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Leontief

Litepaper · The awake state

Leontief

An adapter layer that turns restricted, tokenized real-world assets on Stellar into composable, yield-passing ld-shares — with a fail-closed NAV oracle and permissioned liquidation built for regulated assets.

Roughly $3B of tokenized real-world assets now live on Stellar — US and Mexican treasuries, money-market funds, short credit — growing about 3× year over year. Almost all of it is idle: holders earn the base coupon and nothing else, because the very rules that make these assets safe in the real world (transfer restrictions, off-chain NAV, non-standard yield accrual) make them incompatible with on-chain DeFi.

Leontief is an adapter, not another lending protocol. It wraps a restricted RWA into a normalized, freely-composable share token — an ld-share — that keeps accruing the underlying's native yield, then routes that share into existing venues: Blend for credit, Aquarius for liquidity. One asset, two jobs at once: still earning, now working.

deposit → mint ld-share at fail-closed NAV → move / borrow / LP → underlying keeps accruing → redeem ≤ deposited + growth

Live on testnet​

dApp

Wrap · Borrow · Liquidate

app.leontief.tech — the full protocol UI, wallet-connected.

Guided demo

The five beats

app.leontief.tech/demo — the whole thesis on-chain, no wallet needed.

Performance

Live positions & TVL

leontief.tech/performance — real-time wrapped AUM, utility ratio, and per-wallet health, read straight from the chain.

Faucet

Mint test tokens

app.leontief.tech/faucet — authorizes your SEP-8 trustline and funds test LEOD + USDC so you can try the app.

Litepaper

The awake state

leontief.tech/litepaper — the full narrative + business model.

Source

Monorepo

github.com/monalika-walia/Leontief — contracts, SDK, indexer, tests.

Contract IDs are on the Addresses page, generated from the committed deployment registry and verified in CI.

The five beats​

The whole thesis, live on-chain — each is also an integration test and a step in /demo:

  1. Restricted transfer fails. LEOD is a genuine SEP-8 asset (auth_required | auth_revocable); sending it to a stranger reverts. Authorizing the vault opens the door.
  2. Wrap mints ldLEOD at NAV. Balance-diff measured; virtual-offset math defends the first depositor.
  3. The share moves freely and borrows. SEP-41 transfer, then USDC drawn at 80% LTV against pledged shares.
  4. Yield while pledged. A NAV tick raises share_price for locked collateral identically to idle shares.
  5. Permissioned liquidation. A whitelisted liquidator repays and seizes at a 5% bonus (5a); an un-whitelisted caller is refused (5b).

Where to go next​

  • Architecture — the contract graph and the four core flows, in diagrams.
  • The vault — ld-share accounting, NAV math, the inflation defense.
  • Oracle — the fail-closed pricing policy.
  • Security — the threat model and its test tie-out.
  • SDK / Indexer API — build on Leontief.
Prototype status

This is a testnet prototype. Numbers, addresses, and integration facts here are dated and cited; version-volatile ecosystem facts live under Integrations. Nothing here is investment advice or an offer of a security.