https://daniilkozin.com/blog/ I take real projects and run the same due diligence I use when I put my own money in. Publicly. en Mon, 01 Jun 2026 08:00:00 +0000 https://daniilkozin.com/blog/reental-rwa-roast-june-2026/ https://daniilkozin.com/blog/reental-rwa-roast-june-2026/ Mon, 01 Jun 2026 08:00:00 +0000 Daniil Kozin Five years tokenizing real estate across Spain, LATAM, and the UAE. 45 active properties, 10,982 holders but only ~565 active monthly. Average closed return 15-16%, success stories at 27-34%, underperformers not shown. Spanish participatory loan structure ranks below ordinary debt in insolvency. RNT utility token trades $14,500 daily on a $30M market cap. Form D filed (CIK 0002007865). Overall score 5.3/10. RWA Roast #9. Due Diligence RWA Reental RNT Tokenized Real Estate Participatory Loan Polygon Eric Sanchez Galvez Spain Law 6/2023 https://daniilkozin.com/blog/gromacoin-rwa-roast-may-2026/ https://daniilkozin.com/blog/gromacoin-rwa-roast-may-2026/ Tue, 26 May 2026 08:00:00 +0000 Daniil Kozin Seth Priebatsch sold LevelUp to Grubhub for $390M, then tokenized Boston apartment buildings. $68M tokenized, 218 holders, $32 monthly on-chain volume, 1 active address. Claims ~3% dividend with a 12.5% performance fee (unverified by independent sources). REIT election still pending. An AI called Grobot that nobody outside the company has audited. Overall score 4.9/10. RWA Roast #8. Due Diligence RWA GromaCoin GRO Tokenized Real Estate Boston Multifamily ERC-3643 Base Seth Priebatsch https://daniilkozin.com/blog/centrifuge-rwa-roast-may-2026/ https://daniilkozin.com/blog/centrifuge-rwa-roast-may-2026/ Sun, 17 May 2026 08:00:00 +0000 Daniil Kozin $1.57B TVL across institutional funds. $5.5M in protocol revenue. $0 distributed to CFG holders. 95% of TVL concentrated in two Janus Henderson funds. Coinbase equity stake. Grove Basin liquidity facility. Overall score 5.5/10. RWA Roast #7. Due Diligence RWA Centrifuge CFG Janus Henderson Coinbase Tokenization https://daniilkozin.com/blog/chainlink-rwa-roast-may-2026/ https://daniilkozin.com/blog/chainlink-rwa-roast-may-2026/ Wed, 13 May 2026 08:00:00 +0000 Daniil Kozin $74.5M annualized on-chain fees against a $7.5B market cap. CCIP processed $18B in Q1 2026 and collected $603K in lifetime fees (0.003% take rate). Eight years of SWIFT pilots with zero production revenue. Staking at 4.26%. SOC 2 Type 2 from Deloitte in April 2026 is real. The valuation is the problem. RWA Roast #6. Due Diligence RWA Chainlink LINK CCIP Oracle Network SWIFT Tokenization RedStone https://daniilkozin.com/blog/figure-rwa-roast-may-2026/ https://daniilkozin.com/blog/figure-rwa-roast-may-2026/ Tue, 05 May 2026 08:00:00 +0000 Daniil Kozin Figure Technology Solutions (NASDAQ: FIGR) went public in September 2025 at $25/share, built its own blockchain (Provenance), and tokenizes its own HELOCs. Reported on RWA.xyz: $17.05B "represented" vs $21.24M "distributed". 163 holders, 36 monthly active addresses. HASH at $0.01. CEO sold $64M post-IPO. Two active class actions. Full breakdown. RWA Roast #5. Due Diligence RWA Figure Technology FIGR Provenance Blockchain HASH Tokenization HELOC Mike Cagney https://daniilkozin.com/blog/stellar-rwa-roast-april-2026/ https://daniilkozin.com/blog/stellar-rwa-roast-april-2026/ Tue, 28 Apr 2026 08:00:00 +0000 Daniil Kozin Stellar just crossed $200M in DeFi TVL and the press ran it like a coronation. I pulled the numbers. $5.6B market cap, $730 a day in fees, 71% of RWA value from two issuers, P/Fees ratio of 15,460. Franklin Templeton, Spiko, and Ondo are real. The valuation around them is the problem. RWA Roast #4. Due Diligence RWA Stellar XLM Tokenization Franklin Templeton Spiko https://daniilkozin.com/blog/kelp-dao-aave-hack-april-2026/ https://daniilkozin.com/blog/kelp-dao-aave-hack-april-2026/ Tue, 21 Apr 2026 08:00:00 +0000 Daniil Kozin Full breakdown of the $292M Kelp DAO exploit, the $6.6B Aave bank run, the $285M Drift hack, and how Lazarus Group stole $577M from DeFi in 18 days — with timelines, DVN config diagrams, and lessons. DeFi Security Kelp DAO Aave LayerZero Incident Report https://daniilkozin.com/blog/syrup-finance-review/ https://daniilkozin.com/blog/syrup-finance-review/ Mon, 20 Apr 2026 08:00:00 +0000 Daniil Kozin Independent deep-dive into Syrup Finance (formerly Maple). $4.6B TVL, $54M in historical defaults, SYRUP tokenomics breakdown, Core Foundation lawsuit, and the four-question verdict every investor needs before depositing. Due Diligence RWA Syrup Finance Maple https://daniilkozin.com/blog/ondo-finance-review/ https://daniilkozin.com/blog/ondo-finance-review/ Sun, 13 Apr 2026 08:00:00 +0000 Daniil Kozin $3.5B TVL. BlackRock, Franklin Templeton, State Street. The most impressive partnership list in crypto. And 98% of all tokens in insider hands. RWA Roast #2. Due Diligence RWA Ondo Finance https://daniilkozin.com/blog/canton-network-review/ https://daniilkozin.com/blog/canton-network-review/ Tue, 08 Apr 2026 08:00:00 +0000 Daniil Kozin Canton says $5.5B in tokenized assets. Here is what I found when I dug into the on-chain data, tokenomics, and the CC utility token structure. Due Diligence RWA Canton Network