The memo
REJECTED ON NO REGULATORY REGISTRATION ANYWHERE, AN UNCLEAR GAUNTLET RELATIONSHIP, AND NO BOUNDED REDEMPTION TIMELINE, NOT ON A DISCLOSURE FAILURE. Aera V3 is genuinely well-disclosed relative to its closest comparator, Mellow Core, already rejected in this registry: its Terms of Service were fetchable and name the operator plainly, Aera Foundation, governed under Cayman Islands law, with Spearbit, OpenZeppelin, and Cantina audit coverage plus an active $500,000 Immunefi bug bounty. But that same Terms of Service document states Aera Foundation is not registered with the SEC, CFTC, or the Cayman Islands Monetary Authority in any capacity — not as an investment adviser, broker-dealer, commodity pool operator, or virtual asset service provider. DefiLlama's own description states Aera was "built by the team at Gauntlet," but this review could not independently confirm from any source whether Aera Foundation is currently a fully spun-out, independent entity or remains Gauntlet-affiliated — the claim traces only to Aera's own marketing. And for multi-depositor vaults, the redemption mechanism is solver-filled and asynchronous with no disclosed bounded settlement time.
What would reopen the file
- 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
Facts on file
- Verdict
- Rejected
- Exposure
- other
- Chains examined
- Base, Ethereum, Morph
- Memo version
- v1
- Reviewed
- Next review