Networks

Aave is a multichain non-custodial lending protocol for supplying, borrowing, and earning interest. The Aave DAO governs parameters, listings, and emissions; Aave Labs is the primary development company.

Aerodrome is a Solidly-fork ve(3,3) DEX on Base, the dominant venue on the Coinbase L2 by volume. It captures emissions-driven sticky liquidity and offers Slipstream concentrated liquidity.

Aevo is a decentralized derivatives exchange offering options and perpetual futures via a high-throughput central limit order book on a custom EVM rollup. It evolved from Ribbon Finance's options stack.

Agora issues AUSD, a fiat-backed dollar whose reserve yield is shared with distribution partners rather than end users, with reserves managed by VanEck and custodied at State Street.

Ankr's ankrETH is a reward-bearing liquid staking token for Ethereum, part of Ankr's broader multi-chain staking and RPC node infrastructure.

Anzen issues USDz and the yield-bearing sUSDz, backed by institutional private credit assets rather than just T-bills.

Tokenized pre-IPO and private equity access.

Arrakis provides trustless, automated market-making infrastructure for concentrated liquidity. Arrakis Modular lets protocols and DAOs deploy and manage on-chain LP strategies (e.g. Uniswap V3/V4) without a token.

Multi-currency RWA stablecoins and FX tokens.

Event and weather-linked structured finance.

Aura is to Balancer what Convex is to Curve: it aggregates veBAL voting power to maximize Balancer gauge boosts, letting BAL/BPT holders earn boosted, auto-compounded rewards without locking BAL themselves.

Balancer is a generalized AMM supporting up to 8 assets per pool with arbitrary weights (not just 50/50), used for index-style pools and structured liquidity. V3 (2024+) added hooks.

Bedrock is a multi-asset liquid restaking protocol; uniETH is its ETH liquid restaking token, backed by staked/restaked ETH and designed with institutional-grade standards.

Beefy is a decentralized, multi-chain yield optimizer. Its vaults automatically harvest farm rewards and recompound them back into the underlying LP position, maximizing compounded APY across dozens of chains.

Binance's wBETH is a wrapped, reward-bearing ETH staking token (1 wBETH = 1 BETH plus accrued staking rewards) issued by the exchange's staking service.

Bitcoin is the first and largest cryptocurrency, secured by proof-of-work. BTC functions primarily as a store of value and macro risk asset; in DeFi it circulates via wrapped and bridged representations. On CanHav, BTC is a first-class major with a GMX-verified perp market on Arbitrum Sepolia.

Bitget issues BGUSD, a custodial exchange-native dollar that passes short-term Treasury yield to its 45M+ users without leaving the platform.

Boros is a venue for trading interest rates directly, letting a user lock a funding rate or yield rate for a period, which converts a floating exposure into a fixed one. DefiLlama assigns it the category "Interest Rate Derivatives" (DefiLlama API, 26 Jul 2026).

Cap issues cUSD, a synthetic dollar where users keep custody via smart contracts while institutional 'agents' generate yield through EigenLayer-secured restaking.

Centrifuge tokenizes illiquid real-world business assets (invoices, mortgages, trade finance) through bankruptcy-remote SPV structures. DROP/TIN senior-junior tranche tokens link legal collateral to on-chain investors; JAAA and JTRSY add tokenized CLO and Treasury exposure.

Structured RWA credit products.

Circle Internet Financial issues USDC and EURC, fully reserved fiat stablecoins backed by cash and short-term U.S. Treasuries held with regulated custodians, with monthly third-party attestations.

Clearpool runs institutional uncollateralized lending: whitelisted institutional borrowers access dynamic-rate pools where utilization sets interest. It introduced 'Credit Vaults' for permissioned single-borrower exposure; cpUSD is tied to Credit Vault yields.

Coinbase Wrapped Staked ETH (cbETH) is a non-rebasing liquid staking token representing ETH staked through Coinbase, redeemable for the underlying plus rewards.

Compound is one of the original DeFi lending protocols. Compound III simplifies each market to a single borrowable base asset with other assets posted purely as collateral.

Contango builds looped positions by borrowing on an underlying money market and re-supplying, so a user gets levered exposure to a rate or yield spread without managing the loop. The $44,266,567 of borrowed notional against roughly $5.49m of net supplied TVL is the signature of a looping product (DefiLlama API, 26 Jul 2026).

Convex lets Curve LPs and CRV holders earn boosted rewards without locking CRV themselves. It aggregates veCRV voting power to maximize gauge boosts and auto-compounds CRV/CVX rewards for depositors.

Cozy Finance (Cozy Protocol) lets users buy and sell parametric protection against protocol-specific triggers. Protection markets settle automatically when on-chain conditions fire — no token governs the core markets today.

cSigma runs permissioned institutional credit pools where verified borrowers draw against LP capital, which the brief's Lending definition explicitly covers under "permissioned/undercollateralised desks". DefiLlama classifies it as RWA Lending (DefiLlama API, 26 Jul 2026).

Curve Finance issues crvUSD and savings crvUSD (scrvUSD), an overcollateralized dollar using the LLAMMA soft-liquidation AMM.

Curve's stableswap invariant is optimized for trades between like-pegged assets (stablecoins, LSTs). It pioneered vote-escrow tokenomics where governance power is bought with locked CRV (veCRV).

DeltaPrime issues undercollateralised "prime accounts" that let a user borrow multiples of deposited capital and deploy the proceeds into farming strategies, which is textbook leverage farming. DefiLlama classifies it as Leveraged Farming (DefiLlama API, 26 Jul 2026).

Derive (rebranded from Lyra) is an on-chain options and structured-products protocol with an options AMM and automated vaults, deployed on its own OP-stack chain alongside Optimism, Arbitrum and Base.

Tokenized US equities as dShares.

Dolomite is a variable-rate overcollateralised money market whose distinguishing feature is that collateral keeps its native rights (staking, vesting, governance) while pledged, so users borrow against assets that continue to earn. DefiLlama classifies it as Lending with $274,263,180 borrowed against $247.92m supplied (DefiLlama API, 26 Jul 2026).

Dopex is an Arbitrum-native decentralized options protocol whose Single Staking Option Vaults (SSOVs) let users write and buy options with pooled liquidity, automating options yield strategies.

Drift is the leading Solana-native perps DEX. It combines an on-chain orderbook (DLOB) with an AMM (vAMM) fallback so liquidity providers and just-in-time market makers can both serve fills.

Tokenization infrastructure for real-world assets.

dYdX is the original decentralized perps pioneer. V4 runs on its own Cosmos appchain with decentralized, validator-driven order matching and strong BTC/ETH perp liquidity targeted at professional traders.

Ease.org (formerly Armor) provides coverage vaults where users deposit assets into reciprocal protection pools. EASE governs vault parameters and the protocol's coverage allocation across integrated DeFi venues.

EigenLayer (EigenCloud) is the pioneering restaking protocol: ETH stakers and LST holders restake to extend cryptoeconomic security to Actively Validated Services (AVSs) in exchange for additional rewards.

Elixir issued deUSD and sdeUSD, a synthetic dollar fully shut down in Q1 2026 following the Stream Finance loss.

Fractional commercial real estate on-chain.

Ethena Labs issues USDe, a crypto-native synthetic dollar, and related products including sUSDe (yield), USDtb (Treasury-backed), and the ENA governance token.

Ether.fi is a decentralized, non-custodial liquid restaking protocol; users stake ETH for eETH (wrapped as weETH) which restakes via EigenLayer to earn staking plus restaking rewards.

Ethereum is the dominant general-purpose smart-contract blockchain. Ether (ETH) is its native asset: it pays gas, secures the network via proof-of-stake, and serves as DeFi's primary collateral and unit of account. On CanHav, ETH is a first-class major with a GMX-verified perp market on Arbitrum Sepolia.

Euler V2 is a modular lending kernel: anyone can deploy an isolated vault with its own oracle, LTV and interest-rate model, and link vaults into borrowable clusters. It is a money market in the strict sense, with $602,588,217 borrowed as of 26 July 2026 (DefiLlama API).

Exactly runs paired variable-rate and fixed-rate pools, where the fixed-rate side offers borrowing and lending at a rate locked to a specific maturity date. Documented at docs.exact.ly. DefiLlama classifies it as Lending (DefiLlama API, 26 Jul 2026).

Extra Finance combines a lending market with leveraged LP farming, letting users lever up liquidity positions on Optimism and Base DEXes.

Falcon issues USDf and the yield-bearing sUSDf, a synthetic dollar that accepts the broadest basket of crypto collateral.

Fira issues Bond Tokens and Coupon Tokens against lending positions, splitting a loan into a principal claim and a yield claim with a defined term, which is yield tokenisation with maturity. Contracts and audits are registered at docs.fira.money. DefiLlama classifies it as Lending (DefiLlama API, 26 Jul 2026).

First Digital Labs issues FDUSD, a fiat-backed dollar with reserves held in a Hong Kong registered trust; positioned as the Binance-ecosystem successor to BUSD.

SME invoice financing on-chain.

Fluid (formerly Instadapp) combines lending, vaults and DEX liquidity through a shared liquidity layer, so the same capital can support lending and trading.

Franklin Templeton runs the only '40 Act-registered mutual fund tokenized on-chain, accessible to retail at a $20 minimum via the Benji app. The BENJI token represents 1 share of FOBXX (Franklin OnChain US Government Money Fund), with yield from short-duration Treasuries + repo.

Frax issues FRAX, the RWA-backed frxUSD (via BlackRock BUIDL), and the yield-bearing sFRAX, bridging algorithmic origins to institutional RWA backing.

Gains Network (gTrade) offers synthetic leveraged trading backed by gToken LP vaults; it supports very high leverage (up to 150x) across crypto, forex, and equities/indices, accessible to retail with low minimums.

Gamma is an active liquidity-management protocol that automates concentrated-liquidity positions (Uniswap V3, and other CLMMs) via non-custodial 'Hypervisor' vaults, rebalancing ranges to maximize fees.

Gearbox is a generalized leverage protocol: users open Credit Accounts to borrow against collateral and deploy leveraged positions into integrated DeFi strategies (Curve, Convex, Lido, Yearn).

GMO Trust issues ZUSD and GYEN, the first NYDFS-regulated Japanese yen stablecoin, under New York trust law.

GMX uses multi-asset liquidity pools (GLP V1, GM V2) where LPs are the counterparty to traders; oracle-based pricing means zero price-impact trades up to pool depth. V2 added isolated-market GM pools.

Goldfinch provides uncollateralized crypto loans to real-world businesses in emerging markets via 'trust through consensus': human backers assess borrower creditworthiness instead of crypto over-collateralization. It pivoted to institutional-grade 'Goldfinch Prime' private-credit funds in 2024. FIDU is the senior-pool LP token.

Hyperliquid is a purpose-built L1 with a fully on-chain CLOB — ~200k orders/sec throughput, sub-second finality, and the deepest on-chain perp liquidity in 2026 (typically >70% of on-chain perp volume). HyperEVM extends programmability.

InsurAce offers portfolio-level cover across many EVM chains. Policyholders pay premiums into a pooled capital model; INSUR governs parameters and participates in the protocol's risk-sharing design.

Inverse Finance issues DOLA, an overcollateralized decentralized stablecoin, alongside INV governance and FiRM fixed-rate lending markets.

Jones DAO is an Arbitrum-native protocol offering automated yield and options strategy vaults that abstract complex derivatives positions into one-click, auto-managed deposits.

Jupiter is a vertically integrated trading ecosystem on Solana spanning swap aggregation, perpetuals, lending, stablecoins, and launchpads. It groups governance, liquidity, dollar, and staking products under one umbrella issuer.

JustLend DAO is the dominant pooled money market on Tron, especially for USDT lending, and part of the broader JUST ecosystem.

Kamino Finance is a major Solana lending and liquidity protocol where markets and vaults are separated by asset, risk profile and strategy.

Karak is a restaking layer that accepts a broad range of assets across multiple chains to secure Distributed Secure Services (DSS). DeFiLlama has no live adapter as of 2026-06-25, so metrics are curated until resolved.

Kelp DAO's rsETH is a liquid restaking token backed by a basket of accepted LSTs (e.g. stETH, ETHx), giving diversified restaking exposure with liquidity.

Lido lets users stake ETH and receive stETH, a rebasing liquid staking token that accrues daily staking rewards while staying usable across DeFi.

Liquity issues LUSD (V1, zero-interest) and BOLD (V2, user-set rates and multi-collateral), fully decentralized overcollateralized dollars.

Lista DAO issues lisUSD, a BNB Chain-native overcollateralized dollar that lets users earn staking yield on BNB/slisBNB collateral.

M^0 issues M, a modular institutional dollar designed to be the underlying asset other stablecoin products (e.g. Cap, USDai) build on top of, via a permissioned minter network.

Mantle Staked Ether (mETH) is a non-rebasing liquid staking token that is the staking backbone of the Mantle ecosystem, accruing ETH staking rewards.

Maple Finance runs onchain lending pools to vetted borrowers (institutions, funds and businesses), closer to a blockchain-based credit marketplace than open overcollateralized DeFi lending.

Maverick is a capital-efficient AMM whose Dynamic Distribution engine auto-shifts concentrated liquidity as price moves (modes: Right/Left/Both/Static), reducing manual rebalancing for LPs.

Monerium is a regulated Icelandic EMI issuing EURe and GBPe as onchain e-money redeemable at par via banking rails and Web3 IBAN.

Morpho is a lending protocol built around Morpho Blue, a minimal primitive for creating isolated markets, with MetaMorpho vaults that allocate deposits across those markets through risk curators.

Mountain Protocol issued USDM, a daily-rebasing T-bill-yield dollar under Bermuda Monetary Authority oversight; acquired by Anchorage in April 2025 and winding down.

Native Credit Pool is a lending venue where liquidity providers supply capital and market makers borrow against it, which makes it an undercollateralised or partially collateralised institutional lending desk rather than a spot venue. DefiLlama classifies it as Lending with an explicit borrowed figure of $18,380,177 (DefiLlama API, 26 Jul 2026). It is one of only two non-excluded credit protocols with live TVL on Robinhood Chain.

Neptune Mutual runs parametric cover pools where payouts trigger when predefined on-chain conditions are met (e.g. protocol TVL drops beyond a threshold). NPM governs pool parameters and risk frameworks.

Neutra Finance offers automated delta-neutral strategy vaults that pair yield-bearing positions with short hedges to target market-neutral returns on Arbitrum.

Nexus Mutual is a mutual where members pool capital to underwrite smart-contract and protocol risks. Claims are assessed by member vote; NXM (wrapped as wNXM for trading) governs the mutual and backs the capital pool.

Notional provides fixed-rate, fixed-term lending and borrowing via fCash: tokenized claims on a fixed amount of an asset at a future maturity, traded on an on-chain AMM.

Ondo Finance packages regulated, institutionally structured real-world assets into yield-bearing onchain tokens with 24/7 mint/redeem and explicit legal wrappers (Reg S for USDY; Rule 506(c)/3(c)(7) for OUSG).

Origami automates folded, or looped, positions in yield-bearing tokens: the vault repeatedly deposits a yield-bearing asset as collateral, borrows against it and re-buys the asset, delivering multiplied exposure to the underlying yield. Borrowed notional of $67,218,878 exceeds supplied TVL of $49.39m, the arithmetic signature of a folded position (DefiLlama API, 26 Jul 2026). DefiLlama classifies it as Leveraged Farming.

Paladin runs Paladin Vote — a bribe marketplace for liquidity gauge incentives — and liquid locker products that wrap vote-escrow positions while retaining voting rights. PAL governs the protocol.

PancakeSwap is the dominant DEX in the BNB ecosystem — retail-focused with gamification (lotteries, predictions, NFTs) plus its Infinity CLMM.

Paxos Trust Company issues USDP and white-labels regulated dollars for partners — PayPal USD (PYUSD) and the Global Dollar (USDG) — under its NYDFS trust charter.

Pendle tokenizes yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT), creating an on-chain market for fixed-rate yield and yield speculation/hedging. Pendle V2's specialized AMM and vote-escrowed vePENDLE coordinate liquidity across dozens of maturity-dated yield markets, and Boros extends the model to funding-rate trading.

Pleasing Market (Pleasing Golden) tokenizes LBMA-certified physical gold as PGOLD and issues USDpm, a synthetic dollar tied to the gold ecosystem. Cross-chain transfers use Chainlink CCIP; pricing uses Chainlink Data Streams.

Puffer is a native liquid restaking protocol issuing pufETH; its Secure-Signer / RAVe anti-slashing technology lets node operators run with reduced bond while restaking on EigenLayer.

Radiant Capital is a cross-chain money market that lets users deposit on one chain and borrow on another, unifying fragmented liquidity through LayerZero.

Rage Trade is an Arbitrum-native derivatives protocol offering delta-neutral vaults (e.g. recycling GLP yield while hedging its market exposure) and omnichain perpetual-futures liquidity.

Raydium is Solana's major AMM with a hybrid model — it shares liquidity with the OpenBook central limit order book, so AMM and orderbook flow benefit each other. It is the dominant venue for Solana meme-coin liquidity.

RealT offers pure fractional real estate; tokens represent ownership slices of US residential/commercial properties via Delaware LLCs, with daily rental yields paid in stablecoins (xDai / USDC) directly to wallet. Hundreds of per-property RealTokens each trade as their own ERC-20.

Hidden Hand (Redacted Cartel) operates bribe marketplaces where protocols pay to steer vote-escrow emissions on Curve, Balancer, Frax and related venues. BTRFLY governs the Redacted ecosystem treasury and incentive routing.

Renzo issues ezETH, a liquid restaking token that abstracts EigenLayer operator and AVS selection so users get diversified restaking exposure from a single deposit.

Reserve Protocol lets anyone deploy RTokens — asset-backed stablecoins with arbitrary collateral baskets — including RSV, eUSD and rgUSD.

Resolv issues USR (stable yield) and stUSR, backstopped by the RLP leveraged risk/reward pool token, using a delta-neutral hedging model.

Ribbon Finance pioneered automated DeFi Option Vaults (DOVs) that run covered-call and put-selling strategies to generate yield. Ribbon has since merged into Aevo; RBN persists as a legacy / transitioning token.

Rocket Pool issues rETH, a non-rebasing liquid staking token whose exchange rate appreciates versus ETH as rewards accrue, backed by a permissionless network of node operators.

Securitize is the leading SEC-registered transfer agent for tokenized securities. It powers BlackRock BUIDL (the largest tokenized Treasury fund) plus Apollo, KKR, Hamilton Lane, and VanEck product launches. Product tokens include BUIDL, ACRED (Apollo private credit), sBUIDL, and VBILL (VanEck Treasuries).

Sense Finance is a yield-stripping protocol that decomposes yield-bearing assets into zero-coupon Principal Tokens and Yield Tokens for fixed-rate and yield-trading use cases. Verify on-chain activity before relying on it.

Sherlock provides smart-contract audit coverage for DeFi protocols. Security researchers and stakers back a first-loss capital pool that pays out when covered protocols suffer exploits matching policy terms.

Sky (formerly MakerDAO) is the largest decentralized stablecoin issuer, managing USDS, sUSDS, legacy DAI, stUSDS, and the SKY governance token.

Spark is a lending system built mainly around stablecoin liquidity, borrowing and yield (SparkLend + Spark Savings), routing USDS/DAI liquidity from the Sky/Maker ecosystem at scale.

Spectra (formerly APWine) is a permissionless interest-rate derivatives protocol: any yield-bearing asset can be split into principal and yield tokens to trade fixed and variable rates.

Stably provides stablecoin-as-a-service infrastructure and fiat ramps, issuing Stably USD and partner tokens such as VeUSD on VeChain.

Stader's ETHx is a non-rebasing Ethereum liquid staking token built on a multi-pool architecture (permissioned + permissionless operators), part of Stader's multi-chain staking stack.

Stake DAO aggregates vote-escrow positions (Curve, Balancer, Frax) via liquid lockers and strategies. SDT governs the protocol; lockers retain voting rights for depositors while enabling liquid exposure.

StakeWise V3 lets users stake into solo or curated vaults and mint osETH, an overcollateralized liquid staking token, keeping rewards within the vault.

Steakhouse is a risk curator: it underwrites collateral, sets loan-to-value parameters and allocates depositor stablecoins across overcollateralised lending markets, which is the economic core of a money market even though the matching engine belongs to Morpho and Euler. DefiLlama classifies it under "Risk Curators" per the DefiLlama API, but the product a depositor buys is a variable-rate overcollateralised lending position. It is the single most important non-Morpho credit actor on Robinhood Chain because it curates the vaults behind Robinhood Earn per Morpho's announcement.

Stella (formerly Alpha Homora) offers leveraged yield strategies with a pay-as-you-earn borrowing model: borrowers pay 0% interest and instead share a portion of realized profit with lenders.

SushiSwap maintains an aggressive multi-chain presence (40+ chains). SushiXSwap enables cross-chain swaps between assets on entirely different chains in one transaction.

Swell issues swETH, a non-rebasing liquid staking token, alongside a restaking product line, letting users earn staking yield plus ecosystem rewards.

Symbiotic is a permissionless restaking protocol where any ERC-20 (not just ETH) can be used as collateral to secure networks, with modular vaults and operator delegation.

Synthetix is a derivatives liquidity protocol where SNX stakers back a pooled debt that mints synthetic assets and powers perpetual-futures markets (Synthetix Perps / V3) across Optimism, Base, Ethereum and Arbitrum.

T3tris is permissionless asynchronous ERC-4626 vault infrastructure on which strategies, including levered ones, are deployed, and DefiLlama classifies it as an "Onchain Capital Allocator" rather than a lender (DefiLlama API, 26 Jul 2026). Tag fit is partial and should be treated as provisional: it is included here because it is the only non-excluded protocol with meaningful live Robinhood Chain TVL that sits in the levered-strategy stack, not because a leverage mechanism was confirmed from a fetched page. No page fetched in this session states a maximum leverage figure for T3tris.

Term Finance runs sealed-bid, weekly, fixed-rate auctions that clear lenders and borrowers at a single rate for a defined term, issuing Term Repo Tokens that behave like zero-coupon instruments. This is the closest on-chain analogue to a repo market. Documented at docs.term.finance.

TermMax issues fixed-rate, fixed-maturity credit through paired Fixed Tokens and eXtra Tokens, with a Gearing Token representing the leveraged borrower side, so both lenders and borrowers lock a rate to a date. The design is reviewed independently in Statemind's survey of fixed-rate DeFi designs. DefiLlama classifies it as Lending with $26,293,799 borrowed (DefiLlama API, 26 Jul 2026).

Tether issues USDT, a fiat-backed dollar stablecoin redeemable 1:1 against reserves held in cash, cash equivalents, and short-term U.S. Treasuries.

THORChain is an independent Cosmos-SDK L1 enabling native cross-chain swaps (native BTC <-> native ETH <-> native BNB, etc.) with no wrapping, using threshold-signature (TSS) vaults per supported chain.

Toucan Protocol tokenizes verified carbon credits (BCT / NCT pool tokens), bridging credits from registries like Verra onto chain for transparent on-chain offsetting and liquid carbon markets. BCT admin was transferred to KlimaDAO in 2024.

Trader Joe (LFJ) uses a 'Liquidity Book' architecture of discrete price bins — zero slippage within a bin plus dynamic fees that adjust to volatility to protect LPs from impermanent loss.

TrueUSD is a fiat-backed USD stablecoin with daily attestations, Chainlink Proof of Reserve, and smart-contract mint/redeem controls.

Uniswap is the leading automated market maker. V3 introduced concentrated-liquidity ranges; V4 introduced 'hooks' that let pools embed custom logic (TWAMM, dynamic fees, on-chain limit orders) without forking the core contract.

USD.AI is a DeFi credit + synthetic dollar protocol for AI infrastructure financing.

USDT0 is the omnichain extension of Tether's USDT, deployed via LayerZero OFT to move native USDT liquidity across supported chains.

Venus is a major pooled money market, strongly associated with BNB Chain, that also issues the VAI stablecoin and supports cross-chain XVS.

Votium is a bribe marketplace where protocols pay to influence Convex voters' veCRV allocations toward specific Curve gauges. It routes bribes to vlCVX holders who vote on emissions — no standalone governance token.

Yearn pioneered the yield-vault model: users deposit assets and Yearn vaults (yVaults) route them into the best available strategies — including Curve LP + Convex farming — auto-harvesting and recompounding rewards.

Yield Basis takes a Curve BTC/crvUSD liquidity position and levers it roughly 2x with borrowed crvUSD so that the levered LP's value tracks the underlying asset rather than the square root of price, which is levered exposure to an LP yield source. The mechanism is set out in the Yield Basis how-it-works documentation and analysed independently in Statemind's teardown of how YieldBasis really works. DefiLlama classifies it as Leveraged Farming (DefiLlama API).

YieldNest issues ynETH and other 'MAX' liquid restaking tokens that bundle curated AVS and strategy exposure into risk-managed baskets.