Neutrl I keep thinking that this project is not about hype storytelling, but about structural innovation.

It's not about who has higher returns, but about who can generate steady cash flow under the premise of minimal risk.

Currently, all "USD yield" assets are rising: RWA, Ethena, lending markets are all trying to turn USD into interest-bearing assets. But most protocols' yields still depend on interest rates or market cycles. When interest rates are high, everyone gets rich together; when rates fall, yields collapse to zero.

Neutrl @Neutrl operates differently. It doesn't rely on interest rates, lending, or market sentiment swings. Instead, it profits from structural inefficiencies—buying locked assets at a discount from VC firms and foundations, then hedging directional risk with futures short positions, earning only from the discount and funding fees.

It may sound less glamorous, but this is the arbitrage logic that old-school institutions have been using for decades.

In just three weeks since launch, Neutrl's TVL has already surpassed $150M, with historical returns in the 16–20% APY range. These yields are not driven by token incentives but are generated by its strategy. The system's collateralization rate is 104.47%, with about 80% of assets immediately available to handle redemptions or margin calls.

Its design is very "institutional": it values assets not based on spot prices, but on "how much can be sold at the worst-case liquidation scenario." Each batch of locked assets is discounted, capped, and even those unlocking tomorrow are further marked down. Actively undervaluing itself is to prevent overestimation and liquidation risk.

This risk management system is further supplemented by on-chain verification—using Accountable's ZK proofs to verify in real-time that "assets ≥ liabilities, discounts are valid, and hedge coverage is effective." Not screenshots, not spreadsheets, but cryptographically verifiable states.

Its issues are also very realistic: the structure is new and has not experienced a full bull and bear cycle; will rising TVL dilute the discounts? Will hedges fail during extreme market conditions? These can only be validated over time.