RAAC controls 4.1% of all Curve voting power through accumulated $CVX — that's the entire engine behind the 25%+ APR. Strip away the CRV emissions subsidy and you're looking at maybe 5-7% from actual rental yield on the underlying properties, which is standard cap rate territory for tokenized RE. The Convex flywheel bootstrapping RWA liquidity is a clever play, but every protocol that's leaned on directed gauge emissions eventually faces the same cliff when TVL outpaces incentive budgets — ask Frax how that math works at scale. Borrowing crvUSD against iREET collateral adds composability, but the liquidation mechanics on illiquid tokenized property NFTs during a drawdown are an unsolved problem that no amount of Chainlink price feeds will fully derisk.

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