# Asset Onboarding Process

Real Finance’s onboarding pipeline transforms any cash-flow generating asset into on-chain tokens through up to three stages:

1. **Tokenization**
   * Originators deploy smart contracts representing tokens with embedded metadata.
   * Tokenization companies stake **$ASSET** tokens based on asset volume and can be slashed for metadata errors.
2. **Scoring**
   * Risk scoring companies assess assets’ probability-of-default (PD) and embed scores.
   * Scorers stake **$ASSET** tokens and face penalties if realized defaults deviate significantly from predictions.
3. **Insurance**
   * Insurance providers underwrite asset cash flows, staking both **$ASSET** tokens and stablecoins.
   * They offer full and partial coverage, creating multiple token tranches.

**Asset Grades**

* **A**: 100% principal + cash flows insured
* **B**: ≥75% cash flows insured
* **C**: <75% cash flows insured
* **D**: No insurance, low PD score
* **E**: No insurance, high PD score
* **F**: No insurance, no PD score

Investors can choose among various tranches distinguished by color and risk characteristics.


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