TL;DR: What kind of project is it? @multiplifi is a cross-chain DeFi yield protocol that offers sustainable yields of 8-12% per year on traditionally non-yielding assets such as Bitcoin, stablecoins, and tokenized RWA (gold, government bonds). - Uses delta-neutral strategies (spot-futures arbitrage, funding rate optimization, etc.) - Generates "real yield" without market direction exposure - Users deposit assets → receive yield-bearing xTokens (xUSDC, xWBTC, etc.) → daily compounding automatically - Supports Ethereum, Avalanche, BNB Chain Why is it important? - Multipli addresses the issue of non-yielding assets like BTC and ETH in the $1.8 trillion native asset market. - Integrates traditional finance strategies into DeFi → accessible to everyone - Collaborates with hedge funds like Nomura and Fasanara Capital to tokenize delta-neutral strategies - Raised $21.5 million from investors including Pantera, Sequoia, and Elevation Capital - Captures two mega-trends simultaneously: RWA tokenization + sustainable yield Tokenomics Status - Token not yet launched (scheduled for late 2025, detailed tokenomics undisclosed) - Currently operating a point-based reward system (ORBs) → earn ORBs by depositing and holding xTokens - ORBs may have retroactive airdrop potential, but total supply, distribution structure, and governance mechanisms are undecided Differentiation from Competitors - Pendle: based on futures/yield tokenization, TVL $12.5 billion - Yearn: automated farming, TVL about $500 million - Convex: Curve LP optimization, TVL $1.2 billion - TVL $79.74 million (as of September 2025) Differentiators: - 3x higher yield than BTC and ETH (8-12%) - No impermanent loss risk compared to LP farming - Enhanced compliance based on institutional partnerships - RWA support + cross-chain scalability Key Risks - Smart contracts: DeFi standard risks exist. However, multiple audits completed by Shieldify, ChainRisk, etc., + quarterly reviews - Regulation: Regulatory risks due to RWA integration → restrictions for users in the US and Canada - Counterparty: Reliance on custodians (Ceffu), mitigated by daily profit and loss settlement and diversification - Market risk: Delta-neutral strategies have funding rate fluctuations and basis risks, but stability proven through over 4 years of backtesting - Liquidity risk: Withdrawal cycle of 7-14 days, minimum partial withdrawal of $10K → liquidity constraints Current Status - TVL: $79.74 million - Weekly yield distribution: approximately $123,000 to $159,000 (as of September 2025) Overall Assessment: This project provides stable yields on Bitcoin, stablecoins, and RWA assets by integrating traditional finance strategies with DeFi. However, withdrawal delays, counterparty reliance, and regulatory risks require ongoing monitoring.