Ketju Digest · Sep 11 to Sep 18

The week, examined. Generated from daily monitoring; the editor reviews every issue before it mails.

No research assessment or shelf decision changed this week. The Aave v3 GHO deposit decline matters most for Monday's client calls. Faster capital departures sometimes precede news; the reading warrants attention without changing the research verdict.

Verdicts

• No memo changed this week. 14 shelf-eligible records stand. Next scheduled review: Lido (stETH), Oct 30.

What moved

• Aave v3 GHO on Ethereum lost 54% of deposits since the last check ($37.1M → $17.2M).
• Aave assessment identifies pooled BTC.b/LBTC custody ahead of proposed V4 onboarding (governance, proposed). The assessment adds material evidence that the existing proof-of-reserve view does not map dedicated reserves to BTC.b. An LBTC operational shortfall could therefore affect backing available to BTC.b holders. Lombard supplies nearly all Ethereum DEX liquidity. The assessment also reports that the Ethereum Bascule check was enabled on September 1, 2026. https://riadefi.com/on-chain/#event-event-event-draft-671bd4e08075a4d9b9dbb6b7
• Morpho Blue launches on Arc with live lending and distribution integrations (launch access, launched). The deployment adds a new chain and advisor-accessible distribution paths. It expands diligence across deployments, assets, curators, chains, and integrations. https://riadefi.com/on-chain/#event-event-event-draft-32cedb868fb7ba5802fd086f
• DeFi Saver adds live Morpho Midnight access on Base (launch access, launched). Users can browse maturities and fixed rates and enter or adjust leveraged positions through the interface. The access adds product-specific operational and diligence requirements. https://riadefi.com/on-chain/#event-event-event-draft-fdd869fffe744e8a97cd83d7
• Grove proposes Base vault onboarding and revised exposure and unwind limits (economic change, proposed). The vault would receive a 20 million USDC deposit limit with 20 million per day replenishment, unlimited withdrawals and a 1.15 USDC-per-share bound. USDS burn and USDC-to-USDS return paths would become unlimited. Separate Artifact changes would authorize higher JTRSY, mint, swap and Uniswap limits. https://riadefi.com/on-chain/#event-event-event-draft-bae268cb89632c5d34918972
• Spark proposes cancellation-independence exemptions and early queueing (control change, proposed). Qualifying arrangements would no longer require separate curator/canceller signers or an additional independent canceller under Spark policy. Early queueing would require maturity at least 24 hours after expected poll close. Cancellation would be required if actual close leaves less than 20 hours. https://riadefi.com/on-chain/#event-event-event-draft-71bda0e649bca5413a1f5bbe

9 further readings of the same types stayed on the Board's This-week strip.

Watch

• Aave v3: review was due Sep 15. The memo reopens before the date slips a second week.

For a client conversation

• "Who can freeze what" · https://ketjuresearch.com/education/who-can-freeze-what/