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ODL is a liquidity desk for tokenized real world assets. It runs three connected things: a curated inventory of institutional grade RWAs you can borrow against or sell to ODL, a marketplace of assets ODL has taken onto its own book, and the ODL Vault, where capital providers deposit USDC and earn a return from that lending activity.

Which side of it you use depends on what you hold. Asset holders start at Borrow / Sell; capital providers start at ODL Vault.

Depositing into the vault is live. The asset listings and the marketplace inventory are demonstrations for now — the rows you see are sample entries rather than assets ODL has approved or bought. The answers below say which parts of each page are real.

Approved RWAs is the inventory ODL will finance. ODL Exclusives is the subset ODL sourced itself. Borrow / Sell is where you act on an asset.

On the capital side: ODL Vault is the fund itself, Deposit is how you get into it, and Investor Dashboard is where your position and history live. Liquidator Marketplace lists assets ODL is selling on.

Deposit and the top of the dashboard — your position and recent activity — are wired to live data. The dashboard’s portfolio panels, the asset listings and the marketplace rows are all samples today, so read them as a preview of the format rather than as your account or as assets on offer.

You deposit USDC and receive odlUSD, the vault’s share token. The vault deploys that capital to whitelisted custodians who fund RWA lending, and as that book earns, the value of each odlUSD share rises.

There is no coupon to claim. Your odlUSD balance stays where it is and your position grows because each share is worth more USDC than it was.

Through signed attestations of the vault’s book value. Independent signers submit a reading and the vault only accepts one carrying enough valid signatures, so no single key can move the share price.

A separate feed publishes the value of the capital the vault has deployed, and the oracle refuses a book value above it before a reading is accepted. The Investor Dashboard is where the resulting share price and your position are shown.

Only the top of that page is your account: the position figures and Recent Activity are read from the vault for your connected wallet. The portfolio panels under the Sample data heading are illustrations, not your holdings.

The ODL Vault page lists them under Key Details — management fee, performance fee and its hurdle, minimum subscription, redemption cadence and lock-up, alongside the administrator, custodian, auditor and legal counsel.

Those figures are placeholders while the vault reporting feed is connected, not confirmed terms. The lock-up and redemption cadence in particular are not enforced by the vault at all — withdrawals are requested at any time and paid as the vault has cash. Ask us to confirm any of these in writing before you rely on one.

The reason is always printed above the form. The usual ones: the vault is paused; deposits have been closed, or put on hold after a valuation decrease until governance reopens them; your last request has been priced and its shares are waiting to be claimed first; or the amount is more than your USDC balance.

Each of those stops the request before it starts, on purpose — beginning a request the vault would reject still costs you an approval in gas before the revert. An overdue valuation does not stop a request: it only means the request waits longer to be priced.

A deposit is a request. Your USDC is held in the vault, outside its value, until the next valuation prices it; that valuation creates your shares, and you claim them to your wallet from the Deposit page or the dashboard.

Pricing entries at a valuation rather than when you send them means nobody can buy in just ahead of a known gain. Until your request is priced you can cancel it and get the USDC back in full, even while the vault is paused.

You can request a withdrawal any time the vault is not paused, from the Withdrawpage. The request moves your shares into the vault’s exit queue; each valuation then fills the queue from the cash the vault holds, every request in proportion to its size, at the price that valuation sets. Filled cash waits for you to claim it, and the unfilled part can be cancelled back to your wallet.

How fast a request fills depends on spare cash: capital out working with custodians is not on hand, so a large exit can take several valuations. Tell us in advance if you plan one and capital can be recalled to meet it. After a valuation decrease, fills are held until governance has reviewed it.

The lock-up and redemption cadence listed under Key Details on the ODL Vault page are placeholder figures — the vault does not enforce them today, and you should not plan around them either way.

The Investor Dashboard is the page for it: position value, yield to date, how the book is allocated, its largest holdings, performance over time, and a running list of deposits, redemptions and yield events.

Most of those figures are sample data at the moment, not your account. The real ones are at the top of the same page: your position, and Recent Activity, which lists the deposits and redemptions recorded on-chain for your connected wallet. Everything under the Sample data heading is an illustration.

The curated inventory of institutional grade tokenized assets ODL will finance. The list itself is read-only — it is there to be searched and compared. Acting on one happens in Borrow / Sell, which selects from the same inventory.

The rows on that page are sample entries, not a live inventory. Treat the funds, their LTVs and their terms as an illustration of the format rather than assets ODL has committed to finance — ask us before planning around any of them.

Borrowing keeps the asset yours: you take liquidity against it and repay to get it back. Selling transfers it to ODL outright at an agreed price.

Both start from Borrow / Sell: choose an asset, then Borrow Against or Sell Asset, whichever ODL offers for that token. For a sale, ODL reviews your offer and quotes a price; if you accept, you both sign an agreement, you send the tokens to ODL's escrow address, and ODL pays you the USDC. Follow it under My Sales.

Assets that have come onto ODL’s own book, offered on to institutional buyers with the underwriting on show. Browse the inventory by category, or search it by deal name, manager or asset class. Filtering by size and status is not available yet.

Those rows are sample deals, not positions ODL holds and is selling. Prices, discounts and maturities there are illustrative — nothing on that page is currently available to buy.

Privileged actions are gated on roles rather than on one owner key, and the governance ones run through a timelock: parameter changes, edits to the custodian whitelist, deploying capital, unpausing the vault, contract upgrades and role changes. Each of those is queued in public and can only execute once its delay has passed.

Alongside that, revaluing the book — recognising a gain or a loss on what is lent out, which is what moves your share price — takes a quorum of independent attestor signatures and has to land inside a sanity band. A separate feed publishes the value of the deployed capital, and no book value above it is accepted. Moving capital out to a custodian and back also changes the book, but under governance and without changing what a share is worth: cash and the deployed claim move in opposite directions.

Not everything waits for the timelock, and it is worth knowing which. A guardian key can pause the vault, or close it to new deposits, instantly. Deposit-whitelist edits and deployed-capital feed pushes take effect immediately. Revaluations go through the attestor quorum rather than the governance queue — and moving capital out to a custodian, or taking it back, changes the book with no attestor signatures involved at all. The timelock is a check on governance, not on day-to-day operations.

The audit report will be published here once it is complete. Until then the contracts have not been independently audited, so please size any position with that in mind. Write to support@rwaodl.com if you would like the current review material.