Summary
Ketju does not approve AFI Protocol: it does not say who operates it, and we found no team member, founder or investor. AFI runs afiUSD, an ERC-4626 vault that combines stablecoin lending, buying Pendle principal tokens, and leveraged loops on those tokens. A second vault, now open only to institutions, holds tokenized real-world assets from another company. AFI’s Terms of Use, custody framework and KYC policy name no operating entity. The Terms are governed by Nevis law, with no arbitration clause and no named counterparty. The flagship vault requires an invite code obtained through Telegram, an odd gate for a product sold as permissionless. An August 2025 Cantina audit found a critical issue in AFI’s main token contract and reports that AFI fixed it. Even after that fix, the anonymous team and the offshore terms with no named principal are each enough for Ketju not to approve it.
Review triggers
- AFI publishes a named operating entity and its jurisdiction of incorporation
- AFI publishes the identities of its team, founders and investors
- AFI removes the invite-code gate, or explains how it fits the product’s permissionless marketing
- AFI documents the afi-rwaUSDi vault’s custody, redemption and eligibility terms when the vault opens beyond institutions
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Base, Ethereum, Monad
- Reviewed
- Last confirmed