# TheRawByte

> Research for the RWA stack. Research and ghostwriting for the protocols, platforms, and asset managers tokenizing real-world assets: treasuries, private credit, stablecoins, private equity, real estate. Plus a free weekly Dune dashboard, breakdown, and video.

TheRawByte is an RWA (real-world asset) Research Studio run by two operators: Ishita Rastogi (Research · Narrative) and Pranshu Rastogi (Engineering · Distribution). We write research and ghostwrite for the protocols, platforms, and asset managers building tokenized real world assets: treasuries, credit, stablecoins, private equity, real estate. One category, covered properly. Real-world assets, across stablecoins, treasuries, non-US government debt, credit, equities, PE and VC, commodities, and real estate. Early enough to go all in on. If it stops working we pivot. Until then, this is the only thing we do. Blog posts are published on Substack and HackMD; the Writing links point to the original posts. A fuller plain-text version of this file is at https://www.therawbyte.com/llms-full.txt.

## Services

- [RWA Research & Thought Leadership](https://www.therawbyte.com/#services): Reports on tokenized treasuries, private credit, stablecoin reserves, custody models, and tokenization infrastructure. What your protocol points investors to before they commit capital.
- [Founder & Protocol Ghostwriting](https://www.therawbyte.com/#services): Threads and essays in your voice, written by people who have read the custody agreement, not just the deck.
- [Technical Content & Docs](https://www.therawbyte.com/#services): Explainers and documentation for RWA infrastructure: attestation flows, redemption mechanics, on and off ramp rails.
- [RWA Intel Agents](https://www.therawbyte.com/#services): Agents that get your protocol surfaced when someone asks ChatGPT or Perplexity which stablecoin issuer is transparent, or which tokenized treasury product to use. Plus recurring agents tracking competitor TVL and yield, so you don't have to.
- [Custom Dune Dashboards](https://www.therawbyte.com/#services): Reserves, flows, redemptions: whatever your investors and depositors need to see live, built on our own queries for your protocol.

## The Lab

- [The Lab](https://www.therawbyte.com/#lab): Free, weekly. One dashboard. One breakdown. One video. Every week. A free weekly dashboard and breakdown, so you can check our work before you pay for any.
- [The Dashboard (Dune)](https://www.therawbyte.com/#lab): A new Dune dashboard on whatever's worth tracking in RWA that week. Live, public, forkable. Take the queries.
- [The Breakdown (Article)](https://www.therawbyte.com/#lab): An article walking through the query logic: which tables we used, which filters mattered, what the data shows and what it doesn't.
- [The Video](https://www.therawbyte.com/#lab): 5 to 10 minutes, screen recorded, walking through how the dashboard got built.
- [Weekly experiment](https://www.therawbyte.com/#lab): Alongside it: one experiment a week with a new tool. An MCP server, an agent framework, a fresh data API. We publish what worked and what broke.

## Products

- [Private Credit Map](https://privatecredit.therawbyte.com): Free and live. Track private credit from issuance to DeFi to exit. A free, open map of tokenized private credit: who originates it, where it gets used in DeFi, and how you get out.

## Writing

- [Fixed vs Variable Borrow Rates for DeFi Leverage](https://ishitarastogi.substack.com/p/fixed-vs-variable-borrow-rates-for?r=17x6sm): Leverage lets you earn on more capital than you put in. How variable, fixed-maturity, and open-term fixed rates change what that leverage actually costs. (Substack, 2026-09-15, DeFi Lending)
- [Tokenised Private Credit Isn’t Ready for DeFi Lending Yet](https://ishitarastogi.substack.com/p/tokenised-private-credit-isnt-ready?r=17x6sm): Tokenised private credit is entering DeFi, but it cannot be treated like ETH or BTC. The challenges around valuation, liquidity, liquidation, and risk management. (Substack, 2026-09-13, Private Credit)
- [How Often Does an Earn Vault Take Bad Debt?](https://hackmd.io/@ishita30/S1JJz4D_Mx): A Monte Carlo method for curators: run the same vault setup through thousands of price paths, count how often it actually takes a hole, and be clear about what the method cannot see. (HackMD, 2026-09-03, Research)
- [What Curators Could Do in the Morpho PT-reUSD Liquidations: Not Much](https://ishitarastogi.substack.com/p/what-curators-could-do-in-the-morpho): On August 25, an attacker moved a thin Pendle market, Morpho's oracle followed it down, and $36 million in borrower positions got liquidated in 14 minutes. (Substack, 2026-08-26, Risk)
- [What Actually Makes Stablecoin Revenue Defensible?](https://ishitarastogi.substack.com/p/what-actually-makes-stablecoin-revenue): Why do some stablecoins lose supply quickly while others don’t? Revenue defensibility through the lens of demand: what creates it, who controls it, and how easily it can be replaced. (Substack, 2026-07-06, Stablecoins)

## Selected work

- [Are L2s Really Secured by Ethereum?](https://research.hazeflow.xyz/p/are-l2s-really-secured-by-ethereum): Hazeflow Research · Shared by Ryan Sean Adams
- [Tokenised Private Credit Isn’t Ready for DeFi Lending Yet](https://ishitarastogi.substack.com/p/tokenised-private-credit-isnt-ready?r=17x6sm): TheRawByte · Substack · RWA collateral in DeFi
- [Will All L1s Move to Ethereum?](https://www.decentralised.co/p/will-all-l1s-move-to-ethereum): Decentralised.co · Featured on Ethereum.org
- [Open Intent Framework](https://x.com/stacy_muur/status/1892650191536472210): Stacy Muur (ghost) · RT'd by @ethereum
- [What Curators Could Do in the Morpho PT-reUSD Liquidations: Not Much](https://ishitarastogi.substack.com/p/what-curators-could-do-in-the-morpho): TheRawByte · Substack · $36M liquidated in 14 min
- [State of Confidential AI in 2025](https://research.hazeflow.xyz/p/the-state-of-confidential-ai-in-2025): Hazeflow Research · ~14k reads
- [Solana Deep Dive Series (8 threads)](https://x.com/raikucom/status/1995538734935150940): Raiku · Viral thread series
- [GPU TEE: Securing AI at the Hardware Layer](https://phala.com/posts/Phala-GPU-TEE-Deep-Di): Phala Network · Client deliverable · AI×Crypto
- [Hyperliquid Deep Dive](https://x.com/stacy_muur/status/1898307251233780079): Stacy Muur (ghost) · Top KOL thread
- [Rollup Decentralisation: What Stage Are We?](https://mirror.xyz/0x4dc8b342dAe79b0426a05c4fb9d95eD1f9b97144/P0H7f8tSc-WLCthEeEsAeimD-rQ4WE2T94AwfmkcLgU): Mirror.xyz · L2 research series
- [@therawbyte on X, 2026-09-13](https://x.com/therawbyte/status/2099159355019161934): Interestingly, STOKR ranks above @maplefinance in tokenized credit. Dig into the assets, and the picture changes.
- [@therawbyte on X, 2026-09-07](https://x.com/therawbyte/status/2096963637655290282): 1. Bonds: $28.12B · 64.9% of all RWA
- [@Ishita_30 on X, 2026-09-05](https://x.com/Ishita_30/status/2096249967094690201): Only ~9% of the ~$46.4B in RWA value onchain is currently being used in DeFi - about $3.8B.
- [@Ishita_30 on X, 2026-09-05](https://x.com/Ishita_30/status/2096156771241046072): How DeFi prices tokenized credit collateral?
- [@Ishita_30 on X, 2026-09-04](https://x.com/Ishita_30/status/2095867379662344441): ELI(x): DeFi in Equations.
- [@Ishita_30 on X, 2026-08-31](https://x.com/Ishita_30/status/2094386008255295906): How Onchain Private Credit *actually* works?

## Contact & social

- [Email chainsiblings@gmail.com](mailto:chainsiblings@gmail.com): Commissions and questions. Say what you're building and who needs to trust it; we reply with a scope and timeline.
- [@therawbyte on X](https://x.com/therawbyte): TheRawByte's studio account: RWA data threads and breakdowns.
- [Ishita Rastogi (@Ishita_30) on X](https://x.com/Ishita_30): Research · Narrative. Deep dives published on Hazeflow, Mirror, and Decentralised.co. Ghostwriter for top-tier Web3 voices whose threads get RT'd by the protocols they cover.
- [Pranshu Rastogi (@pranshurastogii) on X](https://x.com/pranshurastogii): Engineering · Distribution. Head of Ecosystem & Integrations at Push Chain. Seven years shipping Web3 infra, DevRel, and backend systems.
- [Pranshu Rastogi's website](https://pranshurastogi.com): Portfolio and background.
- [Substack](https://ishitarastogi.substack.com): Long-form posts on RWAs, DeFi lending, and stablecoins.
- [HackMD](https://hackmd.io/@ishita30): Research notes and methods.
- [Research notebook (Notion)](https://spangle-sneezeweed-c1b.notion.site/RWA-Private-Credit-DeFi-Lending-things-in-between-3dcd3643189580b2b5ddedd33afc80ef): Articles, tweets, research, and diagrams in one place.
- [Hazeflow Research](https://research.hazeflow.xyz): Earlier long-form research.

## Optional

- [Full text](https://www.therawbyte.com/llms-full.txt): Everything above in plain text, plus service details, engagements, the FAQ, and post summaries.
- [Blog](https://www.therawbyte.com/blog): Index of every post.
- [Home](https://www.therawbyte.com/): The studio site.