Andalusia Labs
Crypto infrastructure firm that pivoted from restaking (Karak) to stablecoin settlement and tokenized RWA (OpenGDP)
On the record
Checkpoint: Six-month window closes for OpenGDP to show a named institutional customer or a flat/up Series B
The call
Andalusia Labs abandoned a collapsed restaking product for a settlement market already staffed by Circle, Chainlink, and Canton, with no named customer yet disclosed.
Andalusia Labs builds software for moving money and real-world assets across blockchains, but its original restaking product collapsed from $700 million to almost nothing by mid-2026, forcing a rebrand to OpenGDP. The new stablecoin and asset settlement space is already crowded with bigger, better-funded rivals like Circle and Chainlink, plus traditional finance companies that have easier access to banks and customers. The company also carries a reputation problem: a $7 million missing token allegation from its past that has never been fully resolved. The one thing that could prove the skeptics wrong would be if a real major customer signs up and actually uses OpenGDP to settle significant transaction volume within the next six months, because right now there is nothing stopping a customer from choosing any of the established competitors instead.
Why
01
AI pressure: EigenLayer's EigenAI and EigenCompute (mainnet alpha). EigenLayer already ships AI-driven risk scoring and compute tools, beating Andalusia's pitch of 'AI-driven economic modeling' to market. Could AI do the core job? Yes, likely.
02
Bigger players: Circle, Chainlink, and Canton in stablecoin settlement and tokenized RWA. Andalusia's new OpenGDP pivot lands in a field where Circle, Chainlink, and Canton already run live settlement and RWA rails with bank ties. Could a giant copy it? Yes, easily.
03
What protects it. About $48M in Series A cash and a still-marked $1B valuation buy time to find a customer before investors force a reckoning.
What would change this call
OpenGDP announces a named institutional customer with disclosed settlement volume within 6 months. Would show the stablecoin/RWA pivot is gaining real traction beyond rebrand messaging.
Andalusia Labs closes a Series B at a flat or higher valuation than the 2023 Series A. Would show investor confidence survived the Karak collapse and pivot.
The ~$7M USTC misappropriation allegation is formally resolved, closed, or resurfaces in reporting. Would clarify whether reputational and legal risk is contained or still active.
Andalusia Labs closes a Series B at a flat or higher valuation than the 2023 Series A. Would show investor confidence survived the Karak collapse and pivot.
The ~$7M USTC misappropriation allegation is formally resolved, closed, or resurfaces in reporting. Would clarify whether reputational and legal risk is contained or still active.
Key numbers
- Karak TVL fell from $700M peak to $6.6M
- EigenLayer holds ~94% of restaking TVL
- $48M Series A closed at >$1B valuation
Named risks
- Unresolved allegation of about $7M USTC misappropriation from Terra Classic community since April 2024.
- OpenGDP enters crowded RWA/stablecoin settlement field against better-capitalized Circle, Chainlink, and Canton.
- No confirmed Series B or new priced round since December 2023, over two and a half years of funding silence.
- Original flagship product Karak lost its category outright to EigenLayer, which holds about 94% share.
- Headcount and revenue figures remain unverified across trackers, limiting visibility into actual scale.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| EigenLayer (EigenCloud) | losing to | Holds about 94% of restaking TVL as of June 30, 2026, versus Karak's $6.6M |
| Circle | contesting | Both target stablecoin settlement infrastructure as of Andalusia's OpenGDP pivot, November 2025 |
| Chainlink | contesting | Competes in tokenized RWA and settlement rails within the $28.9B market as of June 2026 |
| Canton Network | contesting | Institutional RWA/settlement rival with larger institutional distribution as of 2026 |
| Symbiotic | gaining on | Launched Core V2 on July 1, 2026, pivoting into collateral markets ahead of Andalusia's own repositioning |
Questions people ask
- Is Andalusia Labs profitable in 2026?
- No confirmed profitability. Andalusia Labs has disclosed no audited revenue, its Karak restaking TVL collapsed from over $700M to $6.6M by July 21, 2026, and it has raised no new funding since a $48M Series A in December 2023.
- Has Andalusia Labs had layoffs?
- No layoffs have been publicly reported. TrueUp lists 'no known layoffs' through 2026, though headcount estimates are inconsistent, ranging from 13 to 50 employees, with no authoritative current count available as of July 2026.
- Could AI replace what Andalusia Labs does?
- Its original risk-scoring, monitoring, and yield mechanics are largely automatable by AI and smart contracts. Rival EigenLayer already shipped EigenAI and EigenCompute mainnet alpha by June 2026, while Andalusia's own 'TnkrAI' has no verified adoption.
- Who is Andalusia Labs' biggest competitor?
- EigenLayer, now rebranded EigenCloud, holds roughly 94% of restaking TVL as of June 30, 2026, and decisively won the category Andalusia originally built Karak for. In Andalusia's new RWA/stablecoin pivot, it also faces Circle, Chainlink, and Canton Network.
- Who owns Andalusia Labs?
- Andalusia Labs is privately held, founded in 2021 by ex-Coinbase product managers Raouf Ben-Har and Drew Patel. Its Series A investors, led by Lightspeed Venture Partners, include Mubadala Capital, Pantera Capital, Bain Capital Ventures, and Coinbase Ventures, closed December 13, 2023.
- What happened to Karak, Andalusia Labs' restaking product?
- Karak launched its restaking mainnet in April 2024 and reportedly hit over $1B TVL within weeks, but its value collapsed to $6.6M by July 21, 2026. On November 17, 2025, Karak rebranded to OpenGDP, exiting restaking entirely.
Timeline
- 2026-07-21Karak TVL measured at $6.6M, down from over $700M peak in 2024
- 2025-11-17Karak rebrands to OpenGDP, exiting restaking category
- 2025-09-05Terra Classic community publicly alleges 200M USTC theft by Andalusia Labs
- 2024-04-29Karak publicly denies USTC 'scam or rug-pull' allegations
- 2024-04-12Karak faces backlash over founders' past amid restaking hype
- 2024-04-08Karak launches universal restaking mainnet, reportedly hits $1B TVL in weeks
- 2023-12-13Andalusia Labs raises $48M Series A, valuation tops $1B, opens Abu Dhabi HQ
- 2021-06Andalusia Labs (then RiskHarbor) raises $3.25M seed round
Revision history
29 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- EigenLayer vs Symbiotic vs Babylon: Restaking Compared (2026) (2026-06-30)
- OpenGDP Project Introduction, Team, Financing and News
- Andalusia Labs raises $48M Series A to improve digital asset risk infrastructure (2023-12-13)
- Products, Competitors, Financials, Employees, Headquarters Locations (2025-10-12)
- Andalusia Labs Stock for Accredited Investors (2026-07-07)
- Karak says its $7m post-Terra funds aren't a 'scam or rug-pull'... (2026-04-02)
- Raouf Ben-Har - People in crypto (2026-05-15)
- Karak wants to introduce 'universal restaking' for everyone (2024-04-08)
- Karak wants to introduce 'universal restaking' for everyone (2024-04-08)
- Andalusia Labs Company Profile, Investors, & Funding (2023-12-12)
- Andalusia Labs
- Andalusia Labs, API Provider, Schemas (2026-07-21)