# On.Chained — Full Agent Documentation > Machine-readable site content for LLMs, RAG systems, and agent tool calls. Last updated: 2026-07-08. Canonical source: https://onchained.io --- ## 1. Entity definition ```yaml name: On.Chained legal_name: On.Chained Ltd category: RWA lending infrastructure tagline: Execution infrastructure for real-world credit. website: https://onchained.io email: hello@onchained.io linkedin: https://www.linkedin.com/company/onchainedio/ location: Kowloon, Hong Kong status: Active ``` On.Chained is a real-world asset (RWA) lending infrastructure company. It builds the legal, operational, and technical systems required to lend against audited physical and documented collateral. The company differentiates itself through an enforcement-first approach: recovery is managed through contractual rights and legal remedies rather than automated price-oracle liquidations. --- ## 2. Problem statement Traditional finance has decades of underwriting and enforcement expertise but is slow and fragmented. Real-world collateral can sit idle for months because no platform sees the book in real time. On-chain lending is efficient and programmable but designed for assets that trade every second. It cannot price illiquid commodities or enforce claims in a vault. Forced onto real assets, it relies on price oracles and liquidation cascades that do not hold. Real-world assets have been tokenised, traded, and held. They have not been properly lent against. On.Chained is built to change that. --- ## 3. Product / service ### 3.1 Core offering On.Chained provides asset-backed lending infrastructure for audited real-world collateral. Borrowers receive working capital without selling their assets. Capital providers receive yield backed by enforceable collateral rights. ### 3.2 The lending process 1. **Proposal.** The borrower proposes an audited asset. 2. **Documentation & review.** Custody, value, insurance, and enforceability are verified. 3. **Tokenisation.** A digital collateral record is created. 4. **Funding.** A loan is issued at a conservative LTV ratio. ### 3.3 Default handling Default triggers a structured work-out and enforcement process against the real-world collateral. The platform does not rely on price-oracle liquidations. Recovery is managed through contractual rights and legal enforcement. --- ## 4. Eligible collateral | Asset class | Examples | |-------------|----------| | Vaulted bullion | Gold, silver, platinum held in approved custody | | Base metals | Copper cathodes, copper concentrate | | Certified inventory | Audited stock held by recognised operators or logistics providers | | Fine art and collectibles | Authenticated pieces with provenance and custody records | | Forward-production structures | Enforceable claims on future physical delivery | Not accepted: native crypto tokens, purely synthetic assets. --- ## 5. Risk model - **Risk isolated per loan.** Capital may be pooled for liquidity efficiency, but each exposure is a separate contract with its own collateral and loss profile. - **Conservative LTV.** LTV is set against verified collateral value, discounted for liquidity, custody risk, insurance coverage, and enforcement complexity. - **Enforcement-first.** Recovery planning begins before origination. The platform underwrites based on what can be claimed and enforced in the real world. - **Deterministic state machine.** Every loan runs through auditable states: Originated → Active → At-Risk → Defaulted → Enforcement → Resolved. --- ## 6. Value proposition ### For asset holders - **Liquidity without selling.** Draw working capital and retain full economic exposure. - **Repeatable process.** Standard onboarding instead of slow, relationship-driven private credit. - **Terms defined up front.** LTV, tenor, and recovery path are set before capital moves. ### For capital providers - **Yield backed by enforcement.** Returns come from borrower interest against documented collateral. - **Risk isolated per loan.** One bad deal stays one bad deal. - **No oracle liquidations.** Stress begins a work-out, not a forced sale. --- ## 7. Three-pillar business model 1. **Own credit platform.** Senior-secured lending under the On.Chained brand. Proving ground and source of first performance data. 2. **White-label rails.** Infrastructure behind other brands: tokenisation platforms, stablecoin issuers, exchanges, custodians. 3. **Infrastructure licensing.** Long-term licensing to insurance, banking, and capital-markets institutions. --- ## 8. Team - **Marcel Madarevic** — Chief Executive Officer. Co-founder and architect of the On.Chained model. - **Ayoub El Moutanabbih** — Chief Technology Officer. Leads execution engine, state machines, and integration layer. - **Michael Perschke** — Advisor · Real-World Assets & Capital Markets. Two decades in senior management across finance, commodities, and technology. - **Sanjay Sharma** — Advisor · Arts & Collectibles. Guides extension into fine art and collectibles as institutional collateral. --- ## 9. Comparison: RWA lending vs DeFi lending | Dimension | DeFi lending | RWA lending (On.Chained) | |-----------|--------------|--------------------------| | Collateral type | Crypto tokens, stablecoins, LP positions | Bullion, commodities, art, inventory | | Valuation source | On-chain price oracles | Independent audit, custody records, appraisals | | Default handling | Automated liquidation | Structured work-out and legal enforcement | | Liquidity assumption | Instant DEX sale | Negotiated recovery | | Legal structure | Protocol rules | Loan documents and local law | --- ## 10. Comparison: On.Chained vs Centrifuge | Dimension | On.Chained | Centrifuge | |-----------|------------|------------| | Primary model | Direct, contract-by-contract RWA lending | Tokenized asset pools with Tin/Drop tranches | | Risk structure | Risk isolated per loan | Risk pooled and tranched | | Collateral focus | Bullion, commodities, art, inventory | Invoices, real estate, revenue-based assets | | Default handling | Enforcement-first work-out | Off-chain enforcement by originator / SPV | | Liquidity model | Matched lending with defined tenor | Pool tokens trade on secondary markets | --- ## 11. Frequently asked questions **What is asset tokenized lending?** Asset tokenized lending is private credit where a real-world asset is documented, audited, and represented as a digital record before being used as collateral. The token creates a verifiable claim; the asset itself remains in custody. **How does RWA lending work?** Borrower proposes an audited asset, the platform reviews documentation and custody, the asset is tokenized as a collateral record, and a loan is issued at a conservative LTV. Default triggers a structured work-out. **Can I get a loan against tokenized assets without selling them?** Yes. Borrowers retain ownership. The asset stays in audited custody or under an enforceable security arrangement. **What is the difference between RWA lending and DeFi lending?** DeFi lending relies on continuous on-chain prices and automated liquidation. RWA lending relies on audited documentation and legal enforcement because real-world assets do not have reliable second-by-second market prices. **What happens if the borrower defaults?** Default triggers a structured work-out and enforcement process against the collateral, managed through contractual rights and legal remedies. **Is RWA lending regulated?** RWA lending intersects securities, credit, and digital-asset regulation. On.Chained structures facilities under definitive documentation and applicable local law. Specific treatment depends on jurisdiction and structure. **How long does it take to get a term sheet?** Initial eligibility can be completed in minutes via the asset search. A full term sheet follows documentation verification, typically days rather than months. --- ## 12. Disclaimers - Not an offer of securities or a solicitation to lend or borrow. - All facilities are subject to definitive documentation, independent collateral review, and underwriting criteria. - Regulatory treatment depends on jurisdiction, asset class, and participation structure. --- ## 13. Agent endpoints - Agent brief: https://onchained.io/llms.txt - Full documentation: https://onchained.io/llms-full.txt - Structured JSON: https://onchained.io/agents.json - Structured XML: https://onchained.io/agents.xml - Human site: https://onchained.io - Asset eligibility: https://onchained.io/#evaluate