SRWA is a real-world asset (RWA) tokenization company that builds enterprise tooling for issuing, managing and financing tokenized assets. It originated in the Radix ecosystem – its first lending prototype came out of the Radix Scrypto DeFi Challenge – and has since grown into a blockchain-agnostic platform, with the team shipping across Radix, Ethereum, Polygon and Solana. Its stack powers Ploughshare, a registered financial service provider in New Zealand that brings tokenized finance to the dairy sector.
On Radix the company is represented by two things a reader can check directly: the SRWA Lending market, an Lend component live on mainnet and tracked by DeFiLlama since 18 November 2024, and the $SRWA token (ledger symbol RWA), whose supply is fixed at 10,000 with minting, burning, freezing and recall all permanently denied. The lending market is described in measured terms below; the sections after it record the design the team set out when the project was introduced to the Radix community in 2023, much of which remains a statement of intent rather than shipped software.
SRWA Lending on Radix
SRWA Lending is an overcollateralized money market deployed on Radix mainnet as a single component instantiated from the Lend blueprint v1.0.0 of this package. It runs two markets: XRD and xUSDC (Instabridge Wrapped USDC) – not the $MOO pairing sketched in the original 2023 design. The same component address is the one DeFiLlama's adapter reads, so the wiki's figures and the dashboard's figures come from the same place.
Measured state
Read live from the ledger at epoch 334014, state version 548676006 (11 August 2026, 11:05:51 UTC):
| Field | XRD market | xUSDC market |
|---|---|---|
| Deposits | 286,444.999761 XRD | 2,190.731601 xUSDC |
| Borrows | 166.713181 XRD | 1,767.021882 xUSDC |
| Loan-to-value | 0.5 | 0.5 |
| Pool deposit limit | 60,000 XRD | 20,000 xUSDC |
| Liquidation bonus / max liquidation | 10% / 50% | 10% / 50% |
| New deposits | locked | locked |
| New borrows | locked | locked |
| Withdrawals / repayments | open | open |
The component carries 102 user records, a minimum collateral ratio of 1, a maximum borrow of 10% of a pool per position, a utilisation kink at 0.7 and a reserve factor of zero on both assets. Deposit and borrow rates are not derived by the component when a position is opened; they are pushed in by the operator through an update_deposit_and_borrow_rates call, and the values standing at the read above were 0.917010 / 1.136899 on xUSDC and 0.00000059 / 0.001017 on XRD.
Exit-only, and operator-gated
Two facts about the deployment are worth stating plainly, because neither is visible from a TVL chart.
First, the market is closed to new business. The blueprint's lock_pool(asset_address, deposit_locked, borrow_locked, withdraw_locked, repay_locked) method sets four independent flags, and on both assets the first two are set: new deposits and new borrows are locked, while withdrawals and repayments remain open. That is the posture of a market being wound down rather than one being run, and the transaction record agrees – the last committed transaction touching the component was on 17 April 2026 (a 11.426993 xUSDC withdrawal at 16:16:20 UTC, seconds after a 100.015388 XRD withdrawal), and the batch before it was on 1 March 2026. Every recent transaction moves value out of the component; none move value in.
Second, a depositor cannot act on their own position. On the Lend blueprint, deposit, withdraw, borrow, repay, liquidate and create_new_user are all role-protected by the admin badge (resource_rdx1nf4d…nx5s7n2h, three ids currently approved); only the read methods such as get_user, get_parameters and get_lock_pool_states are public. Interaction therefore runs through SRWA's own front end and signing key, and the 286,445 XRD and 2,191 xUSDC standing in the pools are reachable only through the operator. This is a factual property of the deployment, not a judgement about the operator.
Size over time
DeFiLlama listed the protocol on 18 November 2024 at $23,496 and recorded its peak of $93,679 on 8 December 2024. On 11 August 2026 it reports $263 – about 286,273 XRD by the adapter's own accounting – which is roughly 0.3% of the peak and the smallest non-zero entry on DeFiLlama's Radix list.
Products
Ploughshare
Ploughshare is a registered New Zealand financial service provider that uses SRWA's tokenization stack to bring on-chain finance to the country's dairy sector. It is the company's flagship deployment and the reason its RWA tooling exists in the shape it does.
The current suite
SRWA has repositioned around an AI-assisted RWA tokenization suite: a portfolio manager for onboarding customers and managing assets, tokenized company shares with shareholder tracking and reporting, and tokenized financial instruments for peer-to-peer and pool-based lending with compliance automation. A fourth product, decentralised lending and borrowing, is labelled sandbox on the company's own site – a separate, later effort from the Radix market described above. The company joined the Katapult K24 accelerator cohort and completed a pre-seed round backed by co-investment grants.
Real-world asset integration
Central to SRWA's value proposition is the tokenization of RWAs, enabling users to collateralize assets such as farms or machinery. A Special Purpose Vehicle (SPV) is created to register and tokenize the asset, an NFT representing it is issued, and its owner can then demonstrate the collateral on-chain.
The 2023 design
The following is the design the founders described when SRWA was introduced to the Radix community, recorded here because it is the origin of the deployed market and because parts of it never shipped. It should be read as a statement of intent from 2023, not as a description of the protocol as it runs today.
The lending protocol was to let users deposit selected tokens – $XRD and $MOO were named – and earn interest while others borrowed against them, with the accrued interest split between the Ploughshare project and depositors at a predefined rate, and both sides incentivised by $MOO distribution. NFT representation of real-world assets was planned for a later update. The deployed market runs XRD and xUSDC, carries no incentive token, and sets a reserve factor of zero on both assets.
The design envisioned a two-fold ecosystem in which Ploughshare evolved into a DAO while SRWA contributed as the technology team, with anticipated partnerships spanning liquidity providers, DEXs, CEXs, asset originators, auditors, oracles, stablecoin protocols, identity and KYC providers, fiat on/off-ramps, bridges and multisig solutions. Decision-making was to move to decentralized governance, with an initial treasury for DAO operations established alongside a token launch. The $SRWA token exists on-ledger with a fixed 10,000 supply and locked authorities; no DAO or treasury component has been published. Initial capital denominated in XRD was earmarked for staking to support the Radix network, and the team floated running a dedicated full node as a learning exercise.
History
The inspiration for SRWA came from the Radix Scrypto DeFi Challenge. The team explored DeFi lending protocols in depth and arrived at a Compound-like mechanism in which assets serve both as a lending pool for borrowers and as collateral; their original demo ran under the resim simulator, and the design carried through to the mainnet Lend blueprint documented above.
Nicola, one of the co-founders, came to blockchain around 2016–2017, drawn less by native assets such as Bitcoin and Ethereum than by the prospect of applying the technology to real-world assets; early experiments involved assets such as gold. The team's motivating comparison was credit issuance: four and a half months to raise a credit line through traditional channels against an hour and a half on-chain. The project took shape through 2022 and found Radix in December of that year, which the founders credited with solving the user-experience problem they had been fighting.
Team
Nikola Sologub – an early enthusiast of blockchain and DLTs, pivotal in steering the direction of the project.
A university professor – a co-founder responsible for protocol development, with a team experienced on Cosmos and Polygon.
Further co-founders bringing DeFi and dApp development experience.
SRWA endorses open-source methodologies, took an early interest in Radix royalty mechanics, and states a preference for integrating existing components over re-inventing them.
External Links
- srwa.io – company site and product suite
- Ploughshare – the New Zealand dairy-finance deployment
- SRWA Lending component on the Radix Dashboard
- $SRWA (RWA) resource on the Radix Dashboard
- SRWA Lending on DeFiLlama
- The DeFiLlama adapter – the component address it reads
- @SRWAio on X · Telegram
See also: Weft Finance and Root Finance, the two other lending markets on Radix tracked by DeFiLlama.