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Now that you’ve seen how the building blocks fit together, here’s who uses them and why. Railnet is a multi-sided network. Its value grows as more participants join — each new yield source expands the composition space for every manager, and each new platform expands distribution for every strategy. Four types of participants connect through the protocol.

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Asset managers

Asset managers are the cornerstone of the Railnet ecosystem. They operate Strategies — allocating capital across yield sources, rebalancing positions, and managing deposit and redemption flows. This group includes crypto-native firms with demonstrated risk management at scale and forward-looking traditional asset managers looking to distribute their strategy onchain. Why they participate:
  • One interface for every yield source — DeFi and real-world assets speak the same STEAM language
  • On-chain books and records eliminate off-chain reconciliation
  • Built-in distribution — strategies reach every platform on the network via Conduits
  • Focus on portfolio construction and risk management, not integration engineering

Build a Strategy

Deploy and operate Strategies with step-by-step guides.

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Platforms

Platforms include exchanges, wallets, custodians, fintechs, and fund allocators. They seek diversified yield beyond the crypto “risk-free rate” of staking. Railnet gives platforms access to managed strategies that combine DeFi and real-world assets within a single on-chain fund. Platforms deploy Conduits to distribute strategies to their users with custom fees, compliance controls, and branded shares. Why they participate:
  • Access any strategy and yield source available on the railnet infrastructure without bilateral integrations
  • Custom fee structures with flexible revenue distribution
  • Built-in compliance: allowlists, blocklists, sanctions oracle support, and configurable transfer modes
  • Automated operations — keepers handle async settlement so end users get a seamless experience

Create a Conduit

Deploy Conduits, configure fees, and distribute strategies.

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Real-world asset issuers

Asset issuers — including tokenization platforms, exchanges entering tokenized securities, and traditional financial institutions — benefit from broader distribution of their assets across strategies and products. STEAM models off-chain lifecycle constraints on-chain: settlement windows, KYC gates, redemption cutoffs, and repayment events. This makes tokenized assets composable with DeFi protocols within the same Strategy. Why they participate:
  • Additional distribution channel for tokenized products
  • STEAM explicitly models real-world timing constraints (T+1 settlement, 30-90 day lock-ups, multi-year redemption periods)
  • Reach asset managers and platforms across the network through a single adapter integration

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DeFi protocols

Dominant protocols in each DeFi category build and maintain their own Railnet adapters. Protocols own their integration lifecycle — updating it as their core logic evolves, without depending on a central team. Why they participate:
  • One adapter integration reaches every asset manager and platform on the network
  • Railnet brings additional capital flow from managed strategies, not just individual depositors
  • Adapter ownership means the protocol controls its own integration

Connect a Yield Source

Build a STEAM-compliant adapter for your protocol.

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How participants connect

Each group amplifies the others: more yield sources mean more composition options for asset managers, better strategies attract more platforms, and more platforms expand distribution for every strategy. The result is a composable value chain where protocols, managers, platforms, and issuers each benefit from the others joining the network.