# Why Ketju rejected Noble

- URL: https://riadefi.com/rejections/noble/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-11-19

## The memo

REJECTED. Noble is an application-specific asset-issuance chain, not a passive protocol investment. Its current documentation identifies CometBFT Proof of Authority and no governance module; a designated Noble Maintenance Multisig can execute arbitrary authority messages, software upgrades, IBC recovery, and parameter changes. That concentration is an intelligible tradeoff for regulated issuers, but it fails the settlement-control floor for a blanket client allocation and must be decomposed into chain, issuer, and IBC dependencies.

## What would reopen the file

- Noble receives a sourced chain grade with a disclosed validator set, NMM signer threshold, independence map, and enforceable upgrade delay
- The Noble Maintenance Multisig loses arbitrary execution or every privileged action receives at least 7 days of on-chain notice
- The exact client asset and IBC or CCTP exit route receive separate approved profiles and pass a proposed-size test
- Any authority, consensus, IBC, or issuer incident opens an immediate review

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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