# Ketju research: Elara Finance

- URL: https://riadefi.com/rejections/elara-finance/
- Verdict: rejected
- Type: Liquidity pool
- Reviewed: 2026-09-30
- Last confirmed: 2026-09-30

## Research summary

Elara takes USDC, USDT, or USDe and mints about one ELUSD per dollar; ELUSD staked becomes sELUSD, whose rate against ELUSD rises once a day as an outside manager, Arken, reports returns from market making in narrow price ranges on stablecoin pools. It held about $298,000 at the 2026-09-30 survey, below the size floor the below-materiality dossier sets, so the individual review of its contracts, keys, and exits is not opened. Its own docs would stop the file even above the floor: Elara is not available to US persons. This is a class disposition with a recorded reopen condition, not a researched rejection.

## Observable review triggers

- TVL sustained above the size floor for 30 days
- Elara opens the product to US persons

---

Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json