RIADeFiPublished by Ketju Research
Not approved · Other

Ketju memo: Exponent Yield Exchange

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve Exponent Yield Exchange: its Terms of Use list the United States as a prohibited jurisdiction and bar using a VPN to get around the block. Exponent splits yield-bearing Solana assets into Principal Tokens and Yield Tokens, much as Pendle does. It has invested heavily in security: 23 claimed audits across five firms and a bug bounty that pays up to $300,000. The prohibited list also names the UK and the standard sanctioned countries. The Terms never name where Exponent Labs is incorporated, saying only “the jurisdiction where Exponent Labs is legally registered.” We found no governance token or DAO. Deposits fell about 40% over two days in July 2025, and no public incident report explains it.

Review triggers

  • Exponent opens an offering that US clients of US advisors may use
  • Exponent Labs names its incorporation jurisdiction, and Ketju confirms it
  • The cause of the roughly 40% two-day drop in deposits in July 2025 is identified and confirmed
  • Exponent discloses the oracle or pricing method behind PT and YT rates

Facts

Verdict
Not approved
Type
Other
Chains examined
Solana
Reviewed
Last confirmed

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