What if Tokenized-RWA mispricing event spooks on-chain credit?
An off-chain default in a tokenized real-world-asset pool reveals oracle and legal-claim gaps, denting confidence in on-chain credit products.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (electric blue) over time vs the market's (Polymarket, amber), from the past toward the 6–18 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. Loading the probability audit trail…
What it would mean
If this plays out, it is a risk-off shock. An off-chain default in a tokenized real-world-asset pool reveals oracle and legal-claim gaps, denting confidence in on-chain credit products. The trigger decomposes into signed root‑shocks — Credit spreads ▲ · Crypto confidence ▼ · Crypto liquidity ▼ · Risk appetite ▼ — which propagate through our causal graph to the markets below.