Articles and insights

8Blocks rated Lemonaid's LMA1 token BB (57/100). Why a simple tokenized bond beats complex RWAs and which risk matters before 2027.

Our ISD audit: the token sits on $115.9M of Panamanian land, but holders have no right to it, no guaranteed payouts and no exit. 60 cents of every dollar never reach the project. Score 30 out of 100, CCC.

8Blocks audited HES, Hacken's tokenized equity: 37/100, grade CCC. The business is profitable, but the share register shows no token holders.

Kinetiq trades at a $125.7M market cap against a $398.0M FDV with 31.6% of supply circulating — a 3.2x FDV/mcap ratio, the 85th percentile for liquid staking. Holder revenue of $0.8M a year covers 0.3% of the supply still to come; buyers, not revenue, will absorb the unlocks.

HECTARE has a real plantation in the Fergana Valley, but the revenue-sharing agreement is unpublished. Our audit: 47/100, grade CCC.

Tokenized RWA market cap grew 256.7% while six of the seven largest RWA tokens fell. We traced 20+ dual models across 2018–2026: demand for the security token doesn't create demand for the second token — and what to do about it.

XAUt is backed by attested gold, but the custodian is unnamed and contract keys have no timelock. Our audit: 61/100, grade BBB.

GromaCoin ($GRO) sits on a REIT that files with the SEC and owns Boston apartments, yet the token scored 29 out of 100, grade D. The asset isn't the problem: three versions of the numbers, a manager-set NAV, and a plain ERC-20 where the whitepaper promised ERC-3643.

MAS looks at economic substance, not labels: a token on a PE stake or a revenue share is a security or a CIS unit. Nine steps to clear before issuance — prospectus exemptions, accreditation thresholds and what the smart contract must enforce.