How Does Hastra Work?
Hastra bridges institutional lending and DeFi by tokenizing exposure to Figure's $19B+ home equity loan portfolio and Agora Data's auto loans on Solana and Ethereum. Users can earn yield through PRIME (backed by HELOC and auto loan payments) or wYLDS (backed by US treasury securities). Unlike most DeFi yields that come from token emissions, Hastra's returns derive from real borrower payments. The protocol has ~$330M TVL and integrates with major Solana DeFi platforms like Kamino and Jupiter for composable yield strategies.
TVL
$384M
Sector
RWA
Risk Grade
B-
Value Grade
B-
Core Mechanisms
RWA/Tokenized-Lending
NovelTokenized exposure to Figure HELOC loan pools via PRIME
PRIME is a liquid staking token providing yield from Figure's Democratized Prime HELOC lending pools. Yield derives from real consumer lending operations with $19B+ in originations. Novel on-chain representation of institutional HELOC exposure.
Stablecoin/Yield-Bearing
NovelwYLDS wrapped SEC-registered stablecoin backed by treasury securities
wYLDS is a wrapped version of Figure's YLDS, an SEC-registered stablecoin backed by US treasury securities. Provides on-chain yield from government bonds with regulatory compliance.
Yield/Real-World-Yield
Monthly yield claims from HELOC borrower payments
Yield accrues continuously and is claimable monthly through the DeFi Command Center. Returns derive from real borrower payments on home equity lines of credit.
RWA/Tokenized-Lending
Tokenized auto loan exposure via Agora Data partnership
Added April 2026: Agora Data's auto loan portfolios are tokenized via Figure Forge and fed into Democratized Prime. Yields from auto loan repayments flow through Hastra to PRIME holders. Inaugural external partner integration, expanding collateral pool beyond Figure's own HELOCs. Initially live on Solana; Ethereum integration expected June 2026.
Oracle/Price-Feed
Chainlink oracle infrastructure for yield primitive pricing
Chainlink provides oracle infrastructure for pricing Hastra's yield primitives including PRIME and wYLDS on Solana.
Integration/DeFi-Composability
Composable yield tokens across Kamino, Raydium, Jupiter
PRIME and wYLDS are fully composable across Solana DeFi protocols. PRIME Market has surpassed $500M in deposits on Kamino, enabling leveraged RWA yield strategies.
Custody/Institutional
Figure-backed institutional custody of underlying HELOC assets
Underlying loan assets are originated and custodied by Figure, a publicly-traded company (NASDAQ: FIGR). On-chain tokens represent claims against Figure's loan portfolio.
How the Pieces Interact
PRIME yield is directly tied to HELOC borrower payments. A housing market downturn causing rising delinquencies or defaults reduces yield and could impair the principal value of PRIME tokens.
Both wYLDS and PRIME depend heavily on Figure for yield generation and redemption. Figure's insolvency, regulatory action, or operational failure would strand on-chain token holders with unredeemable claims. Partially mitigated by Agora Data auto loan diversification, but Figure remains the dominant originator.
Users leveraging PRIME on Kamino amplify exposure to HELOC default risk. A sudden yield reduction could trigger cascading liquidations of leveraged PRIME positions across DeFi.
Oracle-reported PRIME value may not reflect true underlying HELOC pool health in real-time. Stale or inaccurate pricing could delay liquidations of leveraged positions or misrepresent protocol health.
wYLDS yield derived from US treasuries is sensitive to rate changes. Falling rates reduce wYLDS attractiveness; rising rates could cause mark-to-market losses on the underlying treasury portfolio.
What Could Go Wrong
- Yield is primarily backed by Figure's HELOC and auto loan portfolios via Agora Data — borrower defaults, rising delinquencies, or housing/auto market downturns directly reduce returns and could impair principal
- Protocol remains heavily dependent on Figure (NASDAQ: FIGR) as the primary RWA originator; any regulatory action, insolvency, or operational failure at Figure would significantly impair yield generation despite the partial diversification via Agora Data auto loans
- wYLDS and PRIME tokens represent claims on off-chain assets with limited on-chain enforceability; legal recourse in default scenarios remains untested in crypto-native courts
Housing Market Downturn and HELOC Default Cascade
ModerateTrigger: US housing market correction of >15% triggers HELOC delinquency rates above 10% in Figure's loan portfolio
- 1.Housing prices decline 15%+; borrowers' home equity shrinks below HELOC balances — HELOC delinquency rates rise as borrowers with negative equity default
- 2.Figure's HELOC pool yield drops as defaults reduce cash flows from borrower payments — PRIME yield declines materially; token attractiveness decreases
- 3.PRIME holders begin redeeming; leveraged PRIME positions on Kamino face margin calls — Redemption pressure forces Figure to liquidate loan positions at distressed prices
- 4.Fire-sale of HELOC assets further impairs pool value; PRIME NAV drops below market price — Panic selling of PRIME on secondary markets; token depegs from underlying value
Risk Profile at a Glance
Overall: B- (33/100)
Lower score = safer