The gold bank on the chain: Who's rising and who's losing
Author:Castle Labs
Other Organiser
This is taken from our study of "financial treasuryization"。
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Treasury categories
THIS PART OF THE REPORT PROVIDES A QUANTITATIVE ANALYSIS OF THE TREASURY LANDSCAPE TO PROVIDE A COMPREHENSIVE PICTURE OF THE AREA AND ITS EVOLUTION. WE ANALYSE ECOSYSTEMS BY TYPE AND TRACK THE TRANSFER OF TVL TO DIFFERENT VAULTS AND DEVELOPERS。
We have broken down the concentration of facilitators and provided a vision of the major financial flows, putting the structural shift in defining the vault this year in a specific context。
Treasury should not be seen as a single, all-encompassing market, but should be assessed according to its different ways of achieving it, each with different parameters, risk vectors and responses to stress tests. The aggregated data provide only a partial picture and a more detailed analytical perspective is urgently needed。
Before starting the analysis, it is important to define the term "bank" as the basis for our methodology。
Our definition is based on the deployment path. The vault is classified asA tool for users to access proactive strategies" . Any assets that are simply packaged with tools under the chain are excluded from our analysis。
Maple's syrupusDC meets treasury standards: users deposit stabilization coins into agreements, agreements lend them to institutional borrowers and accumulate annualized gains through credit activities that issue tokens。
Lido steh is the vault: the user deposits ETH and the agreement earns the pledge proceeds, which are distributed in rebase currency. Centrifuge JAAA is a treasury: the user receives AAA class CLO proceeds through tokenized packaging, which generates gains through its credit position。
BY THIS DEFINITION, BELET ' S BUIDL DOES NOT BELONG TO THE TREASURY: IT IS ISSUED AS A DIRECT TOKEN, REPRESENTING A CLAIM AGAINST THE UNITED STATES TREASURY FUND UNDER THE CHAIN AT 1:1。
USING THIS PERSPECTIVE, WE HAVE DEFINED EIGHT STRUCTURAL CATEGORIES: LOAN VAULTS, MOBILE PLEDGE RE-CARGOS, VENTURE TREASURY INFRASTRUCTURE PROVIDERS AND REVENUE OPTIMIZERS, RWA CREDIT BANK, LASTING CONTRACT LP VAULTS, OPTIONS BANK
For the purposes of this analysis, we have made the Risk Treasury a stand-alone category to better understand its dynamics and growth。
Before going into each of these categories, let us focus on the overall performance of the Treasury。
The ecological status of the vault
The total net TVL for all defined treasury categories is $12.4 billion, which is about 50 per cent below the peak of $24.1 billion last October or so. The downward trend after the peak of October was driven by the "October liquidation event", which triggered a cascade settlement across DeFi。
Due to overlap, the Treasury TVL figure is higher than the current DeFi TVL (approximately $86 billion). For example, mobile pledge agreements such as @LidoFinance have been issued as steh, a rebase asset representing the proceeds of ETH that is used as collateral in loan agreements such as @Aave and @Morpho。
IF WE MOVE TO A CATEGORY-LEVEL ANALYSIS, THE OVERALL PICTURE WILL CHANGE DRAMATICALLY. RECENT EVENTS HAVE LED TO AN OUTFLOW OF TVL AND HAVE PROMPTED WIDER PRACTICAL TESTING OF SAFETY AND RISK MANAGEMENT ACROSS THE INDUSTRY (AND HOPEFULLY TOWARDS A SAFETY-FIRST APPROACH)。
THE CATEGORIES OF BORROWING, LIQUID PLEDGES AND RE-ADMITTANCES ARE THE WORST HIT, AS THEY HAVE THE GREATEST EXPOSURE TO CHAIN ASSETS AND DRIVE THE ECONOMY ALONG THE CHAIN; WHILE THE RWA TREASURY CONTINUES TO SHOW UNRELATED GROWTH DUE TO THE ABSENCE OF AN ENCRYPTED ASSET EXPOSURE。
In April 2022, groups such as the Treasury peaked and have been struggling ever since. As a result of the "October liquidation incident", the risk developer-led treasury was hit by the same blow as other major categories. Their TVLs hit the top around the end of October, and then fell due to the collapse of Stread Finance。
Three incidents between October 2025 and May 2026 (Stream Finance, Resolv and Kelp hacker attacks) provided a good pressure test window because of the cascade effect of these crash/blackouts on DeFi as a whole。
IN THE FIGURE BELOW, WE HIGHLIGHT THE HISTORY OF THE TVLS IN THESE CATEGORIES AT THIS PARTICULAR TIME. AS NOTED EARLIER, MOST OF THE PERFORMANCE WAS POOR, WITH ONLY THE RWA TREASURY INCREASING BY 37.8 PER CENT OVER THE SAME PERIOD, WHILE OTHER CATEGORIES EXPERIENCED SIGNIFICANT WITHDRAWALS。
Next, we continue to analyse the growth of each treasury category and focus on recent trends and shifts。
Loan Treasury
Borrowing is the largest treasury category and accounts for the vast majority of DeFi TVL. Last year marked a broad shift towards a treasury, driven by products such as Morpho, which helped to widen this trend。
On Morpho, the curators can create their own treasury, which can be open to multiple markets and generate income for depositors. These can eventually be developed by any provider, including traditional financial institutions。
The recent upgrade of Morpho Vaults V2 provides additional functions for the curators, including the ability to embed batch adapters to derive benefits from multiple sources, fine risk controls (e.g. absolute or relative caps on vault risk exposures), built-in KYC controls and other functions。
In the same context, Aave launched its V4 version, introducing the structure of Spokes and the Unified Hub. Spokes provides greater functionality through the self-defined risk parameters, the type of collateral to be sequestered and the configuration of predictors in each market。
It is different from Morpho's model of mentorship because Aave's governance still requires review and approval of the Spokes implementation, and Morpho is unauthorized. This is the shift from mono-lending to modular lending。
An exhibitionist model has brought Morpho together over $7.5 billion in TVL on the Ether host network and Base. Base contributed significantly to Morpho growth, from $604 million to over $2.8 billion。
This shows the power of distribution cooperation that Morpho has been pursuing, for example, with Coinbase: currently, about 40 per cent of the TVL in dollar terms is cbBTC, while it helps generate more than $1 billion in loans for Coinbase users。
As a response to the response exhibiter model finding product market convergence (PMF) among institutional investors, Aave is competing on the agency track through Horizon, which has accumulated over $350 million in TVL since its launch。
In addition, over the past few months, Aave has undergone many changes, including the departure of service providers such as BGD and ACI from Aave Labs, and the announcement and approval of the "Aave will Win" framework, allocating the full revenues of Aaave's products to token holders。
None of these events have had much direct impact on Aave users. The only effect is the price of the Aave token, but the recent KelpDAO attack has changed the situation: Aave lost over $12 billion in TVL, closer to its rival Morpho in TVL。
The ratio of Aave TVL to Morpho TVL, which used to be between 5 and 6 times, has now fallen to less than 2 as a result of the incident。
@sparkdotfi is part of Sky's ecosystem and is one of the lending agreements that benefited most from the flow of funds after the rsETH hacker attack。
THE FOLLOWING FIGURE SHOWS THE EVOLUTION OF THE PROTOCOL'S TVL:
MOST NOTABLY, THE SUPPLY OF BITCOIN HAS ALMOST TRIPLED, STABLE CURRENCY BORROWING HAS INCREASED BY 78 PER CENT TO $752 MILLION, UTILIZATION HAS REMAINED MANAGEABLE, AND WETH BORROWING HAS INCREASED BY 44.1 PER CENT TO 325,000 WETH。
@0xfluid also introduced a different method of liquidity design where borrowing, borrowing and DEX share the same funds. The user collateral acts as a LP (liquidity provider) in the Fluid DEX and earns transaction costs, while the borrowed funds are deployed to the DEX pool as intelligent debt to offset the cost of interest on borrowing。
Another interesting initiative of Fluid is the collaboration with agreements such as @JupiterExchange and @VenusProtocol, through which white-marked products such as JupLend (Solana) and Venus Flux (BSC) are launched, with TVL currently reaching $926 million and $21 million, respectively。
This stems from the broader positioning of Fluid to work with key players in the chain and gain more market shares, who share the costs with Fluid。
It's worth mentioning @kamino's vault, which is the main borrowing bank on Solana, with over $1.6 billion in TVL. The agreement achieved significant growth through its K-Lend model (Morpho equivalent on Solana). This enables Kamino to work with mature promoters like Gantlet and aim for institutional integration。
The largest vault on the platform, currently @SentorsharQ PYUSD, has more than $219 million in TVL, and the second largest is the RWA USDC Treasury of RockawayX, which is only $33 million, indicating that Kamino and Solana as a whole still have much room for growth。
Mobile and re-commitment
MOBILE PLEDGES AND RE-COMMITMENTS ACCOUNT FOR A LARGE SHARE OF THE TREASURY, NAMELY $42.4 BILLION AND $20.6 BILLION, RESPECTIVELY。
The main participants in the mobile pledge were Lido ($21.8 billion), Binance Stark ETH ($8.9 billion), @Rocket Pool ($1.2 billion) and @Coinbase cbETH ($320 million)。
Over time, Lido has maintained its dominant position and its issued assets steh are highly portfolioable throughout DeFi. At the same time, the dominance of Lido also marks a concentration of risk. They expanded the product line by introducing the Earn product, which served as a polymer layer, depositing user funds throughout DeFi to earn revenue. However, because of its exposure to the risk of $rsETH, the product was hit after the recent Kelp DAO hacker attack。
Binance Staked ETH, a user base of coins, has grown by 121.8 per cent since last year。
For other agreements and for the group as a whole, growth has been slow and at the expense of the pledge proceeds, which are currently about 2.5 per cent。
On the other hand, re-collateralization and re-collateralization have grown as a category to enhance the gains made from the flow pledge。
@KelpDAO was a mobile pledge agreement, whose hacker attacks and broader DeFi class thunderstorms highlighted the complication risks posed by these assets, because they were accepted as collateral throughout DeFi, which was more like a loophole than a function in this incident。
The main participants in the re-commitment and mobile re-commitment were @EigenClaud ($7.8 billion), @eth fi ($5.7 billion), Kelp DAO ($1.6 billion) and Renzo ($167 million)。
Re-commitment products such as EigenClaud and EtherFi have expanded over time to include more services。
EigenClaud's rebranding in 2025 helped them to position themselves as AWS in the encryption field, promoting the development of verifiable computing。
EigenDA is an Eigen data availability layer used by several L2s, including @megaeth, @Mantle Office and @Celo. The data published on EigenDA exceeded 1.8 TB and generated a total cost of approximately $90,000。
EigenClaud's TVL has remained stable in ETH prices for a long time, but has recently declined following the Kelp hacker attack because users tend to withdraw funds during uncertain periods。
Similarly, EtherFi was expanded to a new type of bank (neobank) with thousands of active card users, who accumulated about $440 million through their products。
In addition, they have a Liquid product (not to forget that EtherFi was originally introduced as a mobile pledge agreement) that supports a variety of strategies to increase the benefits of DeFi as a whole. One of its top-level ETH proceeds treasury TVL is $177.5 million。
Risk development treasury
The Risk Development Treasury is one of the fastest growing categories, reflecting a shift from single-party to modular lending. The treasury they offer on platforms such as Morpho to earn performance and management fees for them, similar to the way traditional financial funds operate, deploy user capital in various strategies to generate returns。
The current TVL for this category is about $6.5 billion, of which 75 per cent is held by three exhibitors: Setora ($1.85 billion), @SteakhouseFi ($1.63 billion) and @gauntlet xyz ($1.5 billion), which indicates that the category is less competitive。
These risk developers charge lower fees than traditional financial hedge funds and venture funds, which usually charge management fees (about 1-2 per cent of the entire AUM) and performance fees (about 10-20 per cent of interest earned). For example, the largest developer in income terms, Steakhouse Financial, generated an annualized income of $3 million (about 0.14 per cent of the total AUM) on $2.33 billion AUM。
THEY USUALLY CHARGE ONLY PERFORMANCE FEES AND, IN SOME CASES, MANAGEMENT FEES, WHICH ARE CURRENTLY MUCH LOWER. THIS IS THE RESULT OF THE PATTERN OF COMPETITION, AS THE PROMOTERS COMPETE FOR THE LOWEST COST TO ATTRACT THE HIGHEST NUMBER OF TVLS。
Nevertheless, the risk developer is concentrated in the head, with three providers sharing the lead, which is better than a mobile pledge, with Lido taking the lead in the mobile pledge。
In addition, what does this concentration mean? The Steakhouse team says this: "Concentration may follow the ethos found in traditional asset management analogies (e.g. ETF), most of which AUM is concentrated around leading managers。
This is not necessarily a bad thing, but rather a reflection of the concentration of compounding benefits on head managers who compete in terms of performance, product range and tariff loads。
The advantage of DeFi is that the arena is open. Anyone can come in and compete. We expect maximum concentration to persist, with healthy competition on the edge and room for specialization."
Prior to the recent change in concentration dynamics following the Stream Finance events, MEV Capital and Re7 were also highly representative, reaching peaks of US$ 14.90 billion and US$ 830 million, respectively. Then they shrunk, and Sentora grew into the second most important developer。
Moreover, after the KelpDAO hacker attack, the impact on risk developers was clear, but a few winners, such as @kpk io (+159.6 per cent) and Gautlet (+42.7 per cent), saw a net positive inflow。
For KPK, this increase stems from the recent launch of the Morpho V2 Treasury, which attracted deposits from ensdomains, CoWSwap and Nexus Mutual。
They consolidated agency-driven automation to rebalancing and treasury exits, thereby improving their risk management. For Gantlet, the growth was due to the expansion of its BSC chain and its cooperation with the Lista DAO lending agreement, which attracted new inflows。
As Juan Pellicer of Sentora points out, "DeFi insurance is also becoming a true part of the institutional chart. The ability to provide economic insurance has changed the way in which the Ministry of Finance or asset managers calculate, and they have to answer to the Investments Committee, which was a structural unlocking”。
Multi-tactical Treasury
The Gain Optimizer, as a category, is becoming mature and sees an influx of new participants. As the chain of sources of proceeds increases, the optimisation or aggregation model will become a better treasury model that provides the full best returns to depositors。
Agreements like @Veda labs (US$ 1 billion), @upshift fi (US$ 380 million) and Fluid Lite Vault (US$ 164 million) are in the lead in the overall category。
Each agreement provides a different model, but the goal remains to seamlessly integrate the collection of optimized revenues and to provide their depositors with the best available revenue of the entire DeFi. They are currently well below their peak due to continued market retreats and pressure since last October。
Providers such as Veda and Upshift would be better regarded not only as polymers, but rather as creating infrastructure to isolate the products. Upshift uses its own strategic engine to implement treasury authorization rules and ensure self-custody attributes by limiting deployment to white list chains/agreements/coin/smart contract calls。
In addition, Upshift is better classified as a multi-strategy treasury, which provides a risk exposure to the entire DeFi strategy, including borrowing, base trade, hedging, liquidity provision (LPing), RWA, etc。
Veda uses a modular structure to separate operations into a " boring" vault, the sole purpose of which is to hold assets, while any specialized tasks are performed by external modules. The agreement uses Merkel tree to enforce the rights by adding white names to a particular vault operation。
Infrastructure providers make it extremely easy for institutions to begin with a single integration, distribute it to a single lending agreement and add more sophisticated strategies as the supply of products expands in order to achieve higher returns and deeper liquidity。
Other products, such as Fusion ($30 million) and @GearboxProtocol ($29 million), from @ipor io, also serve as revenue optimization. For example, the main objective of Fusion is the chain treasury infrastructure, which enables independent entities such as promoters and asset managers to build and operate revenue strategies such as leverage revolving loans and arbitrage transactions。
Every Fusion vault is unique in terms of strategy, strategy and distribution. Automation is built at a strategic level, with different triggers for optimization, leverage maintenance, liquidation risk management, route, etc。
For example, exchange of negative spreads, use of lightning loans to move leverage positions across markets, or exit in the event of a risk event. As the Fusion team pointed out, "this automation was crucial in the recent rsETH/Aave crisis, when the IPODO steh revolving vault on the main web site was one of the first vaults to completely cut off the core open to Aave v3。
In general, automation and implementation enable the conductor to manage risks quickly when rapid action is most needed”。
LEVERAGE REVOLVING LOANS WERE THE LARGEST OF ALL THE TYPES OF FUNDS GOVERNED BY AGREEMENTS, AT APPROXIMATELY $8 MILLION. THE HIGHER FIGURE IS DUE TO THE FACT THAT TVL IS AN INADEQUATE INDICATOR FOR THE EARNINGS OPTIMIZER。
INSTEAD, THESE PROVIDERS SHOULD BE ANALYSED ACCORDING TO THE SIZE OF THEIR ASSET MANAGEMENT (AUM) BECAUSE THEY ALLOCATE FUNDS TO OTHER AGREEMENTS, SO THEIR TVLS DO NOT REFLECT REAL GROWTH。
Gearbox introduced a treasury structure for passive lenders and active borrowers。
At the heart of the agreement is the provision of leverage for mining or liquidity strategies or a medium-open access route for Delta. While most of the treasury mechanisms are built around the asset management of the developers, Gearbox focuses on the lender ' s risk management infrastructure。
The borrower may open a credit account to interact with an external agreement from Gearbox while maintaining a non-custodial status of funds. V3 Strategic firewalls have been introduced to protect agreements when credit accounts or strategies fail。
In the event of an accident, they cannot drain funds beyond those allocated to it in the shared mobility pool, thereby protecting passive lenders from infection。
RECENTLY, THE AGREEMENT ALSO ANNOUNCED A FOCUS ON RWA REVOLVING TREASURY。
RWA TREASURY
The RWA Treasury has achieved sustained growth over the past five years, with a compound annual growth rate (CAGR) of 231.3 per cent, reflecting the growing interest of the diaspora and institutional investors in RWA revenue exposure. Even after the recent use of the @ResolvLabs and Kelp loopholes, the RWA Treasury category remained sticky and did not fluctuate much due to limited exposure to chain assets。
the largest participants in this category are @maplefinance ($2.1 billion), @centrifuge ($1.6 billion), @anemoycapital ($1.1 billion), @re ($263 million), etc。
Maple Finance has grown rapidly over the past year, and TVL has climbed almost 10 times since the beginning of 2025. This increase can be attributed to a number of factors, including the roll-out of Syrup, as part of the transition from a purely institutional model of agreements。
The launch opened the door to retail-oriented products such as syrupUSDC and syrupUSDT, which are highly combustible in DeFi. DeFi ' s portfolio and depth liquidity allow assets to be leveraged through revolving lending agreements and integrated with products such as @pendle fi, thereby contributing to the growth of flying wheels。
REFLECTING PRODUCT DEMAND, THE PLATFORM CURRENTLY HAS ACTIVE LENDING TOTALLING APPROXIMATELY $1.7 BILLION. THESE LOANS ARE DOMINATED BY USDC, WHICH ACCOUNTS FOR ABOUT 75 PER CENT OF TOTAL ACTIVE LOANS, FOLLOWED BY USDT, WHICH ACCOUNTS FOR THE REMAINDER。
Other products have also witnessed tremendous growth. For example, Centrifuge positioned itself as a private credit infrastructure agreement. Its cooperation with Anemoy resulted in a $1.1 billion public debt pool operating on the Centralifuge infrastructure. Centrifuge was also recently selected by Coinbase as a token partner。
Re-products, for example, introduce re-insurance risks into the chain, allowing users wider access to real-world benefits. In addition to this, the Upshift USDC Treasury provides loans to over-pricing institutional funds to give depositors access to institutional lending。
Although RWA has witnessed all the growth in DeFi, it still represents only a fraction of the value of the monetization of the chain. Currently, active RWA DeFi TVL accounts for about 1/10 of the total RWA value。
The large difference between these two values is due to the fact that these assets fall into different categories and go beyond the general consideration of ordinary assets, as they relate in some cases to questions of foreclosure, compliance and liquidity。
Any expansion of assets in DeFi would require anticipatory foreclosure and secondary liquidity, as users may need to sell them to regain liquidity, or, in the case of loan agreements, liquidators repay loans and sell assets at close to mark prices to earn profits, but these are mostly more difficult to achieve in view of all the constraints imposed by RWA。
In addition, interest-bearing assets like RWA have another important component of their growth wheel: revolving lending。
RWA REVOLVING LOANS ARE MORTGAGED INTO STABLE COINS UNDER THE COLLATERAL OF DENOMINATED NATIONAL DEBT AND ARE REPEATEDLY REDEPLOYED TO THE PROCEEDS BANK. THE BASE TREASURY RETURN OF 4-5 PER CENT COULD YIELD 7-12 PER CENT UNDER 2-3 LEVERAGE, BUT THIS COULD ONLY BE ACHIEVED IF BORROWING COSTS REMAINED LOW (ABOUT 1 PER CENT)。
THE RATE OF INTEREST ON THE CHAIN IS HIGHLY VOLATILE AND THE SPREAD IS LIKELY TO BE SIGNIFICANTLY REDUCED. THE LEVERAGE USED TO CARRY OUT SUCH TRANSACTIONS MAGNIFIES THE LIQUIDATION AND PREDICTOR RISKS, AND THE STRATEGY RELIES ON THE STABILITY OF RWA COLLATERAL VALUES. THEN, SOME RWA SETTLED IN T+1, SOME SETTLED IN T+5, AND THE QUESTION OF REDEMPTION ALSO WORKED。
To address this problem, several solutions are available:
ERC-7540: Introduction of a different ERC-4626 vault so that users can use their claim for ransom as liquidity while the bottom asset is settled below the chain. Centrifuge is one of the most important examples in the production environment of the ERC-7540, where the tension between DeFi and the traditional finance T+ settlement is resolved by the use of synchronous deposits and walkbacks. These hybrids are becoming templates for any of the sub-chain asset vaults。
Securitize Treasury Registry: This ERC uses RWA in DeFi to map each investor ' s identity to ensure that the agreement complies with all the regulations and requirements required for the asset。
Redstone Clearing Streams: They implement RWA liquidation by introducing auction-based liquidations and connecting positions to solvers certified by KYC, which receive bottom assets under the chain and stabilize the chain。
Upshift Clear: Upshift is publishing its new product with Superstate in order to achieve immediate Redemption of RWA, allowing the user to replace its RWA with USDC at the currently reported price, with a fee of five basis points。
Another agreement in this category is 3F, a platform to leverage RWA on a chain (@3f xyz). It currently owns $7 million in TVL and deals with RWA assets in DeFi in a way different from other solutions。
It seeks to externalize different factors, including bridge facilitators (Bridge Facilitators) and mobility integrators. The former provides upfront liquidity to complete the openings that users intend to take on their capital base。
For example, if the target of the user is $3 million and the deposit is $1 million, the remaining $2 million in liquidity can be obtained from the bridge facilitator, thus leveraging the overall position by three times。
Similarly, when users intend to settle, the facilitator provides the required liquidity to address the problem of foreclosure delays. In the latter case, the liquid integrator provides immediate liquidity when the user wishes to exit immediately。
Because even when there are bridge facilitators, users have $1 million in deposits that have to go through the whole foreclosure process, they provide much-needed liquidity。
BOTH APPROACHES LEND EFFICIENCY TO THE MARKET, WITH ACTIVE CHAIN PARTICIPANTS FILLING THE GAPS NEEDED IN RWA REVOLVING LOANS TO EARN PROFITS, AS IS THE CASE WITH LIQUIDATION IN BORROWING。
Over time, such systems have become easier to expand because each participant can benefit from the process: circulars get smooth exits, and facilitators earn profits by providing liquidity and faster buy-outs for users。
As noted in the previous section, Gearbox is also planning to introduce Retokenisation: a function that allows for leverage casting and foreclosure of non-atomic monetization assets for infrastructure origin, without the need for secondary liquidity or for foreclosure delays。
In practice, the Gearbox contract will be merged with the RWA issuer ' s contract to create a seamless, combustible system to leverage the RWA directly at the issuer level, making Gearbox the only EVM agreement that provides the original RWA leverage。
RESUMABLE CONTRACT LP TREASURY
The permanent contract LP Treasury is represented by Jupiter Perps ($715 million), @HyperliquidX HLP ($396 million), @DriftProtocol ($256 million, declining after recent hacker attacks), @GMX IO ($242 million) and @Ostium ($51 million)。
The JLP of Jupiter remains the largest permanent bank in terms of TVL, but has lost more than half of its value since last October as a result of the liquidation。
HLP performed better in terms of preservation, down 30 per cent from the peak of $600 million last September. Hyperliquid's treasury has experienced constant fluctuations, usually driven by its floating HLP revenues, which are influenced by its structure and market conditions. Thus, the high-return cycle attracts capital, while the low-income or loss period introduces it。
A major loss occurred in March 2025 when a trader opened a large number of empty positions in Jelly coins and then withdrew the bond, triggering a forced liquidation and prompting HLP to take over the position。
Such losses to the Treasury have created a structural bias against the Treasury by classifying HLP as a more risky Treasury, but Hyperliquid has amplified the loss by reducing the leverage allowed for such tokens to avoid such a situation。
Products such as Ostium OLP offer an opening to RWA's contract for perpetuity and provide its users with the benefits of different configurations, but their TVL has dropped from its peak by about 50%. This retreat was the result of broader market changes and the Ostium yield cycle。
In addition, Ostium recently introduced structural changes to make OLP a priority slotting and a daily settlement layer that never bore the first risk. This is contrary to the HLP model: a depositor who had previously wanted the OLP to provide a directional opening may leave, but at the same time, in this new model, it has become a passive source of income for depositors with reduced risk。
Treasury of options
The DeFi Future Treasury (DOV) as a category gradually faded over time and peaked in 2022. DOV offers exposure to strategies such as reserve and cash guarantee options, but lacks capital efficiency, risks are high and, over time, it attracts fewer and fewer audiences as encryption users tend to be attracted to permanent contracts. However, it has recently been improving and consolidating its use, at least for more sophisticated users。
The vault no longer exists in its previous format. Instead, they are structured differently, more user-friendly, delivered through products such as @DeliveXYZ and @ryskfinance. Today, the option bank is implemented through the RFQ system and is processed by the marketer backstage。
With the introduction of V2 in March 2025, Derive was able to accelerate growth as a result of functional expansion (e.g. the use of CLOB and the commissioning of agency-level functions, such as off-site hosting and support of multiple collateral types), processing of $12 billion and $16 billion in renewal contracts and options transactions, respectively。
Derive V1 owns an active treasury that provides users with access to different policy options and creates Delta neutral positions for their depositors, thereby maximizing annualized returns. These vaults currently hold approximately $2.4 million in TVL。
On the other hand, products such as Rysk offer options openings to dispersed households by valorizing options and cash guarantees. It was launched on Hyperliquid, which focuses on HYPE ' s readiness to raise options, currently owns approximately $56 million in TVL and handles $975 million in nominal options。
As a result, they also provided Rysk Premium, a flagship product that serves as a treasury for smart configurations, deploys funds in different options strategies and generates sustained returns for depositors。
The new Treasury achieved a focus on addressing some of the previous problems of existing products. These include poor strategy design, with a short time frame of up to seven days; transaction execution at fixed time intervals, which creates opportunities for pre-trading; and customized design that aligns users with their size, right price or maturity。
The provider of the options pool is now more responsive to the market pulse and knows which assets should be listed to take advantage of the new window of opportunity in interest-bearing assets。
