RWA wrapper cascade
- 1Off-chain dependency
- 2Custody opacity
- 3Redemption gate
- 4Thin exit
- 5Forced markdown
sounding live water._-~=+*#*+=~-_.
Loading market readingsvisible risk
Risk is not one score. Bathymark reads backing, liquidity, yield, redemption, wrapper, and off-chain dependency as separate questions, then follows how one becomes the next.
What this page answers
Bathymark does not present products as free of risk. It marks what is visible, what the issuer claims, and what open data cannot show, and it reads exploits as the clearest record of where depth was actually taken.
Where the water is stressed now
Live readings, not a single score. Exploits from the open DeFiLlama ledger; peg and wrapper stress from the tracked set.
$16.65Bexploited, all-time tracked
$1.44Bstolen, last 12 months
177exploits, last 12 months
11material stablecoins off peg
13products off-chain dependent
How risk propagates
A weakness rarely stays in one box. These are the paths a single problem travels, the part most risk maps leave out.
Cash-layer contagion
- 1Peg drift
- 2Redemption rush
- 3Reserve sale
- 4Wider drift
- 5Cross-stable spillover
Leverage unwind
- 1Funding spike
- 2Liquidation
- 3Liquidity drain
- 4Price gap
- 5Further liquidation
The six risk axes
Read each separately. The tag shows what it most often propagates into.
Backing
What the issuer claims the token represents, and what proof is attached.
Liquidity
Where exit depth lives: on-chain, CEX, OTC, redemption, or not visible at all.
Redemption
Who can redeem, minimums, KYC, jurisdiction limits, and timing.
Yield
Where the return comes from and what dependency it adds.
Wrapper
Whether the token is a direct claim, fund share, receipt, note, derivative, or other structure.
Source freshness
When the source was last updated and what it actually covers.
The reef bleaching: recent exploits
The clearest risk record is where depth was actually taken. Read live from the open DeFiLlama hacks ledger, most recent first.
- AIDC$121.002026Burn-from-LP ExploitProtocol LogicBSC
- Polymarket International$3M2026Front-end VulnerabilityInfrastructurePolygon
- Lixir Finance$12.3K2026Broken Signature VerificationProtocol LogicEthereum
- SecondFi$2.4M2026Predictable Private Key ExploitInfrastructureCardano
- Royal.io$263K2026Hook Manipulation HackProtocol LogicPolygon
- Quicksilver Zone$3.5K2026Unchecked Proof MintingProtocol LogicQuicksilver
- Taiko Bridge$1.7M2026Fake Proof ExploitProtocol LogicTaikobridge
- LABUBU/OLPC$1.1M2026Deflationary Reserve PoisoningProtocol LogicBSC
Source: open DeFiLlama hacks ledger. Amounts are the reported size at time of the exploit, not a live mark. An exploit is a fact about the past, not a forecast.
risk context
The exit path is part of the product.
Risk is not one score. Bathymark separates the asset claim, the visible market, the legal wrapper, and the path out, then watches how a problem in one becomes a problem in the next.