How the research is made
Every venue gets a written, dated memo with one verdict: approved with limits, rejected, not approved, or under review. Each memo lists the events that would reopen it. Retired records move into the dated archive rather than disappearing. A class rule, such as “no liquidity pools,” can keep a protocol off the approved list, but it never passes for a finding against the protocol’s quality. Only an individual review can approve.
The verdicts mean one thing each. Approved with limits: the research supports use within the limits the memo sets. Rejected: the evidence weighs against it. Not approved: no finding against it, but it is not on the approved list, because its structure falls outside the approved ones, it is too small to exit at size, or another provider was chosen. Under review: the evidence does not yet settle it. Whether a client holds a position, and how much, is always the advisor’s call.
Ketju checks four parts of a position: the asset (who can freeze it), the protocol (what its governance can do), the chain (who orders transactions and holds upgrade keys), and the custody arrangement (who holds the keys). A sound protocol cannot remove control held by an issuer, chain operator, or custodian. Source TVL is reported as scale context only. Executable withdrawal capacity requires a protocol-specific, proposed-size reading.
The Atlas compares like with like. A peer must use the same kind of asset for the same kind of client purpose, and its protocol must be approved. A stablecoin is never replaced with ETH to improve a control result. The closest structure appears first, followed by reported TVL only as a scale tie-breaker. Yield is shown but never selects or ranks a peer. When no position passes those rules, the Atlas says so.
Size is an intake and capacity signal, never a quality verdict. A smaller venue can be not approved as too small to exit at size without being called unsafe. Before implementation, the advisor must obtain an executable exit reading for the proposed amount and record any uncertainty explicitly.
Research is not an annual filing. The Board carries live venue numbers, alerts are checked every day, and approved records are re-examined at least quarterly. A review condition reopens the memo that week, not at the next scheduled date. Rejected, not approved, and under-review records stay in the research universe and are re-read on a schedule that fits the evidence.
A tokenized stock, ETF, fund, credit pool, property, or commodity token gets an eligibility file, one per program. The file records what the holder owns in the SEC’s January 2026 terms: issuer direct, where the on-chain record is the securityholder file; issuer indirect, where the token points at a record kept elsewhere; third-party custodial, where a broker’s entitlement is formatted as a token; third-party synthetic, where a note pays like the security and carries no rights in it; and, from October 2026, the DTC-tokenized share with the same CUSIP. The file then states, in the issuer’s own words, who may buy, hold, transfer, and redeem; who can freeze, pause, or claw back, with the contract function named and read on chain; how the position exits; which venues list it; and which observable event would change any of those answers. Ketju does not infer eligibility from a token’s presence in a wallet. The monitor reads each file’s control functions and the contracts they consult, its on-chain supply, and its market quote every day; a change opens a review item before any client action. See the files →
Ketju accepts no compensation from any protocol, chain, or issuer it covers. Observed yield is descriptive and never selects, ranks, approves, or rejects a position.
Research governance publishes the publication, correction, source-receipt, cadence, and incident policies, with the current split coverage and freshness measures.