https://rajatwasan.com/blog Writing on onchain credit, lending against tokenized real-world assets, compliance as code, and agent infrastructure. en-us Wed, 09 Sep 2026 00:00:00 GMT https://rajatwasan.com/blog/permissioned-collateral-permissionless-liquidity https://rajatwasan.com/blog/permissioned-collateral-permissionless-liquidity Wed, 09 Sep 2026 00:00:00 GMT Rajat Wasan Tokenized real-world assets cannot inherit a liquidation model built for assets anyone can hold and sell. Keel separates permissioned collateral from permissionless USDC liquidity and resolves every liquidation through a bounded three-stage waterfall. DeFi RWA Lending Keel tokenized real-world assets as collateral RWA lending protocol onchain credit tokenized credit private credit onchain DeFi liquidation of restricted securities permissioned collateral permissionless liquidity liquidation waterfall transfer-restricted tokens DeFi ERC-7518 collateral ERC-3643 lending redemption at NAV compliance as code Keel protocol