RWA 比较
AUTO 与 PRIME：消费者汽车贷款与 HELOC 之比较
仅按证据域比较。无总冠军。 · 可发布（附说明）
AUTO · Hastra AUTO
- 消费信贷
- 封装权利
- 消费贷款利息
- Solana
PRIME · Hastra PRIME
- 房屋净值信贷（HELOC）
- 封装权利
- HELOC 利息
- Solana
主要结构差异
- 底层信贷类型不同：AUTO 追踪近优级消费者汽车贷款利息；PRIME 追踪 HELOC 利息——两者皆通过 Democratized Prime／Figure 基础架构运作，但贷款资金池与发放机构不同（AUTO 为 Agora Data；PRIME 则为 Figure Technologies 自身发放）。
- 采用相同的包装架构：两者皆为叠加于 wYLDS→YLDS 链之上的 Hastra vault-stake 代币，共用相同的法律请求权结构，并揭露相同的 50 个基点 Hastra 平台费用。
- 优先亏损揭露程度不对称：AUTO 的储备（约 2.5%）、Figure 的 2,500 万美元缓冲及垫款率时程，皆已依 Hastra 官方页面整理完成；而基础版 PRIME 的 HELOC 资金池增信机制仍属 RESEARCHED_UNRESOLVED——请勿将 AUTO 或 Strata 分层的数字套用至基础版 PRIME。
披露
- AUTO 与 PRIME 皆依赖相同的 wYLDS／YLDS 包装层——该层若出现缺口，将对两者造成类似的影响。
- PRIME 仍列为 附披露可发布，因为「房屋所有人违约 → PRIME 持有人亏损」这条路径，缺乏 AUTO 文件中所具备的结构化优先亏损／超额担保（OC）时程安排。
域比较
法律请求权
AUTO · Hastra AUTO封装权利 — 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。
PRIME · Hastra PRIME封装权利 — 属于类似流动性质押（liquid-staking）形式的包装请求权：PRIME 包装一个 wYLDS 的质押仓位，而 wYLDS 本身又包装 YLDS，借此追踪 Figure Democratized Prime 的 HELOC 贷款。PRIME 并非直接持有 HELOC，且 wYLDS 与 YLDS 并非相同的金融工具。
收益来源
AUTO · Hastra AUTO消费贷款利息 (浮动)
PRIME · Hastra PRIMEHELOC 利息 (浮动)
底层
AUTO · Hastra AUTO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。
PRIME · Hastra PRIME纳入 Figure Democratized Prime 资金池的房屋净值信用额度（HELOC）应收帐款，通过 YLDS／wYLDS 包装链间接取得该收益。
损失承担方
AUTO · Hastra AUTOA 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.
PRIME · Hastra PRIMERESEARCHED_UNRESOLVED for the base Hastra PRIME HELOC pool. Do not import AUTO's auto-loan reserve-account / equity-stub schedule, or Strata's jrPRIME/srPRIME tranche structure, as base PRIME facts — no AUTO-style first-loss reserve/equity-stub schedule is documented on the primary Hastra PRIME pages reviewed in this pass.
赎回
AUTO · Hastra AUTOUnstake/redeem AUTO for underlying wYLDS/YLDS exposure per Hastra vault mechanics.
PRIME · Hastra PRIMEUnstake/redeem PRIME for underlying wYLDS/YLDS exposure per Hastra vault mechanics.
投资者资格
AUTO · Hastra AUTOUNKNOWN
PRIME · Hastra PRIMEUNKNOWN
托管
AUTO · Hastra AUTOUnderlying 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.
PRIME · Hastra PRIMEUnderlying HELOC receivables held within the Figure Democratized Prime program structure; named custodian not structured this pass.
费用
AUTO · Hastra AUTOplatform fee: 50 bps (0.50%) Hastra platform fee, netted out of the Democratized Prime pool rate before distribution to AUTO holders.
PRIME · Hastra PRIMEplatform fee: PRIME rate = Democratized Prime HELOC+ utilization rate minus a 0.50% (50 bps) annual Hastra platform fee, deducted from the rate PRIME holders earn. Direct Democratized Prime lenders on Provenance earn the same utilization rate without this fee.
到期 / 久期
AUTO · Hastra AUTO浮动收益 · 赎回时点：UNKNOWN
PRIME · Hastra PRIME浮动收益 · 赎回时点：UNKNOWN
审计 / 鉴证
AUTO · Hastra AUTO智能合约审计 (—; 已核验未结构化)
PRIME · Hastra PRIME智能合约审计 (—; 已研究未确定)
代币控制
AUTO · Hastra AUTOAUTO 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).
PRIME · Hastra PRIMEHastra protocol-controlled (Solana vault-stake-prime).
监管结构
AUTO · Hastra AUTONo 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).
PRIME · Hastra PRIMENo single securities/lending license instrument located for the PRIME wrapper token itself this pass; the underlying YLDS layer is a separately SEC-registered face-amount certificate (see YLDS record).
证据时效
AUTO · Hastra AUTO2026-08-30
PRIME · Hastra PRIME2026-08-30
仅本地比较。禁用词：safer、better、best、recommended、best yield、winner。Day-7：不部署。