Plume Vaults (Nest)
DefiLlama now names the aggregate Plume Vaults while the operative product and documentation remain Nest structured RWA vaults. The live feed measured about $134.0M across eleven Plume vault receipts, not merely the roughly $36,500 nCREDIT vault. The tracked tokens include private/public credit, CLO, basis and other manager-curated claims. Treasury exposure is not rejected merely for being tokenized; the off-chain-credit rule applies to the aggregate because most material strategies depend on managed off-chain assets or basis counterparties. No default is alleged.
- Publishes borrower-level disclosure and third-party verification sufficient to underwrite the credit on-chain
Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-26.
The research file
Mechanism
Users deposit pUSD and receive an nTOKEN representing a curated vault. Managers allocate between a liquidity reserve and yield assets supplied by funds, brokers, exchanges and on-chain venues. Official listings distinguish nTBILL from credit, CLO, basis and other strategies, so this memo does not collapse government bills into private credit.
Control and evidence
Nest documents segregated core-vault, extension and manager contracts, compliance predicates and public asset composition. Smart-contract audits and on-chain receipts help verify flows, but valuation, issuer performance, custody and recovery of regulated financial assets remain external to the chain.
Exit consequences
Redemption varies by vault: same-day in some products, seven days for nCREDIT and longer windows elsewhere. Nest says most vaults maintain an nTBILL buffer and secondary markets may exist, but neither buffer nor DEX liquidity guarantees exit at reported value under correlated requests.
Why the class rule decides
The material tracked exposure is a bundle of externally managed credit/basis claims whose realization cannot be enforced from the receipt chain. That is the off-chain-credit pattern. Review reopens only at the individual-vault level with holdings, counterparties, legal priority, independent valuation, loss history and stressed redemption evidence.
Class rule
The off chain credit class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Nest Docs — vault architecture and controls · primary · accessed 2026-08-26
Supports: vault architecture, controls - Nest Docs — current vault strategies and redemption terms · primary · accessed 2026-08-26
Supports: current vault strategies, redemption terms - Nest Docs — deposit, reserve and redemption lifecycle · primary · accessed 2026-08-26
Supports: deposit, reserve - DefiLlama — Plume Vaults live record · secondary · accessed 2026-08-26
Supports: current Plume Vaults slug, aggregate vault scope, current TVL
Inherited controls
The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.
| Chain | Verdict | Control | Control constraint |
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