We mapped 171 entities and 239 connections across the tokenized real world asset ecosystem — protocols, chains, custodians, regulators, corporate structures, capital flows.

One pattern stands out: custody concentration.

A single custodian network holds safekeeping relationships with 4 separate protocols in our registry. That's the highest custody concentration we track. Each new dependency on this entity makes the overall system more fragile, not stronger — the rate of risk accumulation has exceeded the rate of value creation.

This entity pulls value inward rather than distributing it across the network. It centralizes rather than settles.

Connection map:

4 custody relationships (asset safekeeping — protocols trust this entity to hold their underlying assets), 4 information channels, 1 ownership link, 1 governance connection.

It operates almost entirely within traditional finance infrastructure. This matters because the protocols depending on it are crypto-native, but their custody sits in TradFi.

This matters for governance

When a single node holds custody for multiple protocols AND connects to governance and information channels, the risk isn't just about that entity failing. It's about correlated failure — if the custodian has issues, multiple protocols are affected simultaneously.

Verify

All of this is computed from a topology of 171 entities with 239 mapped connections. 14 on-chain attestations on Base, $6.2B total attested value, 7 verified issuers. The attestation data is readable directly from the registry contract on Base.

This analysis is deterministic — the same connection structure produces the same results. No subjective ratings, no opinions.

Live registry: https://geniusflow-rwa.vercel.app

Contract on Base: 0x29c97E958313181c0463898894D7Cb93e9cF70db

Eigenstate Research — physics-based verification for real world assets.

We mapped 171 entities and 239 connections across the tokenized real world asset ecosystem — protocols, chains, custodians, regulators, corporate structures, capital flows.

One pattern stands out: custody concentration.

A single custodian network holds safekeeping relationships with 4 separate protocols in our registry. That's the highest custody concentration we track. Each new dependency on this entity makes the overall system more fragile, not stronger — the rate of risk accumulation has exceeded the rate of value creation.

This entity pulls value inward rather than distributing it across the network. It centralizes rather than settles.

Connection map:

4 custody relationships (asset safekeeping — protocols trust this entity to hold their underlying assets), 4 information channels, 1 ownership link, 1 governance connection.

It operates almost entirely within traditional finance infrastructure. This matters because the protocols depending on it are crypto-native, but their custody sits in TradFi.

This matters for governance

When a single node holds custody for multiple protocols AND connects to governance and information channels, the risk isn't just about that entity failing. It's about correlated failure — if the custodian has issues, multiple protocols are affected simultaneously.

Verify

All of this is computed from a topology of 171 entities with 239 mapped connections. 14 on-chain attestations on Base, $6.2B total attested value, 7 verified issuers. The attestation data is readable directly from the registry contract on Base.

This analysis is deterministic — the same connection structure produces the same results. No subjective ratings, no opinions.

Live registry: https://geniusflow-rwa.vercel.app

Contract on Base: 0x29c97E958313181c0463898894D7Cb93e9cF70db

Eigenstate Research — physics-based verification for real world assets.