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Refusal file · other

Why Ketju rejected Polygon Bridge

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 Superseded versions are recorded, never edited away.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. Polygon's native PoS bridge is material infrastructure, not portfolio yield, and every bridged claim depends on Polygon validator checkpoints plus upgradeable bridge contracts. The separately researched Polygon chain grade is rejected because a Security Council can execute an immediate emergency upgrade and no enforceable user exit window precedes that action. A $2.57B accounting balance does not override the same control fact at the bridge layer.

What would reopen the file

  • Every regular and emergency bridge upgrade becomes subject to an enforceable on-chain delay of at least 7 days
  • A permissionless exit proof remains usable during validator or checkpoint failure and completes a proposed-size test
  • Polygon's chain verdict changes to approved or approved-with-limits without an active bridge-control kill criterion

Facts on file

Verdict
Rejected
Exposure
other
Chains examined
Ethereum, Polygon
Memo version
v1
Reviewed
Next review

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