# Ketju research: R25

- URL: https://riadefi.com/rejections/r25/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-17
- Last confirmed: 2026-08-17

## Research summary

We reject R25 because public sources provide too little information to assess it. R25 is vault infrastructure, not a fund. It separates custody, issuance, valuation, fees, and redemption into modules that third-party “curators” use for their strategies, built on ERC-4626/7540/7575 standards. Nearly all of its roughly $131M tracked TVL sits in one product, Axil Prime Credit, a fixed 3-month USDC vault targeting emerging-market consumer credit. It launched on 2026-07-15, barely a month before this review, on Pharos, a chain that reached mainnet only in late 2024. Public sources leave every key question this registry asks unanswered. We found no named legal entity or jurisdiction for R25 itself or for Axil, the credit manager running the strategy. No eligibility, KYC, or US-person policy is published. We could not find or verify a claimed SlowMist audit or an “APEX” proof-of-reserves for the main vault. The holder of the vault’s upgrade/admin authority is not disclosed. This case is “too sparse to assess,” not “researched and found acceptable,” and this registry’s class rules only ever reject on that basis.

## Observable review triggers

- R25 and Axil each disclose a named legal entity and operating jurisdiction
- A verifiable, primary-source audit report and proof-of-reserves mechanism for the Axil Prime Credit vault is published
- An explicit eligibility, KYC, and US-person policy is disclosed
- The vault's upgrade or admin authority holder is disclosed

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json