Bitwise’s new real-world asset vault, ticker PAPY, pulled in over $8 million in deposits within its first day of existence. For a product that launched with just $639,000, that’s the kind of growth curve most DeFi protocols would frame and hang on a wall.
The Bitwise Premium RWA Vault went live on September 2 on the Morpho lending protocol on Ethereum. By September 3, deposits had crossed $8.022 million in AUSD, Agora’s USD-pegged stablecoin. The vault was offering an instantaneous net APY of 5.22%, sitting neatly within its target range of 5-6%.
How the vault actually works
PAPY is a non-custodial vault, meaning Bitwise curates the strategy but never takes custody of user assets.
The deposits, denominated in AUSD, are allocated to overcollateralized tokenized real-world assets. The current breakdown: 46.59% goes to Huma Finance’s PST, 29.23% to Hastra PRIME, and 24.18% to sUSDai.
