Exactly
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Exactly is a non-custodial lending protocol on OP Mainnet that offers both fixed and variable interest rate markets. At the 2026-08-14 survey it held about $25.5M in TVL across 55 pools, a quarter of our $100M materiality floor. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush. Size alone decides it, whatever the protocol’s quality.
- TVL sustained above $100M for 30 days
The research file
Mechanism applicability
Exactly documentation describes a non-custodial pooled credit market with floating deposits and loans plus fixed-rate pools for specific maturities. Variable-pool liquidity can fund fixed and floating borrows, collateral health governs leverage, and utilization sets rates. That establishes pooled-lending membership within the below-materiality application; it does not validate any asset, borrower, maturity pool, oracle or rate model.
Current observation and control applicability
The DefiLlama protocol API read on 2026-08-15 showed about $5.6M of tracked Exactly TVL across Optimism, Ethereum and Base, far below the shared v1 dossier’s $100M line. Current official documentation and application remained available. EXA governance can change upgrades and economic parameters, with documented timelock and risk-management roles. Current deployments, roles, caps, collateral, audits, incidents and chain-level activity remain deferred.
Exit applicability
Exactly states that neither fixed nor floating withdrawals are guaranteed when pool liquidity is unavailable. An early fixed-deposit exit requires sufficient protocol liquidity and discounts the maturity claim at the prevailing fixed borrow rate; floating exits depend on available cash and collateral health. At roughly $5.6M aggregate TVL, a practice allocation could dominate an asset or maturity pool’s usable exit capacity.
Why the class rule decides
The shared v1 below-materiality dossier controls this application. Reopen only after reproducible surveys show at least $100M of protocol TVL continuously for 30 days and live asset and maturity pools remain observable. Then review each market for governance and upgrades, oracles and parameters, collateral and borrower concentration, contracts and audits, incidents, bad debt, rates and incentives, and tested floating, fixed-maturity and early exits. Threshold passage would start review, not approval.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Exactly Docs — protocol white paper · primary · accessed 2026-08-15
Supports: fixed pools, variable pool, utilization rates, liquidity reserve, withdrawal liquidity, governance - Exactly Docs — fixed deposits and early withdrawals · primary · accessed 2026-08-15
Supports: maturity pool, early withdrawal, available liquidity, present-value discount - DefiLlama — Exactly survey record · secondary · accessed 2026-08-15
Supports: current TVL, supported chains, lending category
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| OP Mainnet | Rejected | hybrid | Ethereum forced inclusion limits sequencer censorship, but the Foundation and Security Council can co-sign an immediate upgrade before a client can exit. |