Real RWA projects start with a revenue-generating asset. Here a low-poly vessel earns charter income; adjust the levers and watch the yield that actually flows to token holders — with the full math shown.
drag to orbit the vessel · sliders change waterline & cargo
⚓ Charter & Cost Levers
🧮 The Math (annualised)
0.0%
Projected net yield to token holders
🔍 Asset-First vs Token-First RWA
✅ Asset-first (real)
Starts with a productive asset — e.g. a vessel already earning charter revenue.
Cash flow exists before the token; the token securitises an income stream.
Yield is backed by signed charters and audited operating accounts.
Downside protection: the hull has resale/scrap value even if the token fails.
⚠️ Token-first (empty shell)
Starts with a token and hopes liquidity and an asset show up later.
“Yield” is often incentives or new-investor inflows, not operating income.
No verifiable cash flow; claims can't be tied to real contracts.
If sentiment turns, there's nothing underneath — value can go to zero.
Due-diligence questions to ask any RWA project
Can you see the asset itself — vessel IMO number, registry, class certificate, valuation?
Is there a signed charter or offtake contract, and who is the counterparty?
Where does yield actually come from — operating income, or new investor money?
Who is the custodian / SPV holding the asset, and is it bankruptcy-remote?
Are operating accounts audited, and how often are distributions paid?
What happens in a downturn — dry-docking, idle days, counterparty default?
Is there legal recourse to the asset if the token issuer disappears?