Makina

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

Makina is an execution engine on Ethereum through which operators run on-chain yield strategies. The DefiLlama API read on 2026-08-15 showed about $44.2M TVL, below the $100M materiality line. That rejects it on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and at that size the book becomes the exit crush, whatever the protocol’s quality.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

Makina strategies issue Machine shares while an Operator allocates capital through Hub and optional cross-chain Spoke Calibers. Positions can include lending supplies, DEX LPs, yield vaults and debt, and the Operator may open, resize, close, harvest or bridge them through pre-approved instructions. This establishes a live actively managed vault venue under the below-materiality dossier; it is not an individual endorsement of any Machine.

Current observation and evidence boundary

The DefiLlama protocol API read on 2026-08-15 reported approximately $44.2M of tracked Makina TVL on Ethereum, below the v1 dossier’s $100M threshold. Makina documents separation among governance, Security Council, Operator, Risk Manager and guardians, plus a ChainSecurity assessment. This application does not reconcile every deployed Machine, role address, instruction root, audit finding, incident or underlying venue; those remain deferred.

Accounting and exit applicability

Makina computes share value from idle assets, Hub and Spoke positions and in-flight bridges, with configurable freshness and change-rate controls. It does not promise atomic withdrawal: a user may enter a FIFO redemption queue while the Operator closes positions and returns liquidity to the Hub. Third-party liquidity, bridge timing, valuation freshness and operator action can therefore delay settlement, and recovery mode transfers powers to the Security Council for unwind.

Why the shared dossier decides

The v1 below-materiality dossier rejects Makina before individual Machine underwriting because a client allocation could be material to the current venue or a smaller strategy. Reopen only after the same survey perimeter sustains at least $100M for 30 consecutive days. The reopened review must be Machine-specific and test mandate, live positions and debt, roles, instruction limits, accounting, audits and incidents, chain reachability, security-module coverage and stressed queue exits; threshold passage would not confer approval.

Sources

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

• Makina Docs — asset lifecycle · primary · accessed 2026-08-15
  Supports: Machine shares, operator allocation, Hub and Spokes, withdrawal buffer, FIFO redemptions, recovery mode
• Makina Docs — trust model and roles · primary · accessed 2026-08-15
  Supports: governance multisig, Operator limits, Risk Manager, Security Council, accounting agents
• Makina Docs — share price and AUM · primary · accessed 2026-08-15
  Supports: AUM composition, cross-chain accounting, staleness controls, share-price guard
• ChainSecurity — Makina Core assessment · secondary · accessed 2026-08-15
  Supports: core assessment, redemption delay, operator dependency, third-party liquidity, accounting risk
• DefiLlama — Makina survey record, read 2026-08-15 · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum, allocator category, survey perimeter

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.