diff --git a/benchmarks/rwa-yield-accuracy.yml b/benchmarks/rwa-yield-accuracy.yml index c53a4290..4bc404d9 100644 --- a/benchmarks/rwa-yield-accuracy.yml +++ b/benchmarks/rwa-yield-accuracy.yml @@ -8,7 +8,12 @@ seo_description: "Signed bps deviation between advertised APY and on-chain distr subtitle: Signed basis-point deviation between the APY each tokenized U.S. Treasury advertises and the yield the smart contract actually distributes on-chain, measured over 30 days. category: RWA -status: live +# Draft until the 4 non-USDY probes (BUIDL/USTB dividend, BENJI/OUSG +# NAV) are wired to verified treasury addresses and NAV endpoints. +# V1 ships with USDY only (rebase, fully on-chain verifiable). Others +# will flip to live once each contract address and issuer endpoint has +# been cross-checked with the fund's own documentation. +status: draft metric: Yield deviation unit: bps higher_is_better: true diff --git a/harnesses/rwa-yield-accuracy/cmd/script/main.go b/harnesses/rwa-yield-accuracy/cmd/script/main.go index 40f99edd..21b457df 100644 --- a/harnesses/rwa-yield-accuracy/cmd/script/main.go +++ b/harnesses/rwa-yield-accuracy/cmd/script/main.go @@ -18,18 +18,29 @@ import ( // this bench is: (1) implement IssuerProbe, (2) add its slug to // promised-yields.yml, (3) append here. // -// Sprint 2 cohort: all 5 V1 tokens. USDY (rebase), BUIDL + USTB -// (dividend), BENJI + OUSG (NAV appreciation). +// V1 cohort restricted to USDY only. USDY's rebase model is fully +// verifiable on-chain (totalSupply growth on a single known ERC-20 +// contract, no treasury wallet or off-chain NAV endpoint required) +// which lets the bench ship with confidence that every number is +// grounded. // -// Sprint 3 will verify each on-chain address / issuer NAV endpoint -// against the fund's own docs and cross-check the harness output -// with each issuer's dashboard before the launch. +// The other 4 probes (BUIDL, USTB dividend model; BENJI, OUSG NAV +// model) exist in this repo (buidl.go, ustb.go, benji.go, ousg.go) +// but stay dormant until each one's treasury address or issuer NAV +// endpoint has been cross-checked with the fund's own documentation. +// Enabling them without that check would ship placeholder-zero yield +// values that look catastrophic (deviation of -530 bps vs promised). +// +// To activate a probe once verified: uncomment its constructor below +// and confirm the corresponding address / endpoint constant in the +// probe file. The bench spec's provider block for that token becomes +// meaningful automatically. var probes = []IssuerProbe{ NewUSDYProbe(), - NewBUIDLProbe(), - NewUSTBProbe(), - NewBENJIProbe(), - NewOUSGProbe(), + // NewBUIDLProbe(), // TODO(V2): verify Securitize treasury wallet + // NewUSTBProbe(), // TODO(V2): verify Superstate treasury wallet + // NewBENJIProbe(), // TODO(V2): verify Franklin NAV JSON endpoint + // NewOUSGProbe(), // TODO(V2): verify Ondo NAV JSON endpoint } func main() { diff --git a/harnesses/rwa-yield-accuracy/promised-yields.yml b/harnesses/rwa-yield-accuracy/promised-yields.yml index 8ac7350f..ed4267da 100644 --- a/harnesses/rwa-yield-accuracy/promised-yields.yml +++ b/harnesses/rwa-yield-accuracy/promised-yields.yml @@ -18,35 +18,39 @@ # quarterly fact sheet or SEC filing to guard against the marketing # page drifting from the regulated disclosure. -updated: 2026-10-15 +updated: 2026-07-22 issuers: + - token: usdy + promised_apy_bps: 355 + source: "https://ondo.finance/usdy" + source_date: 2026-07-22 + notes: "Ondo USDY current APY as displayed on the retail dashboard. Rebase happens daily via the token contract; delivered yield is directly measurable from totalSupply growth. Value is net of the 20 bps Ondo fee. Rate reflects Fed policy: 3.55% at the time of this update, down from ~5.4% a year earlier." + + # The four entries below remain in the file so the harness reloader + # keeps their promised APYs current for the day the corresponding + # probes flip active. They are NOT scraped or displayed on the bench + # page while status: staging. - token: buidl - promised_apy_bps: 528 + promised_apy_bps: 350 source: "https://securitize.io/primary-market/buidl" - source_date: 2026-10-15 - notes: "BlackRock BUIDL 7-day net SEC yield as of Q3 2026 fund fact sheet. Gross yield ~5.30%; 2 bps management fee. BUIDL distributes monthly on the last business day, so intra-month 30d measurements can lag by up to 30 bps until the next dividend lands." + source_date: 2026-07-22 + notes: "BlackRock BUIDL 7-day net SEC yield estimate (probe inactive; needs Securitize treasury wallet verification before enable)." - token: benji - promised_apy_bps: 509 + promised_apy_bps: 345 source: "https://franklintempleton.com/investments/options/money-market-funds/products/29386" - source_date: 2026-10-15 - notes: "Franklin OnChain U.S. Government Money Fund 7-day SEC yield. Franklin publishes on the fund fact sheet daily. This is the net yield after 20 bps management fee." - - - token: usdy - promised_apy_bps: 536 - source: "https://ondo.finance/usdy" - source_date: 2026-10-15 - notes: "Ondo USDY current APY as displayed on the retail dashboard. Rebase happens daily via the token contract; delivered yield is directly measurable from totalSupply growth. Value is net of the 20 bps Ondo fee." + source_date: 2026-07-22 + notes: "Franklin OnChain U.S. Government Money Fund 7-day SEC yield estimate (probe inactive; NAV endpoint TBD)." - token: ustb - promised_apy_bps: 502 - source: "https://superstate.co/ustb" - source_date: 2026-10-15 - notes: "Superstate Short-Duration U.S. Treasury Fund 7-day yield as displayed on the Superstate dashboard. Monthly USDC distributions to holders. Gross yield ~5.15%; ~13 bps fee." + promised_apy_bps: 352 + source: "https://superstate.com/ustb" + source_date: 2026-07-22 + notes: "Superstate USTB 30-day yield as displayed on superstate.com (7-day SEC yield not published there). Probe inactive; treasury wallet verification pending." - token: ousg - promised_apy_bps: 487 + promised_apy_bps: 350 source: "https://ondo.finance/ousg" - source_date: 2026-10-15 - notes: "Ondo Short-Term U.S. Government Treasuries fund yield. NAV appreciation rather than dividend distribution: share price grows daily. Fee 15 bps." + source_date: 2026-07-22 + notes: "Ondo OUSG NAV-appreciation yield estimate (probe inactive; NAV endpoint TBD)."