收益从何而来？
追溯经济上的支付方。公示 APY 不是保证回报。
- Borrower pays auto loan interest
Figure Agora-originated loans
- Interest flows into Democratized Prime pool
- Pool proceeds support YLDS certificate economics
- wYLDS wraps YLDS and stakes/accrues rate
wYLDS ≠ YLDS — distinct wrapper
- AUTO vault wraps wYLDS
Reflects the accreted exchange rate
- AUTO value rises via reward distribution / exchange rate
- No AUTO-specific coupon
All yield is a derived pass-through
- 一级来源
- 消费贷款利息
- 二级来源
- 未知
- 经济上的支付方
- Consumer auto loan borrowers, via Figure Agora-originated loans inside the Democratized Prime program.
- 浮动 / 固定
- 浮动
- 毛收益 / 净收益
- 未确定
- 带日期的收益快照
- 未知
Borrower interest flows through the Democratized Prime auto loan pool, into YLDS certificate economics, into the wYLDS staking wrapper, and finally into the AUTO vault exchange rate. AUTO holders do not hold loans directly.
收益如何分配
- 机制
- 奖励分配
- 备注
- Value accrues via vault exchange-rate appreciation (staking-style), not periodic cash interest paid directly to AUTO holders.
代币代表什么？
持有代币并不自动等于直接拥有底层资产。
- 法律请求权类型
- 封装权利
- 注册地
- 未知
AUTO 代表通过质押 wYLDS 所建立的 Hastra AUTO 资金池份额：质押行为会触发一项程式化指令，将支持该 wYLDS 的 YLDS 出借至 Figure Democratized Prime Auto Pool。这属于程式化的资金池出借风险敞口——并非直接持有个别汽车贷款——且 wYLDS 与 YLDS 并非相同的金融工具。
衍生 / 包装请求权: AUTO wraps wYLDS, which wraps YLDS. wYLDS is a distinct staking wrapper and is NOT the same instrument as YLDS itself. AUTO is a share of the Hastra AUTO pool: staking wYLDS triggers a programmatic instruction that lends the underlying YLDS backing into the Figure Democratized Prime Auto Pool — this is pool-level lending exposure, not direct ownership of individual auto loans.
官方网站 https://hastra.io
发行人、管理人与服务方
- 协议Hastra
法域未确定 — Operates the Solana vault-stake-auto contracts and handles DeFi distribution of yield to AUTO holders, net of a 50 bps platform fee.
- 发起人Agora Data, Inc.
US — Third-party originator of near-prime consumer auto loans via an AI-underwriting framework, serving dealerships across the US. Not a Figure entity — Figure sources and diligences Agora as an external originator, distinct from PRIME, where Figure originates directly.
- 服务商Agora Data, Inc.
US — Handles origination, underwriting, and servicing of the underlying auto loans.
- 其他Figure Forge / Figure Connect
US — Figure structures Agora's tokenized loans (via Figure Connect / DART digital lien and e-note registry on Provenance) into standardized loan-participation tokens using the Figure Forge smart contract. Figure's role here is structuring, credit enhancement, and capital-markets infrastructure — not origination.
- 其他Figure Democratized Prime (Auto Pool)
US — Marketplace on Provenance where AUTO (via staked wYLDS) provides warehouse funding against Figure Forge participation tokens backed by Agora-originated auto loans.
- 法律发行人Figure Certificate Company (YLDS issuer)
US — Legal issuer of the underlying YLDS face-amount certificate that wYLDS wraps; AUTO is two layers removed from this issuer (AUTO → wYLDS → YLDS).
底层是什么？
仅基于一级证据的底层资产与策略。
以车辆（新车及二手车）作为担保的近优级（部分为次级）消费者汽车贷款，由 Agora Data 发放，并通过 Figure Forge 结构化为标准化的贷款参与代币，再纳入 Figure Democratized Prime Auto Pool。
- Near-prime consumer auto loans
- Motor vehicles (collateral)
AUTO does not directly hold loans; exposure is via the wYLDS→YLDS wrapper chain into the Democratized Prime Auto Pool.
出问题时会发生什么？
结构性损失路径——不是风险评分。未知保护保持 Unknown。
- 谁首先承担损失
- A reserve account (sinking fund) builds to approximately 2.5% of outstanding principal over time and absorbs realized credit losses before any loss reaches AUTO/wYLDS holders; Figure separately commits a $25M equity stub / seed capital to the auto loan trust as first-loss protection alongside that reserve.
- 已记录的保护安排
- Cashflow overcollateralization of roughly 2.4x (underlying loans generate ~20% net coupon against a target AUTO yield of approximately ~9%); an 87% advance rate on current loans, dropping to 43.5% at 61–90 days past due and to 0% at 91+ days past due; a mandatory 60/90-day buyout of delinquent loans from the pool; an originator repurchase obligation for loans breaching representations/eligibility; full recourse to Agora plus a limited parent guarantee; bankruptcy remoteness via a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA) between Agora and the trust.
- 投资者敞口
- Loss path: borrower default → servicing/recovery (including vehicle repossession and residual-value recovery) → pool-level loss → absorbed first by the reserve account and Figure's equity stub, then by advance-rate step-downs — before any impairment reaches the AUTO/wYLDS exchange rate. Per Hastra's own FAQ, the pool can absorb roughly 55% delinquency (against ~10% expected losses) before yield is impaired. These protections reduce, but do not eliminate, credit risk — vehicle depreciation, servicing quality, and regulatory risk remain.
Full path: borrower payment → Agora servicing → Figure Forge participation-token cash flows → Democratized Prime Auto Pool → reserve account / Figure's $25M equity stub / advance-rate mechanics absorb losses in that order → surplus flows through wYLDS interest into the AUTO exchange rate, net of the 50 bps Hastra platform fee.
如何拿回资金？
一级赎回 ≠ 二级 DEX 流动性。资格是有范围的。
- 合格投资者
- UNKNOWN
- 一级赎回
- Unstake/redeem AUTO for underlying wYLDS/YLDS exposure per Hastra vault mechanics.
- 时点
- UNKNOWN
- 结算资产
- UNKNOWN
- 最低额
- UNKNOWN
- 限制
- UNKNOWN
- 二级流动性
- Any secondary market trading (if listed) is not issuer redemption.
谁持有底层资产？
分别梳理资产托管、现金托管、加密资产托管与代币控制。
- 资产托管
- Underlying auto loan receivables are pledged into a Delaware statutory trust under a Master Repurchase Agreement (MRA) between Agora and the trust — a bankruptcy-remote structure with an independent trust administrator whose only non-discretionary powers, in a default scenario, are to sell trust assets and remit proceeds to Democratized Prime lenders.
- 现金托管
- YLDS (the base certificate wYLDS wraps) is issued/administered by Figure Certificate Company (FCC) per its SEC-registered face-amount certificate structure; specific cash sub-custodian not itemized this pass.
- 加密资产托管
- wYLDS is held in the Hastra wYLDS vault; AUTO is held in the Solana vault-stake-auto (AUTO stake) vault.
See tokenControl block for mint/burn/pause/upgrade detail.
费用
毛收益与净收益不是一回事。不按 APY 排名。
- platform_fee50 bps (0.50%) Hastra platform fee, netted out of the Democratized Prime pool rate before distribution to AUTO holders.
- Effective APY display (informational, not a fee)VARIABLE — the 'Effective APY' shown in the Hastra UI is a trailing 24-hour NAV-change estimate reflecting the Democratized Prime pool rate plus wYLDS interest on unutilized pool liquidity, net of the 50 bps Hastra fee; updated roughly every 5 minutes. It is a utilization-driven mechanism, not a fixed or guaranteed rate — do not display a captured number as permanently fixed.
监管
授权按实体 × 法域 × 工具界定——不是品牌标签。
No single securities/lending license instrument located for the AUTO wrapper token itself this pass; the underlying YLDS layer is a separately SEC-registered face-amount certificate (see YLDS record).
- 实体
- Hastra
- 法域
- 未知
- 工具
- 未知
- 授权 / 注册
- UNKNOWN
审计 / 鉴证
智能合约审计不等于基金审计或贷款审计。没有合并的「已审计」徽章。
- 智能合约审计提供方未结构化日期未知 · Hastra's own FAQ states 'both AUTO and PRIME have been audited,' but does not name the audit provider or date on the pages reviewed in this pass.
智能合约 / 代币控制
运营控制——不是去中心化评分。
- 铸造
- AUTO is minted by the vault-stake-auto program when wYLDS is staked; the AUTO/wYLDS exchange rate is maintained via Chainlink Data Streams and updated periodically by rewards administrators (verify_price).
- 销毁
- Redeeming AUTO burns the token via the vault-stake-auto program's single-step redeem instruction, returning wYLDS at the current exchange rate; converting that wYLDS back to USDC is a separate, 管理员／运营主体仲介的两步流程（request_redeem／complete_redeem） via vault-mint — not a single permissionless step.
- 暂停
- UNKNOWN — no separately documented pause/kill-switch mechanism located for vault-stake-auto in this pass.
- 冻结 / 黑名单
- UNKNOWN
- 升级
- UNKNOWN — named onchain upgrade authority (key or multisig) for vault-stake-auto not identified in this pass.
- 白名单
- UNKNOWN
代币化层
- 链
- Solana
- 官方所有权记录
- Onchain SPL balance in the vault-stake-auto program.
- 转让限制
- UNKNOWN
Wrapper token; official ownership of the underlying YLDS certificate is recorded by Figure Certificate Company's transfer agent, not by the AUTO token.
研究维度
AUTO 实际上持有什么？
AUTO 包装 wYLDS，wYLDS 又包装 YLDS，而 YLDS 追踪 Figure Democratized Prime 的消费者汽车贷款。AUTO 并不直接持有贷款。
若汽车贷款违约，损失由谁吸收？
在本次分析中仍为未知——整条包装链中的优先亏损（first-loss）分配机制尚未找到或整理（未收录）。
wYLDS 与 YLDS 是否为同一种东西？
并非相同。wYLDS 是建立在 YLDS 之上的一个独立质押包装层；在描述 AUTO 的法律请求权或发行人时，请勿将这两层混为一谈。
哪些环节必须持续运转？
仅列重大依赖。数量不是风险评分。
- 发起人Figure AgoraAuto loan origination
- ProgramFigure Democratized PrimeLoan pooling
- Wrapped AssetYLDS certificateBase yield instrument
- Wrapped AssetwYLDS staking wrapperIntermediate wrapper layer
- 协议Hastra vault-stake-autoAUTO token mechanics
- ChainSolanaToken settlement
证据域
- Entity / issuer已核验已结构化
Hastra + Figure entities named
- Legal claim已核验已结构化
Wrapped claim, two layers removed
- Yield source已核验已结构化
Consumer auto loan interest
- Yield waterfall已核验已结构化
- Loss waterfall已研究未确定
First-loss position UNKNOWN
- Underlying assets已核验已结构化
Auto loans via wrapper chain
- Distribution mechanism已核验已结构化
Exchange-rate / reward distribution
- Redemption已研究未确定
Mechanics thin
- Fees已研究未确定
- Custody已研究未确定
Named custodian not located
- Regulation已研究未确定
No wrapper-level license found
- Assurance / audit已研究未确定
No audit located
- Token control已研究未确定
- Tokenization / chain已核验已结构化
Solana SPL
- Dependencies已核验已结构化
- Geographic / eligibility restrictions已研究未确定
未决缺口
- vault-stake-auto 的具名链上升级权限（金钥或多重签名）
- Auto Pool 特定日期的贷款价值比（LTV）／FICO 信用评分投资组合快照——本次未逐项列出，且与 PRIME 已公布的 HELOC 资金池指标不同
- AUTO → wYLDS → USDC 解除包装的赎回时程／最低金额
- 具名智能合约审计机构／日期（Hastra 声称 AUTO「已经过审计」，但在所查阅的页面中并未具名审计机构）
一级来源
RWA／收益资产情报。无评分。无 APY 排名。未解决状态保持未解决。