The measured universe
Ketju Research examined 496 protocols representing 100.0% of the tracked universe by its registry and class-rule method at build time. This is a research-coverage statistic, not a claim that every protocol is suitable or individually memoed. The point of the exercise is exclusion: attractive displayed yield is not sufficient evidence.
What the review keeps finding
- Yield labels collapse borrower interest, token incentives, staking issuance, Treasury income, and private-credit spread into one percentage.
- Protocol-level descriptions omit asset issuer and chain control.
- TVL is repeatedly presented where an advisor needs withdrawable liquidity.
- Tokenized exposure is marketed as an asset class even when tokenization only changes the operating wrapper.
- Regulatory headlines rarely answer the exact custody, eligibility, authority, and communication questions of an implemented account.
The advisor implication
Build the file before the allocation. The work is a dependency map, a written decision, position limits, observable kill criteria, and a review cycle. The companion DeFi due-diligence checklist makes that record explicit.
Method note
Counts are generated from the versioned Ketju registry and the live survey used to build the research terminal. Market data can change after publication. The report will be superseded rather than silently rewritten when the next quarter is published.