RWA Infrastructure 8
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
The pure-play RWA builders. Ondo runs tokenized treasuries and is the category-defining RWA brand. Polymesh and Dusk operate regulated security-token L1s. Centrifuge brings real-world credit on-chain. MANTRA and Plume target RWA-native chain layers. Solv tokenizes Bitcoin into yield-bearing instruments. INJ provides the iAssets framework for on-chain equities. Higher beta than OTR6 because most constituents are mid-cap and still in distribution, but this is where the protocol-revenue flywheel sits.
- RWA family · Growth risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet. The text above is its catalogue description; the framing beside it is derived from the mandate and the risk tier.
8 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01ONDO | 18% | ||
| 02CFG | 14% | ||
| 03POLYX | 14% | ||
| 04MANTRA | 12% | ||
| 05PLUME | 12% | ||
| 06DUSK | 10% | ||
| 07INJ | 10% | ||
| 08SOLV | 10% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- ONDO18%Yield
Ondo Finance is the largest tokenized treasury issuer and a category-defining brand in the RWA stack.
Performs in RWA-narrative phases and high-rate regimes. Underperforms in pure-crypto altcoin cycles and if rate cuts compress treasury yields.
regulatory uncertaintyrate-cycle sensitivity - CFG14%Yield
Centrifuge tokenizes private credit and trade finance on-chain. The cleanest pure-play on tokenized credit at scale.
Performs in credit-spread-widening regimes. Underperforms when capital prefers larger-cap RWA exposure.
lower liquiditycredit-default exposure - POLYX14%Infrastructure
Polymesh is the regulated security-token L1 with identity, accreditation, and transfer restrictions native to the protocol.
Performs in regulated-issuance phases. Sensitive to regulatory clarity around security tokens.
thin liquidityregulation dependence - MANTRA12%Infrastructure
Mantra is the Cosmos-based RWA-native L1 with regulated issuance partnerships in the UAE and Asia.
Performs in RWA-narrative phases. Drawdown profile is sharp because the float is concentrated and the listing history is short.
sub-2y historyconcentrated supply - PLUME12%Infrastructure
Plume is the L1 built for RWA-native applications, with native compliance modules and a tokenized issuance pipeline at launch.
Performs in RWA-narrative phases. Short trading history makes drawdown comparisons noisy.
sub-1y historylaunch-phase volatility
Show the remaining 3 holdings
- DUSK10%Infrastructure
Dusk Network is the privacy-focused security-token L1 targeting EU regulated issuance with ZK primitives at the protocol layer.
Performs in regulatory-tailwind cycles and privacy or ZK narrative phases.
thin liquiditynarrow market - INJ10%Infrastructure
Injective is the Cosmos-based L1 specialised for on-chain derivatives and the iAssets framework for tokenized equities.
Performs in derivatives and RWA narrative phases. Sensitive to Cosmos ecosystem health and to iAssets adoption.
narrow product surface - SOLV10%Yield
Solv Protocol tokenizes Bitcoin into yield-bearing instruments. SolvBTC is the largest BTC-yield product on-chain.
Performs in Bitcoin-DeFi narrative phases. Sensitive to Babylon protocol health and BTC-yield primitive maturity.
Babylon dependencethin float
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. ORWI8 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +30.2% | Not graded | · |
| 1 year | +30.2% | Not graded | · |
| 6 months | +30.2% | Not graded | · |
| 3 months | +30.2% | Not graded | · |
| 1 month | +25.5% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Higher beta than the broad market. Drawdowns of 40 to 60% during risk-off regimes are within historical range. Size accordingly.
- Short price historyHigh
ONDO, PLUME, MANTRA and 2 more have under a year of usable history. Backtest metrics carry wider error bars.
- Pre-live statusLow
Second Wave index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| ONDO loses half its valueLargest holding, 18.0% of the basket | −9.0%Mechanical |
| The three largest holdings fall 30%ONDO, CFG, POLYX · 46.0% of the basket together | −13.8%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 6 days to recover | −15.1%Recorded |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.59 correlation to bitcoin over its window: the holdings often move together, though less tightly than a broad crypto basket. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Worth a second look later
ORWI8 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and publishing an order panel over rules that are about to change would be the wrong kind of confidence. Everything above stays on the page while the work runs: the composition, the measured record and the risk flags all move with the research.