| Measure | Yes/No/NA | Comments/Links |
|---|---|---|
| Proof of solvency | ||
| Proof of reserve | ||
| Fully collateralized | ||
| No historical defaults | ||
| Expected zero or minimal loss at liquidity unwinding during standard maturities | ||
| Expected less than 10% loss at liquidity unwinding during emergency redemptions | ||
| Capital saturation: Yield should hold even at 150% of current TVL | ||
| Has 2 or more independent audits, with no unresolved critical vulnerabilities | ||
| (Nice to have) Has 1 or more tier 1 auditors for formal verification | ||
| Multisig structures, governance delay mechanisms, and administrative key management must follow industry best practices | ||
| Has 1 or more third-party risk validation from independent analytics or rating firm | ||
| Delta-Neutral | ||
| Transparent: codebase must be documented and open-sourced. If assets are not on-chain, must provide a proof-of-reserves from a reputable provider. | ||
| NAV calculation: on-chain. Offchain only in limited conditions | ||
| Market cap of $100M (fully diluted or circulating) | ||
| Core Contract Age of ≥ 1 months | ||
| Stable TVL: Current TVL cannot have dropped more than 25% from 90-day average | ||
| For liquid assets: Instantly liquid relative to the size deposited | ||
| For liquid assets: Redeemable 1:1 with USDC with zero slippage in or out | ||
| For illiquid assets: NAV reporting to occur on a predictable schedule to facilitate interpolation, if not instantaneous | ||
| For illiquid assets: Must not have a longer duration than our longest duration lock option | ||
| Has no veto from risk council | ||
| Has active peg management |
Summary
[Text to include counterparty consideration, loss consideration, redemption mechanisms, cross-market slippage, etc.
Final go/no go recommendation and associate cap amount to conclude]