Below the size limit for a full review

Its deposits are below the size limit for a full review, so Ketju has not tested whether a position could be sold or redeemed at size. Size makes no finding about quality. The memo lists the evidence that would change the verdict. A class rule never chooses a client position or amount.

Scope

Memos whose only completed evidence is a dated reading of the protocol’s TVL. The deposits are below the size limit for a full review, and Ketju has made no finding against these protocols.

The rule

Ketju does not infer quality, eligibility, or the size a client could sell or redeem from a TVL threshold. A full review covers what the token is a claim on and who controls it. It then tests whether a position of the proposed client size, and the firm’s total, could be bought and later sold or redeemed.

When the rule applies

• The memo has no protocol-specific analysis of whether a proposed position size can be sold or redeemed.
• Ketju’s earlier decision relied on reported TVL rather than on the actual route in and out of the protocol.

Research

How it works

Reported TVL measures accounting size. It does not show the cash available to a lender, how fast a redemption queue moves, secondary-market depth, utilization, slippage, or how much clients could withdraw at the same time.

Who controls it

A protocol’s size says nothing about its governance. Admin powers, oracle dependence, upgrades, legal claims and operating controls need direct evidence, whatever the size of the protocol.

Losses and incidents

A short or lightly used history may leave less evidence to review, but neither age nor size proves quality. Ketju records gaps in a protocol’s incident history, and in its exposure to attack, as limits of the evidence.

Withdrawals

Ketju measures whether a proposed position can be sold or redeemed through the actual withdrawal route. Until Ketju has that reading, it makes no finding that the protocol is liquid or illiquid, and it does not approve the protocol.

Comparison

Reported TVL shows a venue’s accounting size and may help Ketju decide what to research first. It does not measure merit and does not decide anything for a client. Whether a given amount can be bought, redeemed, withdrawn or sold is a separate question about one position, and the advisor must test the actual route for that amount. A small venue can support a small position, and a large venue can still limit withdrawals.

Review triggers

• Research identifies what the token is a claim on, who can change or pause it, how holders could lose money and how a holder withdraws.
• Protocol-specific evidence demonstrates that the proposed client position and the firm’s total exposure can be sold or redeemed.

Sources

Each source shows its type, the date Ketju accessed it, and the claims it supports. “Primary” means first-hand or governing material; it does not mean that Ketju verified the source independently.

• DefiLlama: TVL methodology · primary · accessed 2026-08-14
  Supports: universe source, TVL methodology
• DefiLlama: Protocol TVL API · primary · accessed 2026-08-14
  Supports: protocol TVL, measurement
• Ketju Research: Published methodology · primary · accessed 2026-08-14
  Supports: decision rule, coverage method, review lifecycle

Memos under this rule

Each memo listed applies this version of the rule. The depth of research on each protocol varies by memo; where a memo has named sources and fuller research, the memo shows them.