Coming soon · VESTN Community Hub · Q3 2026
Framework · v0.1
The VESTN Diligence Framework
Six structural questions any tokenized real-world asset should be able to answer in one screen. Every listing on VESTN is scored against these criteria; see the score inline on any asset detail page and the underlying criteria below.
Servicer
Who services the underlying?
Pass
Named, regulated third-party servicer with published loss history and audited controls.
Warn
Servicer named but no published loss history, or servicer is affiliated with the issuer.
Fail
Servicer undisclosed or self-servicing without independent oversight.
Example: OUSG servicing sits under Ondo and BlackRock's transfer-agent chain; disclosed and datable.
SPV
What legal wrapper holds the asset?
Pass
Bankruptcy-remote SPV in a named jurisdiction, segregated per issuance, with organisational docs available.
Warn
Single-purpose entity present but organisational docs not publicly available.
Fail
No SPV, or issuer balance-sheet risk mixed with token holders.
Example: Backed's bIB01 uses bankruptcy-remote book-entry securities under the Swiss DLT Act.
Waterfall
How do cashflows flow?
Pass
Waterfall executed on-chain, reconciled against oracle-confirmed servicer data before each distribution.
Warn
Waterfall documented off-chain, mirrored on-chain manually with a delay.
Fail
Waterfall not defined, or manual spreadsheet drives token distributions.
Example: Institutional-grade credit tokens automate senior-junior-equity distributions against oracle-confirmed servicer reports.
Oracle
Where does the NAV come from?
Pass
Attested by qualified custodian/transfer agent with a published cadence.
Warn
Model-driven or hybrid oracle with independent valuation agent quarterly.
Fail
No published oracle source or single-party attestation without third-party review.
Example: PAXG publishes attestations of reserves against Brink's-vaulted allocated gold.
Default path
What happens if it breaks?
Pass
Defined, documented default path with named enforcement agent and priority of claims.
Warn
Default path described in general terms; workout mechanics not spelled out.
Fail
No documented default handling; recovery mechanism undefined.
Example: A senior secured private-credit token specifies collateral enforcement through the SPV with recovery flowing per the published waterfall.
Legal recourse
What do holders actually own?
Pass
Direct beneficial claim on segregated series assets, enforceable in the SPV's jurisdiction.
Warn
Contractual claim on issuer entity rather than direct claim on underlying assets.
Fail
Holders hold a note against an unrelated balance sheet with no ring-fenced collateral.
Example: JTRSY holders hold a claim through a BVI professional fund licensed by the BVI FSC.