RIADeFiPublished by Ketju Research
Published rejections

The research files

Each file explains a rejection: the evidence, the review date, and the facts that would change it. Research does not select a client position or amount. Every current verdict is published in the Ketju Register.

173 rejections173 full memosCurrent files, quietly updated pre-launch

A rejection describes the evidence for an economic claim, control path, loss path, or exit. It is not a universal safety rating or a client trade instruction. Not investment, legal, tax, or compliance advice.

Rejections by protocol

ProtocolTypeReviewed
Aave v4Dollar lending
SparkLendDollar lending
Maple FinanceDollar lending
ether.fi (weETH liquid restaking)ETH staking
Binance Staked ETH (WBETH)ETH staking
Kelp DAO (rsETH)ETH staking
Renzo (ezETH liquid restaking)ETH staking
Compound v3 (Comet)Dollar lending
Kamino (Solana)Dollar lending
Centrifuge (JAAA)Tokenized real-world assets
Venus ProtocolDollar lending
Fluid (Instadapp)Dollar lending
Jito (jitoSOL)Staking
Spark Savings (sUSDS)Dollar lending
Usual (USD0 / USD0++)Dollar lending
Lombard (LBTC)Staking
Convex FinanceLiquidity pool
DolomiteDollar lending
USD.AI (sUSDai)Trading-strategy yield
Concrete (Blueprint Finance)Dollar lending
Jupiter Lend (Solana)Dollar lending
mETH Protocol (Mantle)ETH staking
Liquity v1 (LUSD)Dollar lending
Euler v2Dollar lending
Marinade (mSOL)Staking
Sanctum InfinityStaking
Frax (frxUSD / sfrxUSD)Dollar lending
Lista LendingDollar lending
Securitize Tokenised AAA CLO FundTokenized real-world assets
Ethena (USDe)Trading-strategy yield
Pendle (yield tokenisation)Liquidity pool
StakeWise V3ETH staking
Benqi Staked AVAX (sAVAX)Staking
Wrapped Bitcoin (WBTC)Other
LayerZero V2Other
Hyperliquid BridgeOther
Binance-Peg BTCBOther
USDT0Other
JustCryptosOther
Portal Bridge (Wormhole)Other
Hyper UnitOther
Function FBTCOther
SolvBTCOther
Lorenzo enzoBTCOther
Lighter Bridge (zkLighter)Other
Aster BridgeOther
World Chain BridgeOther
Robinhood Chain BridgeOther
Linea BridgeOther
xDAI Stake Bridge (Gnosis Chain)Other
UniRouterOther
Merlin's Seal (Merlin Chain)Other
StarkGate (Starknet Bridge)Other
zkSync Era BridgeOther
Mantle BridgeOther
Avalanche BridgeOther
NexusBTC (NBTC)Other
B² BuzzOther
exSat Staking BTCOther
Stacks sBTCOther
FAssets (Flare Network)Other
Ondo Global Markets (Ondo Stocks)Tokenized real-world assets
xStocks (Backed Finance)Tokenized real-world assets
M0 ($M / Wrapped M)Other
Aave HorizonOther
Figure Markets Democratized PrimeOther
DigiFTTokenized real-world assets
RealT TokensOther
R25Other
Mantle Index Four Fund (MI4)Other
RAACOther
Frax USD (frxUSD)Tokenized real-world assets
ValosOther
LoftyOther
SSV NetworkOther
EigenCloud (EigenLayer)ETH staking
Babylon ProtocolStaking
Sanctum Validator LSTsStaking
Obol NetworkOther
GTBTC (Gate Wrapped BTC)Other
Marinade NativeStaking
Tonstakers (tsTON)Staking
stHYPE (Valantis)Staking
GroveOther
Spark Liquidity LayerOther
K3 CapitalOther
HyperithmOther
RockawayXOther
ClearstarOther
KPK (karpatkey)Other
Aera V3Other
Telos ConsiliumOther
Sky Vaults (Skybase International)Other
USDDOther
BounceBit CeDeFi YieldOther
AFI ProtocolOther
Cooler LoansOther
Buzz FarmingOther
BitFi BasisOther
EtherFi Borrowing MarketOther
Yield BasisOther
Aster USDFOther
Aster asBNBOther
Homora V2 (Alpha Finance)Other
SuilendOther
Polymarket InternationalOther
Hyperliquid HLPOther
Polygon BridgeOther
Tornado CashOther
tBTCOther
Bedrock uniBTCStaking
Lightning NetworkOther
FraxtalOther
PinkSaleOther
Hyperliquid Spot OrderbookOther
NobleOther
UNCX Network V2Other
Dinari dSharesTokenized real-world assets
Tradable private-credit deal tokensTokenized real-world assets
Blockchain Capital (BCAP)Tokenized real-world assets
Kinesis gold and silver (KAU, KAG)Tokenized commodities
Streamex GLDYTokenized commodities
DGLD (Gold Token SA)Tokenized commodities
rTokens (Reality, Bitget group)Tokenized real-world assets
Republic pre-IPO notes (Bitget IPO Prime)Tokenized real-world assets
PreStocks (pre-IPO tokens on Solana)Tokenized real-world assets
Matrixdock gold and silver (XAUm, XAGm)Tokenized commodities
Tether Gold (XAUT)Tokenized commodities
Paxos Gold (PAXG)Tokenized commodities
Pleasing Gold (PGOLD)Tokenized commodities
Apollo Diversified Credit Securitize Fund (ACRED)Tokenized real-world assets
bStocks (BTech Holdings, Binance group)Tokenized real-world assets
Robinhood Stock TokensTokenized real-world assets
bTokens (Backed Finance, winding down)Tokenized real-world assets
Coinbase Tokenized Stock (Coinbase Onchain SPV, Base)Tokenized real-world assets
Draggable Aktionariat AG Shares (DAKS)Tokenized real-world assets
Backpack Securities stock tokens (Trek Nexus Markets, Solana)Tokenized real-world assets
OnRe Tokenized Reinsurance (ONyc)Tokenized real-world assets
Theo Short Duration US Treasury Fund (thBILL)Tokenized real-world assets
Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX)Tokenized real-world assets
deJAAA (Open Market Factory notes linked to JAAA)Tokenized real-world assets
Neuberger Securitize High Income Tokenized Fund (HINC)Tokenized real-world assets
Obligate Trade Finance Yield (oTFY)Tokenized real-world assets
xU3O8 uranium token (uranium.io)Tokenized commodities
GoldZip gold token (XGZ)Tokenized commodities
Dominion Silver (SILV)Tokenized commodities
ST0x tokenized stocks (S01 Issuer GmbH)Tokenized real-world assets
Anchored aStocks (Anchored Capital Ltd, BVI)Tokenized real-world assets
Etherfuse Stablebonds (CETES, USTRY, TESOURO, KTB, GILTS, EUROB)Tokenized real-world assets
Tessera T-Tokens (T-SpaceX, T-Kalshi, T-OpenAI)Tokenized real-world assets
Switzerlend AG C1 Shares SHA (LENDS)Tokenized real-world assets
wemakeit AG shares (WMKT)Tokenized real-world assets
RealUnit Shares (REALU)Tokenized real-world assets
VNX Gold (VNXAU)Tokenized commodities
Tenbin Gold (tGLD)Tokenized commodities
SilverTimes Token (STT)Tokenized commodities
Herculis Gold Coin (XAUH)Tokenized commodities
Finest fGLDTokenized commodities
Token Teknoloji Gram Gold and Gram Silver (GRAMG, GRAMS)Tokenized commodities
STRATO Gold and Silver (GOLDST, SILVST)Tokenized commodities
Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA)Tokenized real-world assets
Franklin OnChain Institutional Liquidity Fund (iBENJI)Tokenized real-world assets
Hamilton Lane Securitize feeder funds (HLSCOPE, HLSF6, HLEOVUS)Tokenized real-world assets
State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)Tokenized real-world assets
Coinbase USD Stablecoin Yield Fund (CUSHY)Tokenized real-world assets
Ethena USDtbTokenized real-world assets
Bitwise Crypto Carry Fund (USCC)Trading-strategy yield
Nomyx Revenue Participation Bonds, Series 2026 (Bond Tokens)Tokenized real-world assets
DeedFlow Royalty Revenue Bonds, Series 2026Tokenized real-world assets
ARK Venture Fund (ARKVX), tokenized by SecuritizeOther
StackingDAOStaking
Elara FinanceLiquidity pool
Motoswap FarmLiquidity pool

Unlinked rows need more evidence before their current file can stand as a full page. Every protocol’s current verdict is in the Ketju Register.