By Alex Liu, Foresight News
On the evening of July 10, Yzi Labs announced a strategic investment in Aspecta. This article aims to briefly interpret Aspecta, which attempts to build on-chain standards and trust mechanisms for "illiquid assets" in traditional capital markets, including the project's design logic, product system, application progress, and industry potential.
In terms of team background, Aspecta did not start from scratch. The project was incubated at Tsai CITY (Tsai Center for Innovative Thinking at Yale) at Yale University in 2022. The core team members come from top universities and research institutions including Yale, Tsinghua, Berkeley and McGill, and have many patents and papers in the fields of AI and graph learning. The co-founding team includes former Tinder chief scientist Steve Liu (Fellow of the Canadian Academy of Engineering) as chief scientist and Jack He as co-founder. The team also brings together many senior engineers and growth managers such as Jane Yang.
Jack He, co-founder of Co-Founder, gave a speech at TreeHacks
In the traditional market, a large number of assets such as early equity, locked tokens, private equity, and real world assets (RWA) cannot be traded in the open market, lacking transparent pricing, which seriously restricts liquidity and pricing efficiency. Aspecta proposes: giving these "closed assets" a "life" on the chain can not only achieve pricing, but also provide trading capabilities, thereby reducing information asymmetry and improving asset utilization.
When analyzing this logic, imagine that a project locks a portion of tokens in round A and dares not exit immediately after the expiration because the market lacks liquidity and pricing mechanisms. However, Aspecta uses a standardized "packaging + reputation mechanism" to make these assets priced, traded, and tracked, "unlocking" new value for them.
Aspecta has a clear design thread, with two core paths that complement each other:
BuildKey presents illiquid assets in the form of tradable ERC‑20 certificates. For example, pre-TGE equity, lock-up period tokens, private placement rights, etc. can all be issued and traded on the BuildKey chain. This mechanism not only supports multiple pricing methods such as AMM, order books, and auctions, but also allows assets to switch between different life cycle stages, such as "on-chain relay" from venture capital to the public trading market.
It is worth noting that since its launch, BuildKey has supported more than 25 digital assets to participate in pricing and completed more than 50 million transactions, which once proved that closed capital has a strong demand for on-chain liquidity mechanisms. It is not a simple token casting, but a set of "lifecycle asset variants" system: users can freely enter and exit at multiple stages such as TGE, lock-up, and secondary market, and asset prices are more continuous.
If BuildKey is an asset certificate tool, Aspecta ID is a trust mechanism that endorses the issuer. It integrates GitHub submissions, on-chain behaviors, project contributions and other data, uses AI algorithms to create credit profiles for developers, projects and even asset issuers, and issues credit scores.
This mechanism allows asset packaging without a "trust vacuum". In the early stages of a project or when it is in a closed phase, Aspecta ID's trust output can reduce the concerns of investors and traders. At this stage, more than 54,000 GitHub developers have completed verification, and the system is moving from a trust protocol to a community governance level.
In Aspecta's architecture, BuildKey and Aspecta ID do not exist in isolation, but cooperate with each other and run through the whole process, building a complete closed-loop ecosystem from asset generation to trust establishment to transaction circulation. For example, when a developer submits code on GitHub and associates it with a project, his or her technical contribution and on-chain activities will be identified, evaluated and formed into a credit profile by the Aspecta ID system. Based on this identity authentication mechanism, the project has clear trust support when issuing non-current assets such as pre-TGE equity in the future. These assets are then tokenized on the chain through the BuildKey mechanism, publicly sold and complete preliminary price discovery, while establishing transaction records.
As community participation deepens, the AMM, order book, and auction mechanisms supported by BuildKey gradually enhance the price transparency and transaction depth of assets. Throughout the process, users can flexibly decide whether to participate in the subscription or exit the investment based on the issuer's reputation rating and market pricing, so that the assets can form a complete life cycle trajectory and accumulate verifiable transaction history and value feedback. Such a mechanism not only promotes the pricing transparency of early assets, but also enables a positive cycle between the trust mechanism and liquidity: on the one hand, Aspecta ID provides the underlying credit anchor for assets; on the other hand, the transaction data on the chain continuously feeds back to the trust evaluation system, making the subsequent asset issuance more efficient and credible.
As of mid-2025, Aspecta has attracted more than 650,000 users to participate in the use of the platform, including more than 54,000 developers verified by GitHub, who play an important role in the construction of the ecosystem, further enhancing the practicality and attractiveness of the identity system. At the same time, BuildKey has supported the issuance and trading of more than 25 illiquid assets on the chain, demonstrating the mechanism's wide adaptability to the market. The active participation of the community has also promoted the rapid implementation of mechanisms such as multi-chain compatibility, hybrid AMM and order book models, and the overall ecosystem is expanding in a more open and flexible direction.
From a practical perspective, Aspecta is building a triangle structure of "AI + assets + community", attempting to open up a closed loop of the entire process from identity recognition, asset packaging to on-chain governance and incentives, and initially form an infrastructure-level network effect.
Aspecta is using its own approach to try to bridge the gap between traditional capital and Web3 with "trusted identity + lifecycle asset packaging + on-chain flow mechanism". From GitHub submissions to token certificates, from closed issuance to secondary market transactions, its product system is constantly upgrading itself. Although it is still in its early stages, BuildKey's transaction volume of over $50 million and a user base of over 650,000 have provided it with an underlying foundation.