Provenance is a layer‑1 blockchain built on the Cosmos SDK and launched by Figure Technologies in 2018 to serve as a financial operating system for real assets.

Network purpose and on‑chain lending

Figure has used Provenance to originate mortgages and other loans natively on the public chain, integrating lending, staking and market demand within the protocol.

Key metrics and token

The network’s token trades around $0.01 with an all‑time high near $0.12, representing a decline of about 92% from peak valuations.

Market capitalization is approximately $550M with a fully diluted valuation near $992M. DeFi TVL stands at roughly $1,289B, while bridged TVL is about $2,002B.

Reported stablecoin volume is near $203M. Chain fees for 24 hours are about $19,100, with app revenue of approximately $10,100.

Economics and revenue flows

Network fees are collected but redistributed through the HASH Market auction mechanism, combining protocol usage, staking and market demand into a closed cycle.

Part of on‑chain fees is allocated to delegators, while another portion flows to auction pools that aim to align incentives across participants.

Figure Markets and usage concentration

Figure Markets is the primary protocol tracked in Provenance’s TVL reports; one large participant accounts for the majority of the network’s locked value.

Of the roughly $1.22B attributed to that player, about $301M consists of active loans, producing close to $3.84M in annual revenue.

Figure Technologies: lending scale and products

Since its founding, Figure reports it has originated over $17B in loans and processed more than $50B in transactions on the public blockchain.

Figure is currently described as a leading nonbank HELOC lender in the United States, having issued about $6B in HELOCs with median approval times near ten days versus a forty‑two day industry average.

In January 2026 Figure launched OPEN, the On‑Chain Public Equity Network, for native equity issuance on Provenance, bypassing traditional post‑trade infrastructure.

Tokenized securitization and IPO

In September 2025 Figure completed an IPO, with Pantera Capital among its investors, and facilitated the FIGRE 2025‑HE3 blockchain securitization rated by S&P Global across six tranches.

That rating indicated that established credit agencies evaluated the blockchain‑based issuance at parity with conventional financial instruments.

Growth, concentration and risks

Provenance TVL reportedly rose by about 570% since November 2025 without token incentives, airdrops or yield farming, though a significant portion of the token supply remains locked.

Approximately 44% of the maximum 100B token supply is still not unlocked, and any operational issues at Figure could materially affect Provenance’s ecosystem.

Assessment and views

Industry observers note that tokenizing assets on an isolated chain does not automatically increase usefulness without broader interoperability and market access.

Provenance is characterized by focused, real‑asset activity rather than broad retail DeFi engagement, and it represents an early example of on‑chain mortgage issuance with external ratings.