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 HELOC interest
Figure-originated HELOCs
- Interest flows into Democratized Prime HELOC pool
- Pool proceeds support YLDS certificate economics
- wYLDS wraps YLDS and stakes/accrues rate
wYLDS ≠ YLDS — distinct wrapper
- PRIME vault wraps wYLDS
Reflects the accreted exchange rate
- PRIME value rises via reward distribution / exchange rate
- No PRIME-specific coupon
All yield is a derived pass-through
- 一級來源
- HELOC 利息
- 二級來源
- 未知
- 經濟上的支付方
- HELOC borrowers, via Figure-originated home equity lines pooled in the Democratized Prime HELOC 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 HELOC interest flows through the Democratized Prime HELOC pool, into YLDS certificate economics, into the wYLDS staking wrapper, and finally into the PRIME vault exchange rate. PRIME holders do not hold HELOCs 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 PRIME 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
屬於類似流動性質押（liquid-staking）形式的包裝請求權：PRIME 包裝一個 wYLDS 的質押倉位，而 wYLDS 本身又包裝 YLDS，藉此追蹤 Figure Democratized Prime 的 HELOC 貸款。PRIME 並非直接持有 HELOC，且 wYLDS 與 YLDS 並非相同的金融工具。
衍生 / 包裝請求權: PRIME wraps wYLDS, which wraps YLDS. wYLDS is a distinct staking wrapper and is NOT the same instrument as YLDS itself — do not collapse the two layers when describing legal claim or issuer.
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-prime contracts; PRIME earns the Democratized Prime HELOC+ utilization rate net of a 0.50% Hastra platform fee.
- 發起人Figure Technologies, Inc.
US — First-party originator of the underlying HELOC loans feeding the Democratized Prime HELOC+ pool — distinct from AUTO, where Figure sources a third-party originator (Agora Data) rather than originating directly.
- 其他Figure Democratized Prime (HELOC+ pool)
US — Marketplace on Provenance pooling Figure-originated HELOC receivables that back the wYLDS→YLDS chain for PRIME.
- 法律發行人Figure Certificate Company (YLDS issuer)
US — Legal issuer of the underlying YLDS face-amount certificate that wYLDS wraps; PRIME is two layers removed from this issuer.
底層是什麼？
僅基於一級證據的底層資產與策略。
納入 Figure Democratized Prime 資金池的房屋淨值信用額度（HELOC）應收帳款，透過 YLDS／wYLDS 包裝鏈間接取得該收益。
- HELOC loans
PRIME does not directly hold HELOCs; exposure is via wYLDS→YLDS wrapper layers.
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
- RESEARCHED_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.
- 已記錄的保護安排
- Residential real estate collateral (HELOC lien); utilization-based warehouse lending via the Democratized Prime HELOC+ pool. The specific overcollateralization / reserve-account / advance-rate schedule that AUTO discloses is not published on the base Hastra PRIME pages reviewed here — do not assume PRIME shares AUTO's enhancement numbers.
- 投資者敞口
- Loss path: homeowner default on the underlying HELOC → servicing/recovery (foreclosure path and lien-priority mechanics not fully structured here) → HELOC+ pool performance → impact on the PRIME/wYLDS exchange rate. Lien priority and expected recovery rates for the base PRIME pool are UNKNOWN in this pass.
Do not cite Strata's jrPRIME/srPRIME tranche structure, or AUTO's reserve-account/equity-stub schedule, as the base Hastra PRIME loss waterfall — those are separate derivative/enhancement products layered on top of, not equal to, base PRIME.
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 PRIME 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 HELOC receivables held within the Figure Democratized Prime program structure; named custodian not structured this pass.
- 現金託管
- UNKNOWN
- 加密資產託管
- Solana vault-stake-prime program.
See tokenControl block.
費用
毛收益與淨收益不是一回事。不按 APY 排名。
- platform_feePRIME 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.
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 PRIME 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 · No independently verified smart-contract audit report located for vault-stake-prime this pass.
智慧合約 / 代幣控制
營運控制——不是去中心化評分。
- 鑄造
- Hastra protocol-controlled (Solana vault-stake-prime).
- 銷毀
- UNKNOWN
- 暫停
- UNKNOWN
- 凍結 / 黑名單
- UNKNOWN
- 升級
- UNKNOWN
- 白名單
- UNKNOWN
代幣化層
- 鏈
- Solana
- 官方所有權紀錄
- Onchain SPL balance in the vault-stake-prime 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 PRIME token.
研究維度
PRIME 實際上持有什麼？
PRIME 包裝 wYLDS，wYLDS 又包裝 YLDS，而 YLDS 追蹤 Figure Democratized Prime 的 HELOC 貸款。PRIME 並不直接持有 HELOC。
PRIME 與 AUTO 有何不同？
採用相同的 Hastra 包裝架構，但 PRIME 追蹤 HELOC 利息，而 AUTO 追蹤消費者汽車貸款利息——兩者的底層貸款資金池不同。
若 HELOC 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。
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 LendingHELOC origination
- ProgramFigure Democratized Prime (HELOC)Loan pooling
- Wrapped AssetYLDS certificateBase yield instrument
- Wrapped AssetwYLDS staking wrapperIntermediate wrapper layer
- 協議Hastra vault-stake-primePRIME 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
HELOC 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
HELOCs 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
- 整條包裝鏈中的優先虧損／損失分配機制
- 贖回時程、最低金額及結算資產
- 代幣控制權機制（鑄造／銷毀／暫停／升級）
- 智能合約審計報告
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。