How Does Anemoy Capital Work?

RWA|Risk B-|5 mechanisms|4 interactions

Anemoy Capital is a web3-native asset manager built on Centrifuge that tokenizes real-world assets including US Treasury bills, credit funds, and an S&P 500 index fund, with approximately $567M in total value locked across its fund products. Partnered with Janus Henderson and rated by S&P Global, its B- grade reflects moderate risk primarily driven by oracle dependency on Chronicle Protocol for NAV pricing, cross-chain bridge risk via LayerZero for multi-chain fund access, and the inherent counterparty risk of off-chain asset custody balanced by institutional-grade partnerships and regulatory oversight from BVI financial authorities.

TVL

$1.5B

Sector

RWA

Risk Grade

B-

Value Grade

D

Core Mechanisms

2.1.2

Management fee on tokenized fund AUM

Standard percentage-based fee model applied to tokenized fund products (LTF, DYF, ACRDX, JTRSY)

6.4.3

Chronicle RWA Oracle for on-chain NAV reporting

Chronicle Protocol's Proof of Asset oracle provides cryptographic verification of off-chain fund holdings and NAV

2.3.2

Foundation-managed fund treasury via regulated BVI entity

Fund assets managed by regulated entity with Janus Henderson as sub-advisor for treasury fund products

8.1.3

LayerZero cross-chain fund token transfers via deRWA standard

Centrifuge deRWA token standard enables cross-chain transfers of fund tokens to Ethereum, Solana, and other chains via LayerZero messaging

2.2.2

Treasury accumulation via fund management fees

Revenue from management fees accrues to Anemoy as the fund manager entity rather than distributing to token holders

How the Pieces Interact

Chronicle RWA Oracle (6.4.3)↔Fund NAV pricing / redemptionsHigh

Oracle delay or manipulation could cause fund tokens to trade at incorrect NAV, enabling arbitrage at the expense of other fund holders or delaying legitimate redemptions

LayerZero cross-chain transfers (8.1.3)↔Fund token minting/redemptionMedium

Cross-chain message failure could strand fund tokens on a destination chain without corresponding redemption access on the issuing chain

Off-chain custody (traditional custodians)↔On-chain fund token claimsMedium

Custodian operational failure or insolvency would create a mismatch between on-chain token supply and actual underlying assets

Anemoy Liquidity Network redemptions↔Fund AUM scale ($567M)Medium

Redemption liquidity covers only about 40% of AUM; a coordinated redemption event could exhaust liquidity pools and force gating or delays

What Could Go Wrong

  1. Anemoy relies on Chronicle Protocol's RWA Oracle for on-chain NAV reporting of its tokenized funds, creating a single oracle dependency for pricing accuracy across its $567M AUM. Chronicle's Proof of Asset framework provides cryptographic verification, but a sustained oracle failure could delay redemptions.
  2. As a Centrifuge-native asset manager, Anemoy inherits Centrifuge's smart contract and infrastructure risk. Fund tokens are issued on Centrifuge's chain with cross-chain bridging via LayerZero, creating bridge dependency for multi-chain fund access.
  3. Underlying assets are off-chain US Treasury bills and credit instruments custodied by traditional financial institutions. Counterparty risk with custodians and fund administrators exists outside of on-chain verification, though Bureau Veritas audits and S&P ratings provide independent oversight.
  4. Redemption liquidity depends on the Anemoy Liquidity Network providing $125M in instant redemptions and $100M in same-day liquidity, but during market stress these pools could be insufficient relative to total AUM.

Oracle-Driven NAV Mispricing and Redemption Run

Moderate

Trigger: Chronicle RWA Oracle reports stale or incorrect NAV for 24+ hours during a period of rising Treasury yields, causing fund token price to diverge more than 2% from actual NAV

  1. 1.Chronicle Oracle NAV feed goes stale due to off-chain data pipeline failure — On-chain NAV reflects outdated pricing while actual Treasury values decline with rising rates
  2. 2.Arbitrageurs recognize stale pricing and rush to redeem at inflated on-chain NAV — Anemoy Liquidity Network instant redemption pool ($125M) depleted within hours
  3. 3.Same-day liquidity ($100M) also exhausted as word spreads — Remaining $340M+ in fund tokens have no immediate redemption path
  4. 4.Centrifuge deRWA tokens on secondary chains cannot redeem without cross-chain messaging — Token holders on Solana and Ethereum face additional delays and potential bridge congestion
  5. 5.Fund manager forced to liquidate Treasury positions at depressed prices to meet redemptions — Realized losses reduce NAV for remaining holders, creating further redemption pressure
See all 2 collapse scenarios in the full risk report →

Risk Profile at a Glance

Mechanism Novelty0/15
Interaction Severity5/20
Oracle Surface5/10
Documentation Gaps4/10
Track Record4/15
Scale Exposure7/10
Regulatory Risk6/10
Vitality Risk3/10
B-

Overall: B- (34/100)

Lower score = safer

More on Anemoy Capital

Is Anemoy Capital Safe?

Safety analysis

Is Anemoy Capital a Good Investment?

Value analysis

Full Risk Report

All mechanisms & interactions

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