KETJU Research
Ketju Digest · 2026-09-30

Ketju Digest · Sep 23 to Sep 30

The week, examined. Written from daily monitoring and edited by a language model before it mails.

5 verdicts changed this week, and 3 eligibility files changed on chain. These changes matter for client conversations because they concern verdicts and control over contracts. Research added 66 new memos, published 54 eligibility files, and revised 41. No monitored condition required immediate review.

Verdicts

Each of these verdicts moved from Not approved to Rejected. An individually researched memo superseded each prior memo.

66 new memos: 7 Under review, 12 Not approved, 47 Rejected. Every memo is in the Register: https://ketjuresearch.com/register/

11 memos reissued. Each retains its verdict: BlackRock BUIDL, OpenEden TBILL, Aave v4, Ethena USDtb, Blockchain Capital (BCAP), and 6 more. Each retains its prior copy at https://ketjuresearch.com/register/archive/

Eligibility files

54 files published:

41 files revised: deJAAA (Open Market Factory notes linked to JAAA); Matrixdock Gold (XAUm); STRATO Gold and Silver (GOLDST, SILVST); bTokens (tracker certificates by Backed Assets (JE) Limited, "b" tickers, winding down); Figure Technology Solutions Series A Blockchain Common Stock (FGRS); and 36 more. Each retains its superseded copy and the reason at https://ketjuresearch.com/register/archive/

3 files changed on chain. Each file reopens before any client action.

What moved

  • Aave proposes PT-USDG-25FEB2027 for X Layer E-Mode (economic change, proposed). The proposal specifies a 35 million PT supply cap, collateral use within E-Mode #7, maximum LTV of 92.66%, liquidation threshold of 94.66%, and a dedicated dynamic linear discount-rate oracle. It also proposes reducing the older PT-USDG-29OCT2026 maturity's LTV to zero after maturity. https://riadefi.com/on-chain/#event-event-event-draft-e81cc6cb2d199c4ddfd76c45
  • ULTRA adds a single-key Admin-role holder (control change, executed). The addition changes the key-management and privileged-control surface recorded in the ULTRA diligence file. https://riadefi.com/on-chain/#event-event-event-draft-260e0f71df8f9acfa6d76271
  • Aave Risk Steward proposes v3 cap and interest-rate changes (economic change, proposed). The proposal would raise Aave v3 Core USDT optimal utilization from 93% to 94% and USDe base rates from 6.30% to 6.60% on Core, Avalanche, Mantle, Monad, and Plasma. It would reduce multiple asset caps and increase the JAAA Horizon supply cap from 50 million to 60 million. https://riadefi.com/on-chain/#event-event-event-draft-bc2dfc0141ce0ab3507b359d
  • Sky proposes a new Spark Arbitrum controller, bridge limits, and governance controls (control change, proposed). If approved and executed, the package would set a 5 million USDC per-domain maximum and 50 million USDC/day slope for the new CCTP route. It would give designated parties emergency revocation powers, authorize the PAS Configurator over access controls and rate limits, and transfer Beacon administration from the Spark Executor to the Sky governance relay. It would bridge 100 million sUSDS to Arbitrum and return excess USDS to Ethereum. https://riadefi.com/on-chain/#event-event-event-draft-334786f99423052522cd69a4
  • Chainlink launches CCIP 2.0 with configurable verification and finality (upgrade migration, launched). Integrators and token issuers can opt into additional verifiers and execution controls or permit transfers before full source-chain finality. Faster-than-finality settings create a distinct reorg-risk profile. They require configuration across the participating sender, pool, verifiers, executor, and receiver. https://riadefi.com/on-chain/#event-event-event-draft-faa0dc9c4382f228b32d971d
  • Optimism Upgrade 20 changes fault proofs to super roots and retains output-root withdrawal proofs (upgrade migration, confirmed). Fault-proof games now use super-root claims and timestamp-based sequence numbers. Chain operators must update proposer, challenger, and dispute-monitor configuration. Withdrawal tooling must select a game whose sequence number is at least the initiating L2 block's timestamp. https://riadefi.com/on-chain/#event-event-event-draft-38f1c61f2ff9b890c4ab4b76

8 further readings of the same shapes 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.
  • Scheduled reviews inside 30 days: Lido (stETH) (Oct 30), Rocket Pool (rETH) (Oct 30).

For a client conversation

An issue like this lands every week: what moved in the vetted universe, which research assessments or shelf decisions changed, and what comes due. Get it by email, free. The research behind every item it mentions is one subscription.