RIA·DeFi
Refusal file · stable lending

Why Ketju rejected Lista Lending

Memo v1Published by Ketju Research

A registry memo, published verbatim and versioned. Superseded versions are recorded, never edited away. A rejection is a judgment for Ketju's client base and thesis, not a universal safety claim. Not investment, legal, tax, or compliance advice.

The memo

REJECTED. The majority of activity settles on BSC, which we reject at the chain layer for validator concentration around a single company and a demonstrated willingness to halt the chain by decision. Deliberately memoed rather than disposed of by the chain rule, because Lista also deploys on Ethereum and the chain verdict alone therefore could not reach it — the guard that kept it in the work queue was correct. Reviewed on its merits and rejected: the Ethereum deployment is the minority of a protocol whose centre of gravity, liquidity and governance sit on a chain we will not use, and a client position would depend on the smaller half staying liquid independently.

What would reopen the file

  • n/a — rejected

Facts on file

Verdict
Rejected
Exposure
stable lending
Chains examined
BSC, Ethereum
Memo version
v1
Reviewed
Next review

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