Notes from building the register.
How unlisted assets get recorded, marked and proven — written as we work it out, including the parts that are not solved yet.
ExplainerPrivate Market Secondaries: How Investors Exit Before the Exit
Secondary volume hit $240 billion in 2025, up 48%. How LP-led and GP-led deals work, how stakes get priced against NAV, and what the discount really tells you.
GuideReal Estate Tokenization: How a Property Title Moves On-Chain
Deloitte projects $4 trillion of tokenized real estate by 2035. Yet the largest on-chain property position today is under $90 million. What explains the gap?
ExplainerZero-Knowledge Proofs in Finance: Proving Without Revealing
A zero-knowledge proof shows a statement is true while revealing nothing else. How solvency, ownership and compliance proofs work — and what they cannot do.
AnalysisWhy Institutions Won't Put Private Assets on a Public Blockchain
A public ledger publishes your book to competitors. That single fact explains why $25 trillion of private capital has stayed off-chain while Treasuries moved.
AnalysisHow Illiquid Assets Are Valued — and Why the Marks Drift
Illiquid assets have no price, only an estimate. How NAV is built for private assets, why marks lag reality, and what regulators found when they looked.
GuideHow to Tokenize an Asset: The Six Steps Nobody Skips
Tokenization is 10% smart contract and 90% legal plumbing. The six steps between a real asset and a claim someone can verify, in the order they must happen.
ExplainerPrivate Credit, Explained: How Direct Lending Actually Works
Private credit AUM passes $2 trillion in 2026. Here is how a direct loan is originated, priced and recovered — and the three risks regulators keep naming.
ExplainerWhat Is an SPV? Special Purpose Vehicles in Plain English
A special purpose vehicle holds one asset and nothing else. Here is why almost every private deal uses one, what bankruptcy-remote means, and how SPVs fail.
ExplainerWhat Does Fractional Ownership Actually Mean?
Fractional ownership divides access to an asset—but what do you actually own? Learn how legal ownership, economic rights, revenue rights and tokens differ.
ThesisPrivate Markets Run on PDFs: The Ownership Record Problem
Private capital manages close to $25 trillion. Just $38 billion of real-world assets sit on a public chain. The gap is not technology — it is the register.
What Makes an Asset Worth Tokenizing?
What makes a real-world asset worth tokenizing? Explore the role of ownership, verification, access, settlement, and productive cash flow in RWA tokenization.
Who Actually Pays GPU Yield?
Where does GPU yield actually come from? Follow the money from AI compute demand and GPU rental revenue to costs, settlement, and on-chain ownership.
Tokenized GPU Ownership: The Next Trillion-Dollar Asset Class
Physical GPUs are becoming income-generating assets on-chain. Here's why tokenized GPU ownership is the most overlooked crypto investment opportunity.
The 2026 AI Compute Shortage: Why GPU Supply Can't Keep Up
AI demand is compounding while GPU and data-center supply is capped by fabs, power and build times. Here's why the compute shortage persists into 2026 — and why that makes AI infrastructure a scarce, income-producing asset.
How to Invest in AI Infrastructure: A Guide to Tokenized GPU Compute
AI runs on physical GPUs, clusters and data centers — but owning that infrastructure has always needed institutional capital. Here's how tokenized compute lets anyone invest in AI infrastructure and earn from real workloads.
Proof of Reserve & NAV: How to Verify a Tokenized Asset Is Real
A tokenized asset is only as trustworthy as your ability to check it. Here's how proof of reserve, on-chain NAV, and asset-identity anchoring let you verify that an RWA token is backed by something real — without taking anyone's word for it.
Real Yield, Explained: Where On-Chain Income Actually Comes From
Real yield is on-chain income paid from genuine revenue an asset earns — not from token emissions or new deposits. Here's how to tell real yield apart from the fake kind, and why the source matters more than the number.
Tokenized GPUs vs. Tokenized Treasuries: Two Kinds of RWA Yield
Tokenized treasuries and tokenized GPU compute are both real-world assets, but they pay very different yields for very different reasons. Here's how they compare on source, upside, and risk — and where each fits in a portfolio.
What Are Real-World Assets (RWAs)? A Plain-English Guide
Real-world assets (RWAs) are physical or traditional financial assets — property, infrastructure, credit — represented on-chain as tokens. Here's how tokenized ownership actually works, and why it matters.
Why AI Infrastructure Is the First Real-World Asset on IX
AI compute is the most supply-constrained asset of the decade: demand is exploding, supply is not. Here's why IX tokenizes GPU infrastructure first — and what it means for owners.
How On-Chain Ownership of GPU Compute Actually Works
From a physical GPU cluster to a fractional token that pays you when it runs AI workloads — a step-by-step look at how IX turns real compute into on-chain, income-producing ownership.
Product updates and asset drops, straight from the team.