V2. Lending Market + Looping
Condition: a native lending market deploys on the Rayls Public Chain.
What V2 adds
Cork Pool agaNMF/USDXP
Resolves the duration risk that blocks RWA looping. LPs deposit USDXP into the Cork Pool, which mints cPT (principal token) and cST (swap token). cST gives the right to swap agaNMF for USDXP instantly, regardless of redemption queue. This makes agaNMF acceptable as collateral on a lending market. Bootstrap via LP incentive program.
Protected Loop Vault agaNMF. Scenario A
| Metric | Value |
|---|---|
| Deposit | 100,000 USDXP |
| Flow | Deposit → agaNMF → collateral on lending (Cork protects) → borrow USDXP 70% LTV → re-deposit → 2-3 cycles |
| Effective exposure | ~230,000 USDXP for 100,000 initial |
| Net yield target | ~20% APY |
| Requirement | Rayls native lending market |
agaYLD looping via Arbitrum. Scenario B
Available before Scenario A (does not require Rayls lending market). agaYLD contains public assets (BUIDL + USDY + TBILL + USDXP). no privacy required. Bridge native Rayls → Arbitrum (Orbit). Collateral on Morpho Arbitrum. Borrow USDC. Bridge back. Re-deposit. Net yield target: 12–15% APY. Arbitrum grants available.
USDXP basis trade. Scenario C
agaNMF 12% minus USDXP borrow 5.5% = 6.5% spread × 2.5x leverage. Net yield target: 15–18% APY. Requires Rayls lending market.
New vaults V2
agaYLD. Institutional Stablecoin Yield
| Parameter | Value |
|---|---|
| Underlying | BUIDL (BlackRock) 40% + USDY (Ondo) 30% + TBILL (OpenEden) 20% + USDXP buffer 10% |
| Target yield | 4–5% APY net (12–15% with Arbitrum looping) |
| NAV oracle | Chainlink price feeds (no Enygma needed. public assets) |
| Deposit currencies | USDXP, USDr, USDT |
| Target clients | Banks with idle USDXP, corporate treasuries, crypto funds parking cash |
agaYLD is the simplest vault technically. No privacy required. No Enygma. The NAV oracle aggregates public price feeds. It is also the entry product for institutional clients who are not ready to allocate to invoice risk but want on-chain yield on their stablecoin treasury.
Note: agaYLD does not exist in V1. Scenario B (looping via Arbitrum) requires agaYLD to be live first.
agaSAN. Trade Finance Vault
| Parameter | Value |
|---|---|
| Underlying | Letters of credit, corporate trade finance via Santander Brazil |
| Target yield | 10–15% APY |
| Duration | 90–180 days |
| Min ticket | 500,000 USDXP |
| Cork | Integrated for duration risk (longer maturities than agaNMF) |
NAV oracle V2
Real-time feed (not just daily). Circuit breaker: NAV deviation > 3% in 6h. Staleness threshold: 6 hours.