MultiLiquid and venture-capital firm Metalayer Ventures have launched an institution-grade liquidity facility on the Solana blockchain designed to enable instant redemption of real-world asset tokens. The facility targets one of the most persistent bottlenecks in the RWA market: liquidity at the moment of redemption. Metalayer will raise and manage the capital, Uniform Labs will provide technical support, and MultiLiquid will handle the smart contracts, issuer linkage, and the liquidity platform development.
Under the arrangement, actual liquidity is provided instantly through the facility rather than by the issuer, allowing RWA holders to convert their tokens into stablecoins immediately at a discount to NAV. The Solana ecosystem’s RWA total has surpassed $1 billion, ranking it among the top three RWA platforms after Ethereum and Polygon. Uniform Labs sees the market evolving into two layers—active traders responding to real-time pricing and large liquidity providers pursuing longer-term gains—and the teams are exploring integration with Kamino, Solana’s DeFi protocol.
Solana Foundation senior program lead Nick Ducoff says a credible redemption mechanism could become core infrastructure for the RWA market, with this facility positioning Solana as a leading platform for issuance, trading, and redemption. Initial assets include tokenized government securities from VanEck, Janus Henderson, and Fasanara. The pricing mechanism combines NAV with a variable discount, with liquidity providers earning the spread as compensation for risk.
Beyond these assets, the announcement underscores broader implications for RWA liquidity and DeFi collateral expansion on Solana. Regulators have flagged liquidity mismatches in tokenized money market scenarios, underscoring the need for robust, on-chain infrastructure to prevent off-chain settlement delays during stress.
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