Summary
Ketju does not approve Concrete: it is programmable vault infrastructure, and each vault's owner and strategy set decide what the client actually invests in. ERC-4626 shares do not carry one uniform level of risk. One Concrete vault may route to Morpho, another to Pendle or a cross-chain strategy, and the factory can support withdrawals that settle at once or in epochs. The adviser would hand allocation, strategy admission, the order of deallocation and incident response to privileged operators, while staying responsible for every protocol the vault uses. The audit history is substantial and shows that findings were fixed. It also shows the cost in control. Only the owner can retire a strategy, and Concrete accepts reliance on trusted strategies. A failing strategy deliberately makes withdrawals revert, and preview and accounting code needed several fixes. Ketju will review only a named vault whose live strategies, authorities, audits and withdrawal at the proposed size are pinned down independently, and whose allocation rule beats holding the approved positions directly.
Review triggers
- Any live strategy, proxy implementation or privileged module does not match a current audit and verified commit
- Any underlying strategy lacks its own current approval or exceeds its approved allocation limit
- A strategy revert, bridge delay or epoch process stops a withdrawal of the proposed size inside the written time limit
- Any unannounced change of strategy, owner, signer threshold, timelock, fee or deallocation order
- Vault accounting differs from independently reconciled underlying balances by more than 10 basis points
Facts
- Verdict
- Not approved
- Type
- Dollar lending
- Chains examined
- Ethereum
- Reviewed
- Last confirmed