# Ketju research: Aera V3

- URL: https://riadefi.com/rejections/aera-v3/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-19
- Last confirmed: 2026-08-19

## Research summary

The research assessment is adverse because Aera V3 has no regulatory registration anywhere, its relationship with Gauntlet is unclear, and it offers no fixed redemption timeline. The judgment is not based on a disclosure failure. Aera V3 provides genuinely better disclosure than its closest comparator, Mellow Core, which this registry has already rejected. Its Terms of Service were available and plainly name the operator as Aera Foundation under Cayman Islands law. It has audit coverage from Spearbit, OpenZeppelin, and Cantina, plus an active $500,000 Immunefi bug bounty. But the Terms state that Aera Foundation is not registered in any capacity with the SEC, CFTC, or the Cayman Islands Monetary Authority, including as an investment adviser, broker-dealer, commodity pool operator, or virtual asset service provider. DefiLlama’s description says Aera was "built by the team at Gauntlet." This review could not confirm through any independent source whether Aera Foundation is now fully separate or remains tied to Gauntlet. The claim comes only from Aera’s own marketing. Multi-depositor vaults also use solver-filled, asynchronous redemptions with no stated limit on settlement time.

## Observable review triggers

- Aera Foundation's current relationship to Gauntlet, fully independent or still affiliated, is independently confirmed
- A bounded maximum settlement time for multi-depositor vault redemptions is disclosed
- Any regulatory registration relevant to the products offered is obtained and disclosed
- Protocol-level fee, oracle, and guardian-whitelist authority is placed under a disclosed multisig with a meaningful timelock

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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