-now-powering-usdc-lending-on-coinbase/) \[S82] Digital Safe Havens, NBER. Tokenized Treasury yield decomposition, collateral pledgability and composability fragilities.[ https://www.nber.org/papers/w35412](https://www.nber.org/papers/w35412) \[S83] Midas mHYPER. Market-neutral stablecoin strategy managed by Hyperithm, with DeFi integrations and product disclosures.[ https://midas.app/mhyper](https://midas.app/mhyper) \[S84] Midas mF-ONE. Fasanara-managed private-credit and digital-asset strategy with Morpho integration.[ https://midas.app/mfone](https://midas.app/mfone) \[S85] Midas lending integrations. Existing Morpho USDC markets for mEDGE, mHYPER and mF-ONE, including published LLTVs.[ https://docs.midas.app/defi-integration/lending-protocol-integrations](https://docs.midas.app/defi-integration/lending-protocol-integrations) \[S86] Avant Protocol overview. USD, BTC and ETH asset families with senior and junior yield tranches.[ https://docs.avantprotocol.com/](https://docs.avantprotocol.com/) \[S87] Avant transparency dashboard. Product APYs, yield distributed, protection buffers and strategy deployment.[ https://app.avantprotocol.com/transparency](https://app.avantprotocol.com/transparency) \[S88] Avant yield generation. Dynamic market-neutral strategies and expert trading partners.[ https://docs.avantprotocol.com/yield-strategies-and-revenue/yield-generation](https://docs.avantprotocol.com/yield-strategies-and-revenue/yield-generation) \[S89] Brix research. Public analysis of Turkish carry persistence and USD results since June 2023.[ https://brix.money/blog](https://brix.money/blog) \[S90] Brix iTRY and wiTRY. Money-market backing, proof of reserves, World availability and risk disclosures.[ https://brix.money/itry](https://brix.money/itry) \[S91] DefiLlama - Perp DEX rankings. Current Hyperliquid reported volume and open interest.[ https://defillama.com/perps](https://defillama.com/perps) \[S92] DefiLlama - Ethereum stablecoins. Current Ethereum stablecoin and USDC balances.[ https://defillama.com/stablecoins/ethereum](https://defillama.com/stablecoins/ethereum) \[S93] DefiLlama - Ethereum chain. Current DeFi TVL and chain activity.[ https://defillama.com/chain/ethereum](https://defillama.com/chain/ethereum) \[S94] DefiLlama - Ethereum RWAs. Current RWA active value, onchain value and DeFi TVL.[ https://defillama.com/rwa/chain/ethereum](https://defillama.com/rwa/chain/ethereum) \[S95] DefiLlama - Aave V3. Current TVL, Ethereum TVL and active loans.[ https://defillama.com/protocol/aave-v3](https://defillama.com/protocol/aave-v3) \[S96] DefiLlama - Morpho. Current TVL, Ethereum TVL and active loans.[ https://defillama.com/protocol/morpho](https://defillama.com/protocol/morpho) \[S97] DefiLlama - trade.xyz. Current RWA-perp volume, open interest and revenue.[ https://defillama.com/protocol/tradexyz](https://defillama.com/protocol/tradexyz) \[S98] DefiLlama - RWA Perps. Current market count, open interest and market-level data.[ https://defillama.com/rwa/perps](https://defillama.com/rwa/perps) \[S99] DefiLlama - Ethereum DEX volume. Current Ethereum spot volume.[ https://defillama.com/dexs/chain/ethereum](https://defillama.com/dexs/chain/ethereum) \[S100] RWA.xyz - Tokenized U.S. Treasuries. Current distributed value, assets and holders.[ https://app.rwa-xyz.com/treasuries](https://app.rwa-xyz.com/treasuries) \[S101] DefiLlama - Public Equities RWAs. Current active value and DeFi utilization.[ https://defillama.com/rwa/asset-group/public-equities](https://defillama.com/rwa/asset-group/public-equities) \[S102] RWA.xyz - Tokenization platforms. Current Ondo asset count, value and holders.[ https://app.rwa-xyz.com/platforms](https://app.rwa-xyz.com/platforms) \[S103] RWA.xyz - Global market overview. Current global and Ethereum RWA value.[ https://app.rwa-xyz.com/](https://app.rwa-xyz.com/) \[S104] DefiLlama - RWA Perps by asset group. Public-equity and index share of open interest.[ https://defillama.com/rwa/perps/asset-groups](https://defillama.com/rwa/perps/asset-groups) \[S105] DefiLlama - Ethereum DEX aggregators. Current routed volume by protocol.[ https://defillama.com/dex-aggregators/chain/ethereum](https://defillama.com/dex-aggregators/chain/ethereum) \[S106] DefiLlama - Ethena. Current TVL and basis-product economics.[ https://defillama.com/protocol/ethena](https://defillama.com/protocol/ethena) \[S107] DefiLlama - Jupiter Perpetual Exchange. Current JLP TVL, volume and revenue.[ https://defillama.com/protocol/jupiter-perpetual-exchange](https://defillama.com/protocol/jupiter-perpetual-exchange) \[S108] DefiLlama - Hyperliquid HLP. Current HLP TVL and fee economics.[ https://defillama.com/protocol/hyperliquid-hlp](https://defillama.com/protocol/hyperliquid-hlp) \[S109] DefiLlama - Pendle. Current tokenized-yield TVL and revenue.[ https://defillama.com/protocol/pendle](https://defillama.com/protocol/pendle) \[S110] Midas - lending integrations. Morpho markets and published LLTVs for mTokens.[ https://docs.midas.app/defi-integration/lending-protocol-integrations](https://docs.midas.app/defi-integration/lending-protocol-integrations) \[S111] Midas - July 2026 recap. Cumulative issuance and yield paid.[ https://blog.midas.app/midas-in-june-2026-recap/](https://blog.midas.app/midas-in-june-2026-recap/) \[S112] Avant - transparency dashboard. Product NAV, APYs, yield distributed and protection buffer.[ https://app.avantprotocol.com/transparency](https://app.avantprotocol.com/transparency) \[S113] Ondo - tokenized stocks as DeFi collateral. Euler/Morpho and oracle integrations.[ https://ondo.finance/blog/defi-adoption-of-ondo-tokenized-stocks-live](https://ondo.finance/blog/defi-adoption-of-ondo-tokenized-stocks-live) \[S114] Ondo - Ondo Perps. Evidence that the leading issuer is expanding toward integrated spot/perps.[ https://ondo.finance/blog/introducing-ondo-perps](https://ondo.finance/blog/introducing-ondo-perps) \[S115] DefiLlama research - low current DeFi utilization of tokenized RWAs.[ https://newsletter.defillama.com/p/finding-value-in-the-token-landscape](https://newsletter.defillama.com/p/finding-value-in-the-token-landscape)
--- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.world.inc/market-research/world-go-to-market-gtm-data.md?ask=