Lagoon

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Lagoon supplies ERC-7540 vault infrastructure for asset managers running DeFi, RWA and off-chain mandates. DefiLlama recorded about $129.7M on 2026-08-14, so the inherited below-materiality basis was false. A curator chooses allocations and validates valuation before asynchronous subscriptions and redemptions settle. The correct rejection is delegated allocation: the tracked platform is infrastructure for many manager-controlled mandates, not one portfolio an adviser can approve.

Kill criteria: the events that revoke this verdict
• A named vault publishes an underwritable fixed mandate, venue and concentration caps, complete role authorities, holdings, valuation controls, and stressed redemption terms

The research file

Mechanism

Each Lagoon vault issues shares through asynchronous ERC-7540 request and claim flows. Assets may be deployed through on-chain protocols or held in real-world and off-chain strategies. A valuation oracle proposes total-assets values and the curator validates them before the vault settles pending deposits and redemptions at the resulting share price.

Control and operating evidence

The curator controls asset allocation, validates valuations and can delegate execution; other roles govern settlement, safe custody and emergency actions. Lagoon publishes role documentation and a Nethermind audit of core contracts. Those controls support infrastructure diligence but do not establish that every curator, mandate, valuation source or underlying asset is acceptable.

Exit consequences

Redemption is a request rather than an atomic withdrawal and cannot be cancelled after submission. Settlement waits for a valuation and sufficient liquidity from the manager’s positions; off-chain assets can add market calendars, transfer gates and realization risk. A reported NAV therefore is not the same as immediately available cash.

Why the class rule decides

Lagoon delegates portfolio construction, execution and valuation validation to a vault curator. The aggregate slug mixes mandates and managers whose allocations can change after deposit, so the delegated-allocation class is dispositive even above the size threshold. A named vault can reopen only with a fixed mandate, caps, disclosed roles, valuation controls, holdings and stressed redemption terms.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Lagoon Docs — vault infrastructure overview · primary · accessed 2026-08-14
  Supports: ERC-7540 vaults, DeFi and RWA mandates, asset-manager infrastructure
• Lagoon Docs — curator authority · primary · accessed 2026-08-14
  Supports: allocation control, valuation validation, curator delegation
• Lagoon Docs — valuation workflow · primary · accessed 2026-08-14
  Supports: valuation oracle, curator approval, off-chain valuation, share price
• Lagoon Docs — asynchronous deposit and redemption flows · primary · accessed 2026-08-14
  Supports: asynchronous requests, settlement, redemption finality, liquidity timing
• DefiLlama — Lagoon survey record · secondary · accessed 2026-08-14
  Supports: survey TVL, chain distribution, allocator 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.