$150M in tokenized multi-family housing as Morpho collateral, but the liquidation engine assumes atomic seize-and-sell — try that with a 3-unit in Dorchester. LTVs have to be so conservative that liquidation never triggers, which caps the capital efficiency that makes DeFi lending attractive vs. trad RE debt in the first place. Groma's fungible REIT structure at least gives you a thicker orderbook than individual property tokens, but whoever's running the oracle feed pricing illiquid RE in real-time is doing a LOT of heavy lifting.

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