Research
On chain capital and real world assets keep converging, and the questions worth answering sit where they meet. We research which use cases hold up, what a tokenized claim is worth when somebody has to enforce it, and where owning an asset stops being the same thing as holding exposure to it.
A standing claim without a funding rate
Dated contracts make you roll; perpetuals charge funding and can liquidate you. A third design holds a ladder of fully paid dated claims and rolls a published fraction daily: no expiry, no margin, and the cost sits in daylight on the ladder.
Scalar prediction markets for finance
Prediction markets settle yes or no, but finance lives on how much. A scalar prediction market settles on the number itself. Banks have sold ramp payoffs inside closed structured notes for decades; this lists the same payoff in the open, fully collateralized, where anyone can read the price and take either side.
On chain capital meets off chain credit
NAV lending runs on long duration assets funded by short duration capital. Figure proves the architecture that solves it, and the DeFi credit graveyard proves the architectures that do not.
The private asset liquidity gap
$3.7T of unsold companies, three years of distributions at half historical pace, and 53% of LPs blocked from new commitments. The data behind the secular demand for NAV finance.
LP NAV Lending: How It Works Today
How lenders extend credit to investors against their LP interests today, where the cost and friction sit, and how LP NAV Lending becomes cheaper and faster.