The following is a research report originally published by Serotonin on X.

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This series expands on our State of Onchain Credit report by exploring key players in onchain credit, including infiniFi, 3F, Pareto, 3Jane, and now, @RockawayX. Founded in 2018, RockawayX has offices in London, Prague, and Dubai, and manages approximately $2 billion in assets across its early-stage venture, liquid investment, infrastructure, and capital curation verticals. The firm’s activity is divided among three funds: RockawayX Market Neutral Fund, RockawayX VC I, and RockawayX VC II. The firm was an early seed investor in @solana and has since operated as one of the network's most active institutional participants by investing in over 15 Solana-native protocols like @kamino, @onrefinance, and @ExponentFinance, and deploying hundreds of millions of dollars in liquidity across Solana DeFi while simultaneously running network validators. 

RockawayX falls within the Capital Allocation (Curators) and Credit Issuance (Tokenized Offchain Credit) categories of our onchain credit market map. The firm’s vault business launched this year and surpassed $100 million in TVL on May 12, 2026, growing 172.9% MoM as RockawayX became a top-ten capital curator by TVL. The firm operates a suite of actively managed vaults on @kamino on Solana and @Morpho on Ethereum, allocating capital across money markets. The firm also has an active, tokenized credit facility with $20.7 million in TVL on @paretocredit, where onchain capital lends to RockawayX with deposits backed by assets in the RockawayX Market Neutral Fund. RockawayX also manages $9.7 million across two tokenized strategies on @MidasRWA that focus on market-neutral strategies

Protocol Usage

Capital curation is solving liquidity fragmentation on Kamino and Morpho, where hundreds of isolated money markets with distinct collateral types, parameters, oracles, and counterparties exist. For capital allocators seeking diversified, risk-managed yield, navigating this landscape by underwriting markets, sizing positions, monitoring conditions, and actively rebalancing is impossible. Vaults managed by third-party curators, analogous to actively managed funds, have been critical in making money markets efficient. RockawayX’s vault activity began on Kamino in February 2026 and has rapidly scaled to Morpho and four other protocols (@upshift_fi, @Featherlend, @EmberProtocol, and @lista_dao).

The risk framework governing RockawayX vault allocations includes a four-layer model that evaluates strategy, asset, protocol, and chain risk independently. Each layer allocation receives a score and a corresponding rating (AA through D), with the final rating leaning conservative, determined by the weakest layer. AA-rated markets can receive up to a 15% allocation of a given vault’s deposited capital, while D-rated markets are excluded entirely. The risk framework also includes concentration limits that cap single-protocol exposure at 25%, single-oracle exposure at 40%, correlated-asset exposure at 40%, and single-chain exposure at 60%.

The first vault RockawayX launched was an RWA-focused vault on Kamino. RockawayX RWA USDC remains the firm’s lone vault on Kamino and is the largest amongst its vault business. The vault has grown to be the fourth-largest by TVL on Kamino, with a total supply of $41.9 million, while yielding 4.8% to depositors and actively allocating USDC across three markets exposed to unique real-world yield sources.

• The OnRe Market includes the $ONyc token by @onrefinance as collateral. OnRe is a leading onchain reinsurance protocol that offers exposure to reinsurance yield via premium income stemming from short-duration insurance and reinsurance contracts
  
  • RockawayX’s RWA USDC vault has $31.1 million (74.2% of total deposits) allocated to this market, 79.5% of which has been borrowed, yielding 5.1%.
• The Prime Market is the largest onchain credit market in DeFi, and includes the $PRIME token by @HastraFi and @Figure as collateral. The token functions as Hastra’s liquid receipt token for Figure’s Democratized Prime vault, which serves as a warehouse funding mechanism for Home Equity Lines of Credit (HELOCs), with yield derived from interest paid during the period when originators like Figure borrow funds until the corresponding HELOCs are sold.
  
  • RockawayX’s RWA USDC vault has $5.85 million (14% of total deposits) allocated to this market, 93.3% of which has been borrowed, yielding 5.4%.
• The Huma Market includes the $PST token by @humafinance as collateral. Huma offers exposure to cross-border payment financing (PayFi) and has facilitated over $6.9 billion in lifetime origination volume.
  
  • RockawayX’s RWA USDC vault has $5 million (11.9% of total deposits) allocated to this market, 88.7% of which has been borrowed, yielding 5%

Hastra launched PRIME on @ethereum on May 13th, 2026, which serves as productive collateral on Morpho, paired with both $USDC and $PYUSD. RockawayX, an early investor in Morpho, allocates liquidity to the PRIME/USDC market, which has a TVL of $21 million, split between $9.1 million in USDC and $11.9 million in PRIME. The market’s USDC utilization rate is 93.4%, with borrowing at 4% APR, presenting a profitable looping opportunity given PRIME's underlying 6.4% APY. The market’s lone liquidity provider is RockawayX’s Figure USDC Main vault, one of four active RockawayX vaults on Morpho, which houses $9.8 million and yields 4.4% to depositors. 

Beyond curation, RockawayX sits on the credit-issuance side of our onchain credit market map due to its tokenized credit facility on @paretocredit. This vault enables onchain capital to be lent to RockawayX, with an average APY of 7.1% and bi-weekly redemption opportunities for KYC’d depositors. The vault’s $20.7 million in deposits are senior-secured relative to LPs of the RockawayX Market Neutral Fund, which provides capital to crypto-native protocols and companies via DeFi liquidity and private credit strategies. The fund has been operating since April 2022 and delivered 42.6% absolute return to date, net of fees. Notably, RockawayX also manages $9.7 million across two tokenized strategies ($mROX and $mMEV) on @MidasRWA that focus on market-neutral strategies. 

Looking Forward

Vaults embody the ongoing evolution of traditional financial use cases coming onchain. Capital curation provides users with an avenue to passively deposit capital and earn yield. The vaults that make this possible are developed by professional capital curators, such as RockawayX, and address liquidity fragmentation inherent in DeFi’s isolated money markets.

In just four months since launching its vault business, RockawayX vault TVL has reached $107.5 million, making it a top ten capital curator. This trajectory also reflects broader momentum in the vaults category, which has grown from $4.44 billion to $7.23 billion in the past year, marking 62.8% YoY growth. Long-term, capital will converge on vaults curated by those who demonstrate institutional-grade underwriting discipline rather than on those with the highest yields. RockawayX's early specialization in real-world assets like PRIME and aggressive expansion into new chains could position the firm well for continued growth across its vaults as RWAs continue their secular growth trend.