# Introducing Dialectic Meccanico by Dialectic vaults on Morpho **URL:** \ **Category:** Dialectic\ **Created:** [June 29, 2026, 4:41pm UTC](https://forum.morpho.org/t/introducing-dialectic-meccanico-by-dialectic-vaults-on-morpho/2334 "2026-06-29T16:41:14Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![Dialectic](https://avatars.discourse-cdn.com/v4/letter/d/5daacb/32.png) [@Dialectic](https://forum.morpho.org/u/Dialectic)\ **Post date:** [June 29, 2026, 4:41pm UTC](https://forum.morpho.org/t/introducing-dialectic-meccanico-by-dialectic-vaults-on-morpho/2334/1 "2026-06-29T16:41:14Z")
# **Dialectic AUSD Vault** ## **Background** Dialectic is a crypto-native investment firm with a 6 year track record of allocating across structured credit, tokenized real-world assets, and DeFi yield strategies through multiple market cycles. Since 2020, Dialectic has built sophisticated in-house risk tooling and risk management processes with a focus on major DeFi and RWA risk areas. Each opportunity is mapped and quantified across these areas, allowing us to compare opportunities in a risk-adjusted way and map out dependencies to the n-th degree in DeFi\[1\]. This approach ultimately made Nexus Mutual comfortable to underwrite Dialectics yielding funds, a first in DeFi\[2\] and GameSquare to deploy their ETH treasury in a dedicated vehicle\[3\]. Our curation practice is built on the same institutional due diligence process we run internally. We do not separate the diligence function from the curation function. The team that parameterizes a vault is the team that read the offering documents, mapped the access-control surface of the collateral token on-chain, and reconciled reported NAV against oracle state. Dialectic’s edge is the combination of three capabilities that most curators hold only in part: structured-credit and RWA underwriting depth, DeFi-native risk modeling, and forensic on-chain verification. ## **Curation principles** - Findings-led underwriting. Bottom-up read of structure, cash flows, covenants, collateral, and legal framework. Unresolved gaps on material risks block onboarding regardless of yield. - On-chain verification over narrative. Timelocks, privileged roles, oracle wiring, and collateralization confirmed against contract state, not documentation. - Liquidity before yield. Caps and markets sized to keep structural liquidity mismatch within a defined envelope, then yield optimized inside that constraint. - Continuous monitoring. Ongoing tracking of utilization, liquidity depth, oracle integrity, privileged-role activity, and collateral behavior, with caps adjusted as conditions change. ## **Vault** Dialectic RWA AUSD Vault The First Dialectic Meccanico vault accepts AUSD deposits and lends against a curated set of tokenized-credit and RWA collateral on Morpho. Depositors earn yield from borrowing demand by holders seeking liquidity against those positions. The collateral set is concentrated in short-duration, fixed-income-backed exposures that we have underwritten directly. Asset: AUSD Chain: Ethereum Collateral markets: AA\_FalconX, PRIME, mGLOBAL, mfONE, reUSD, CUSHY LTV range: 86% to 91.5% Target APY: 5 to 8% Performance fee: 10% Management fee: 0% ## **Transparency and timelocks** Timelocks for specific functions follow Morpho’s requirements. Critical changes (e.g. the addition of a new market) are delayed by at least [**X**] days before execution. More critical actions are delayed by [**Y**] days. Exact timelock specifications are visible on the Morpho UI alongside other technical specifics. The vault enters markets backed by high-quality, short-medium duration RWA collateral. ## **Contact** X handle: @Dialectic\_Group Website: [https://dialectic.com/](https://dialectic.com/) Email: felix@dialectic.ch **Sources** 1 [Introducing Nebula: A graph based representation of DeFi](https://dialecticgroup.substack.com/p/introducing-nebula-a-graph-based) 2 [Dialectic Purchases Over $22M Worth of Coverage - Nexus Mutual](https://nexusmutual.io/blog/dialectic-purchases-over-22m-worth-of-coverage) 3 [https://investors.gamesquare.com/news/news-details/2025/GameSquare-Accelerates-Crypto-Strategy-with-Dialectic-Yielding-Partnership-and-Advisory-Appointments/default.aspx](https://investors.gamesquare.com/news/news-details/2025/GameSquare-Accelerates-Crypto-Strategy-with-Dialectic-Yielding-Partnership-and-Advisory-Appointments/default.aspx) * * * 1. Footnotes 2. Footnotes 3. Footnotes