Hastra

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Hastra sells on-chain yield sourced from real-world lending operations, built in partnership with the financial services company Figure. It held about $537M on Ethereum and Solana at the 2026-08-14 survey. PRIME begins with wYLDS, a wrapper around Figure’s SEC-registered Treasury-backed YLDS, then adds yield from Figure home-equity lending. The first layer has public securities disclosures; the incremental HELOC credit pool still depends on off-chain underwriting, servicing, liens and recoveries that a token holder cannot independently enforce from Ethereum or Solana. This is an off-chain-credit class disposition, not a conclusion that Hastra or Figure has suffered a loss or failed an individual underwriting review.

Kill criteria: the events that revoke this verdict
• Publishes borrower-level disclosure and third-party verification sufficient to underwrite the credit on-chain

The research file

The mechanism

Hastra says wYLDS represents a reserve holding YLDS one-for-one. YLDS itself is a Figure Certificate Company debt security backed by cash, Treasury securities and Treasury repo. Staking wYLDS mints PRIME; Hastra describes PRIME’s additional yield as interest from Figure’s home-equity-line-of-credit lending operations. The economic exposure is therefore layered: wrapper and bridge contracts, regulated YLDS reserves, and private consumer-credit performance and servicing.

Control and operating record

Figure originates and services the real-world loans and Figure Certificate Company issues YLDS; Hastra manages the PRIME and wYLDS on-chain product. Figure’s SEC filings provide corporate-scale evidence: it facilitated $5 billion of HELOC originations in 2024 and more than $16 billion cumulatively through June 2025. That is meaningful operating history, but neither volume nor SEC registration makes the PRIME HELOC pool transparent at borrower, lien, delinquency, advance-rate and loss-vintage level.

The exit

Hastra says PRIME can be unstaked to wYLDS without a lock-up. That is an exit from the staking wrapper, not necessarily cash realization at par: the holder still owns wYLDS and depends on its market or redemption route, Figure/FCC operations, banking hours for fiat off-ramps where applicable, and adequate liquidity. In a credit shock, fast token transfer does not make home-equity collateral instantly saleable.

Why the class rule decides

The off-chain-credit rule is dispositive because the incremental return depends on borrower obligations and legal enforcement outside the recommending wallet’s control. This memo distinguishes regulated YLDS reserve yield from PRIME’s HELOC spread and does not allege current impairment. Review reopens with pool-specific borrower and collateral tapes, independent verification, servicing and waterfall terms, realized loss history, and redemption stress evidence sufficient for individual credit underwriting.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Hastra Help — PRIME on Ethereum and HELOC yield · secondary · accessed 2026-08-14
  Supports: PRIME on Ethereum, HELOC yield
• Hastra Help — wYLDS reserve structure · secondary · accessed 2026-08-14
  Supports: wYLDS reserve structure
• Figure SEC filing — YLDS launch and reserve assets · secondary · accessed 2026-08-14
  Supports: YLDS launch, reserve assets
• Figure 2025 registration statement — HELOC operating record · secondary · accessed 2026-08-14
  Supports: HELOC operating record
• Figure 2025 Form 10-K — YLDS redemption and depeg risks · secondary · accessed 2026-08-14
  Supports: YLDS redemption, depeg risks

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.