Unblock Equity
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Unblock Equity lends USDC through 24 segmented Morpho vaults on Base against tokenized Florida junior-lien home-equity loans, with verification, escrow and recovery choices. The 2026-08-16 survey measured about $0.023M, only 0.023% of the $100M materiality floor. The version-1 below-materiality dossier decides before borrower-level, lien-perfection, servicing, recovery, legal, curator or vault-liquidity diligence.
- TVL sustained above $100M for 30 days
The research file
Mechanism applicability
Unblock Equity documents USDC vaults financing loans secured by tokenized voluntary junior liens on Florida residential property. Twenty-four combinations vary borrower verification, three-to-twelve-month senior-mortgage escrow and lien-only versus foreclosure recovery rights. Depositor yield remains private-credit exposure whose repayment and loss depend on homeowners, property values, senior liens, legal enforceability and servicing.
Control, loss and exit applicability
The product uses Base and Morpho vault infrastructure, while Unblock Equity performs underwriting, lien recording, escrow and recovery design. Curator materials describe market and allocation responsibilities, and the risk paper states withdrawals are subject to vault utilization. On-chain vault shares do not eliminate delays or losses in off-chain foreclosure, property sale, title disputes or junior-lien recovery.
Current observation and lifecycle
The DefiLlama API read on 2026-08-16 classified Unblock Equity as RWA Lending and reported approximately $0.023M entirely on Base, summing totalAssets across 24 segmented vaults. Current product, earn and security pages describe live Base vaults and a Florida launch. The project states third-party contract auditing and SOC 2 work are in progress, not completed assurances.
Why the materiality dossier decides
Measured TVL is approximately 0.023% of the $100M floor and cannot demonstrate diversified capacity or proposed-size liquidity. Reopen after TVL remains above $100M for 30 days; then obtain loan-level tapes, lien and senior-debt evidence, borrower and geographic concentration, valuation and servicing history, realized defaults and recoveries, legal opinions, vault roles, audits and proposed-size withdrawals.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Unblock Equity — product and legal architecture · primary · accessed 2026-08-16
Supports: junior-lien collateral, Florida launch, Base tokenization, verification escrow and recovery axes, live vault claim - Unblock Equity — USDC yield vaults · primary · accessed 2026-08-16
Supports: Morpho vaults, 24 combinations, yield construction, borrower demand, utilization and collateral framing - Unblock Equity — curator playbook · primary · accessed 2026-08-16
Supports: curator role, market allocation, risk segmentation, vault control - Unblock Equity — security and legal framework · primary · accessed 2026-08-16
Supports: county lien, title-company escrow, Base contracts, audit status, SOC 2 status, KYC and legal claims - Unblock Equity — actuarial risk analysis v2.0 · primary · accessed 2026-08-16
Supports: Morpho and Base architecture, default and loss assumptions, stress tests, withdrawal utilization condition, model limitations - DefiLlama — Unblock Equity survey record · secondary · accessed 2026-08-16
Supports: current TVL, Base perimeter, 24-vault accounting, RWA Lending category, audit links
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.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Base | Approved · limits | hybrid | Coinbase — one regulated US company — operates the only sequencer, and admin keys can upgrade bridge contracts within ~7 days. |