Rhea Lend
Rhea Lend is outside the current firm shelf because it settles only on NEAR, which this registry rejects on upgrade and exit control. It is the Burrow money market under the Rhea Finance name, the largest lending venue on NEAR, and that merit does not reach past the chain grade.
- Deploys meaningful liquidity on a chain the registry approves
- The Near verdict changes
Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2027-03-22.
The research file
Mechanism and why the rule applies
Rhea Lend is ’the first and most trusted money market on cross-chain’ in Rhea’s words; its audit links still point at the NearDeFi burrowland repository, which identifies it as Burrow. Six stablecoin supply markets (USDC, USDT, DAI, FRAX and bridged variants) held about $2.2M of the $171M of reported protocol TVL at review. Suppliers earn borrower interest on NEAR.
Control and incident boundary
Two BlockSec audits of burrowland are published. The registry’s NEAR grade records that protocol versions activate through client adoption by the top 100 block producers, that the 2025 inflation change shipped after a failed community vote, and that the Ethereum exit is Omni Bridge over an MPC set and Wormhole.
Exit and current measurement
A supplier withdraws only while the market has cash and only onto NEAR; leaving NEAR requires the bridge path the chain grade describes.
Comparison and decision
The rejected-chain rule stops the analysis before asset or rate merits apply. Review reopens if NEAR passes the chain framework or Rhea Lend deploys material liquidity on an approved chain.
Class rule
The rejected chain class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Rhea Finance — product overview · primary · accessed 2026-09-22
Supports: money market on cross-chain, NEAR chain, no terms or entity disclosure - NearDeFi burrowland — BlockSec audit 1 · primary · accessed 2026-09-22
Supports: Burrow lineage, BlockSec audit - DefiLlama — Rhea Lend protocol data · secondary · accessed 2026-09-22
Supports: Lending category, Near only, reported TVL
Inherited controls
The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.
| Chain | Verdict | Control | Control constraint |
|---|---|---|---|
| NEAR Protocol | Rejected | Mixed control | upgrade authority sits with whoever cuts the nearcore release and the 100 block producers who adopt it; the bridge exit depends on an MPC set and Wormhole, not on NEAR consensus alone. |