Research

Analysis of onchain credit, vaults, and institutional digital asset markets.

• October 14, 2026 19 min read

  Coinbase in the Front, Clearstar in the Back: The $34 Million Vault Behind Coinbase's Solana Loans

  Onchain data indicate that Clearstar's cbAssets Vault, a $34 million Morpho vault on Base, has become the main lender behind Coinbase's Solana-backed loans. It pays depositors about 6%, including a 1.8% USDC reward that runs to October 31st, 2026, and its Solana markets facilitated 217 liquidations with zero bad debt when SOL fell 5.6% on October 8th.

  Vault BriefVaultsStablecoins

• October 12, 2026 34 min read

  Real-World Asset Vaults Begin their Institutional Track Record

  Tokenizing a fund and building the ecosystem around it are different jobs. Value accrues to the RWA with an ecosystem.

  RWA Vaults ResearchRWAsVaults

• September 30, 2026 28 min read

  The 7% Button: What Pays for Robinhood's $500M+ Vault

  Steakhouse USDG is the largest onchain yield product ever directed at United States retail investors. While it does pay the 7% advertised, about 43% of that rate comes from an incentive budget with a published expiry date of July 1st, 2027, and the vault's unsubsidized yield sits at 4.06%.

  Vault BriefVaultsStablecoins

• August 9, 2026 8 min read

  Three Firms Control 56.9% of Curated Vault TVL. Only 5.7% Touches the Real World.

  A market structure read of the $9.9B onchain vault industry: who the curators are, where the money sits, what it yields, and the shelf that is still nearly empty.

  VaultsOnchain CreditRWAs