KETJU Research

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MaxShot

Rejected
Max sleeve
Reviewed
2026-08-16 · v1
Next review
2026-11-15
Chains
Ethereum · sovereign, Arbitrum One · hybrid, Base · hybrid, OP Mainnet · hybrid, Plasma · freezable

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

MaxShot’s flagship Omni-Chain Yield Optimizer delegates market discovery, strategy selection, cross-chain execution and rebalancing to autonomous agents operating within configured risk limits. The current adapter also discovers Morpho vaults owned by the MaxShot curator and custom epoch-ledger vaults, confirming that the surveyed claim is managed capital rather than merely agent software. Clients cannot enforce the advisor’s approved venue list as those agents change exposures, so the version-1 delegated-allocation dossier decides. Survey TVL was about $0.17M across five chains.

The research file

Autonomous allocation applicability

MaxShot agents continuously monitor onchain and offchain inputs, select actions and broadcast transactions for defined financial strategies. Its Omni-Chain Yield Optimizer scans markets across blockchains, selects risk-adjusted yield opportunities and handles discovery, bridging, execution and rebalancing after deposit. Configured limits constrain the agent but do not establish an immutable client-specific allowlist and per-venue caps matching the Ketju mandate. The delegated-allocation dossier therefore applies.

Surveyed product and chain perimeter

The current DefiLlama adapter is not measuring an abstract agent platform. It counts Morpho vaults owned by MaxShot’s curator address and custom USDC/USDT vault receipts whose epoch exchange rates are read from Base ledgers across Ethereum, Base, Arbitrum, Optimism and Plasma. The API read on 2026-08-16 reported approximately $0.17M, mainly Ethereum and Base. The record is scoped to that managed vault capital, not MAX token staking or self-directed use of agent tooling.

Control and loss look-through

Each agent has configuration, wallet, strategy engine, external data inputs, risk vetting and signing/broadcast components. Those layers introduce model, key, oracle, bridge and execution risk while the shares inherit every selected Morpho market or other venue. Epoch ledgers aggregate assets and shares across chains, so a current exchange rate cannot substitute for continuous venue-level positions, debt, realized losses and administrator mapping.

Exit and comparison

A client exits through the exact vault receipt and epoch accounting rather than by withdrawing directly from each selected venue. Executable liquidity therefore depends on the vault’s buffer, cross-chain ledger finality and the underlying venues’ return of funds. Direct positions in approved markets preserve protocol-specific caps and kill criteria. Reopen only if the vault immutably enforces those controls and continuously exposes holdings, debt, losses and a proposed-size withdrawal on every active chain.

Sources

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

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.

ChainVerdictGradeControl constraint
EthereumApproved sovereign No sequencer, no upgrade key, no operator who can be compelled — rule changes require social consensus.
Arbitrum OneApproved · limits hybrid a single sequencer orders >99% of transactions and admin keys can upgrade bridge contracts on a ~7-day timelock.
BaseApproved · limits hybrid Coinbase — one regulated US company — operates the only sequencer, and admin keys can upgrade bridge contracts within ~7 days.
OP MainnetRejected hybrid Ethereum forced inclusion limits sequencer censorship, but the Foundation and Security Council can co-sign an immediate upgrade before a client can exit.
PlasmaRejected freezable the production validator committee is permissioned and the public docs still describe decentralization as a phased future rollout with no fixed access timeline.
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