The Register · public research
The Register
701 protocols reviewed. 15 approved with limits. Of the rest, 192 rejected, 478 not approved, and 16 under review. 243 were researched one by one; 458 fall under a published class rule. Every memo is published in full. 35 historical records. 95 eligibility files for tokenized programs state what the holder owns and who may hold it.
| Protocol | Verdict | Type | Research basis |
|---|---|---|---|
| Aave v3 | Approved with limits | Dollar lending | Individual research |
| Arbitrum Bridge | Approved with limits | Other | Individual research |
| Axelar | Approved with limits | Other | Individual research |
| Chainlink CCIP | Approved with limits | Other | Individual research |
| Coinbase Bridge (Base canonical bridge) | Approved with limits | Other | Individual research |
| DeFi Saver | Approved with limits | Other | Individual research |
| Kraken Wrapped Bitcoin (kBTC) | Approved with limits | Other | Individual research |
| Lido (stETH) | Approved with limits | ETH staking | Individual research |
| Lombard BTC.b | Approved with limits | Other | Individual research |
| Morpho Blue (curated vaults) | Approved with limits | Dollar lending | Individual research |
| OpenEden TBILL | Approved with limits | Tokenized real-world assets | Individual research |
| Optimism Bridge (OP Mainnet) | Approved with limits | Other | Individual research |
| Rocket Pool (rETH) | Approved with limits | ETH staking | Individual research |
| Sky (formerly Maker) savings | Approved with limits | Dollar lending | Individual research |
| WisdomTree Government Money Market Digital Fund (WTGXX) | Approved with limits | Tokenized real-world assets | Individual research |
| 1inch Swap | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| 3F | Not approved Leveraged strategies are outside the approved structures |
Other | Leveraged looping and recursive strategies |
| 3Jane Lending | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| 3Jane Options | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| 40 Acres | Not approved Too small to exit at size |
Liquidity pool | Capacity evidence not established |
| Aarna Protocol | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Aave Horizon | Rejected The evidence weighs against it |
Other | Individual research |
| Aave v4 | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Abracadabra Spell | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Abyss | Not approved Runs only on a chain that failed review |
Other | Deployed only on a rejected chain |
| Accountable | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| Acre | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Across | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Aegis YUSD | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Aera V3 | Rejected The evidence weighs against it |
Other | Individual research |
| Aerodrome Slipstream | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Aerodrome V1 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Affluent | Not approved Yield aggregators are outside the approved structures |
Dollar lending | Yield aggregators and vault-of-vaults |
| AFI Protocol | Rejected The evidence weighs against it |
Other | Individual research |
| Agua | Not approved Too small to exit at size |
Tokenized real-world assets | Capacity evidence not established |
| Ajna V2 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Alandale V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Alandale V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Alchemix V3 | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Alien Base V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Allbridge Classic | Rejected The evidence weighs against it |
Other | Individual research |
| Ammalgam DLEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Amnis Finance | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Ample | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Amply Finance | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Anchored aStocks (Anchored Capital Ltd, BVI) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Anemoy Capital / Janus Henderson Anemoy Treasury Fund (JTRSY) | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Ankr | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Anzen V2 | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| Apollo Diversified Credit Securitize Fund (ACRED) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Apyee | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Apyx Protocol | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| Arcadia V2 | Rejected The evidence weighs against it |
Liquidity pool | Individual research |
| ARK Venture Fund (ARKVX), tokenized by Securitize | Rejected The evidence weighs against it |
Other | Individual research |
| Arkonix | Not approved Yield aggregators are outside the approved structures |
Trading-strategy yield | Yield aggregators and vault-of-vaults |
| ARPA Staking | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| AshSwap | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Aster asBNB | Rejected The evidence weighs against it |
Other | Individual research |
| Aster Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Aster USDF | Rejected The evidence weighs against it |
Other | Individual research |
| Astroport | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Asymmetry USDaf | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| ATOMA | Not approved Yield aggregators are outside the approved structures |
Trading-strategy yield | Yield aggregators and vault-of-vaults |
| AUTOfinance | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Avalanche Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Avalon Finance | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Avant avBTC | Not approved Yield aggregators are outside the approved structures |
Staking | Yield aggregators and vault-of-vaults |
| Avant avETH | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Avant avUSD | Not approved Off-chain credit is outside the approved structures |
Trading-strategy yield | Off-chain credit and basis trades sold as stablecoins |
| Avon MegaVault | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Axis (USDx) | Rejected The evidence weighs against it |
Trading-strategy yield | Individual research |
| Azuro | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| b14g | Rejected The evidence weighs against it |
Staking | Individual research |
| B² Buzz | Rejected The evidence weighs against it |
Other | Individual research |
| Babylon Protocol | Rejected The evidence weighs against it |
Staking | Individual research |
| Backpack Securities stock tokens (Trek Nexus Markets, Solana) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Balancer V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Balancer V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Bancor V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Basalt Vault | Not approved Leveraged strategies are outside the approved structures |
Trading-strategy yield | Leveraged looping and recursive strategies |
| Bedrock uniBTC | Rejected The evidence weighs against it |
Staking | Individual research |
| Bedrock uniETH | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Beefy | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Beets DEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Beets DEX V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Benqi Lending | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Benqi Staked AVAX (sAVAX) | Rejected The evidence weighs against it |
Staking | Individual research |
| BeraPaw | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| BEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| BiFi | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Bifrost Liquid Staking | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Binance Staked ETH (WBETH) | Rejected The evidence weighs against it |
ETH staking | Individual research |
| Binance Staked SOL | Not approved Exchange-wrapped staking is outside the approved structures |
Staking | Exchange-wrapped staking |
| Binance-Peg BTCB | Rejected The evidence weighs against it |
Other | Individual research |
| BitFi Basis | Rejected The evidence weighs against it |
Other | Individual research |
| Bitway Earn | Not approved Runs only on a chain that failed review |
Trading-strategy yield | Deployed only on a rejected chain |
| Bitwise Crypto Carry Fund (USCC) | Rejected The evidence weighs against it |
Trading-strategy yield | Individual research |
| Blackhole AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Blackhole CLMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| BlackRock BUIDL | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (RSVXX), BRSRV token | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| BlackRock Select Treasury Based Liquidity Fund, OnChain Shares (DOLXX), BSTBL token | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| BlazeStake | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Blend Pools V2 | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Blockchain Capital (BCAP) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Bluefin Spot | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| BMX Classic Perps | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| BNY Dreyfus On-Chain Liquidity Fund (BCLXX), BLIQUID token | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Boar Finance | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Bonk Staked SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| BounceBit CeDeFi Yield | Rejected The evidence weighs against it |
Other | Individual research |
| Bracket Vaults | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Brix | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| bStocks (BTech Holdings, Binance group) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| BTCD | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| BTCFi CDP | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| bTokens (Backed Finance, winding down) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Buzz Farming | Rejected The evidence weighs against it |
Other | Individual research |
| Bybit Staked SOL | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Camelot V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Camelot V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Canto Lending | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| cap | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| Centrifuge (JAAA) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Cetus CLMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Chainflip AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Chainflip Lending | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| CIAN Yield Layer | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Circle USYC | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Circuit | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Clearpool Lending | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| Clearstar | Rejected The evidence weighs against it |
Other | Individual research |
| Clipper | Not approved Too small to exit at size |
Liquidity pool | Capacity evidence not established |
| Coffer | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Coinbase Tokenized Stock (Coinbase Onchain SPV, Base) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Coinbase USD Stablecoin Yield Fund (CUSHY) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Coinbase Wrapped Staked ETH | Not approved Exchange-wrapped staking is outside the approved structures |
ETH staking | Exchange-wrapped staking |
| Colend Protocol | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Compound V2 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Compound v3 (Comet) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Concentrator | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Concrete (Blueprint Finance) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Convex Finance | Rejected The evidence weighs against it |
Liquidity pool | Individual research |
| Cooler Loans | Rejected The evidence weighs against it |
Other | Individual research |
| Credit | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| Credix | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| crvUSD | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Crypto.com Liquid Staking | Not approved Exchange-wrapped staking is outside the approved structures |
Staking | Exchange-wrapped staking |
| cSigma Finance | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Cube | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| CURRENC Group (CURR) tokenized ordinary shares | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Current | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Curvance | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Curve DEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Curve LlamaLend | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| D2 Finance | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| DeDust | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| DeedFlow Royalty Revenue Bonds, Series 2026 | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| DefiChain DEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| DegenPrime | Not approved Too small to exit at size |
Liquidity pool | Capacity evidence not established |
| deJAAA (Open Market Factory notes linked to JAAA) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| DeltaPrime | Not approved Leveraged strategies are outside the approved structures |
Liquidity pool | Leveraged looping and recursive strategies |
| Derive V2 | Not approved Research favorable; not on the approved list |
Other | Individual research |
| DFDV Staked SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| DGLD (Gold Token SA) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| DigiFT | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Dinari dShares | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Dinero (pxETH) | Not approved Another provider of the same kind was chosen |
ETH staking | Liquid staking: category reviewed, provider not selected |
| Dolomite | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Dominion Silver (SILV) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| DorkFi | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| DoubleZero Staked SOL | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Draggable Aktionariat AG Shares (DAKS) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Drift Staked SOL | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| DSF.Finance | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| DTC Tokenization Service (DTC-tokenized stocks, ETFs, and Treasuries) | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| dTRINITY dUSD | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| EA Finance | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Echelon Market | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| EigenCloud (EigenLayer) | Rejected The evidence weighs against it |
ETH staking | Individual research |
| Ekubo | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Elara Finance | Rejected The evidence weighs against it |
Liquidity pool | Capacity evidence not established |
| Ember Protocol | Not approved Yield aggregators are outside the approved structures |
Tokenized real-world assets | Yield aggregators and vault-of-vaults |
| Endur | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Ensuro | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Equalizer Exchange | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Equilibria | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Ethena (USDe) | Rejected The evidence weighs against it |
Trading-strategy yield | Individual research |
| Ethena USDtb | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| ether.fi (weETH liquid restaking) | Rejected The evidence weighs against it |
ETH staking | Individual research |
| Ether.fi Cash Liquid | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| ether.fi Liquid | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Etherex CL | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| EtherFi Borrowing Market | Rejected The evidence weighs against it |
Other | Individual research |
| Etherfuse Stablebonds (CETES, USTRY, TESOURO, KTB, GILTS, EUROB) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Euler v2 | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| EVAA Protocol | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Everything | Rejected The evidence weighs against it |
Other | Individual research |
| Exactly | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Exodus Movement (EXOD) common stock tokens | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Exponent Yield Exchange | Under review The evidence is not yet settled |
Other | Individual research |
| exSat Staking BTC | Rejected The evidence weighs against it |
Other | Individual research |
| Extended Perps | Not approved Research favorable; not on the approved list |
Other | Individual research |
| Extra Finance Leverage Farming | Not approved Too small to exit at size |
Liquidity pool | Capacity evidence not established |
| Extra Finance Xlend | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Falcon Finance | Not approved Off-chain credit is outside the approved structures |
Trading-strategy yield | Off-chain credit and basis trades sold as stablecoins |
| FAssets (Flare Network) | Rejected The evidence weighs against it |
Other | Individual research |
| Felix CDP | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Ferro | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Fidelity International USD Digital Liquidity Fund (FILQ-A, FILQ-D) | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Fidelity Treasury Digital Fund, OnChain class (FYOXX), FDIT token | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Figure Markets Democratized Prime | Rejected The evidence weighs against it |
Other | Individual research |
| Figure Markets Exchange | Not approved Its structure is outside the approved ones |
Other | Individual research |
| Figure Technology Solutions Series A Blockchain Common Stock (FGRS) | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Figure YLDS (Figure Transferable Certificates) | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Filet Finance | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Finance Without Borders | Not approved Runs only on a chain that failed review |
Other | Deployed only on a rejected chain |
| Finest fGLD | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Fira | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Flamingo Finance | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Flock Credit (Ravenhood) | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| FlowX V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| FlowX V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Fluid (Instadapp) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Fluid DEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Fluid Lite | Not approved Leveraged strategies are outside the approved structures |
Other | Leveraged looping and recursive strategies |
| Flux Finance | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Fluxion Network | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Flying Tulip ftUSD | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Folks Finance Lending | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Folks Finance xChain | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| ForgeYields | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Frankencoin | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Franklin OnChain Institutional Liquidity Fund (iBENJI) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Franklin OnChain U.S. Government Money Fund (FOBXX), BENJI token | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Frax (frxUSD / sfrxUSD) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Frax Ether | Not approved Too small to exit at size |
ETH staking | Capacity evidence not established |
| Frax USD (frxUSD) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Fraxlend | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Fraxtal | Rejected The evidence weighs against it |
Other | Individual research |
| Frigg.eco | Not approved Too small to exit at size |
Tokenized real-world assets | Capacity evidence not established |
| Fuel Staking | Rejected The evidence weighs against it |
Staking | Individual research |
| Full Sail | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Function FBTC | Rejected The evidence weighs against it |
Other | Individual research |
| Fusion by IPOR | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| fx Protocol | Rejected The evidence weighs against it |
Other | Individual research |
| GAIB | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| Gains Network | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Gami Labs | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Gamma | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| GammaSwap Open Interest | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| GammaSwap Yield Tokens | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Gauntlet | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Gearbox | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| GETH | Not approved Too small to exit at size |
ETH staking | Capacity evidence not established |
| GILDer | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| GLIF | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| GMX Solana (formerly GMTrade) | Not approved Liquidity pools are outside the approved structures |
Other | AMM / liquidity provision |
| GMX V2 Perps | Not approved Liquidity pools are outside the approved structures |
Other | AMM / liquidity provision |
| Goldfinch | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| GoldZip gold token (XGZ) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Goose Finance | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Gremlix | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Grove | Rejected The evidence weighs against it |
Other | Individual research |
| GrowiHF | Not approved Runs only on a chain that failed review |
Trading-strategy yield | Deployed only on a rejected chain |
| GT3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| GTBTC (Gate Wrapped BTC) | Rejected The evidence weighs against it |
Other | Individual research |
| Guru Network Classic | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Hamco Tokenized Pan-Asia Private Equity Fund | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Hamilton Lane Securitize feeder funds (HLSCOPE, HLSF6, HLEOVUS) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Harbor | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Harmonix Finance | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Harvest Finance | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| HashKing | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Hastra | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| Hatom Lending | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Helius Staked SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Hercules V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Herculis Gold Coin (XAUH) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Hipo | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Homora V2 (Alpha Finance) | Rejected The evidence weighs against it |
Other | Individual research |
| HRUSD (Hyperoute) | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Huma Finance V2 | Under review The evidence is not yet settled |
Other | Individual research |
| Hybra V4 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Hydration DEX | Not approved Too small to exit at size |
Liquidity pool | Capacity evidence not established |
| Hydro Inflow | Not approved Yield aggregators are outside the approved structures |
Trading-strategy yield | Yield aggregators and vault-of-vaults |
| HYDT Protocol | Not approved Runs only on a chain that failed review |
Trading-strategy yield | Deployed only on a rejected chain |
| Hylo LSTs | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Hyper Unit | Rejected The evidence weighs against it |
Other | Individual research |
| Hyperion | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Hyperithm | Rejected The evidence weighs against it |
Other | Individual research |
| HyperLend Pooled | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Hyperliquid Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Hyperliquid HLP | Rejected The evidence weighs against it |
Other | Individual research |
| Hyperliquid Spot Orderbook | Rejected The evidence weighs against it |
Other | Individual research |
| HyperSwap V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| HyperSwap V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| HyperWave | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Hypha | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| HypurrFi Pooled | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| iAero Protocol | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| ICHI | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| ICPSwap | Not approved Runs only on a chain that failed review |
Liquidity pool | Deployed only on a rejected chain |
| Index Coop | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Indigo | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| infiniFi | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Infrared Finance | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Inverse Finance FiRM | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Invesco USTB (Superstate) | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| IPOR Derivatives | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| IQ | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Isle Finance | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| JagPool Staked SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Javsphere | Not approved Too small to exit at size |
Liquidity pool | Capacity evidence not established |
| Jito (jitoSOL) | Rejected The evidence weighs against it |
Staking | Individual research |
| Joe V2.1 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Joe V2.2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| JPool | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Jupiter Lend (Solana) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Jupiter Perpetual Exchange | Not approved Research favorable; not on the approved list |
Other | Individual research |
| Jupiter Staked SOL | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| JustCryptos | Rejected The evidence weighs against it |
Other | Individual research |
| JustLend V1 | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| K3 Capital | Rejected The evidence weighs against it |
Other | Individual research |
| K613 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Kai Finance | Not approved Runs only on a chain that failed review |
Liquidity pool | Deployed only on a rejected chain |
| Kamino (Solana) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Kamino Liquidity | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| KaspaCom Dex | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Kava Mint | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Kelp DAO (rsETH) | Rejected The evidence weighs against it |
ETH staking | Individual research |
| KiloEx | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Kinesis gold and silver (KAU, KAG) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Kinetic | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Kinetiq kHYPE | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Kintsu | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Kinza Finance | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| KPK (karpatkey) | Rejected The evidence weighs against it |
Other | Individual research |
| Kuru CLOB | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| KyberSwap FairFlow | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Kyros | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Lagoon | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Laine SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| LandX Finance | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| Lantern Staked SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Latch | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| LayerBank | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| LayerZero V2 | Rejected The evidence weighs against it |
Other | Individual research |
| Lazy | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Lazy Summer Protocol | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Lighter Bridge (zkLighter) | Rejected The evidence weighs against it |
Other | Individual research |
| Lightning Network | Rejected The evidence weighs against it |
Other | Individual research |
| Liminal Basis | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Linea Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Linx App | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Liquid Collective (LsETH) | Under review The evidence is not yet settled |
ETH staking | Individual research |
| Liquidium | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| LiquidSwap | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Liquity v1 (LUSD) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Liquity V2 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Liqwid | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Lista CDP | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Lista Lending | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Lista Liquid Staking | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Lofty | Rejected The evidence weighs against it |
Other | Individual research |
| Lombard (LBTC) | Rejected The evidence weighs against it |
Staking | Individual research |
| Looped Hype | Not approved Leveraged strategies are outside the approved structures |
Trading-strategy yield | Leveraged looping and recursive strategies |
| Loopscale | Not approved Leveraged strategies are outside the approved structures |
Dollar lending | Leveraged looping and recursive strategies |
| Lorenzo enzoBTC | Rejected The evidence weighs against it |
Other | Individual research |
| Lynex V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| M0 ($M / Wrapped M) | Rejected The evidence weighs against it |
Other | Individual research |
| Magma Staking | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Mainstreet | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Makina | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Mantle Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Mantle Index Four Fund (MI4) | Rejected The evidence weighs against it |
Other | Individual research |
| Maple Finance | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Marinade (mSOL) | Rejected The evidence weighs against it |
Staking | Individual research |
| Marinade Native | Rejected The evidence weighs against it |
Staking | Individual research |
| Marinade Select | Under review The evidence is not yet settled |
Staking | Individual research |
| Matrixdock gold and silver (XAUm, XAGm) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| MatrixDock STBT | Not approved Too small to exit at size |
Tokenized real-world assets | Capacity evidence not established |
| Maverick V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| MaxShot | Not approved Yield aggregators are outside the approved structures |
Tokenized real-world assets | Yield aggregators and vault-of-vaults |
| MDEX | Not approved Too small to exit at size |
Liquidity pool | Capacity evidence not established |
| Mellow Core | Under review The evidence is not yet settled |
Other | Individual research |
| Meme Dollar | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Mento V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Meridian AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Merlin’s Seal (Merlin Chain) | Rejected The evidence weighs against it |
Other | Individual research |
| Meta Pool ETH | Not approved Too small to exit at size |
ETH staking | Capacity evidence not established |
| Meteora DLMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| mETH Protocol (Mantle) | Rejected The evidence weighs against it |
ETH staking | Individual research |
| Metropolis DLMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Metropolis DLMM Vaults | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Mezo Earn | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Mezo Vaults | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Midas (mTBILL / mBASIS / mBTC) | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| MIM Swap | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Minswap DEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Minto | Not approved Runs only on a chain that failed review |
Other | Deployed only on a rejected chain |
| Monetrix | Not approved Runs only on a chain that failed review |
Trading-strategy yield | Deployed only on a rejected chain |
| Monetrix mxHYPE | Not approved Runs only on a chain that failed review |
Trading-strategy yield | Deployed only on a rejected chain |
| Monolith Market | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Moola Market | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Moonwell Lending | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| MORE Markets | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| MortgageFi | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Mosaic AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Motoswap Farm | Rejected The evidence weighs against it |
Liquidity pool | Capacity evidence not established |
| mStable V2 | Not approved Leveraged strategies are outside the approved structures |
Trading-strategy yield | Leveraged looping and recursive strategies |
| Multipli.fi | Not approved Off-chain credit is outside the approved structures |
Other | Off-chain credit and basis trades sold as stablecoins |
| Mystic Finance Lending | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Native Credit Pool | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| NAVI Lending | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Nawa Protocol | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| nest AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| nest CL | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Neuberger Securitize High Income Tokenized Fund (HINC) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Neutral Trade | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Neverland | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| NexusBTC (NBTC) | Rejected The evidence weighs against it |
Other | Individual research |
| Noble | Rejected The evidence weighs against it |
Other | Individual research |
| NodeDAO | Not approved Too small to exit at size |
ETH staking | Capacity evidence not established |
| Nomyx Revenue Participation Bonds, Series 2026 (Bond Tokens) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Nostra Money Market | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Nostra Pools | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Nucleon | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Obligate Trade Finance Yield (oTFY) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Obol Network | Rejected The evidence weighs against it |
Other | Individual research |
| Omnipair | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Ondo Global Markets (Ondo Stocks) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Ondo OUSG and USDY | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| OnRe Tokenized Reinsurance (ONyc) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| OpenEden USDO | Not approved Too small to exit at size |
Tokenized real-world assets | Capacity evidence not established |
| OpenTrade | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Orca DEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Origami Finance | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Origin ARM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Origin Dollar | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Origin Ether | Not approved Too small to exit at size |
ETH staking | Capacity evidence not established |
| Origin Sonic | Rejected The evidence weighs against it |
Staking | Individual research |
| Osmosis DEX | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Oswap AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Overnight Finance | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| PancakeSwap AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| PancakeSwap AMM V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Pangolin V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Parallel Protocol V3 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| PARE | Not approved Runs only on a chain that failed review |
Trading-strategy yield | Deployed only on a rejected chain |
| Pareto Credit | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| Paxos Gold (PAXG) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Peapods Finance | Rejected The evidence weighs against it |
Other | Individual research |
| Peer | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Pendle (yield tokenisation) | Rejected The evidence weighs against it |
Liquidity pool | Individual research |
| Penpie | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| PepeTeam sWAVES | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Permapod | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Phantom SOL | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Pharaoh V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Phase Delegation (pdSOL) | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Phase Stake (YIELD) | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Phoenix Protocol | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Pico Staked SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| PinkSale | Rejected The evidence weighs against it |
Other | Individual research |
| Pleasing Gold (PGOLD) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Plume Vaults (Nest) | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| Pods Yield | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Polygon Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Polymarket International | Rejected The evidence weighs against it |
Other | Individual research |
| Portal Bridge (Wormhole) | Rejected The evidence weighs against it |
Other | Individual research |
| PreStocks (pre-IPO tokens on Solana) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Prime Staked ETH | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Project 0 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Project X | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Puffer Stake | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| PumpSwap | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Quickswap Dex | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| R25 | Rejected The evidence weighs against it |
Other | Individual research |
| RAAC | Rejected The evidence weighs against it |
Other | Individual research |
| Ramses CL V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Raydium AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Re | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| RealT Tokens | Rejected The evidence weighs against it |
Other | Individual research |
| RealUnit Shares (REALU) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Renzo (ezETH liquid restaking) | Rejected The evidence weighs against it |
ETH staking | Individual research |
| Republic pre-IPO notes (Bitget IPO Prime) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Reserve Protocol | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Reservoir Protocol | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Resolv USR | Not approved Yield aggregators are outside the approved structures |
Trading-strategy yield | Yield aggregators and vault-of-vaults |
| Resupply | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Rezerve Money | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Rhea Dex | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Rhea Lend | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Rhea LST (rNEAR, xRHEA) | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Ripe Protocol | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Robinhood Chain Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Robinhood Stock Tokens | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| RockawayX | Rejected The evidence weighs against it |
Other | Individual research |
| RocketSwap Anubis | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Royco V2 | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| rTokens (Reality, Bitget group) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Rubicon | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Rujira Money Market | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Rujira Staking | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| Sanctum Infinity | Rejected The evidence weighs against it |
Staking | Individual research |
| Sanctum Validator LSTs | Rejected The evidence weighs against it |
Staking | Individual research |
| Sapien Vault | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Saturn | Rejected The evidence weighs against it |
Other | Individual research |
| SaucerSwap V1 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Save | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Save SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Scale | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Scallop Lend | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Sceptre Liquid | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Scrub Invest | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| ScrubVault | Not approved Off-chain credit is outside the approved structures |
Trading-strategy yield | Off-chain credit and basis trades sold as stablecoins |
| sDAI | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Securitize Tokenised AAA CLO Fund | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Segment Finance | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Sentora | Rejected The evidence weighs against it |
Other | Individual research |
| Shadow Exchange CLMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Shadow Exchange Legacy | Not approved Runs only on a chain that failed review |
Liquidity pool | Deployed only on a rejected chain |
| ShapeSwap V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Sherlock | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Sherpa | Not approved Yield aggregators are outside the approved structures |
Tokenized real-world assets | Yield aggregators and vault-of-vaults |
| ShMonad | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Silo V2 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| SilverTimes Token (STT) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Single Finance | Not approved Leveraged strategies are outside the approved structures |
Liquidity pool | Leveraged looping and recursive strategies |
| SIR | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Sky Vaults (Skybase International) | Rejected The evidence weighs against it |
Other | Individual research |
| SMARDEX AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| SMARDEX USDN | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Snowbl Capital | Not approved Too small to exit at size |
Tokenized real-world assets | Capacity evidence not established |
| Solidly V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Solstice | Not approved Research favorable; not on the approved list |
Other | Individual research |
| Solv Protocol (SolvBTC) | Under review The evidence is not yet settled |
Trading-strategy yield | Individual research |
| SolvBTC | Rejected The evidence weighs against it |
Other | Individual research |
| Sovryn Dex | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Spark Liquidity Layer | Rejected The evidence weighs against it |
Other | Individual research |
| Spark Savings (sUSDS) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| SparkDEX V3.1 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| SparkDEX V4 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| SparkLend | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Spectra MetaVaults | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Spectra V2 | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Spiko Digital Assets Cash and Carry Fund (SPKCC, eurSPKCC) | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Spiko SICAV (USTBL, EUTBL, UKTBL, SAFO) | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| SpringX | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Sprinter | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| SSV Network | Rejected The evidence weighs against it |
Other | Individual research |
| ST0x tokenized stocks (S01 Issuer GmbH) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| StackingDAO | Rejected The evidence weighs against it |
Staking | Capacity evidence not established |
| Stacks sBTC | Rejected The evidence weighs against it |
Other | Individual research |
| Stader | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| Stake DAO | Rejected The evidence weighs against it |
Other | Individual research |
| stake.link liquid | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| StakeWise V3 | Rejected The evidence weighs against it |
ETH staking | Individual research |
| Stargate V1 | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Starke Staked SOL | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| StarkGate (Starknet Bridge) | Rejected The evidence weighs against it |
Other | Individual research |
| State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Steakhouse Financial | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Steer Protocol | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| stHYPE (Valantis) | Rejected The evidence weighs against it |
Staking | Individual research |
| STKESOL by SOL Strategies | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| STON.fi | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Storm Trade | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Strata Markets | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| STRATO | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| STRATO Gold and Silver (GOLDST, SILVST) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Streamex GLDY | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Stronghold Staked SOL | Not approved Another provider of the same kind was chosen |
Staking | Liquid staking: category reviewed, provider not selected |
| stUSDT | Not approved Off-chain credit is outside the approved structures |
Tokenized real-world assets | Off-chain credit and basis trades sold as stablecoins |
| Suigar | Not approved Runs only on a chain that failed review |
Other | Deployed only on a rejected chain |
| Suilend | Rejected The evidence weighs against it |
Other | Individual research |
| SUNSwap V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Superform | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Supernova AMM | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Supernova CL | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Superstate Opening Bell | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| Surf Liquid | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| SushiSwap | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| SushiSwap V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| swap.coffee | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Swell Earn | Not approved Yield aggregators are outside the approved structures |
Trading-strategy yield | Yield aggregators and vault-of-vaults |
| Swell Liquid Restaking | Rejected The evidence weighs against it |
Staking | Individual research |
| Swell Liquid Staking | Not approved Another provider of the same kind was chosen |
ETH staking | Liquid staking: category reviewed, provider not selected |
| Switzerlend AG C1 Shares SHA (LENDS) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Swop | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Sygnum FIUSD (Fidelity Institutional Liquidity Fund, US Dollar Fund, Class G Acc) | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Symbiosis | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Symbiotic | Rejected The evidence weighs against it |
Other | Individual research |
| T3tris Finance | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Takara Lend | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| tBTC | Rejected The evidence weighs against it |
Other | Individual research |
| Tectonic | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Telos Consilium | Rejected The evidence weighs against it |
Other | Individual research |
| Tenbin Gold (tGLD) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Tender Finance | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| TermMax | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Tessera T-Tokens (T-SpaceX, T-Kalshi, T-OpenAI) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Tether Gold (XAUT) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| ThalaSwap | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| ThalaSwap V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| The Vault Liquid Staking | Rejected The evidence weighs against it |
Staking | Individual research |
| THENA FUSION | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Theo Short Duration US Treasury Fund (thBILL) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Theoriq AlphaVault ETH | Not approved Yield aggregators are outside the approved structures |
Trading-strategy yield | Yield aggregators and vault-of-vaults |
| Thesauros | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Tizi | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Token Teknoloji Gram Gold and Gram Silver (GRAMG, GRAMS) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Tokenized SECZ (Securitize Corp. common stock) | Not approved Research favorable; not on the approved list |
Tokenized real-world assets | Individual research |
| TONCO | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Tonstakers (tsTON) | Rejected The evidence weighs against it |
Staking | Individual research |
| Tori Finance | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Tornado Cash | Rejected The evidence weighs against it |
Other | Individual research |
| Toros | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Tortuga | Not approved Runs only on a chain that failed review |
Staking | Deployed only on a rejected chain |
| TownSquare Lending | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| TR ENERGY | Not approved Runs only on a chain that failed review |
Other | Deployed only on a rejected chain |
| Tradable private-credit deal tokens | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| tramplin.io | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Travessia Credit | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| Treehouse Protocol | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Trevee Earn | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Tristero Margin | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Troves | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Turbos | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Tydro | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| UBS USD Money Market Investment Fund Token (uMINT) | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Unblock Equity | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| UNCX Network V2 | Rejected The evidence weighs against it |
Other | Individual research |
| UniRouter | Rejected The evidence weighs against it |
Other | Individual research |
| Uniswap V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Uniswap V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Uniswap V4 | Not approved Liquidity pools are outside the approved structures |
Other | AMM / liquidity provision |
| Unitas USDu | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Upshift | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| USD.AI (sUSDai) | Rejected The evidence weighs against it |
Trading-strategy yield | Individual research |
| USDD | Rejected The evidence weighs against it |
Other | Individual research |
| USDM1 (Republic of the Marshall Islands) | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| USDT0 | Rejected The evidence weighs against it |
Other | Individual research |
| Usual (USD0 / USD0++) | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Usual ETH0 | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Usual EUR0 | Not approved Too small to exit at size |
Tokenized real-world assets | Capacity evidence not established |
| UwU Lend | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Valdora Finance | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Valos | Rejected The evidence weighs against it |
Other | Individual research |
| VanEck Treasury Fund (VBILL) | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Vault Street primeUSD | Not approved Leveraged strategies are outside the approved structures |
Tokenized real-world assets | Leveraged looping and recursive strategies |
| Veda | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Velodrome V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Velodrome V3 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| VenomStake | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| Venus Flux | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Venus Protocol | Rejected The evidence weighs against it |
Dollar lending | Individual research |
| Veranta (formerly Avantis) | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Vesper | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Vesu | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| Vetro (VUSD) | Rejected The evidence weighs against it |
Other | Individual research |
| VNX Gold (VNXAU) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| VVS Flawless | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| VVS Standard | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| WaterNeuron | Not approved Too small to exit at size |
Staking | Capacity evidence not established |
| WealthVille | Not approved Yield aggregators are outside the approved structures |
Liquidity pool | Yield aggregators and vault-of-vaults |
| Web3.world | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| wemakeit AG shares (WMKT) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| Wildcat Protocol | Not approved Off-chain credit is outside the approved structures |
Dollar lending | Off-chain credit and basis trades sold as stablecoins |
| WisdomTree 500 Digital ETF | Under review The evidence is not yet settled |
Tokenized real-world assets | Individual research |
| Wombat Exchange | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Wompie | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| WOOFi Earn | Not approved Off-chain credit is outside the approved structures |
Other | Off-chain credit and basis trades sold as stablecoins |
| World Chain Bridge | Rejected The evidence weighs against it |
Other | Individual research |
| Wrapped Bitcoin (WBTC) | Rejected The evidence weighs against it |
Other | Individual research |
| xDAI Stake Bridge (Gnosis Chain) | Rejected The evidence weighs against it |
Other | Individual research |
| xExchange | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| XOXNO Lending | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| xStocks (Backed Finance) | Rejected The evidence weighs against it |
Tokenized real-world assets | Individual research |
| xU3O8 uranium token (uranium.io) | Rejected The evidence weighs against it |
Tokenized commodities | Individual research |
| Yearn Finance | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| Yield Basis | Rejected The evidence weighs against it |
Other | Individual research |
| Yield Yak Aggregator | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| YieldNest | Not approved Yield aggregators are outside the approved structures |
Staking | Yield aggregators and vault-of-vaults |
| YieldSeeker | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| YLD | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| YO Protocol | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| Yuzu Finance | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Yuzu Money | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| ZealousSwap | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| Zeebu | Not approved Too small to exit at size |
Other | Capacity evidence not established |
| ZenSats | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Zentra Finance | Not approved Runs only on a chain that failed review |
Dollar lending | Deployed only on a rejected chain |
| ZEROBASE CeDeFi | Not approved Too small to exit at size |
Trading-strategy yield | Capacity evidence not established |
| Zest V2 | Not approved Too small to exit at size |
Dollar lending | Capacity evidence not established |
| Zircuit Finance | Not approved Yield aggregators are outside the approved structures |
Other | Yield aggregators and vault-of-vaults |
| zkSwap V2 | Not approved Liquidity pools are outside the approved structures |
Liquidity pool | AMM / liquidity provision |
| zkSync Era Bridge | Rejected The evidence weighs against it |
Other | Individual research |