{
  "schemaVersion": 1,
  "rubricVersion": "2.0",
  "reviewedAt": "2026-09-08",
  "title": "D tiers: additional control over capital",
  "status": "Editorial research registry; proposed assignments from cited primary documentation, not contract audits.",
  "shortDefinition": "D0 follows Ethereum L1 rules without an additional privileged controller of principal or exit. Higher D tiers summarize additional control capabilities.",
  "scope": "An ordinal assessment of additional authority over assets and applications built on Ethereum. Scores are editorial approximations, not L2BEAT stages. An at-least score preserves known restrictions when an additional dependency remains unreviewed.",
  "aggregation": {
    "rule": "effectiveTier = max(asset or wrapper tier, containing protocol tier, every security-relevant ancestor and dependency tier)",
    "unknown": "If any material dependency is unreviewed, effectiveTier is null. knownFloor is the largest established tier, not a replacement for unknown.",
    "order": "Larger D means additional control. A child cannot have a numerically smaller effective D than an ancestor.",
    "composition": "Record dependencies by the actual capital path. Do not attach every product of a brand to every other product. Parallel independent exits can remove a dependency only after a specific review.",
    "nonCardinal": "Ordinal categories, not equal intervals: D4 is not twice as centralized as D2. Multiple controls at one tier remain visible in details."
  },
  "tiers": [
    {
      "tier": 0,
      "label": "Maximum decentralization",
      "definition": "As decentralized as Ethereum L1 itself within the reviewed mechanism; no additional administrator can rewrite its principal or exit rules."
    },
    {
      "tier": 1,
      "label": "Limited administration",
      "definition": "Bounded settings can change, while the reviewed asset custody and exit mechanism remains fixed."
    },
    {
      "tier": 2,
      "label": "External operation",
      "definition": "An oracle, allocation role, pause or other external operation materially affects the position without arbitrary replacement of its core."
    },
    {
      "tier": 3,
      "label": "Delayed governance",
      "definition": "Governance can change the system through a documented delay; user vetoes and exit protections are assessed explicitly."
    },
    {
      "tier": 4,
      "label": "Independent emergency council",
      "definition": "An elected, accountable and diverse council can act immediately, alongside a delayed normal governance route."
    },
    {
      "tier": 5,
      "label": "Council and foundation",
      "definition": "A formally governed council shares immediate authority with a foundation, with additional foundation or fallback powers."
    },
    {
      "tier": 6,
      "label": "Council and operator",
      "definition": "An operator shares immediate authority with an appointed council, with limited public governance or removal rights."
    },
    {
      "tier": 7,
      "label": "Administrator upgrade",
      "definition": "A concentrated administrator or committee can replace core rules without a verified protective delay and independent veto."
    },
    {
      "tier": 8,
      "label": "Operator-governed validation",
      "definition": "The operator also restricts who may validate or challenge state, or can defeat ordinary inclusion or exit mechanisms."
    },
    {
      "tier": 9,
      "label": "Issuer-controlled backing",
      "definition": "An issuer or custodian controls the backing, redemption or seizure of the asset. This dimension is additional to the chain it uses."
    }
  ],
  "taxonomyNotes": [
    "The order after D0 is an authored capability taxonomy, not a natural one-dimensional physical measure. Custody, upgrades, oracle dependence, and liveness must also be shown separately.",
    "D0 has a visually distinct treatment. D1 through D5 share an interpolated palette; unknown has a separate neutral hatch. Never put unknown at the most-centralized endpoint.",
    "An immutable ERC20 with centralized redeemable backing is not D0. An immutable market with a replaceable oracle is not automatically D0.",
    "Native ETH uses the Ethereum baseline only when no additional custody or application dependency is identified. An aggregated balance outside tracked protocols must not be labeled self-custodied wallets: it can include exchange custody and untracked contracts.",
    "Version the rubric. Do not silently relabel the same D number when adding granularity. A review date is independent of a financial snapshot date."
  ],
  "runtimeHeuristics": [
    "Match chain ID plus canonical contract address or reviewed deployment/factory provenance; ticker matching alone is prohibited.",
    "Known reviewed runtime bytecode and known factory configuration can inherit a reviewed structural tier, then compose dependencies.",
    "A discovered upgrade admin, live blacklist, pause role, or mint role establishes a control and a knownFloor; it does not establish the absence of other controls.",
    "Reading owner() = zero, missing a proxy storage slot, a verified-source badge, token category, TVL, age, or DAO marketing is never sufficient to infer D0.",
    "New protocol/version/address, unknown hook/oracle, unresolved proxy admin, or unavailable review yields D?; keep the financial observation.",
    "Do not attach a fixed review to changing deployments indefinitely. Recheck on implementation/role/configuration change and display the reviewed date."
  ],
  "entities": [
    {
      "id": "ethereum",
      "name": "Ethereum L1",
      "kind": "chain",
      "proposedTier": 0,
      "scope": "Baseline by definition; not a claim of absolute or maximal decentralization in every dimension.",
      "reason": "The world's maximally decentralized global hub.",
      "controls": [],
      "evidenceUrls": [
        "https://ethereum.org/developers/docs/intro-to-ethereum/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "native-eth",
      "name": "ETH",
      "kind": "asset",
      "proposedTier": 0,
      "scope": "Native asset rules on L1; custody, staking, smart-wallet modules and protocol placement must be assessed separately.",
      "reason": "Native ETH follows Ethereum account and consensus rules without a separate token issuer.",
      "controls": [],
      "evidenceUrls": [
        "https://ethereum.org/developers/docs/accounts/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "ethereum",
        "ETH"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "weth9",
      "name": "WETH",
      "kind": "asset",
      "proposedTier": 0,
      "scope": "Canonical Ethereum WETH9 only; same ticker on another chain or contract is not covered.",
      "reason": "The canonical WETH9 wrapper has fixed deposit and withdrawal rules and no privileged owner.",
      "controls": [
        "Immutable wrapper; holders redeem their own balance for ETH."
      ],
      "evidenceUrls": [
        "https://github.com/dapphub/ds-weth/blob/master/src/weth9.sol"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "WETH"
      ],
      "dependencies": [
        "native-eth"
      ],
      "canonicalAddresses": {
        "1": "0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2"
      },
      "assessment": "assessed"
    },
    {
      "id": "uniswap-v2",
      "name": "Uniswap v2",
      "kind": "protocol",
      "proposedTier": 0,
      "scope": "Authentic v2 core pairs; excludes token issuers, routers with custody, hosted interfaces, and external staking wrappers.",
      "reason": "Core pool custody and LP exits are immutable; token controls are assessed separately.",
      "controls": [
        "Governance can configure the protocol fee; it cannot upgrade a deployed core pair or veto its ordinary LP exit."
      ],
      "evidenceUrls": [
        "https://developers.uniswap.org/docs/get-started/concepts/how-uniswap-works",
        "https://developers.uniswap.org/docs/get-started/concepts/fees"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "uniswap-v2"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "uniswap-v3",
      "name": "Uniswap v3",
      "kind": "protocol",
      "proposedTier": 0,
      "scope": "Authentic v3 core pools; excludes frontends, managed positions, and asset-issuer dependencies.",
      "reason": "Core pool custody and LP exits are immutable; token controls are assessed separately.",
      "controls": [
        "Governance has bounded protocol-fee powers; deployed pool code and principal exit logic are not upgradeable."
      ],
      "evidenceUrls": [
        "https://developers.uniswap.org/docs/protocols/v3/concepts/architecture",
        "https://app.uniswap.org/whitepaper-v3.pdf"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "uniswap-v3"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "uniswap-v4",
      "name": "Uniswap v4",
      "kind": "protocol",
      "proposedTier": 0,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The core is immutable. Pool-specific hooks can add administration or dependencies and are not individually reviewed in this aggregate.",
      "controls": [
        "Hooks may affect swaps and liquidity operations; permissions are chosen per pool."
      ],
      "evidenceUrls": [
        "https://app.uniswap.org/whitepaper-v4.pdf"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "uniswap-v4"
      ],
      "dependencies": [],
      "ownComponentTier": 0,
      "knownFloor": 0,
      "limits": [
        "No blanket D0 for all v4 hooks or custom accounting."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "uniswap",
      "name": "Uniswap, unspecified version",
      "kind": "protocol",
      "proposedTier": null,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "A version and pool scope are required; a brand-wide tier would conceal hook and wrapper differences.",
      "controls": [],
      "evidenceUrls": [
        "https://developers.uniswap.org/docs/get-started/concepts/glossary"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "uniswap"
      ],
      "dependencies": [],
      "knownFloor": 0,
      "assessment": "unreviewed"
    },
    {
      "id": "aave-v3",
      "name": "Aave v3",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Governance can update the lending system; guardians can pause markets and risk roles manage parameters.",
      "controls": [
        "Governance-controlled pool upgrades.",
        "Emergency pause and freeze roles.",
        "Oracle and collateral dependencies."
      ],
      "evidenceUrls": [
        "https://aave.com/help/governance/aave-community",
        "https://governance.aave.com/t/aave-governance-process-document-v1/18577",
        "https://governance.aave.com/t/aave-emergency-guardian-protocol-signer-rotation/24944"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "aave-v3"
      ],
      "dependencies": [],
      "limits": [
        "Proposed tier for Ethereum governance path; other deployments and newer v4/Horizon products need their own review.",
        "A governance delay is not an assured withdrawal window when liquidity is borrowed or a market is paused."
      ],
      "assessment": "assessed"
    },
    {
      "id": "aave-v2",
      "name": "Aave v2",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Governance controls protocol updates and a guardian can pause emergency operations.",
      "controls": [
        "Governance execution.",
        "Emergency pausing.",
        "Oracle and collateral dependencies."
      ],
      "evidenceUrls": [
        "https://governance-v2.aave.com/governance/proposal/49/",
        "https://governance.aave.com/t/aave-governance-process-document-v1/18577"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "aave-v2"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "sparklend",
      "name": "SparkLend",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Governance can upgrade the pool and execute changes after the governance delay.",
      "controls": [
        "Upgradeable lending pool.",
        "Dedicated freezer and pauser roles.",
        "Collateral and price-feed dependencies."
      ],
      "evidenceUrls": [
        "https://github.com/sparkdotfi/sparklend-deployments",
        "https://github.com/sparkdotfi/sparklend-freezer",
        "https://vote.makerdao.com/polling/QmZND8WW"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "spark",
        "spark-lending"
      ],
      "dependencies": [],
      "limits": [
        "Only SparkLend; Spark Liquidity Layer, savings products, and RWA allocations are distinct dependency paths."
      ],
      "assessment": "assessed"
    },
    {
      "id": "spark-liquidity-layer",
      "name": "Spark Liquidity Layer",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Governance controls allocation across destinations; each destination can add further administration or custody.",
      "controls": [
        "Upgradeable conduit contracts.",
        "Allocations into DeFi, centralized finance, and real-world assets."
      ],
      "evidenceUrls": [
        "https://github.com/sparkdotfi/sparklend-conduits",
        "https://docs.spark.finance/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [],
      "dependencies": [],
      "knownFloor": 3,
      "proposedRange": [
        3,
        5
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "sky",
      "name": "Sky / Maker",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Governance controls issuance, collateral policy, and system changes through executive actions.",
      "controls": [
        "Governance-controlled collateral and issuance parameters.",
        "Oracle and collateral dependencies vary by vault."
      ],
      "evidenceUrls": [
        "https://github.com/sky-ecosystem/developerguides/blob/master/dai/dai-token/dai-token.md",
        "https://vote.sky.money/polling/QmX7MC2S"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "makerdao",
        "maker",
        "sky-lending"
      ],
      "dependencies": [],
      "limits": [
        "The building tier describes governance; custodial collateral can give particular capital a higher effective tier."
      ],
      "assessment": "assessed"
    },
    {
      "id": "lido",
      "name": "Lido",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "DAO changes normally wait three days; stETH holders can delay governance and trigger a withdrawal process. Emergency exceptions remain a separate review item.",
      "controls": [
        "DAO-controlled proxies.",
        "Dual Governance veto and rage-quit machinery.",
        "Oracle committees and withdrawal pause roles."
      ],
      "evidenceUrls": [
        "https://docs.lido.fi/guides/protocol-levers/",
        "https://docs.lido.fi/multisigs/committees/",
        "https://docs.lido.fi/guides/dg-guide/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "lido"
      ],
      "dependencies": [],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "limits": [
        "Do not call Lido D1 or infer unconditional exit protection from Dual Governance. Some emergency powers are time-limited; current expiry/roles require onchain verification."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "steth",
      "name": "stETH",
      "kind": "asset",
      "proposedTier": 0,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The stETH claim inherits Lido governance, oracle and withdrawal arrangements.",
      "controls": [
        "Rebasing staking claim.",
        "Redemption through Lido withdrawal machinery."
      ],
      "evidenceUrls": [
        "https://docs.lido.fi/guides/lido-tokens-integration-guide/",
        "https://docs.lido.fi/contracts/lido/",
        "https://docs.lido.fi/deployed-contracts/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "STETH",
        "stETH"
      ],
      "dependencies": [
        "lido"
      ],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "canonicalAddresses": {
        "1": "0xae7ab96520de3a18e5e111b5eaab095312d7fe84"
      },
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "wsteth",
      "name": "wstETH",
      "kind": "asset",
      "proposedTier": 0,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The fixed wrapper preserves the stETH and Lido dependencies underneath it.",
      "controls": [
        "Non-rebasing representation of stETH."
      ],
      "evidenceUrls": [
        "https://docs.lido.fi/guides/lido-tokens-integration-guide/",
        "https://docs.lido.fi/deployed-contracts/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "WSTETH",
        "wstETH"
      ],
      "dependencies": [
        "steth"
      ],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "canonicalAddresses": {
        "1": "0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0"
      },
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "rocket-pool",
      "name": "Rocket Pool",
      "kind": "protocol",
      "proposedTier": 2,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Oracle reporting and upgrade governance add dependencies; the complete current emergency and delay boundaries remain under review.",
      "controls": [
        "Oracle DAO reporting.",
        "Oracle DAO contract replacement authority.",
        "Protocol DAO and Security Council roles."
      ],
      "evidenceUrls": [
        "https://docs.rocketpool.net/odao/proposals",
        "https://dao.rocketpool.net/t/rocket-pool-powers-and-authorities/2176",
        "https://docs.rocketpool.net/pdao/overview"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "rocket-pool"
      ],
      "dependencies": [],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "limits": [
        "Do not equate permissionless validator entry with immutable pooled-asset custody."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "reth",
      "name": "rETH",
      "kind": "asset",
      "proposedTier": 0,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The rETH claim inherits Rocket Pool governance and oracle reporting.",
      "controls": [
        "Protocol-managed staking backing and exchange rate."
      ],
      "evidenceUrls": [
        "https://docs.rocketpool.net/odao/overview"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "RETH",
        "rETH"
      ],
      "dependencies": [
        "rocket-pool"
      ],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "etherfi-stake",
      "name": "ether.fi staking",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Contract changes are timelocked; a separate operator role can pause or invalidate pending withdrawals.",
      "controls": [
        "Published 10-day upgrade delay.",
        "Separate upgrade and operating multisigs.",
        "Oracle bounds and emergency controls."
      ],
      "evidenceUrls": [
        "https://beta.ether.fi/blog/non-custodial-actively-defended",
        "https://www.ether.fi/blog/hardening-weeth-creating-the-market-standard"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "ether.fi",
        "ether.fi-stake",
        "etherfi"
      ],
      "dependencies": [],
      "limits": [
        "This is the local staking tier; restaked allocations inherit EigenLayer/AVS controls where applicable. Crosschain variants add bridge dependencies."
      ],
      "assessment": "assessed"
    },
    {
      "id": "eeth",
      "name": "eETH",
      "kind": "asset",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The staking claim inherits ether.fi governance and any restaking dependencies of the underlying position.",
      "controls": [
        "Upgradeable staking claim; allocated backing path must be identified."
      ],
      "evidenceUrls": [
        "https://www.ether.fi/blog/safe-staking-from-doctrine-to-code",
        "https://governance.ether.fi/t/chaos-labs-eigenlayer-eeth-security-upgrade-risk-analysis/2906"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "EETH",
        "eETH"
      ],
      "dependencies": [
        "etherfi-stake"
      ],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "limits": [
        "Confirm current EigenLayer allocation before a final effective tier."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "weeth",
      "name": "weETH",
      "kind": "asset",
      "proposedTier": 0,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The wrapper preserves eETH staking and restaking dependencies.",
      "controls": [],
      "evidenceUrls": [
        "https://etherfi.gitbook.io/etherfi/contracts-and-integrations/deployed-contracts"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "WEETH",
        "weETH"
      ],
      "dependencies": [
        "eeth"
      ],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "eigenlayer",
      "name": "EigenLayer",
      "kind": "protocol",
      "proposedTier": 7,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "An emergency multisig can replace protocol rules immediately, bypassing the normal upgrade timelock.",
      "controls": [
        "Routine upgrades use a 10-day timelock.",
        "Community multisig has emergency upgrade/timelock-replacement powers.",
        "Separate pauser and operations roles."
      ],
      "evidenceUrls": [
        "https://docs.eigenfoundation.org/protocol-governance/technical-architecture"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "eigenlayer",
        "eigencloud"
      ],
      "dependencies": [],
      "limits": [
        "AVS slashing and operator dependencies also depend on the chosen restaking position."
      ],
      "assessment": "assessed"
    },
    {
      "id": "morpho-blue",
      "name": "Morpho markets",
      "kind": "protocol",
      "proposedTier": 2,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Markets have immutable parameters, but their selected oracles and collateral affect liquidations; this is a cohort-level approximation.",
      "controls": [
        "Core code immutable.",
        "Governance fee switch and whitelisting of future market parameters.",
        "Each market chooses its own oracle."
      ],
      "evidenceUrls": [
        "https://docs.morpho.org/learn/governance/organization/",
        "https://docs.morpho.org/learn/concepts/oracle/",
        "https://docs.morpho.org/learn/concepts/blue/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "morpho-blue",
        "morpho"
      ],
      "dependencies": [],
      "ownComponentTier": 0,
      "knownFloor": 0,
      "limits": [
        "Do not assign all Morpho TVL D0 merely because the core is immutable."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "morpho-vaults",
      "name": "Morpho vaults",
      "kind": "protocol",
      "proposedTier": 2,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Curators and allocators choose market exposure; each vault can add its own delay, adapter and access arrangements.",
      "controls": [
        "Owner, curator, allocator, and guardian/sentinel roles.",
        "Vault v2 gates may restrict deposits, withdrawals, or receipt-token transfers."
      ],
      "evidenceUrls": [
        "https://docs.morpho.org/learn/concepts/vault-v2/",
        "https://github.com/morpho-org/metamorpho"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "morpho-vaults"
      ],
      "dependencies": [],
      "knownFloor": 1,
      "limits": [
        "Vault v1/v2 and each configuration have different controls. No brand-wide tier."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "fluid",
      "name": "Fluid",
      "kind": "protocol",
      "proposedTier": 2,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The liquidity layer has configurable withdrawal limits and replaceable code. Its current upgrade safeguards need a deployment-specific review.",
      "controls": [
        "Infinite Proxy liquidity layer.",
        "Admin-controlled access and risk limits."
      ],
      "evidenceUrls": [
        "https://github.com/Instadapp/fluid-contracts-public/blob/main/docs/docs.md",
        "https://github.com/Instadapp/fluid-contracts-public/blob/main/contracts/protocols/lending/fToken/main.sol"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "fluid",
        "fluid-lending",
        "fluid-dex"
      ],
      "dependencies": [],
      "knownFloor": 3,
      "proposedRange": [
        3,
        4
      ],
      "limits": [
        "Current deployment admin and shortest upgrade delay not fully established in this review."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "curve",
      "name": "Curve, mixed pools",
      "kind": "protocol",
      "proposedTier": null,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Curve versions and pools have different admin, oracle, and wrapper dependencies.",
      "controls": [
        "Legacy kill and admin controls vary.",
        "Pool-specific rate providers and collateral dependencies."
      ],
      "evidenceUrls": [
        "https://curve.readthedocs.io/exchange-pools.html",
        "https://github.com/curvefi/stableswap-ng/blob/main/contracts/main/CurveStableSwapNG.vy"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "curve-dex",
        "curve"
      ],
      "dependencies": [],
      "knownFloor": 0,
      "limits": [
        "Require pool contract/version instead of assigning a brand-wide D0."
      ],
      "assessment": "unreviewed"
    },
    {
      "id": "usdc",
      "name": "USDC",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Circle controls token blocking and the offchain reserves needed for redemption.",
      "controls": [
        "Issuer blocklisting.",
        "Offchain reserve custody and issuer redemption."
      ],
      "evidenceUrls": [
        "https://www.circle.com/legal/usdc-risk-factors",
        "https://www.circle.com/legal/usdc-terms"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "USDC"
      ],
      "dependencies": [],
      "canonicalAddresses": {
        "1": "0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48"
      },
      "limits": [
        "Native and bridged USDC must be distinguished; additional bridge controls compose upward."
      ],
      "assessment": "assessed"
    },
    {
      "id": "usdt",
      "name": "USDT",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Tether can freeze and destroy balances and controls redemption of the backing.",
      "controls": [
        "Owner-controlled blacklist and destruction of blacklisted funds.",
        "Issuer reserve custody and redemption."
      ],
      "evidenceUrls": [
        "https://github.com/tethercoin/USDT/blob/main/TetherToken.sol",
        "https://tether.to/en/faqs/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "USDT"
      ],
      "dependencies": [],
      "canonicalAddresses": {
        "1": "0xdac17f958d2ee523a2206206994597c13d831ec7"
      },
      "assessment": "assessed"
    },
    {
      "id": "dai",
      "name": "DAI",
      "kind": "asset",
      "proposedTier": 2,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Governance-authorized issuance inherits Sky and the collateral backing used by the system.",
      "controls": [
        "Authorized issuance via wards.",
        "Governed collateral system."
      ],
      "evidenceUrls": [
        "https://github.com/sky-ecosystem/developerguides/blob/master/dai/dai-token/dai-token.md",
        "https://docs.sky.money/legal/skybase-international/user-risks"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "DAI"
      ],
      "dependencies": [
        "sky"
      ],
      "ownComponentTier": 2,
      "knownFloor": 3,
      "proposedRange": [
        3,
        5
      ],
      "canonicalAddresses": {
        "1": "0x6b175474e89094c44da98b954eedeac495271d0f"
      },
      "limits": [
        "Do not assert that DAI has USDC-style account-freeze powers. Custodial collateral is a separate dependency."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "usds",
      "name": "USDS",
      "kind": "asset",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Upgradeable issuance inherits Sky governance and the collateral backing used by the system.",
      "controls": [
        "UUPS-upgradeable token.",
        "Governance-authorized issuance."
      ],
      "evidenceUrls": [
        "https://github.com/sky-ecosystem/usds",
        "https://developers.skyeco.com/protocol/tokens/usds/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "USDS"
      ],
      "dependencies": [
        "sky"
      ],
      "ownComponentTier": 3,
      "knownFloor": 3,
      "proposedRange": [
        3,
        5
      ],
      "limits": [
        "Upgradeability is not evidence that an account-freeze feature is currently enabled."
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "susds",
      "name": "sUSDS",
      "kind": "asset",
      "proposedTier": 3,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The savings contract inherits USDS governance, collateral backing and its own upgrade arrangements.",
      "controls": [
        "Upgradeable ERC-4626 savings claim."
      ],
      "evidenceUrls": [
        "https://developers.skyeco.com/protocol/tokens/susds/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "SUSDS",
        "sUSDS"
      ],
      "dependencies": [
        "usds"
      ],
      "ownComponentTier": 3,
      "knownFloor": 3,
      "proposedRange": [
        3,
        5
      ],
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "wbtc",
      "name": "WBTC",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "BTC backing is held by institutional custodians and redeemed through authorized merchants.",
      "controls": [
        "Custodian-controlled BTC reserves.",
        "Permissioned mint and redemption channels."
      ],
      "evidenceUrls": [
        "https://wbtc.network/whitepaper",
        "https://wbtc.network/faq"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "WBTC"
      ],
      "dependencies": [],
      "canonicalAddresses": {
        "1": "0x2260fac5e5542a773aa44fbcfedf7c193bc2c599"
      },
      "assessment": "assessed"
    },
    {
      "id": "cbbtc",
      "name": "cbBTC",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Coinbase holds the BTC backing and controls the wrapped-token contract.",
      "controls": [
        "Custodial BTC backing.",
        "Upgrade, pause, and blacklist administration."
      ],
      "evidenceUrls": [
        "https://www.coinbase.com/cbbtc",
        "https://github.com/coinbase/wrapped-tokens-os/blob/main/doc/tokendesign.md"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "CBBTC",
        "cbBTC"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "usde",
      "name": "USDe",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Backing depends on custodial and exchange operations with permissioned direct redemption.",
      "controls": [
        "Whitelisted mint/redeem access.",
        "Custodial collateral routing.",
        "Exchange hedge and settlement dependencies."
      ],
      "evidenceUrls": [
        "https://docs.ethena.fi/solution-design/key-trust-assumptions",
        "https://docs.ethena.fi/solution-overview/usde-overview"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "USDE",
        "USDe"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "ethena",
      "name": "Ethena",
      "kind": "protocol",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The backing strategy depends on custodians, exchanges, and privileged mint/redeem operations.",
      "controls": [],
      "evidenceUrls": [
        "https://docs.ethena.fi/solution-overview/risks",
        "https://docs.ethena.fi/solution-design/key-trust-assumptions"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "ethena"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "susde",
      "name": "sUSDe",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "The staking receipt retains USDe’s custodial-backing dependencies.",
      "controls": [
        "Receipt contract has additional administrative restrictions."
      ],
      "evidenceUrls": [
        "https://github.com/ethena-labs/bbp-public-assets/blob/main/contracts/contracts/StakedUSDe.sol"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "SUSDE",
        "sUSDe"
      ],
      "dependencies": [
        "usde"
      ],
      "assessment": "assessed"
    },
    {
      "id": "usdg",
      "name": "USDG",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Paxos controls reserve redemption and can freeze or wipe token balances.",
      "controls": [
        "Issuer reserve custody.",
        "Asset-protection role can freeze and wipe balances."
      ],
      "evidenceUrls": [
        "https://docs.paxos.com/guides/stablecoin/usdg",
        "https://github.com/paxosglobal/usdg-contract/blob/master/README.md"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "USDG"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "pyusd",
      "name": "PYUSD",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Paxos issuer custody and asset-protection controls remain part of the asset.",
      "controls": [
        "Offchain backing.",
        "Issuer freeze and balance-wipe powers."
      ],
      "evidenceUrls": [
        "https://github.com/paxosglobal/paxos-token-contracts"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "PYUSD"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "usdp",
      "name": "USDP",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Paxos issuer custody and asset-protection controls remain part of the asset.",
      "controls": [
        "Offchain backing.",
        "Issuer freeze and balance-wipe powers."
      ],
      "evidenceUrls": [
        "https://github.com/paxosglobal/paxos-token-contracts"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "USDP"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "paxg",
      "name": "PAXG",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Ethereum mainnet deployment; asset-level dependencies assessed separately.",
      "reason": "Paxos issuer custody and asset-protection controls remain part of the asset.",
      "controls": [
        "Offchain backing.",
        "Issuer freeze and balance-wipe powers."
      ],
      "evidenceUrls": [
        "https://github.com/paxosglobal/paxos-token-contracts"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "PAXG"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "base",
      "name": "Base",
      "kind": "chain",
      "proposedTier": 6,
      "scope": "Base mainnet, chain ID 8453; settlement and data availability on Ethereum.",
      "reason": "An appointed 8-of-11 council and Coinbase must both approve upgrades; there is no timelock or DAO removal route.",
      "controls": [
        "2/2 approval: Coinbase 3/6 and Security Council 8/11.",
        "No upgrade exit window.",
        "Withdrawal pause and privileged configuration roles."
      ],
      "evidenceUrls": [
        "https://l2beat.com/layer2s/projects/base",
        "https://docs.base.org/specifications/security/security-council-for-base"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [
        "ethereum"
      ],
      "assessment": "assessed",
      "tierBound": false,
      "dimensions": {
        "Validation": "TEE and ZK proof arms; permissionless challenges, with Coinbase controlling the TEE allowlist.",
        "Upgrades": "Coinbase 3/6 + Council 8/11 jointly approve; no timelock.",
        "Accountability": "Appointed council with self-administered membership; no token-governance removal route.",
        "Exits": "L1 forced inclusion; immediate upgrades provide no exit window."
      }
    },
    {
      "id": "arbitrum",
      "name": "Arbitrum One",
      "kind": "chain",
      "proposedTier": 4,
      "scope": "Arbitrum One; excludes AnyTrust/Nova.",
      "reason": "An elected 9-of-12 council can make immediate emergency changes; ordinary upgrades follow delayed DAO governance.",
      "controls": [
        "9/12 emergency Security Council.",
        "Separate slower governance paths."
      ],
      "evidenceUrls": [
        "https://docs.arbitrum.foundation/dao-constitution",
        "https://docs.arbitrum.foundation/concepts/security-council",
        "https://l2beat.com/layer2s/projects/arbitrum"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "arbitrum-one"
      ],
      "dependencies": [
        "ethereum"
      ],
      "assessment": "assessed",
      "tierBound": false,
      "dimensions": {
        "Validation": "Permissionless BoLD challenges; Ethereum data availability.",
        "Upgrades": "9/12 emergency council; delayed DAO and non-emergency changes.",
        "Accountability": "DAO-elected cohorts, removal powers, organizational limits and a published constitution.",
        "Exits": "L1 inclusion and normal upgrade delays; emergency authority can bypass the delay."
      }
    },
    {
      "id": "optimism",
      "name": "OP Mainnet",
      "kind": "chain",
      "proposedTier": 5,
      "scope": "OP Mainnet; an OP Stack brand alone is not sufficient to assign another chain.",
      "reason": "A 10-of-13 elected council and the Foundation jointly authorize upgrades; a signer-loss fallback can return authority to the Foundation.",
      "controls": [
        "Joint Foundation and Security Council upgrade authority.",
        "Guardian pause and dispute-game safeguards."
      ],
      "evidenceUrls": [
        "https://l2beat.com/layer2s/projects/op-mainnet",
        "https://docs.optimism.io/op-stack/protocol/privileged-roles"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "op-mainnet",
        "op"
      ],
      "dependencies": [
        "ethereum"
      ],
      "assessment": "assessed",
      "tierBound": false,
      "dimensions": {
        "Validation": "Permissionless fault-proof participation; Ethereum data availability.",
        "Upgrades": "Joint Foundation + 10/13 Council approval; immediate emergency execution.",
        "Accountability": "Elected cohorts and a charter; Foundation fallback if council availability drops below eight.",
        "Exits": "L1 forced inclusion; there is no enforced exit window for immediate upgrades."
      }
    },
    {
      "id": "robinhood",
      "name": "Robinhood Chain",
      "kind": "chain",
      "proposedTier": 8,
      "scope": "Robinhood mainnet, chain ID 4663; Ethereum-settled rollup, not a child of Arbitrum One.",
      "reason": "Immediate upgrades, two whitelisted challengers and operator transaction filtering concentrate authority beyond a public security council model.",
      "controls": [
        "No enforced upgrade delay.",
        "Whitelisted challengers.",
        "Transaction filtering can prevent inclusion even through the L1 route."
      ],
      "evidenceUrls": [
        "https://l2beat.com/layer2s/projects/robinhood",
        "https://docs.robinhood.com/chain/differences-from-ethereum/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [
        "ethereum"
      ],
      "assessment": "assessed",
      "tierBound": false,
      "dimensions": {
        "Validation": "Fraud proofs are deployed, but only two whitelisted actors may challenge.",
        "Upgrades": "No enforced upgrade delay; operator-governed administration.",
        "Accountability": "No independent elected security council is documented for this deployment.",
        "Exits": "Transaction filtering can defeat forced inclusion; permissionless exit guarantees are limited."
      }
    },
    {
      "id": "compound-v3",
      "name": "Compound III",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Timelocked governance can replace Comet and alter its configuration; a guardian can pause operations.",
      "controls": [
        "Governance-controlled proxy and configuration.",
        "Pause guardian.",
        "Oracle and collateral dependencies."
      ],
      "evidenceUrls": [
        "https://docs.compound.finance/governance/",
        "https://www.openzeppelin.com/news/compound-iii-audit"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "cbeth",
      "name": "cbETH",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Coinbase holds the underlying staking position and controls the token’s administration.",
      "controls": [
        "Custodial staking and redemption.",
        "Upgrade, pause, blacklist, and exchange-rate roles."
      ],
      "evidenceUrls": [
        "https://www.coinbase.com/cbeth/whitepaper",
        "https://github.com/coinbase/wrapped-tokens-os/blob/main/doc/tokendesign.md"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "CBETH",
        "cbETH",
        "coinbase-wrapped-staked-eth"
      ],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "binance-staked-eth",
      "name": "Binance staked ETH",
      "kind": "protocol",
      "proposedTier": 9,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Binance operates the staking and redemption service represented by WBETH.",
      "controls": [
        "Exchange-operated staking and redemption."
      ],
      "evidenceUrls": [
        "https://www.binance.com/en/earn-faq/dark/eth-staking",
        "https://www.binance.com/en-IN/support/announcement/detail/a1197f34d832445db41654ad01f56b4d"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [],
      "assessment": "assessed"
    },
    {
      "id": "wbeth",
      "name": "WBETH",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "The token represents ETH staked through Binance and inherits its custodial service.",
      "controls": [],
      "evidenceUrls": [
        "https://www.binance.com/en-IN/support/announcement/detail/a1197f34d832445db41654ad01f56b4d"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "WBETH",
        "wbETH"
      ],
      "dependencies": [
        "binance-staked-eth"
      ],
      "assessment": "assessed"
    },
    {
      "id": "pendle-v2",
      "name": "Pendle v2",
      "kind": "protocol",
      "proposedTier": 2,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Yield wrappers and underlying yield protocols add dependencies that differ by market.",
      "controls": [
        "Market-specific yield-asset and adapter dependencies."
      ],
      "evidenceUrls": [
        "https://docs.pendle.finance/pendle-v2/Security",
        "https://docs.pendle.finance/pendle-v2/FAQ"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [],
      "dependencies": [],
      "knownFloor": 0,
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "aerodrome-v1",
      "name": "Aerodrome v1",
      "kind": "protocol",
      "proposedTier": 1,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Factory fee and swap-pause roles add administration; underlying Base safeguards still apply.",
      "controls": [
        "Factory can pause swaps.",
        "Separate pool, voter, gauge, and reward roles."
      ],
      "evidenceUrls": [
        "https://github.com/aerodrome-finance/contracts/blob/main/PERMISSIONS.md",
        "https://github.com/aerodrome-finance/contracts/blob/main/contracts/Pool.sol"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [],
      "dependencies": [
        "base"
      ],
      "knownFloor": 4,
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "aerodrome-slipstream",
      "name": "Aerodrome Slipstream",
      "kind": "protocol",
      "proposedTier": 1,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Pool administration and concentrated-liquidity configuration add local powers; underlying Base safeguards still apply.",
      "controls": [],
      "evidenceUrls": [
        "https://aerodrome.finance/security"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [],
      "dependencies": [
        "base"
      ],
      "knownFloor": 4,
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "lighter-robinhood-perps",
      "name": "Lighter on Robinhood",
      "kind": "protocol",
      "proposedTier": 2,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "The application has its own operator and proof system and is built on Robinhood; its full local authority is still being reviewed.",
      "controls": [
        "Application-specific ZK execution.",
        "USDG margin held through contracts on Robinhood Chain."
      ],
      "evidenceUrls": [
        "https://docs.robinhood.com/chain/lighter-domains/",
        "https://l2beat.com/layer2s/projects/lighter-robinhood",
        "https://robinhood.com/us/en/support/articles/robinhood-wallet-perpetual-futures/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [],
      "dependencies": [
        "robinhood"
      ],
      "knownFloor": 4,
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "spark-savings",
      "name": "Spark Savings",
      "kind": "protocol",
      "proposedTier": 3,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Savings and allocation contracts inherit Sky governance; destination-specific custody may add stronger restrictions.",
      "controls": [
        "Savings claims and underlying allocation dependencies."
      ],
      "evidenceUrls": [
        "https://docs.spark.finance/",
        "https://developers.skyeco.com/protocol/tokens/susds/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [],
      "dependencies": [],
      "knownFloor": 3,
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "robinhood-chain-bridge",
      "name": "Robinhood canonical bridge",
      "kind": "protocol",
      "proposedTier": 8,
      "scope": "Canonical bridge contracts; balances represented on Robinhood must not also be counted as separate L1 capital.",
      "reason": "This bridge inherits the upgrade and validation arrangements of robinhood.",
      "controls": [
        "Upgradeable escrow and messaging contracts."
      ],
      "evidenceUrls": [
        "https://l2beat.com/layer2s/projects/robinhood"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [
        "robinhood"
      ],
      "assessment": "assessed"
    },
    {
      "id": "base-canonical-bridge",
      "name": "Base canonical bridge",
      "kind": "protocol",
      "proposedTier": 6,
      "scope": "Canonical escrow/control path, not an additional capital stock.",
      "reason": "This bridge inherits the upgrade and validation arrangements of base.",
      "controls": [],
      "evidenceUrls": [
        "https://l2beat.com/layer2s/projects/base"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [
        "base"
      ],
      "assessment": "assessed"
    },
    {
      "id": "optimism-canonical-bridge",
      "name": "OP canonical bridge",
      "kind": "protocol",
      "proposedTier": 5,
      "scope": "Canonical escrow/control path, not an additional capital stock.",
      "reason": "This bridge inherits the upgrade and validation arrangements of optimism.",
      "controls": [],
      "evidenceUrls": [
        "https://docs.optimism.io/op-stack/protocol/privileged-roles",
        "https://docs.optimism.io/op-stack/fault-proofs/fp-security"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [],
      "dependencies": [
        "optimism"
      ],
      "assessment": "assessed"
    },
    {
      "id": "frxeth",
      "name": "frxETH",
      "kind": "asset",
      "proposedTier": 3,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Frax governance and staking operators administer issuance and backing; emergency safeguards require further review.",
      "controls": [
        "Protocol-controlled staking and issuance."
      ],
      "evidenceUrls": [
        "https://docs.frax.com/protocol/assets/frxeth/overview",
        "https://github.com/FraxFinance/frax-governance"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "FRXETH",
        "frxETH"
      ],
      "dependencies": [],
      "knownFloor": 2,
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "sfrxeth",
      "name": "sfrxETH",
      "kind": "asset",
      "proposedTier": 0,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "The yield wrapper inherits frxETH and its staking system.",
      "controls": [],
      "evidenceUrls": [
        "https://docs.frax.com/protocol/assets/frxeth/technical"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "SFRXETH",
        "sfrxETH"
      ],
      "dependencies": [
        "frxeth"
      ],
      "knownFloor": 2,
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "ezeth",
      "name": "ezETH",
      "kind": "asset",
      "proposedTier": 3,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "Renzo governance, its withdrawal arrangements and EigenLayer all affect the staking claim.",
      "controls": [
        "Protocol pause can disable instant withdrawals.",
        "EigenLayer strategy exposure."
      ],
      "evidenceUrls": [
        "https://docs.renzoprotocol.com/docs/products/withdrawals",
        "https://docs.renzoprotocol.com/docs/products/instant-withdrawals",
        "https://docs.renzoprotocol.com/docs/introduction"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "EZETH",
        "ezETH"
      ],
      "dependencies": [
        "eigenlayer"
      ],
      "knownFloor": 4,
      "assessment": "lower-bound",
      "tierBound": true
    },
    {
      "id": "rseth",
      "name": "rsETH",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Canonical deployed product; additional asset and chain dependencies compose separately.",
      "reason": "The issuer documents per-address transfer holds and recovery of frozen balances to custody.",
      "controls": [
        "Address-specific freeze and recovery powers.",
        "Upgradeable restaking token."
      ],
      "evidenceUrls": [
        "https://kerneldao.gitbook.io/kernel/getting-started/kelp/smart-contracts/upgrades",
        "https://github.com/Kelp-DAO/LRT-rsETH"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "RSETH",
        "rsETH"
      ],
      "dependencies": [
        "eigenlayer"
      ],
      "assessment": "assessed"
    },
    {
      "id": "buidl",
      "name": "BUIDL",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Canonical token mechanism; deployment-specific custody adds inherited bounds.",
      "reason": "Fund ownership and redemption depend on BlackRock, Securitize and qualified-investor transfer controls.",
      "controls": [
        "Fund ownership and redemption depend on BlackRock, Securitize and qualified-investor transfer controls."
      ],
      "evidenceUrls": [
        "https://securitize.io/learn/press/blackrock-launches-first-tokenized-fund-buidl-on-the-ethereum-network"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "BUIDL"
      ],
      "dependencies": [],
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "usdy",
      "name": "USDY",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Canonical token mechanism; deployment-specific custody adds inherited bounds.",
      "reason": "A permissioned issuer claim backed by Treasury assets and bank deposits; redemption depends on Ondo and its custodians.",
      "controls": [
        "A permissioned issuer claim backed by Treasury assets and bank deposits; redemption depends on Ondo and its custodians."
      ],
      "evidenceUrls": [
        "https://docs.ondo.finance/qualified-access-products/usdy"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "USDY"
      ],
      "dependencies": [],
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "usyc",
      "name": "USYC",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Canonical token mechanism; deployment-specific custody adds inherited bounds.",
      "reason": "Tokenized fund shares depend on the fund manager, custody, investor eligibility and redemption rules.",
      "controls": [
        "Tokenized fund shares depend on the fund manager, custody, investor eligibility and redemption rules."
      ],
      "evidenceUrls": [
        "https://www.circle.com/usyc"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "USYC"
      ],
      "dependencies": [],
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "xaut",
      "name": "XAUT",
      "kind": "asset",
      "proposedTier": 9,
      "scope": "Canonical token mechanism; deployment-specific custody adds inherited bounds.",
      "reason": "Tether controls issuance and redemption of claims on physical gold held in custody.",
      "controls": [
        "Tether controls issuance and redemption of claims on physical gold held in custody."
      ],
      "evidenceUrls": [
        "https://gold.tether.to/"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-proposal",
      "aliases": [
        "XAUT"
      ],
      "dependencies": [],
      "assessment": "assessed",
      "tierBound": false
    },
    {
      "id": "tbtc",
      "name": "tBTC",
      "kind": "asset",
      "proposedTier": 2,
      "scope": "Canonical token mechanism; deployment-specific custody adds inherited bounds.",
      "reason": "BTC redemption relies on an external threshold-signing network; governance and bridge safeguards add dependencies.",
      "controls": [
        "BTC redemption relies on an external threshold-signing network; governance and bridge safeguards add dependencies."
      ],
      "evidenceUrls": [
        "https://docs.threshold.network/applications/tbtc-v2"
      ],
      "reviewedAt": "2026-09-08",
      "status": "reviewed-incomplete",
      "aliases": [
        "tBTC"
      ],
      "dependencies": [],
      "assessment": "lower-bound",
      "tierBound": true
    }
  ]
}