收益從何而來？
追溯經濟上的支付方。公示 APY 不是保證回報。
- 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
- 一級來源
- 消費貸款利息
- 二級來源
- 未知
- 經濟上的支付方
- Consumer auto loan borrowers, via Figure Agora-originated loans inside the Democratized Prime program.
- 浮動 / 固定
- 浮動
- 毛收益 / 淨收益
- 未確定
- 帶日期的收益快照
- 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
- 機制
- 獎勵分配
- 備註
- Value accrues via vault exchange-rate appreciation (staking-style), not periodic cash interest paid directly to AUTO holders.
代幣代表什麼？
持有代幣並不自動等於直接擁有底層資產。
- 法律請求權類型
- 封裝權利
- 註冊地
- 未知
AUTO 代表透過質押 wYLDS 所建立的 Hastra AUTO 資金池份額：質押行為會觸發一項程式化指令，將支持該 wYLDS 的 YLDS 出借至 Figure Democratized Prime Auto Pool。這屬於程式化的資金池出借風險敞口——並非直接持有個別汽車貸款——且 wYLDS 與 YLDS 並非相同的金融工具。
衍生 / 包裝請求權: 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.
官方網站 https://hastra.io
發行人、管理人與服務方
- 協議Hastra
法域未確定 — Operates the Solana vault-stake-auto contracts and handles DeFi distribution of yield to AUTO holders, net of a 50 bps platform fee.
- 發起人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.
- 服務商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.
- 法律發行人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).
底層是什麼？
僅基於一級證據的底層資產與策略。
以車輛（新車及二手車）作為擔保的近優級（部分為次級）消費者汽車貸款，由 Agora Data 發放，並透過 Figure Forge 結構化為標準化的貸款參與代幣，再納入 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.
出問題時會發生什麼？
結構性損失路徑——不是風險評分。未知保護保持 Unknown。
- 誰首先承擔損失
- 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.
- 已記錄的保護安排
- 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.
- 投資者敞口
- 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.
如何拿回資金？
一級贖回 ≠ 二級 DEX 流動性。資格是有範圍的。
- 合格投資者
- UNKNOWN
- 一級贖回
- Unstake/redeem AUTO for underlying wYLDS/YLDS exposure per Hastra vault mechanics.
- 時點
- UNKNOWN
- 結算資產
- UNKNOWN
- 最低額
- UNKNOWN
- 限制
- UNKNOWN
- 二級流動性
- Any secondary market trading (if listed) is not issuer redemption.
誰持有底層資產？
分別梳理資產託管、現金託管、加密資產託管與代幣控制。
- 資產託管
- 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.
- 現金託管
- 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.
- 加密資產託管
- 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.
費用
毛收益與淨收益不是一回事。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.
監管
授權按實體 × 法域 × 工具界定——不是品牌標籤。
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).
- 實體
- Hastra
- 法域
- 未知
- 工具
- 未知
- 授權 / 註冊
- UNKNOWN
審計 / 鑑證
智慧合約審計不等於基金審計或貸款審計。沒有合併的「已審計」徽章。
- 智慧合約審計提供方未結構化日期未知 · 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.
智慧合約 / 代幣控制
營運控制——不是去中心化評分。
- 鑄造
- 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).
- 銷毀
- 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, 管理員／營運主體仲介的兩步流程（request_redeem／complete_redeem） via vault-mint — not a single permissionless step.
- 暫停
- UNKNOWN — no separately documented pause/kill-switch mechanism located for vault-stake-auto in this pass.
- 凍結 / 黑名單
- UNKNOWN
- 升級
- UNKNOWN — named onchain upgrade authority (key or multisig) for vault-stake-auto not identified in this pass.
- 白名單
- UNKNOWN
代幣化層
- 鏈
- Solana
- 官方所有權紀錄
- Onchain SPL balance in the vault-stake-auto program.
- 轉讓限制
- UNKNOWN
Wrapper token; official ownership of the underlying YLDS certificate is recorded by Figure Certificate Company's transfer agent, not by the AUTO token.
研究維度
AUTO 實際上持有什麼？
AUTO 包裝 wYLDS，wYLDS 又包裝 YLDS，而 YLDS 追蹤 Figure Democratized Prime 的消費者汽車貸款。AUTO 並不直接持有貸款。
若汽車貸款違約，損失由誰吸收？
在本次分析中仍屬未知——整條包裝鏈中的優先虧損（first-loss）分配機制尚未找到或整理。
wYLDS 與 YLDS 是否為同一種東西？
並非相同。wYLDS 是建立在 YLDS 之上的一個獨立質押包裝層；在描述 AUTO 的法律請求權或發行人時，請勿將這兩層混為一談。
哪些環節必須持續運轉？
僅列重大依賴。數量不是風險評分。
- 發起人Figure AgoraAuto loan origination
- ProgramFigure Democratized PrimeLoan pooling
- Wrapped AssetYLDS certificateBase yield instrument
- Wrapped AssetwYLDS staking wrapperIntermediate wrapper layer
- 協議Hastra vault-stake-autoAUTO token mechanics
- ChainSolanaToken settlement
證據域
- Entity / issuer已核驗已結構化
Hastra + Figure entities named
- Legal claim已核驗已結構化
Wrapped claim, two layers removed
- Yield source已核驗已結構化
Consumer auto loan interest
- Yield waterfall已核驗已結構化
- Loss waterfall已研究未確定
First-loss position UNKNOWN
- Underlying assets已核驗已結構化
Auto loans via wrapper chain
- Distribution mechanism已核驗已結構化
Exchange-rate / reward distribution
- Redemption已研究未確定
Mechanics thin
- Fees已研究未確定
- Custody已研究未確定
Named custodian not located
- Regulation已研究未確定
No wrapper-level license found
- Assurance / audit已研究未確定
No audit located
- Token control已研究未確定
- Tokenization / chain已核驗已結構化
Solana SPL
- Dependencies已核驗已結構化
- Geographic / eligibility restrictions已研究未確定
未決缺口
- vault-stake-auto 的具名鏈上升級權限（金鑰或多重簽名）
- Auto Pool 特定日期的貸款價值比（LTV）／FICO 信用評分投資組合快照——本次未逐項列出，且與 PRIME 已公佈的 HELOC 資金池指標不同
- AUTO → wYLDS → USDC 解除包裝的贖回時程／最低金額
- 具名智能合約審計機構／日期（Hastra 聲稱 AUTO「已經過審計」，但在所查閱的頁面中並未具名審計機構）
一級來源
RWA／收益資產情報。無評分。無 APY 排名。未解決狀態保持未解決。