RIADeFi
Published research assessments

The research files

These files contain adverse research assessments: the evidence, review date, and observable facts that would change the analysis. Research does not select a client position or amount. Current firm-shelf status is published separately in the Ketju Register.

120 adverse assessments120 full memosCurrent files, quietly updated pre-launch

An adverse assessment 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.

Assessments by protocol

ProtocolExposureReviewedVersion
Aave v4stable lendingv1
SparkLendstable lendingv1
Maple Financestable lendingv1
ether.fi (weETH liquid restaking)ETH stakingv1
Binance Staked ETH (WBETH)ETH stakingv1
Kelp DAO (rsETH)ETH stakingv1
Renzo (ezETH liquid restaking)ETH stakingv1
Compound v3 (Comet)stable lendingv1
Kamino (Solana)stable lendingv1
Centrifuge (JAAA)tokenized RWAv1
Venus Protocolstable lendingv1
Fluid (Instadapp)stable lendingv1
Jito (jitoSOL)stakingv1
Spark Savings (sUSDS)stable lendingv1
Usual (USD0 / USD0++)stable lendingv1
Lombard (LBTC)stakingv1
Convex Financeliquidity provisionv1
Dolomitestable lendingv1
USD.AI (sUSDai)synthetic yieldv1
Concrete (Blueprint Finance)stable lendingv1
Jupiter Lend (Solana)stable lendingv1
mETH Protocol (Mantle)ETH stakingv1
Liquity v1 (LUSD)stable lendingv1
Euler v2stable lendingv1
Marinade (mSOL)stakingv1
Sanctum Infinitystakingv1
Frax (frxUSD / sfrxUSD)stable lendingv1
Lista Lendingstable lendingv1
Securitize Tokenised AAA CLO Fundtokenized RWAv1
Ethena (USDe)synthetic yieldv1
Pendle (yield tokenisation)liquidity provisionv1
StakeWise V3ETH stakingv1
Benqi Staked AVAX (sAVAX)stakingv1
Wrapped Bitcoin (WBTC)otherv1
LayerZero V2otherv1
Hyperliquid Bridgeotherv1
Binance-Peg BTCBotherv1
USDT0otherv1
JustCryptosotherv1
Portal Bridge (Wormhole)otherv1
Hyper Unitotherv1
Function FBTCotherv1
SolvBTCotherv1
Lorenzo enzoBTCotherv1
Lighter Bridge (zkLighter)otherv1
Aster Bridgeotherv1
World Chain Bridgeotherv1
Robinhood Chain Bridgeotherv1
Linea Bridgeotherv1
xDAI Stake Bridge (Gnosis Chain)otherv1
UniRouterotherv1
Merlin's Seal (Merlin Chain)otherv1
StarkGate (Starknet Bridge)otherv1
zkSync Era Bridgeotherv1
Mantle Bridgeotherv1
Avalanche Bridgeotherv1
NexusBTC (NBTC)otherv1
B² Buzzotherv1
exSat Staking BTCotherv1
Stacks sBTCotherv1
FAssets (Flare Network)otherv1
Tether Gold (XAUT)tokenized commodityv1
Paxos Gold (PAXG)tokenized commodityv1
Ondo Global Markets (Ondo Stocks)tokenized RWAv1
Blockchain Capital (BCAP)otherv1
xStocks (Backed Finance)tokenized RWAv1
M0 ($M / Wrapped M)otherv1
Aave Horizonotherv1
Figure Markets Democratized Primeotherv1
DigiFTtokenized RWAv1
RealT Tokensotherv1
R25otherv1
Mantle Index Four Fund (MI4)otherv1
RAACotherv1
Frax USD (frxUSD)tokenized RWAv1
Valosotherv1
Loftyotherv1
SSV Networkotherv1
EigenCloud (EigenLayer)ETH stakingv1
Babylon Protocolstakingv1
Sanctum Validator LSTsstakingv1
Obol Networkotherv1
GTBTC (Gate Wrapped BTC)otherv1
Marinade Nativestakingv1
Tonstakers (tsTON)stakingv1
stHYPE (Valantis)stakingv1
Groveotherv1
Spark Liquidity Layerotherv1
K3 Capitalotherv1
Hyperithmotherv1
RockawayXotherv1
Clearstarotherv1
KPK (karpatkey)otherv1
Aera V3otherv1
Telos Consiliumotherv1
Sky Vaults (Skybase International)otherv1
USDDotherv1
BounceBit CeDeFi Yieldotherv1
AFI Protocolotherv1
Cooler Loansotherv1
Buzz Farmingotherv1
BitFi Basisotherv1
EtherFi Borrowing Marketotherv1
Yield Basisotherv1
Aster USDFotherv1
Aster asBNBotherv1
Homora V2 (Alpha Finance)otherv1
Suilendotherv1
Polymarket Internationalotherv1
Hyperliquid HLPotherv1
Polygon Bridgeotherv1
Tornado Cashotherv1
tBTCotherv1
Bedrock uniBTCstakingv1
Lightning Networkotherv1
Fraxtalotherv1
PinkSaleotherv1
Hyperliquid Spot Orderbookotherv1
Nobleotherv1
UNCX Network V2otherv1

Unlinked rows need more evidence before their current file can stand as a full page. Research assessment and firm-shelf status are distinct in the Ketju Register.