Summary
Ketju does not approve R25: public sources disclose too little to assess it. R25 is vault infrastructure built on the ERC-4626/7540/7575 standards. It splits custody, issuance, valuation, fees and redemption into modules that third-party “curators” use for their strategies. Nearly all of its roughly $131M tracked TVL sits in one product, Axil Prime Credit. That product is a fixed 3-month USDC vault that lends to consumers in emerging markets. It launched on 2026-07-15, barely a month before our review, on Pharos, a chain that reached mainnet only in late 2024. We found no named legal entity or jurisdiction for R25 or for Axil, the credit manager running the strategy. No eligibility, KYC or US-person policy is published. We could not find or verify a claimed SlowMist audit or an “APEX” proof of reserves for the main vault. Nobody discloses who holds the vault’s upgrade or admin authority. Ketju does not approve what it cannot assess.
Review triggers
- R25 and Axil each disclose a named legal entity and operating jurisdiction
- A verifiable, primary-source audit report and proof-of-reserves mechanism for the Axil Prime Credit vault is published
- An explicit eligibility, KYC, and US-person policy is disclosed
- The holder of the vault's upgrade or admin authority is disclosed
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Pharos
- Reviewed
- Last confirmed