Unblock Equity
Unblock Equity lends USDC through 24 segmented Morpho vaults on Base against tokenized Florida junior-lien home-equity loans, with verification, escrow and recovery choices. The 2026-08-16 survey measured about $0.023M, only 0.023% of the size floor. Unblock Equity is below that floor, so the version-1 dossier does not open an individual review of borrowers, lien perfection, servicing, recovery, legal terms, curators or vault liquidity until it clears the floor.
- TVL sustained above the retired TVL threshold for 30 days
Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-16.
The research file
Mechanism applicability
Unblock Equity documents USDC vaults that finance loans secured by tokenized voluntary junior liens on Florida homes. Twenty-four combinations vary borrower verification, three-to-twelve-month senior-mortgage escrow and lien-only versus foreclosure recovery rights. Depositor yield remains private-credit exposure. Repayment and loss depend on homeowners, property values, senior liens, legal enforceability and servicing.
Control, loss and exit applicability
The product uses Base and Morpho vault infrastructure, while Unblock Equity handles underwriting, lien recording, escrow and recovery design. Curator materials describe responsibility for markets and allocations, and the risk paper says withdrawals depend on vault utilization. On-chain vault shares do not remove delays or losses from off-chain foreclosure, property sales, title disputes or junior-lien recovery.
Current observation and lifecycle
The DefiLlama API read on 2026-08-16 classified Unblock Equity as RWA Lending and reported approximately $0.023M, all on Base, by adding totalAssets across 24 segmented vaults. Current product, earn and security pages describe live Base vaults and a Florida launch. The project says third-party contract auditing and SOC 2 work remain in progress and are not completed assurances.
Why the materiality dossier decides
Measured TVL is approximately 0.023% of the size floor and cannot show diversified capacity or proposed-size liquidity. Do not open the individual review until TVL stays above the size floor for 30 days. Then obtain loan-level tapes, evidence of liens and senior debt, borrower and geographic concentration, valuation and servicing history, realized defaults and recoveries, legal opinions, vault roles, audits and proposed-size withdrawals.
Research status
This is a capacity-unproven record for Unblock Equity, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Unblock Equity — product and legal architecture · primary · accessed 2026-08-16
Supports: junior-lien collateral, Florida launch, Base tokenization, verification escrow and recovery axes, live vault claim - Unblock Equity — USDC yield vaults · primary · accessed 2026-08-16
Supports: Morpho vaults, 24 combinations, yield construction, borrower demand, utilization and collateral framing - Unblock Equity — curator playbook · primary · accessed 2026-08-16
Supports: curator role, market allocation, risk segmentation, vault control - Unblock Equity — security and legal framework · primary · accessed 2026-08-16
Supports: county lien, title-company escrow, Base contracts, audit status, SOC 2 status, KYC and legal claims - Unblock Equity — actuarial risk analysis v2.0 · primary · accessed 2026-08-16
Supports: Morpho and Base architecture, default and loss assumptions, stress tests, withdrawal utilization condition, model limitations - DefiLlama — Unblock Equity survey record · secondary · accessed 2026-08-16
Supports: current TVL, Base perimeter, 24-vault accounting, RWA Lending category, audit links
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 |
|---|---|---|---|
| Base | Approved with limits | Mixed control | Coinbase, one regulated US company, operates the only sequencer, and admin keys can upgrade bridge contracts within ~7 days. |