# As-Of — RWA Normalized API + MCP (schema v0)

Informational API for normalized NAV, yield vs SOFR, and eligibility rules.

Not a TVL dashboard. Not a trading bot. Not investment advice. Not a Korea STO engine.

**Unknown > wrong.** Every figure carries a `source` and `as_of`, or it is `null` with `quality: unavailable`.

## Official runtime

This is the only supported local contract. There is no pnpm path and no Hono `:8787` server.

| | |
|---|---|
| Package manager | **npm** |
| Node | 22+ |
| Dev | **`npm run dev`** |
| Bind | `0.0.0.0:8080` |
| Health | `GET /v0/health` (no key) |
| Auth | header `x-api-key: DEMO_KEY` (override with env `RWA_API_KEY`) |
| MCP | `node apps/mcp/index.mjs` |
| MCP base | env `RWA_API_BASE=http://127.0.0.1:8080` |

```bash
npm install
npm run dev          # explorer UI + REST /v0/* on :8080
npm run test:rwa     # schema / seed / eligibility
npm test             # rwa + workspace tests
```

See `.env.example`. Stack rationale (TanStack Start vs the original Hono monorepo brief): [`docs/ARCHITECTURE.md`](docs/ARCHITECTURE.md).

## REST

All JSON responses — including 4xx — include `disclaimer`, `server_time`, and `schema`. Rate-limit stub: **in-memory, 60 req/min per caller**, `X-RateLimit-*` headers. It resets on process restart and is not shared across instances. See `docs/TODO.md`.

```bash
curl -s http://127.0.0.1:8080/v0/health
curl -s -H 'x-api-key: DEMO_KEY' http://127.0.0.1:8080/v0/assets
curl -s -H 'x-api-key: DEMO_KEY' http://127.0.0.1:8080/v0/assets/buidl
curl -s -H 'x-api-key: DEMO_KEY' 'http://127.0.0.1:8080/v0/yields?sort=spread_vs_sofr_bps'
curl -s -H 'x-api-key: DEMO_KEY' 'http://127.0.0.1:8080/v0/eligibility?asset_id=usdy&jurisdiction=US'
```

`GET /v0/eligibility` returns `likely_eligible | likely_ineligible | unknown`. Default is unknown. US + `us_persons=blocked` → `likely_ineligible`. QP / allowlist / KYC never overclaim `likely_eligible`.

## MCP

```bash
node apps/mcp/index.mjs
```

Tools (descriptions start with **Informational only. Not investment advice.**):

| Tool | Maps to |
|---|---|
| `list_rwa_assets` | `GET /v0/assets` |
| `get_rwa_asset` | `GET /v0/assets/{id}` |
| `compare_yields` | `GET /v0/yields` |
| `check_eligibility` | `GET /v0/eligibility` |

Cursor / Claude `mcp.json` snippet:

```json
{
  "mcpServers": {
    "as-of": {
      "command": "node",
      "args": ["apps/mcp/index.mjs"],
      "env": {
        "RWA_API_BASE": "http://127.0.0.1:8080",
        "RWA_API_KEY": "DEMO_KEY"
      }
    }
  }
}
```

List tools without the API up:

```bash
printf '{"jsonrpc":"2.0","id":1,"method":"tools/list"}\n' | node apps/mcp/index.mjs
```

## Seeds

Coverage: `buidl` `ousg` `usdy` `ustb` `benji` `spiko_ustbl` `spiko_eutbl` `syrup_usdc` `jtrsy` `xaut`.

Canonical files: `src/lib/rwa/seed/assets.ts` + `src/lib/rwa/seed/sofr.ts`.

Structural fields (issuer, wrapper, gates) are `estimated` from public product shape. NAV, APY, SOFR, ISIN, and token addresses are **unavailable**. Empty `chains` rather than fake addresses. `sofr` is null until a feed is chosen. No seed is `verified`.

## Schema ambiguities (proposed, not silent)

1. Freshness window is **36h** for all assets in v0 (open: 24h vs per-asset).
2. Jurisdiction enum: `US | KR | EU | non_US | other`.
3. Free tier: v0 exposes `estimated` structure + `unavailable` marks. Do not hide stubs; label them.
4. SOFR feed: none. `spread_vs_sofr_bps` is null unless both APYs are non-null.
5. Public name: **As-Of**. Internal code name is fine.

See `docs/SCHEMA_V0.md`, `docs/DISCLAIMER.md`, `docs/TODO.md`, `docs/ARCHITECTURE.md`.