A new yield primitive for Ethereum

Ethereum concentrates more DeFi liquidity than any other chain. Allocators deploying capital here face a familiar constraint. Lending rates on the largest protocols struggle to clear the risk-free benchmark, and capital migrates between emission-subsidized programs that compress quickly when token rewards taper.

PRIME, the yield-bearing token backed by home equity line of credit (HELOC) cash flows, has attracted over $300 million in deposits on Solana's Kamino. It is now expanding to Ethereum through Morpho vaults curated by Sentora. The deployment connects both major DeFi ecosystems to a shared credit engine, Democratized Prime, underpinned by Figure's origination platform. Figure and its partners have originated more than $24 billion of home equity to date, making the Figure ecosystem the largest non-bank provider of HELOCs.

For Ethereum allocators, PRIME provides a return stream rooted in real consumer credit. The exposure is structurally uncorrelated to crypto cycles, more stable through periods of market volatility, and sourced from a market many multiples larger than DeFi.

Yield uncorrelated to crypto

Existing DeFi yield options share a common dependency on crypto-native activity:

• Lending rates track on-chain leverage appetite.

• Staking returns are governed by validator economics and network emission curves.

• Tokenized treasury products offer more predictability but compress as allocators concentrate in the same instruments.

PRIME's return profile is structurally different. Yield originates from interest collected on Figure-originated HELOCs, a loan category whose securitizations have received AAA ratings from S&P Global Ratings. Borrower repayment depends on employment conditions, residential property values, and household financial health. None of these variables has a mechanical link to crypto market sentiment or on-chain utilization cycles.

Adding PRIME to a DeFi portfolio introduces a return component that persists when crypto funding rates collapse. It also follows its own trajectory when central bank rate cuts compress treasury-linked yields.

Sustainable and stable vault rates

Rate volatility is a persistent challenge for DeFi depositors. Utilization-driven vaults can swing from 8 percent to 2 percent in a single week. Emission-subsidized programs mask this instability temporarily, then leave allocators exposed once token rewards end.

Sentora’s new PRIME-backed Morpho vaults anchor returns to contractual debt service on HELOC pools rather than speculative leverage demand. Yield originates from fixed borrower obligations, so the rate profile is structurally smoother than utilization-driven alternatives. As capital enters from both Solana and Ethereum, rates settle at levels reflecting genuine credit market equilibrium rather than chain-specific or vault-specific volatility.

Sentora's role as vault curator reinforces this stability. Sentora is an institutional-grade platform for capital allocation in DeFi, combining vault strategies with continuous risk management as components of a single deployment engine. 

Scalability and rate calibration

Crypto-native yield is constrained by the size of its own markets. Total DeFi TVL remains in the low hundreds of billions, so even moderate institutional inflows compress utilization-based rates quickly. Treasury-backed RWA products face a similar ceiling as capital concentrates in the same sovereign exposures.

US residential mortgage debt operates at a different order of magnitude. US homeowners hold approximately $36 trillion in home equity, most of which sits unutilized on bank balance sheets, while outstanding HELOC balances sit at only $434 billion (NY Fed, Q4 2025).

Drawing origination from a credit pool of this scale means PRIME's rates calibrate to genuine supply and demand for lending and borrowing rather than being distorted by the structural limits of crypto-native markets. As capital flows in from both Solana and Ethereum, rates find equilibrium that reflects real credit market conditions. 

Why it works: Figure and Sentora

The Ethereum launch builds on operational experience already accumulated in production. Kamino’s PRIME markets have grown from zero to over $500 million in deposits at peak, where Sentora’s vaults have been allocating a growing position from the Sentora PYUSD vault. Across all its strategies, Sentora’s platform oversees more than $2 billion in capital deployed in DeFi. The curation framework, refined through months of live market operations on Solana, now extends to Morpho on Ethereum.

Figure contributes to the capital markets infrastructure. Its Provenance Blockchain-native stack enforces single-pledge integrity at the registry level, executes securitization on-chain, and makes underwriting data independently verifiable. Figure Forge opens this stack to external originators. Heterogeneous loan pools are converted into fungible, dollar-denominated participation tokens with standardized structure and a permanent bid floor. Figure backs the bid floor through its capacity to redeem tokens, reclaim the underlying loans, and securitize them through traditional wholesale channels.

Sentora’s platform monitors real-time on the HELOC collateral backing each vault, including collateral quality metrics, utilization ratios, and liquidity conditions. When risk vectors emerge, Sentora's systems surface the signal and adjust vault parameters before depositor capital is affected. Adjustments include collateral factors, rate caps, and exposure limits.

The division of responsibility distinguishes this deployment from conventional RWA wrappers. Figure owns origination, structuring, and securitization. Sentora focuses on risk curation and parameter management. Originators connect without retooling their operations. Allocators access structured credit yield through a vault that is actively monitored and professionally governed.

Looking forward

PRIME on Ethereum introduces a structurally distinct asset class to the largest DeFi ecosystem. The exposure is uncorrelated to crypto cycles, backed by a $13 trillion-plus origination market, and governed through a tested Figure and Sentora risk framework.

For allocators looking beyond funding rates, treasury wrappers, and emission-driven programs, PRIME provides durable, asset-backed returns that scale without crypto-native rate compression. The Sentora Prime vault on Morpho is available starting today and can be accessed here through Morpho.