Published refusals
The refusal file
Every protocol Ketju Research examines gets a verdict. These are the refusals: the reason, the review date, and the observable events that would reopen the file. Rejections are published in full. Approvals are not.
A rejection is a research judgment for a specific client base and thesis, not a statement that a protocol is unsafe for every purpose. Not investment, legal, tax, or compliance advice.
Rejections by protocol
| Protocol | Exposure | Reviewed | Version |
|---|---|---|---|
| BlackRock BUIDL | tokenized RWA | v2 | |
| Circle USYC | tokenized RWA | v2 | |
| Ondo OUSG | tokenized RWA | v2 | |
| Superstate / Invesco USTB | tokenized RWA | v2 | |
| Maple Finance | stable lending | v1 | |
| ether.fi (weETH liquid restaking) | ETH staking | v1 | |
| Binance Staked ETH (WBETH) | ETH staking | v1 | |
| Kelp DAO (rsETH) | ETH staking | v1 | |
| Venus Protocol | stable lending | v1 | |
| Spark Savings (sUSDS) | stable lending | v2 | |
| Usual (USD0 / USD0++) | stable lending | v1 | |
| Lombard (LBTC) | ETH staking | v2 | |
| Convex Finance | liquidity provision | v1 | |
| Solv Protocol (SolvBTC) | synthetic yield | v1 | |
| USD.AI (sUSDai) | synthetic yield | v1 | |
| Concrete (Blueprint Finance) | stable lending | v1 | |
| Midas (mTBILL / mBASIS / mBTC) | tokenized RWA | v2 | |
| VanEck Treasury Fund (VBILL) | tokenized RWA | v2 | |
| Lista Lending | stable lending | v1 | |
| Ethena (USDe) | synthetic yield | v1 | |
| Pendle (yield tokenisation) | liquidity provision | v1 |
Unlinked rows are on file with a verdict and date; their memo text stays internal where publishing it would reveal part of the approved list.