# What is Radao?

This documentation aims to compile all the information necessary to understand the fundamentals of Radao.

**Radao is a liquid lending protocol** which enables securities to connect with crypto lenders allowing a decentralized and regulatory proof solution for securities on/off gateway.

### TL;DR

**Liquid pools**: permissionless stablecoin borrowing markets, fundind the purchase of real-world assets by their permissioned borrowers:

1. onchain price oracle
2. liquid staking lending token

**Liquid lending** is a primitive means of supplying Decentralized Exchange and Decentralized lending protocols with credible assets.

### Enabler

Radao participants can:

* **lend money** for borrowers to purchase assets collateral materialized by a token permissioned \[asset].S,
* **receive rewards** for immobilising their money financing borrows to purchase those assets,
* **exchange** their positions in these loan pools through a \[asset].R ERC20,
* **leverage** their \[asset].R tokens on DeFi borrowing platforms.

### Values

* Inspired by Ethereum's vision and the first generation of DeFi services, we have long committed to the ideals of **permissionless** access, **self custody** security,  **autonomous and immutable protocol**, all indispensable components for a future where anyone in the world can access financial services without fear of discrimination or counterparty risk,
* Radao governance framework embraces the tenets of **neutrality and trust minimization**: limited to contributing to both protocol development and usage as well as development of the broader  ecosystem.

### Protocol, ONG, DAO

We should make clear the distinctions between the different areas of Radao, some of which may confuse new users:

* **Radao Association**: a French nonprofit entity grouping the main contributors and users of the Radao protocol, along with the web interface,
* **Radao Protocol**: a suite of persistent, non-upgradable smart contracts that together create a protocol that facilitates peer-to-peer primary & secondary market swapping of tokens,
* **Radao Interface**: a web interface that allows for easy interaction with the protocol for both Ramping and Staking. The interface is only one of many ways one may interact with the protocol,
* **Radao Governance**: a governance system for governing the Radao Protocol, enabled by the RAD token.

### Contributors

The Radao association brings together the first contributors to the protocol.

It uses the services of several companies to develop new components of the protocol. It also creates various tools to improve Radao's functionality and capabilities:

* Researches, formalizes, and proves advanced decentralized mechanisms.
* Develops, tests, and secures the formally described protocols.
* Develops the necessary tooling, e.g., to host a front end or to format protocol data.
* Holds code being developed for Radao in a private repositories until it is finished. Upon completion, ownership of the code is transferred to the Radao Association under GPL3 license.
* Does not host any front end to the Radao protocol.

### Learn more

* [Reason why](/start-here/reason-why)
* [How it works](/start-here/how-it-works)
* [FAQ](/start-here/faq)
* [Gouvernance](/start-here/dao)


# Reason why

### What problem is Radao solving?

Blockchain enables exchanges without intermediaries and without the need to trust the other party. This is quite the opposite of traditional finance, which, depending on the nature of the exchange, can involve numerous intermediaries at every stage and contracts establishing duties and responsibilities without, however, guaranteeing compliance with them.\
\
Each intermediary chooses its own interpretation of the regulation through its compliance policy and will add its costs, including its margin, which is often only legitimized by its operating license.

**For the investors, the penalty is threefold:**

* longer transactions,
* more expensive,
* more costly in administrative effort.

**For the platforms:**

* a long and costly need for regulation,
* a permanent operating risk,
* a limited source of financing,
* a high cost of entering into relationships with customers.

### Expending supply

In the decentralized environment where money (stablecoin) and crypto-asset-focused markets (DEX and loans) already exist, Radao is participate to add real-world assets tokens compatible with DeFi existing ecosystem.

### Radao versus TradFi main services around securities assets

| What                                                                      | TradFi                                                                                                                                                                                                             | Radao                                                                                                                                                                              |
| ------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Clearing and settling payments**                                        | carried out by financial institutions like payment systems, deposit accounts, e-money, cards, central counterparties (=[💰](https://emojiterra.com/fr/sac-plein-dargent/) fees)                                    | decentralized, immutable smartcontract, priced by an on-chain oracle, with transparent network and pool fees                                                                       |
| **Raising or pooling of funds**                                           | carried out by stock exchanges for stocks, bonds, mutual funds, exchange-traded funds (ETFs) for large companies and private or fundraiser for others; (= [💰](https://emojiterra.com/fr/sac-plein-dargent/) fees) | decentralized, immutable smartcontract, priced by an on-chain oracle, with transparent network and pool fees                                                                       |
| **Transfer economic resources though time and space**                     | Loans, mortgages, pension funds, mutual funds, etc. (= [💰](https://emojiterra.com/fr/sac-plein-dargent/) fees)                                                                                                    | decentralized, immutable smartcontract, priced by an on-chain oracle, with transparent network and pool fees                                                                       |
| **Manage uncertainty and control risk**                                   | Loans, insurance contracts, derivatives, hedging strategies (= [💰](https://emojiterra.com/fr/sac-plein-dargent/) fees)                                                                                            | decentralized, immutable smartcontract, priced by an on-chain oracle, with transparent network and pool fees                                                                       |
| **Provide price information to coordinate decentralised decision making** | Exchanges, trading activities, derivatives (= [💰](https://emojiterra.com/fr/sac-plein-dargent/) fees)                                                                                                             | decentralized, immutable smartcontract, priced by an on-chain oracle, with transparent network and pool fees                                                                       |
| **Deal with incentive problems**                                          | Risk management, repeated interactions with the same known counterparties (= [💰](https://emojiterra.com/fr/sac-plein-dargent/) fees)                                                                              | <p>decentralized, immutable smartcontract, priced by an on-chain oracle, with transparent network and pool fees<br>+ identified issuer address known by investors (reputation)</p> |
| **Crossborder**                                                           | Difficult, new intermediaries and legal structures (= [💰](https://emojiterra.com/fr/sac-plein-dargent/) fees)                                                                                                     | decentralized, immutable smartcontract, priced by an on-chain oracle, with transparent network and pool fees                                                                       |

#### *based on* [*https://papers.ssrn.com/sol3/papers.cfm?abstract\_id=4325095*](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4325095)

### Risk comparison between Radao and TradFi

| What                                                                                                                                          | TradFi                                                                            | Radao                                                                                                                                                                 |
| --------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Clearing and settling payments to facilitate trade**                                                                                        | systemic externalities.                                                           | <ul><li>no risk: clearing is instantaneous,</li><li>risk: currency received as payment carries a risk (USDT, USDC, etc.)</li></ul>                                    |
| **Pooling of funds to undertake large- scale enterprises**                                                                                    | inadequate information                                                            | <ul><li>risk: inadequate information,</li><li>solution: information made available at the time of purchase proven on-chain</li></ul>                                  |
| **Transfer economic resources though time and space.**                                                                                        | systemic externalities managed by contract & third parties under local regulation | <ul><li>risk: systemic externalities,</li><li>solution: decentralized & immutable over-collateralisation on-chain</li></ul>                                           |
| **Manage uncertainty and control risk; Provide price information to coordinate decentralised decision making; Deal with incentive problems.** | inadequate information                                                            | <ul><li>risk: inadequate information</li><li>solution: smart contract allow transparent market + IPFS allow proof of information at the time of transaction</li></ul> |

### What  new opportunities does Radao offer?

#### Investors in equities and bonds can find new backers, liquidity providers new sources of earnings

* **Lower costs = easier gains:**
  * limited market access costs,
  * crypto capital gains generally not taxable,
  * DeFi protocol fees much lower than centralized investment platforms (e.g. [0.01%-0.30% Uniswap pool](https://docs.uniswap.org/concepts/protocol/fees)  versus shadow fees [on the market where the stock is traded](https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-equity-7#section_112_fee_waivers), local taxes like[Tobin tax](https://en.wikipedia.org/wiki/Tobin_tax), brokers [payment for order flow](https://en.wikipedia.org/wiki/Payment_for_order_flow), etc.).
* **New earning opportunities:**
  * use securities underlying for a crypto-loan,
  * receive RAD tokens linked to usage,
  * and anything else the DeFi community can come up with using ART tokens...

#### Centralized exchanges will be able to list tokens backed by equities and bonds

* new token assets class,
* liquidity of their Spot is completed by that of the real markets when the underlying asset is itself listed in the real world.


# How it works

A high-level overview of how Radao operate.

<figure><img src="/files/sUy9njDp6fobpVDi3HHa" alt="" width="375"><figcaption></figcaption></figure>

<figure><img src="/files/X60tCDEujDvWCZCofipL" alt="" width="375"><figcaption></figcaption></figure>


# FAQ

Radao is the first liquid landing protocol. Here's what you need to know:

<details>

<summary>What is Radao?</summary>

Radao is a gateway between crypto investors and real-world financial assets such as stocks and bonds governed by it DAO.

To achieve this, Radao enables borrowers with access to real asset markets to deploy dedicated smart contracts for each asset, the price of which is determined by an onchain oracle.

Lenders can then contribute their liquidity to finance the purchase of the assets.

</details>

<details>

<summary>What does Radao do?</summary>

* provides a permisionless solution to invest via a lending,
* allows these positions to be exchanged while retaining the benefit of the returns on the underlying assets,
* offers full traceability of defaulting borrowers

</details>

<details>

<summary>Why use Radao?</summary>

* it's cool and we share the same values of freedom,
* want to stay or migrate in crypto but invest in real life liquid assets,
* you want to leverage your investment in a lending protocol but stay liquid,
* want to avoid over taxations and centralisation costs & complexity.

</details>

<details>

<summary>Can I list my assets on the Radao protocol?</summary>

Radao is permisionless means you are free to lock/unlock your security token & mint/unmint your associated collateral token.\
Our smart contracts are open-source and freely usable or adaptable,

</details>

<details>

<summary>How can I participate in the evolution of the protocol?</summary>

The RAD token enables you to take part in the DAO votes that shape the roadmap. You can also fork the protocol to adapt it to your own needs.

</details>

<details>

<summary>What's the difference between the Ramp and on-chain markets like CEX &#x26; DEX?</summary>

* CEX & DEX on-chain markets are **always open**, unlike real-life markets,
* the real-life markets connected to the Ramps (markets) are **fuelled by the liquidity of TradFi investors**, which sometimes already exists in the hundreds of millions per day, depending on the assets involved.

</details>

<details>

<summary>What's the difference between Radao and the official stock exchanges?</summary>

* Radao is a decentralised protocol owned by its users. Protocol can be used without any intermediaries, and the user fees (apart from the blockchain network transport fees & brokers fees) are always paid back to the community via the DAO,
* once asset referenced token supply exist (e.g. AAPL.R) collateralised on real stock (e.g. APPL) it owner is free to use it on DeFi plateforms he love with any additional Radao fees or restrictions.

</details>

<details>

<summary>What is the difference between a securities account held by my bank and a self-directed securities account?</summary>

It is not possible in the real world to hold shares or bonds in companies listed on the stock exchange without going through a securities account held by a licensed bank.

Only securities issued by unlisted companies can be held directly, but in this case they are generally not dematerialized and liquid.

When the first joint-stock companies were created (in 13th century France, for example), each shareholder received a notarised document in return for a stake in the company, which represented between 10 and 25% of the annual return. The paper was traded on an open market. Meanwhile, in Venice, merchants sold bonds and shares in the Venetian galleys.

After the digitisation of listed securities at the end of the 20th century, decentralised technologies made it possible to dematerialise all forms of financial security and give their owners the choice of holding them by their own means or using a regulated player to do it for them (known as a custodian).

A self custody wallet + Radao Protocol allow you to invest on those assets without having a security account in a Bank.

</details>


# Protocol Guide


# .S security tokens

Real-life securities are materialised in the form of security tokens that are immobilised in the Locker to secure the reserve, which can be verified on-chain at any time.

These .S tokens (e.g. APPL.S) are documented by meta tags that can be consulted directly in their smart contract:

<table><thead><tr><th width="247">Key</th><th>Value</th></tr></thead><tbody><tr><td>Type</td><td>share / bond</td></tr><tr><td><strong>Circulating Supply</strong></td><td>number of tokens</td></tr><tr><td><strong>Maximal Supply</strong></td><td>yes / no</td></tr><tr><td><strong>SPV</strong></td><td>yes / no</td></tr><tr><td><strong>Company Address</strong></td><td>17 Place de la Bourse, 75002 Paris - France <a href="https://emojipedia.org/fr/drapeau-france">🇫🇷</a></td></tr><tr><td><strong>Company registry number</strong> such as Data Universal Numbering System (DUNS) number</td><td>15-048-3782</td></tr><tr><td><strong>Company creation date</strong></td><td>01/01/1980</td></tr><tr><td><strong>Company representative</strong></td><td>John Doe</td></tr><tr><td><strong>Synchronicity</strong></td><td>what is the parity between the number of securities held (in the case of an SPV), the number of securities of the holding vehicle (in the case of an SPV), the number of securities tokens, the number of tokens convertible into securities (of the SPV or of the direct assets).<br>ex: 1:1:1:1:1 in case of a SPV having holding 1000 shares of the underlying, having 1000 shares tokenized in 1000 tokens and 1000 convertible bonds tokenized in 1000 tokens.</td></tr><tr><td><strong>Bonds type</strong></td><td><a data-footnote-ref href="#user-content-fn-1">convertible</a>/yield</td></tr><tr><td><strong>Earn</strong></td><td>yes / no</td></tr><tr><td><strong>Earn amount</strong></td><td>% APR</td></tr><tr><td><strong>Earn payment type</strong></td><td>monthly, biannual, annual</td></tr><tr><td><strong>Collateral</strong></td><td>amount</td></tr><tr><td><strong>Maturity</strong></td><td>date</td></tr><tr><td><strong>Initial price</strong></td><td></td></tr><tr><td><strong>Contract</strong></td><td>file</td></tr><tr><td><strong>KYB</strong></td><td>validator (IBEx, etc.)</td></tr></tbody></table>

[^1]: exchangeable?&#x20;


# Security Locker

(WIP)


# Ramp

(WIP)


# Liquid Staking

(WIP)


# App Guide

Coming Soon...


# DAO

### TL;DR

* Participating in the protocol allows you to earn rewards in the form of RAD. By participation, we mean not only the contribution of an asset, but also the contribution of the liquidity used to finance it.
* Each RAD has the right to vote on changes to the protocol through **Radao Improvement Propositions** (RIP). RIPs can be offered by anyone, including those who do not have a FDR.

### Reason why

Radao's DAO Token (ticker "RAD") is the Radao Protocol's governance token. The DAO - made up holders and delegators - governs the Radao Protocol using a weighted voting system in which the amount of Radao tokens held determines voting power.

RAD holders will be able to vote on changes to the protocol, including:

* Deploy Radao core smart contracts across multiple protocols and networks;
* Models new financial products;
* Decentralize the hosting of the front end to the protocol and the governance;
* Govern the DAO Treasury.


# Initial Distribution

The RAD Token will be deployed by the Radao Association in a near future with a maximum  supply of 1,000,000,000 RAD. 100% of the tokens were minted by the DAO.

| Holders              | Amount |
| -------------------- | ------ |
| Founders & Investors | 40%    |
| Community            | 60%    |

Founders tokens will remain off the market for 48 months following their initial minting.


# Early distribution mechanisms

We want the RAD distribution to be dedicated to protocol users:

* **Phase 1** : Pioneers will benefit up to 100% of their Ramp fees in RAD,
* **Phase 2** : Early adopters will also benefit of their Ramp fees in RAD but with a fewer percentage.

Those rewards conditions will be voted by the DAO.


# Vote

A voting mecanism will be setup to decide:

* Deployment and ownership of Radao smart contracts;
* Turning on/off the fee switches built into Radao Ramp;
* Decentralize the hosting of the front end to the protocol and the governance;
* Assets supported by the Ramp;
* SPV & brokers allowed to mint/unmint assets supported by the Ramp,
* Govern the DAO Treasury.


# Ramp fees

There are three types of charge for Ramp users:

* blockchain network fees enabling them to swap their stablecoins and ART tokens,
* intermediary fees for FIAT Ramp, brokers and SPVs,
* the costs of the Radao protocol, which are paid in full into the DAO treasury.

Ramp users can consult a simulation of these charges before making their purchase.


# High level Roadmap

* **Early bulders days**: since the beginning of 2023, the founding team has been working on the legal and technical modeling of Radao. The conclusion of this work gives birth to a decentralized protocol for the primary and secondary trading of real-world assets, compatible with European MiCA's regulation and in particular Asset Referenced Tokens (ART),
* **Pioneers phase**: in 2024, the first uses of the Radao protocol for launching ART tokens through centralised and decentralised offerings. Creation of an ecosystem of SPVs and brokers to provide the supply of secure tokens, implementation of the Ramp for buyers.&#x20;


# Security

(Audit in progress)


# Glossary

<table data-full-width="true"><thead><tr><th width="309">Word or Acronym</th><th>Description</th></tr></thead><tbody><tr><td><strong>AMM</strong></td><td>Also known as <a href="https://en.wikipedia.org/wiki/Constant_function_market_maker">Constant function market</a><a href="https://en.wikipedia.org/wiki/Constant_function_market_maker"> maker</a> early description of a CFMM was published by economist <a href="https://mason.gmu.edu/~rhanson/mktscore.pdf">Robin Hanson</a> (2002) are a type of decentralized exchange (DEX) that use algorithmic “money robots” to make it easy to buy and sell crypto assets. <strong>AMM replaces the buy and sell orders in an order book market with a liquidity pool of two assets</strong>, both valued relative to each other.</td></tr><tr><td><strong>Bonds</strong></td><td>a type of security under which the issuer (debtor) owes the holder (creditor) a debt, and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time).<br>[<a href="https://en.wikipedia.org/wiki/Bond_(finance)">wikipedia</a>]<br><br><strong>Yield bonds</strong> allow investors to receive interest payments (coupons) until the debt matures or the initial investment (principal) is repaid. In the event of default, a guarantee can be provided.<br><br><strong>Convertible bonds</strong> are a fixed-income corporate debt security that can be converted into a predetermined number of common stock or equity shares. They might provide yield of not.</td></tr><tr><td><strong>Centralized Exchanges (CEX)</strong></td><td>a type of cryptocurrency exchange, meaning they allow users to buy and sell cryptocurrencies, onboard their KYC and <strong>convert FIAT money into crypto</strong> and vice versa. <strong>Also required to access tokenized shares in most of the countries.</strong></td></tr><tr><td><strong>DAO</strong></td><td>A decentralized autonomous organization sets itself a mission and operates through a set of decisions that establish and provide rules of governance. <strong>It allow the community to control Radao</strong>.</td></tr><tr><td><strong>DeFi</strong></td><td>a way of trading, buying and selling with few intermediaries.</td></tr><tr><td><strong>Decentralized Exchanges (DEX)</strong></td><td>peer-to-peer marketplace where users can <strong>trade cryptocurrencies in a non-custodial manner</strong> without the need for an intermediary to facilitate the transfer and custody of funds.</td></tr><tr><td><strong>Equity</strong></td><td>a security that represents the ownership of a fraction of the issuing corporation.</td></tr><tr><td><strong>FIAT</strong></td><td>Fiat money is issued and controlled by (central) banks and governments.</td></tr><tr><td><strong>Initial Pool Offering (IPO)</strong></td><td>bringing together the resources proposed by the Radao community for investment. <strong>Allow primary decentralized market.</strong></td></tr><tr><td><strong>Liquidity pool (LP)</strong></td><td>is a smart contract that contains a reserve of two or more cryptocurrency tokens in a decentralized exchange (DEX). <strong>Allow participants to exchange tokens.</strong></td></tr><tr><td><strong>IPFS (Interplanetary File System)</strong></td><td>a file system that allows you to store files and track versions over time, much like Git, keeping track of them on a distributed network. <strong>Used by Radao to provide immutable access to contracts and investment documents linked to the token.</strong></td></tr><tr><td><strong>Rewards</strong></td><td>tokenized rewards allowing to get the bonds coupons</td></tr><tr><td><strong>RWA or Real World Asset</strong></td><td>Real World Assets (“RWAs”) are assets that exist off-chain, but are tokenized and brought on-chain to be used as a source of yield within DeFi.</td></tr><tr><td><strong>Self-held securities account</strong></td><td>crypto wallet holding financial securities in the form of tokens.</td></tr><tr><td><strong>Share (stock)</strong></td><td>a unit of equity ownership in the capital stock of a corporation is an indivisible unit of capital, expressing the ownership relationship between the company and the shareholder.<br>[<a href="https://en.wikipedia.org/wiki/Share_(finance)">wikipedia</a>]</td></tr><tr><td><strong>Smart contracts</strong></td><td>programs stored on a blockchain that run when predetermined conditions are met. A collection of those programs are usually called "protocol".</td></tr><tr><td><strong>SPV (Special Purpose Vehicule)</strong></td><td>An SPV, or special-purpose vehicle, is a legal entity that allows multiple investors to pool their capital and make an investment. Tokenized SPV is a process allowing SPV shares to be tokens.</td></tr><tr><td><strong>Staking</strong></td><td>Term initially used to describe the provision of liquidity enabling proof-of-stake blockchains to function. With the democratization of crypto, users have associated this term with a means of accessing "passive returns", which in TradFi can correspond to bond coupons.<br>In Radao, you have to stake your bond tokens to obtain your coupon payment, which removes the security from the secondary market.</td></tr><tr><td><strong>TradFi</strong></td><td>refers to the way in which our traditional financial system and institutions operate. Some institutions include banks, hedge funds or brokerage houses, for example.</td></tr></tbody></table>


# External Links

Radao is being built in a fast-changing ecosystem of technical protocols, business models and regulations. This non-exhaustive bookmark brings together what seems to be important to know about investing in tokenized real-world assets.

| Url                                                                                                                                                                                                                                                                                                            | What to learn                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| [France STO-friendly since LOI PACTE 2018 DEEP (“dispositif d’enregistrement électronique partagé”) allow shares to be digital](https://www.legifrance.gouv.fr/dossierlegislatif/JORFDOLE000037080861/?detailType=EXPOSE_MOTIFS\&detailId=)                                                                    | Where magic comes from 1 share = 1 token in France                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| [EU’s strong regulatory framework MiCA (Markets in Crypto-Assets)](https://eur-lex.europa.eu/legal-content/FR/TXT/HTML/?uri=CELEX:52020PC0593\&from=EN)                                                                                                                                                        | Europe has set up a crypto regulation system that is ramping up until the end of 2024. No uncertainty for investors, the rules are clear!                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| [Finance décentralisée (DEFI), protocoles d'échange et gouvernance : vue d'ensemble, tendances observées et points de discussion réglementaires](https://www.amf-france.org/sites/institutionnel/files/private/2023-06/Papier%20de%20Discussion%20AMF%20sur%20la%20Finance%20D%C3%A9centralis%C3%A9e%20VF.pdf) | <p>How the AMF, the French regulator for market (equivalent of SEC) sees DeFi today, the identification of risks and the first proposal for future regulation. The AMF is responsible for overseeing financial markets and investment firms.<br><em>(June 2023 - French)</em></p>                                                                                                                                                                                                                                                                                                                                                   |
| [Finance « décentralisée » ou « désintermédiée » : quelle réponse réglementaire ?](https://acpr.banque-france.fr/sites/default/files/medias/documents/20230403_finance_decentralisee_desintermediee_fr.pdf)                                                                                                    | <p>The ACPR, an independent administrative authority under the central bank, the Banque de France, supervises the banking and insurance sectors. Crypto exchanges linked to FIAT money are regulated financial institutions.<br><em>(April 2023 - French)</em></p>                                                                                                                                                                                                                                                                                                                                                                  |
| [DeFi and MiCA: How much decentralisation is enough?](https://cms.law/en/int/publication/legal-experts-on-markets-in-crypto-assets-mica-regulation/defi-and-mica-how-much-decentralisation-is-enough)                                                                                                          | <p>"<em>Only partially decentralised crypto services are subject to the MiCA regulation while fully decentralised services provided without intermediaries are excluded from its scope</em>."<br>CMS is a is a leading advisor to financial institutions with 79 offices in more than 40 countries and 5,800+ lawyers worldwide.</p>                                                                                                                                                                                                                                                                                                |
| [Real World Assets: The Bridge Between TradFi and DeFi](https://www.binance.com/en/research/analysis/real-world-assets)                                                                                                                                                                                        | <p>Real World Assets (“RWAs”) are assets that exist off-chain, but are tokenized and brought on-chain to be used as a source of yield within DeFi.</p><p><em>(Binance Research - Mac Naggar Mar 2nd, 2023)</em></p>                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| [Uniswap & Ethereum Values](https://blog.uniswap.org/uniswap-history#ethereum-values)                                                                                                                                                                                                                          | <p>Radao fully embraces these values, which Uniswap emphasizes</p><ul><li><em>It was censorship resistant. No one could stop it.</em></li><li><em>It was decentralized. No one controlled it.</em></li><li><em>It was permissionless. Anyone could use it.</em></li><li><em>It was secure. Anyone could verify execution.</em></li></ul><p><em>+ "</em><a href="https://docs.uniswap.org/concepts/uniswap-protocol"><em>The protocol is also immutable, in other words not upgradeable. No party is able to pause the contracts, reverse trade execution, or otherwise change the behavior of the protocol in any way</em></a>"</p> |
| [Morpho](https://docs.morpho.org/start-here/homepage)                                                                                                                                                                                                                                                          | A good example of the new generation of DeFi tools (also from France, cocorico!). Creating a second layer (in this case, Aave & Compound) enables the creation of new services for investors. Radao is naturally part of this approach, as we are building a framework for security tokens based on Uniswap's work.                                                                                                                                                                                                                                                                                                                 |