# O2O Research methodology

Source: https://o2ocapital.com/research/methodology
Updated: 2026-10-15

For information only: nothing on this site is an offer to sell, or a solicitation of an offer to buy, any security. Open to eligible non-U.S. institutional investors only.

As of 15 October 2026, O2O Capital Partners is pre-launch: no vault or vault token is live.

This page sets out how O2O Research, the research desk of O2O Capital Partners, sources, defines, dates, checks and corrects the figures in its posts. It applies to the O2O Vault Brief and to every research report on this site.

## Sources

O2O Research uses primary sources first: direct reads of blockchain data, protocol data interfaces, and publications from issuers, central banks and supervisors. Free public data services come next, such as DefiLlama, RWA.xyz and vaults.fyi, and press reports last. Every figure in a post names its source and, where the source is public, links to it.

## Reconciling figures that differ

Trackers often report different values for what sounds like the same figure, because they cover different vaults, chains or asset types, apply minimum-size filters, or count vaults that invest in other vaults twice. O2O Research reports each figure with its source, its definition and its date. Where posts cite different values for one recurring figure, the [onchain vault market data page](https://o2ocapital.com/research/data/onchain-vault-market) gives one dated, sourced value and explains the gap.

## Metric definitions

- **TVL (total value locked)**: The dollar value of assets deposited in a protocol or vault at a point in time. It measures deposits held and says nothing about what they earn.
- **Curated TVL**: TVL in vaults with a named curator, the firm that chooses which markets a vault may lend into and sets its limits.
- **Base APY**: The annualized yield a vault earns from its own activity, such as interest paid by borrowers, after the vault's fees.
- **Incentive APY**: The annualized value of rewards paid on top of base APY, often in tokens and often with an end date.
- **Trailing APY**: An annualized yield measured over a stated past window, such as 30 days, as reported by the named source.
- **Distributed and represented value**: RWA.xyz's split between tokenized assets natively issued on a blockchain (distributed) and assets whose recordkeeping uses a blockchain or a private distributed ledger (represented).

## Dates

Every post shows three dates. Published is the date it first appeared. Updated is the date of the last substantive edit, and the post carries a dated note saying what changed. Data as of is the date the post's figures were pulled; where a post describes its figures as current at the time of writing, its Data as of date is its publication date.

## Verification

O2O Research checks each figure against its source before publication. Where it can, it reads onchain figures directly from the chain or from the protocol's own data interface, and it compares third-party dashboards with a second source.

## When a figure cannot be verified

If O2O Research cannot verify a figure, it says so and does not estimate it. Posts list such items in their notes on sources and method, and the market data page marks any figure it could not retrieve with the date and source of the last published value.

## Corrections

To report an error, use the [contact form](https://o2ocapital.com/?audience=other#contact) and name the post and the figure. Corrections are made in the post itself with a dated note that says what changed, and a figure that recurs across posts is corrected on the market data page at the same time.

## Conflicts of interest

O2O Research is general market commentary for information only. It is not investment advice, a recommendation or an offer of any security, including interests in any O2O vault. O2O may seek business relationships with protocols, curators or issuers it writes about.

O2O Capital Partners is building its own private credit vaults, so O2O Research names this interest in the disclosure under every post's byline.

## Use of AI

O2O Research uses AI tools to help collect data, draft text and check figures against their sources. A named person reviews and approves every post before publication, and the byline names that person. For the posts on this site as of 15 October 2026, that person is Peter Gaffney.

## Publishing cadence

O2O Research publishes the O2O Vault Brief every two weeks, and longer reports on onchain vaults, stablecoin treasury yield and niche private credit.

Last updated October 15, 2026.