Ketju Digest · Aug 4 to Aug 10

The week, examined. Edited by a human before it reached you.

No verdict changed this week and no kill criterion fired. The story is Aave v4, which we track but do not allocate to: its small Ethereum instances kept losing deposits, and one fell below our size minimum. No client money sits in any of these markets. Weeks like this are why the tracking exists.

Verdicts

• No memo changed this week. 8 approved venues stand. Next scheduled review: Aave v3, September 15. https://ketjuresearch.com/samples/aave-v3/

What moved

• Aave v4 USDT (Prime) on Ethereum fell below the $250,000 size minimum, from $277,552 to $226,638. Our standing rule: any position in a market this size should be exited while exiting is still cheap. https://ketjuresearch.com/app/protocols/aave-v4/
• Deposits left three more small Aave v4 markets on Ethereum: USDC Core down 32%, USDT Core down 30% ($5.1M to $3.6M), USDC Plus down 22%. Capital leaving faster than usual sometimes precedes news. Check before it is news.
• Rates drifted below our yield floors across roughly twenty small markets at Aave v3, Aave v4, SparkLend, Compound v3, and Dolomite. At those levels a position is not being paid for the risk it carries. The Board carries each reading live.
• On four venues the headline yield is mostly or entirely reward tokens, including 100% of the rate on Sky's GROVE farming pool and SparkLend's SPK pool. Reward programmes end; underlying lending rates there are 0.00%.

Watch

• LSETH, METH, STAC, SFRXUSD: no sovereignty grade in the asset registry yet. Ungraded assets stay outside client reach until graded.
• New venue observed: Aave v4 USDT (Core) on Avalanche, $252,612 deposited at 0.37%. Tracked, not sized.

For a client conversation

• Worth forwarding this week: "Why the highest yield is a warning" · https://ketjuresearch.com/education/highest-yield/