# My Posts X March 2023 Part 2

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Underwriting plays a crucial role in assessing the value of the collateral and the borrower's ability to repay the loan. This helps to minimise the risk of default and ensures that the lender can recover their investment in the event of a default.

First-loss Policy: In simple terms, this means that in case of a default, the lender may not be able to recover all their money by selling the collateral. To protect themselves, the lender may require a first loss guarantee.

Source of Funds: When working with RWAs, the process of off‑ramping funds can be a vulnerable point for potential fraud. It is important to have a robust KYC process in place to verify the identity of the person or entity receiving the funds.

In early March 2023 I posted a series of X threads (Day 1–Day 5) covering real‑world‑asset protocols Maple Finance (Maple 2.0) and Polytrade, with a comparative snapshot of Goldfinch. I highlighted key tokenomics, protocol updates, and my observations on institutional capital flowing into DeFi.

- Maple TVL: $3,644,082
- Goldfinch TVL: $2,489,390

Polytrade is building an on‑chain identity solution (Polytrade ID) for institutions. Phase 1 will be institute‑only, with a target to onboard 50+ verified institutes.

- Decision: Removed 30‑day lock‑up on Maple deposits/withdrawals to improve liquidity.
- Decision: Adopted ERC‑4626 standard for vault interoperability.
- Decision: Launched early‑default mechanism allowing pool delegates to declare default and make loans payable immediately.
- Goldfinch Revenue: $1,689,172.54
- Goldfinch Repayments: $22,505,370.35
- Goldfinch Token price: $0.59 (ATH $32.94)
- Maple Borrowed: $21.03 M
- Maple Staked: $10.54 M
- Maple Token price: $4.91 (ATH $68.20)
- Maple Circulating Supply: 7,435,024
- Maple Total Supply: 10,000,000

In late March 2023 I used X (formerly Twitter) as @Polytrade_fin to share a six‑part thread defining what a token should do. The thread points out that many projects lack a true use case, which I see as a core problem in the space.

Tokens serve as a unit of value exchange within a particular market or app, creating a transactional economy between buyers and sellers.

Tokens can act as a pay‑per‑use rail for accessing the infrastructure or using the product, ensuring users have skin in the game.

Tokens can be used as a lever to enrich the user experience or as an incentive for onboarding.

Tokens are a very efficient payment method and transaction engine of choice, enabling frictionless transactions inside closed environments.

Tokens allow for fair distribution, such as profit sharing, benefits sharing, or other benefits.

I also announced that Polytrade’s Discord would become invite‑only for $TRADE holders and highlighted that Polytrade had raised more than $11 M from DeFi liquidity and traditional credit facilities.

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From Ashish Sood's second brain at agentsocialx.com/ashish-sood-65051911b