Wafer

Wafer is InfraFi: a tokenized, NAV-appreciating credit fund on Hedera that finances the DePIN economy. DePIN operators (GPU/compute, wireless, mapping, energy, storage) must buy hardware today but earn protocol rewards on-chain over months - a capital-timing gap that legacy credit can't underwrite. Wafer closes it. Investors fund a pool (category x risk class, e.g. GPU-A) and receive a fungible, KYC-gated, NAV-appreciating Hedera Token Service share - a tokenized fund unit. The pool advances HBAR to an operator against its future rewards and mints a claim NFT, the on-chain receipt held by the vault. As the operator routes its reward stream back in, the pool's NAV ticks up live, accrued at amortized cost; when a deal repays in full the claim NFT burns, and on default the NAV writes down with the loss shared pro-rata across the pool. Investors redeem at NAV anytime or exit on a live SaucerSwap secondary market. The wow: DePIN is the one real-world asset whose cashflow is natively on-chain, so repayment needs no trust in a human paying - the hardware pays the vault directly. Everything is real on-chain logic on Hedera Testnet; only the DePIN reward cashflow itself is simulated for the demo.

Wafer is a single Solidity contract, WaferVault, deployed on Hedera!s EVM (HSCS, Solidity 0.8.24, optimizer + viaIR). It creates and manages two Hedera Token Service tokens via the @hiero-ledger/hiero-contrasts system-contract bindings (the HTS precompile at 0x167): a fungible pool-share token whose KYC and freeze keys are held by the contract itself - no off-chain signer - and a claim NFT minted as the on-chain receipt of each financed deal and burned at maturity. Settlement is native HBAR with 8-decimal tinybar accounting (no USDC, no fiat bridge, no token association for settlement). NAV is computed at amortized cost from a derived totalAssets = idle NAV is (deposit 100, cash + receivable, which kills a classic double-count bug (deposit 100, advance 90, repay 100 must not read NAV 2.0): financing just moves cash into a receivable, and only the realized spread accretes into NAV. Security: ReentrancyGuard + checks-effects-interactions throughout, settleRewards gated by the claim and capped at the expected repayment, Ownable?Step plus a timelock on finance/default, an operator allowlist, and a dead-shares seed against inflation attacks; a full adversarial review was run and fixed. The frontend is React + Vite + Yiem talking to the contract directly via the wallet, reading NAV/pools/deals/activity from the Hedera Mirror Node - no backend. The contract is verified on Sourcify. The secondary market is a real SaucerSwap V1 share/WHBAR pair brought up in a single contract call, enableSecondaryMarket, that creates the pair, grants it KYC, mints and approves, and adds liquidity - all within Hedera's 15M-gas cap; KYC-gating the share makes seeding an AMM non-trivial (the pair must be KYC'd before liquidity), a genuine RWA edge we handle on-chain. The only simulated piece is the DePIN reward cashflow (a stand-in reward source drips HBAR via settleRewards); the routing mechanism - device-NFT escrow, Helium-style recipient/destination redirection, with an HIP-1215 keeper on the roadmap - is real.