simonthekid_

$32 billion in tokenized RWAs are already onchain. $6.2 billion of that is tokenized credit. But how much of Wall Street can actually be used in DeFi?
Horizon is @aave's dedicated RWA market. It lets users deposit tokenized real-world assets as collateral and borrow stablecoins against them.
The borrower deposits a tokenized real-world asset into Horizon. Aave issues a non-transferable receipt token that represents the collateral position. The borrower can then borrow stablecoins such as USDC, RLUSD, or $GHO up to a defined percentage of that collateral value.
Horizon keeps the normal Aave borrowing logic, but adapts it to assets that do not behave like liquid collateral.
If a borrower’s health factor stays above 1, nothing happens. If the health factor falls below 1, the position becomes eligible for liquidation. A liquidator repays part of the borrower’s debt and receives collateral at a discount.
In normal Aave markets, this is mostly a speed and liquidity game. Liquidators monitor unhealthy positions, repay debt, claim collateral, and sell or hedge that collateral through liquid markets.
With RWAs, the problem is different.
The question is not just whether a liquidator can repay the debt, but whether they can legally receive the asset, hold it, finance it, redeem it, and wait for the offchain settlement.
$mGLOBAL was recently onboarded to Aave Horizon. mGLOBAL is a @MidasRWA security token tracking Fasanara Capital’s Global Diversified Alternative Debt strategy, a short-duration private credit portfolio focused on assets like trade receivables and digital invoices.
If a borrower uses mGLOBAL as collateral and the position becomes unsafe, the liquidation path cannot simply assume instant secondary liquidity. Someone needs to repay the stablecoin debt, receive the mGLOBAL collateral, and manage the gap between onchain liquidation and offchain redemption.
This is where @infiniFi comes in.
infiniFi is supporting mGLOBAL liquidations on Aave Horizon as a designated liquidator. infiniFi is acting as a specialized liquidity and balance sheet layer for RWA collateral, turning them into something closer to a credit desk.
The tokenized RWA market is already tens of billions of dollars. Current market trackers put distributed onchain RWA value at roughly $31.4B$, representing a 5x growth since the begining of the year.
Aave has already processed more than $1T in cumulative loans across its lifetime. If RWAs become a meaningful part of Aave collateral, the market needs to answer a simple question: what happens when $10M, $50M, or $100M of tokenized private credit needs to be liquidated?
If the health factor is below 1 but above 0.95, and the collateral and debt values are both above $2,000, up to 50% of the borrower’s total debt can be liquidated. If the health factor falls to 0.95 or below, or if the position is small enough to create dust issues, up to 100% of the debt can be liquidated.
Binance Research, May 2026. Start-2025 value inferred from “roughly five times higher than start of 2025.”
A $1M mGLOBAL-backed borrow can create a $500k liquidation in a soft breach, or a $1M liquidation in a deeper breach.
mGLOBAL’s liquidity architecture is designed around this reality. Midas has multiple liquidity layers, a 10% internal liquidity sleeve, a committed Midas Staked Liquidity facility, an OTC and liquidator network, and standard monthly NAV redemptions.
RWAs do not become useful in DeFi just because they are tokenized, but because they can be priced, borrowed against, monitored, liquidated, refinanced, and exited without breaking the market.
Horizon is one of the first serious attempts to build that system inside Aave, but there are still areas for improvement IMO.
The biggest thing to improve is liquidator diversity. Designated liquidators make sense for permissioned assets, but the market should not depend on one balance sheet. If only one or two actors can handle a specific RWA liquidation, the market is not truly liquid. It is permissioned credit with a thin exit door.
The second thing to improve is transparency around liquidation capacity. Users should be able to see not only TVL and APY, but also how much instant liquidity exists, how much committed credit is available, how much collateral each liquidator can realistically absorb, what the redemption queue looks like, and what happens if multiple large borrowers are liquidated at the same time.
The third thing to improve is liquidation pricing. A fixed liquidation bonus may be too simple for assets with monthly NAVs, redemption cycles, transfer restrictions, and uncertain secondary liquidity. A $1M RWA liquidation and a $50M RWA liquidation do not carry the same risk. The discount should reflect size, duration, settlement risk, and available exit liquidity.
The fourth thing to improve is the user unwinding experience. Borrowers should have a clear path to reduce risk before liquidation by using part of their collateral to repay debt, especially when the collateral has shorter-term liquidity or redemption windows that can be tapped before the position becomes unsafe.
Real-world assets are finally becoming a usable collateral in Defi.

DeFi həmişə bir narahat ticarət müqaviləsinə sahib olub: sistem şəffafdır, amma onu istifadə edən hər kəs də elədir.
Bu şəffaflıq DeFi-ni şəffaflıq qatına çevirdi, amma eyni zamanda hər bir cüzdanı canlı maliyyə hesabatına çevirdi. Depozit məbləği, vaxtlama, risk həvəsi, qarşı tərəf seçimi, vault ekspozisiyası və çıxışlar hamısı standart olaraq görünəndir.
Pərakəndə istifadəçilər üçün bu, əsasən narahatlıq yaradır, amma təşkilatlar, fondlar, bazar yaradıcıları, xəzinələr və yüksək net dəyərə malik istifadəçilər üçün bu, ciddi bir məsələdir.
Təşkilatlar üçün gizlilik yalnız fəaliyyətləri gizlətmək deyil, həm də strategiyaları, qərarları və likvidlik hərəkətlərini tamamlanmadan əvvəl açmamaq üçün təhlükəsiz işləməkdir.

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Bu məqalədə, Binance Sensei-yə verilməsi lazım olan ən yaxşı sualları araşdıracağıq və paylaşılaraq maksimum fayda əldə edilə biləcək ən yaradıcı və faydalı sorğuları nümayiş etdirəcəyik.
Binance Sensei üçün Ən Yaxşı Nümunələr və İstifadə Halları
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