OpenEden RWA Intelligence Suite

Overview

What it is: A consulting engagement delivering three research modules for OpenEden’s RWA products, PRISM, USDO, and TBILL, with reproducible pipelines, charts, and tests. Python and pandas throughout; every deliverable is a Markdown report generated from cached data.

Why it matters: OpenEden needed clear, reproducible analysis on competitive positioning, on-chain usage (velocity) on XRPL vs Ethereum, and the drivers behind USDO supply drawdowns, in a form that could be validated and handed off.

Impact: Three modules shipped: competitive landscape and objection handling; on-chain velocity, chain prioritization, and a 90-day action plan; and a USDO supply scenario model with cohort-flow artifacts. Raw data is cached, transformations have unit tests, and the pipeline can be re-run to refresh the reports.

What shipped

Module 1: Competitive Landscape

Competitive matrix for PRISM vs tokenized yield peers (Ondo, Maple, Superstate, Hamilton Lane), plus a value prop and investor objection handler with confidence levels and sourcing where available.

• Outputs: Competitive matrix, notes on apples-to-oranges comparisons
• Scope: What’s knowable today vs what’s undisclosed or needs verification

Module 2: On-chain Velocity and Holder Behavior

XRPL vs Ethereum TBILL activity analysis, a Doppler Finance case study, a weighted chain priority matrix for USDO expansion, and three concrete 90-day recommendations to move XRPL from “storage” to “velocity”.

• Outputs: Case study, chain scoring model, 90-day action plan
• Finding: Large velocity gap between XRPL and Ethereum TBILL transfer activity

Module 3: USDO Supply Scenarios and Cohort Context

A 12-month bear/base/bull scenario model for USDO supply, plus a root-cause analysis of the post-incentive drawdown using cohort boundaries derived from structural inflection points in the supply series.

• Outputs: Scenarios and actions, hypotheses H1/H2/H3 with noted data gaps
• Artifact: Cohort-flow diagram for “peak to steady state” retention

Artifacts (charts and cohort flow)

Module 2: Monthly transfer activity, XRPL vs Ethereum (velocity signal).

Module 2: Cumulative transfers vs unique holders (activity concentration).

Module 2: Holder archetypes by transfer behavior (who drives velocity).

Module 3: Cohort flow

USDO cohort flow from peak supply to steady state, with retention vs redemptions. Derived from aggregate supply data (not per-wallet). Values from the DeFiLlama stablecoins API, USDO (ID 241), as of 2026-02-27.

Stage	Cohort	Supply
Sources	Cohort A (baseline)	$50.1M
Sources	New incentive capital	$248.7M
Peak supply	Cohort B (peak)	$298.8M
Post-drawdown	Cohort C (retained)	$89.5M
Post-drawdown	Redeemed (B to C)	$209.3M
Steady state	Cohort D (steady)	$63.1M
Steady state	Redeemed (C to D)	$26.4M

How it’s built

Raw data is cached, transformations have unit tests, and the analysis produces Markdown deliverables so the work can be re-run or updated.

Project structure

openEden Consulting Project/
├── reports/                 # Final deliverables (Markdown)
├── data/                    # Cached raw + processed artifacts (timestamped)
├── src/
│   ├── collectors/          # Data ingestion (RWA.xyz, DeFiLlama, etc.)
│   ├── analytics/           # Metric computation + cohort analysis
│   └── formatters/          # PDF generation, report artifacts
└── tests/                   # Unit tests for transformations

Runbook

cd "openEden Consulting Project"

# Run the full pipeline (collect, then analyze)
make run-all

# Run tests
make test

Takeaways

• Velocity is not custody: XRPL holds a large share of tokenized T-bills but shows much lower TBILL transfer volume than Ethereum, driven by composability and secondary-market rails.
• Supply drawdowns are cohort-shaped: USDO’s post-incentive contraction fits a cohort retention problem (peak to steady state retention) rather than a “single narrative” issue.
• Sourcing and uncertainty: Claims are sourced or flagged with [ASSUMPTION]/[DATA: as of]; low-confidence comparisons are called out.

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Completed: February 27, 2026