Methodik für Bilanzierung und Kontrolle
Gleich große Chips stehen für gleich viel Geld. Ein großer Chip entspricht 100 kleinen. Die Plattformen zeigen, wo das Geld liegt; sie schaffen keinen zusätzlichen Wert.
Beträge sind in USD. Beobachtungszeiten sind UTC. Daten und Zuordnung sind Schätzungen; Beobachtungen sind asynchron.
Inventar und Abdeckung
Das Inventar beginnt mit umlaufendem ETH, fiatbesicherten USD-Assets, Treasury-Ansprüchen, tokenisiertem Gold und der ausgegebenen Menge von WBTC, cbBTC und tBTC. Utility-Token enthalten nur gemessene Reserven ausgewählter Verträge, nicht die gesamte Ausgabe oder Marktkapitalisierung. Für den Umlauf je Chain gilt eine Grenze von 1 Mio. USD.
Zuordnung
Lokalisierte Positionen und die Wallet-Schätzung ergeben das Inventar jedes Assets. Brückensicherheiten und Belegtoken werden nicht erneut addiert. Aave und Morpho nutzen bereinigte Reserven. Uniswap-Pools und ausgewählte Vaults nutzen adressbezogene Tokenbestände; fehlende oder paginierte Zusammensetzungen bleiben unvollständig.
Staking und Wrapper
Der Staking-Halo summiert Validatorguthaben eines finalisierten Ethereum-Konsenszustands einschließlich ausstehender Auszahlungen. Die geschätzte ETH-Deckung erfasster Liquid-Staking-Positionen wird einmal anhand des LST/ETH-Preisverhältnisses abgezogen. Nicht erfasste Deckung bleibt im Halo. Der Beobachtungszeitpunkt stammt vom finalisierten Slot.
Maßstab und Struktur
Alle positiven Plattformen teilen einen Dollar-pro-Fläche-Maßstab; L2-Flächen sind Teilmengen der Ethereum-Basis, der Halo ist separat. Nur Geld-Chips addieren Kapital. Ein großer Chip besitzt die 100-fache geometrische Kapazität eines kleinen. Bruchteile erhalten den exakten Betrag. Geometrie und Stückelung bleiben beim Zoomen unverändert.
Nettoflüsse über 24 Std.
Geschätzte Änderung der erfassten Tokenmengen, bewertet zu Endpreisen. Kann Erträge, Rebases oder Umklassifizierungen enthalten. Interne Protokollflüsse werden nicht zu L2-Flüssen addiert. Die Bewegung zeigt die Richtung, die Helligkeit den absoluten Nettofluss. Ohne vergleichbare Daten bleibt die Fläche unbeleuchtet.
Daten und Abdeckung
Ein täglicher Auftrag aktualisiert die Quellen nacheinander. Aktualisieren liest den gespeicherten Stand. Gemeinsame Sperren und Wartezeiten begrenzen Anfragen; bei Fehlern bleibt die letzte gültige Beobachtung erhalten. Beobachtungszeitpunkt der Kapitaldaten und Erfassungszeitpunkt bleiben getrennt. Eine erfolgreiche Prüfung macht alte Beobachtungen nicht neu.
In Wallets & Börsen
Wallet-Beträge sind Schätzungen: Angebot abzüglich bekannter Protokoll-, Staking- und Brückenpositionen. Sie umfassen ETH und Token zentralisierter Börsen und anderer Verwahrer, nicht nur Wallets in Eigenverwahrung. Unbekannte Verträge können enthalten sein.
Das Spektrum von Dezentralisierung zu Zentralisierung
D0 ist so dezentral wie Ethereum L1. D1–D9 beschreiben unterschiedliche Eingriffsrechte. Bewertet werden On-Chain-Rechte, nicht die Verwahrung von Wallet-Schlüsseln. Die Bewertung beruht auf Belegen und ist keine Sicherheitsgarantie.
ETH ist auf L1 D0. Auf einem D4-Rollup wird es D4, weil es auch vom Rollup abhängt. Dasselbe gilt für Token in Protokollen. Ist nur eine Untergrenze bekannt, zeigen wir „mindestens“ (≥). Die Begründung steht im Detailfenster.
Keine zusätzliche privilegierte Kontrolle über Kapital oder Ausstieg gegenüber Ethereum L1 im geprüften Umfang.
Begrenzte Einstellungen, ohne bekannte Befugnis zur beliebigen Bewegung des Kapitals.
Abhängig von externen Betriebsrechten: Orakel, Allokation oder Pausen.
Governance kann das System ändern; normale Änderungen haben eine dokumentierte, erzwungene Verzögerung.
Ein gewählter, rechenschaftspflichtiger Rat kann im Notfall handeln; normale Änderungen sind verzögert.
Formeller Rat und Stiftung teilen sofortige Upgrades, mit Rückfallbefugnissen der Stiftung.
Ernannter Rat und Betreiber kontrollieren sofortige Upgrades; öffentliche Abberufung ist begrenzt.
Konzentrierte Administration kann Upgrades durchführen; wirksame Verzögerung oder unabhängiges Veto sind ungeprüft.
Der Betreiber kontrolliert den Zugang zur Validierung oder Anfechtung und kann erzwungene Aufnahme begrenzen.
Emittent oder Verwahrer kontrolliert externe Reserven, Rücknahme oder Einfrieren von Werten.
Belege und Prüfung
D-Stufen sind redaktionelle Bewertungen von Onchain-Befugnissen, keine Verlustwahrscheinlichkeiten oder unabhängigen Audits. Finanzaktualisierungen ändern das Kontrollregister nicht. Dessen datierte Quellennotizen bleiben auf Englisch mit Beleglinks erhalten.
Bewertung geprüft: . ETH, ausgewählte Stablecoins, tokenisiertes Bitcoin und reale Vermögenswerte, jeweils einmal gezählt. Ringe zeigen Vermögen außerhalb erfasster Apps; Plateaus zeigen das Kapital darin. Ein Teilinventar, keine Summe der Protokoll-TVL.
Quellennotizen (Englisch)
1inch limit-order v4 / router v6 · ≥ D2
Canonical Ethereum AggregationRouterV6 includes owner pause/unpause of trading and rescue of assets held at the router. These powers prevent blanket D0. Close live owner authority and order-selected predicates, interactions and custody scope before completing the grade.
Bewertung geprüft:
Canonical router containing limit-order protocol v4; includes its actual pause and rescue powers.
Aave v2 · D3
Governance controls protocol updates and a guardian can pause emergency operations.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Aave v3 · D3
Governance can update the lending system; guardians can pause markets and risk roles manage parameters.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Aave v4 · ≥ D1
Aave officially launched v4 on Ethereum with three liquidity Hubs. The DAO can expand caps and add Spokes, establishing governed settings. Full Hub/Spoke implementation, oracle, governance delay and emergency authority closure remains pending; do not inherit Aave v3 or blanket D0.
Bewertung geprüft:
Ethereum-mainnet v4 Hub/Spoke markets; exact live deployment/controller path remains unresolved.
Aerodrome Slipstream · ≥ D1
Pool administration and concentrated-liquidity configuration add local powers; underlying Base safeguards still apply.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
Aerodrome v1 · ≥ D1
Factory fee and swap-pause roles add administration; underlying Base safeguards still apply.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
Arbitrum One · D4
An elected 9-of-12 council can make immediate emergency changes; ordinary upgrades follow delayed DAO governance.
Bewertung geprüft:
Arbitrum One; excludes AnyTrust/Nova.
Validation: Permissionless BoLD challenges; Ethereum data availability.
Upgrades: 9/12 emergency council; delayed DAO and non-emergency changes.
Accountability: DAO-elected cohorts, removal powers, organizational limits and a published constitution.
Exits: L1 inclusion and normal upgrade delays; emergency authority can bypass the delay.
Balancer V2 · ≥ D1
The v2 Vault has bounded fee/authorizer controls. Its original Vault pause window has expired, but individual pool contracts, rate providers and recovery paths still require review. At least D1; no blanket D0.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
Balancer V3 · ≥ D2
The v3 Vault has a four-year pause window and six-month buffer. Paused pools permit permissionless recovery withdrawals, but operational controls, hooks and rate providers remain; at least D2.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
Base · D6
An appointed 8-of-11 council and Coinbase must both approve upgrades; there is no timelock or DAO removal route.
Bewertung geprüft:
Base mainnet, chain ID 8453; settlement and data availability on Ethereum.
Validation: TEE and ZK proof arms; permissionless challenges, with Coinbase controlling the TEE allowlist.
Upgrades: Coinbase 3/6 + Council 8/11 jointly approve; no timelock.
Accountability: Appointed council with self-administered membership; no token-governance removal route.
Exits: L1 forced inclusion; immediate upgrades provide no exit window.
Base canonical bridge · D6
This bridge inherits the upgrade and validation arrangements of base.
Bewertung geprüft:
Canonical escrow/control path, not an additional capital stock.
Binance staked ETH · D9
Binance operates the staking and redemption service represented by WBETH.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
BUIDL · D9
Fund ownership and redemption depend on BlackRock, Securitize and qualified-investor transfer controls.
Bewertung geprüft:
Canonical token mechanism; deployment-specific custody adds inherited bounds.
cbBTC · D9
Coinbase holds the BTC backing and controls the wrapped-token contract.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
cbETH · D9
Coinbase holds the underlying staking position and controls the token’s administration.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
Celo · D8
Council participation limits upgrades, but cLabs separately controls proposer/challenger allowlists and withdrawal pauses.
Bewertung geprüft:
Celo L2 mainnet, chain ID 42220; includes EigenDA and OP Succinct Lite dependencies.
Validation: OP Succinct Lite permits only registered challengers to initiate disputes; data availability also depends on EigenDA.
Upgrades: Joint 6/8 community council and 6/8 cLabs approvals; no enforced delay.
Accountability: Council participation is real, but allowlist and operational powers are separately held by cLabs.
Exits: cLabs can pause withdrawals and change proposer/challenger permissions without joint council approval.
Five of the six documented challengers are independent entities. An operator-managed allowlist still creates a D8 authority dependency; this does not erase their independence.
Compound III · D3
Timelocked governance can replace Comet and alter its configuration; a guardian can pause operations.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
Curve, mixed pools · ≥ D1
The mapped legacy Curve pool family retains bounded fee/amplification administration, so it is at least D1. Pause powers, rate providers, lending integrations and per-pool ownership vary; no blanket D0 or complete family grade is assigned.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
DAI · ≥ D2
Governance-authorized issuance inherits Sky and the collateral backing used by the system.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
eETH · ≥ D3
The staking claim inherits ether.fi governance and any restaking dependencies of the underlying position.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
EigenLayer · D7
An emergency multisig can replace protocol rules immediately, bypassing the normal upgrade timelock.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Ethena · D9
The backing strategy depends on custodians, exchanges, and privileged mint/redeem operations.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Ethereum L1 · D0
Offener Grund für alle. Auch die größten Institutionen stehen stärker auf einem gemeinsamen Fundament.
Bewertung geprüft:
Baseline by definition; not a claim of absolute or maximal decentralization in every dimension.
ether.fi staking · D3
Contract changes are timelocked; a separate operator role can pause or invalidate pending withdrawals.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Euler V2 · ≥ D2
Governed vaults expose oracle, collateral, hook and parameter controls. Finalizing the vault governor does not remove factory beacon upgrades or dependency controls. At least D2 for the reviewed governed family; exact vault deployments need separate ratings.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
ezETH · ≥ D3
Renzo governance, its withdrawal arrangements and EigenLayer all affect the staking claim.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
FDUSD token · D9
First Digital issuer terms control issuance, backing and the availability of redemption. Current upgradeable source contains privileged mint/freeze controls.
Bewertung geprüft:
Ethereum-mainnet issuer-backed token, including material offchain reserve custody and redemption.
Fluid · ≥ D2
The liquidity layer has configurable withdrawal limits and replaceable code. Its current upgrade safeguards need a deployment-specific review.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
frxETH · ≥ D3
Frax governance and staking operators administer issuance and backing; emergency safeguards require further review.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
GUSD token · D9
Gemini controls backing and redemption. Legacy proxy/store/custodian contracts support privileged transfer-rule replacement and seizure. Automated negative proxy detection does not remove these controls.
Bewertung geprüft:
Ethereum-mainnet issuer-backed token, including material offchain reserve custody and redemption.
Ink · D5
The Optimism council and Foundation jointly control immediate upgrades; public proving and L1 inclusion do not remove those keys.
Bewertung geprüft:
Ink mainnet, chain ID 57073.
Validation: Public fault-proof participation; transaction data on Ethereum.
Upgrades: SuperchainProxyAdminOwner requires both Foundation and Council; no enforced upgrade exit window.
Accountability: Optimism governance and council oversight, with Foundation fallback and guardian roles.
Exits: L1 inclusion and self-proposal are available; privileged pauses and upgrades remain.
The upstream assessment flags ongoing changes. This grade evaluates the documented authority paths, not a claim that every implementation byte was independently audited.
Lido · ≥ D3
Lido V3 core, oracle and withdrawal proxies are governed by DAO upgrades. CircuitBreaker pause powers, Reseal extension and Dual Governance protections must be evaluated together. D3 is a documented minimum; the entire live role/dependency graph is not certified complete.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Lighter on Robinhood · ≥ D2
The application has its own operator and proof system and is built on Robinhood; its full local authority is still being reviewed.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
Linea · D8
Immediate upgrade authority combines with permissioned proposals and an address filter on forced transactions; the L1 route does not guarantee uncensorable exit.
Bewertung geprüft:
Linea mainnet, chain ID 59144; canonical rollup and forced-transaction route.
Validation: ZK proofs validate state; proposers are permissioned during normal operation.
Upgrades: Council-controlled proxy administrators can upgrade immediately.
Accountability: Council and operational roles remain privileged; a council name alone does not establish an independent user veto.
Exits: Forced inclusion is address-filtered. A six-month inactivity fallback is not an ordinary permissionless exit guarantee.
Proof correctness, asset backing and withdrawal liquidity are not certified by the authority grade.
Liquity V1 · ≥ D2
The borrowing core has no admin key and is immutable. Liquidations depend on Chainlink with Tellor fallback: that oracle dependency prevents a blanket D0 for the complete position.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
Liquity V2 · ≥ D2
The borrowing mechanism is immutable, but Chainlink prices and collateral-specific controls affect liquidations and redemptions. wstETH/rETH branches also inherit their issuers; at least D2.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
Mantle · D8
The administrative multisig controls both immediate upgrades and the approved proposer set; withdrawals depend on those proposers.
Bewertung geprüft:
Mantle mainnet, chain ID 5000; current OP Succinct configuration.
Validation: OP Succinct validity proofs with Ethereum data availability; proposals remain permissioned.
Upgrades: A 6/14 security multisig can immediately upgrade core contracts and change verifier configuration.
Accountability: Administrative authority includes proof mode and approved-proposer management.
Exits: L1 requests exist, but proposer failure can stop withdrawals.
This review uses the current Ethereum-blob/OP Succinct design; it does not reuse the older external-DA description.
Morpho markets · D0
Morpho Blue’s core cannot be upgraded or paused. Governance can enable parameters for new markets and set a bounded fee, but cannot replace existing market parameters. The holdings feed does not resolve market oracles, so positions remain incomplete; managed vaults do not inherit the core’s D0.
Bewertung geprüft:
Immutable Morpho Blue lending core; market oracles, collateral and managed vaults are separate.
Morpho vaults · ≥ D2
Managed Morpho vaults add curator, allocator, owner and strategy controls. V2 gates can restrict withdrawals; adapters and their governance remain dependencies. These vaults do not inherit the Blue core’s D0.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
ETH · D0
Native ETH follows Ethereum account and consensus rules without a separate token issuer.
Bewertung geprüft:
Native asset rules on L1; custody, staking, smart-wallet modules and protocol placement must be assessed separately.
OP Mainnet · D5
A 10-of-13 elected council and the Foundation jointly authorize upgrades; a signer-loss fallback can return authority to the Foundation.
Bewertung geprüft:
OP Mainnet; an OP Stack brand alone is not sufficient to assign another chain.
Validation: Permissionless fault-proof participation; Ethereum data availability.
Upgrades: Joint Foundation + 10/13 Council approval; immediate emergency execution.
Accountability: Elected cohorts and a charter; Foundation fallback if council availability drops below eight.
Exits: L1 forced inclusion; there is no enforced exit window for immediate upgrades.
OP canonical bridge · D5
This bridge inherits the upgrade and validation arrangements of optimism.
Bewertung geprüft:
Canonical escrow/control path, not an additional capital stock.
PAXG · D9
Paxos issuer custody and asset-protection controls remain part of the asset.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Pendle v2 · ≥ D2
Yield wrappers and underlying yield protocols add dependencies that differ by market.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
PYUSD · D9
Paxos issuer custody and asset-protection controls remain part of the asset.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
rETH · D0
The rETH claim inherits Rocket Pool governance and oracle reporting.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
RLUSD token · D9
Ripple issuer terms and current upgradeable implementation permit issuer-directed freezing, burning and redemption restrictions. Offchain reserves/redemption are material dependencies.
Bewertung geprüft:
Ethereum-mainnet issuer-backed token, including material offchain reserve custody and redemption.
Robinhood Chain · D8
Immediate upgrades, two whitelisted challengers and operator transaction filtering concentrate authority beyond a public security council model.
Bewertung geprüft:
Robinhood mainnet, chain ID 4663; Ethereum-settled rollup, not a child of Arbitrum One.
Validation: Fraud proofs are deployed, but only two whitelisted actors may challenge.
Upgrades: No enforced upgrade delay; operator-governed administration.
Accountability: No independent elected security council is documented for this deployment.
Exits: Transaction filtering can defeat forced inclusion; permissionless exit guarantees are limited.
Robinhood canonical bridge · D8
This bridge inherits the upgrade and validation arrangements of robinhood.
Bewertung geprüft:
Canonical bridge contracts; balances represented on Robinhood must not also be counted as separate L1 capital.
Rocket Pool · ≥ D2
Oracle reporting and upgrade governance add dependencies; the complete current emergency and delay boundaries remain under review.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
rsETH · D9
The issuer documents per-address transfer holds and recovery of frozen balances to custody.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
Sablier Flow · ≥ D1
The fixed streaming mechanism has bounded Comptroller administration. Stream participants retain contractual pause/refund powers, and asset controls remain separate. At least D1 for the family; assess each stream configuration.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
Sablier Lockup · ≥ D1
Distribution code is non-upgradeable and the protocol admin cannot pause streams or seize user funds. Comptroller settings, fees and hook permissions remain; cancellation and token dependencies vary by stream. At least D1 for the current family.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
Scroll · D7
The team admin multisig holds immediate upgrade authority, while public proving and L1 inclusion provide ordinary operator-failure fallbacks.
Bewertung geprüft:
Scroll mainnet, chain ID 534352; reviewed current authority and permissionless fallback routes.
Validation: ZK proofs; public software supports independent proposals.
Upgrades: Team-controlled ScrollAdminMultisig can use the zero-delay emergency path.
Accountability: The reviewed governance record describes replacement of the independent council in June 2026; token voting does not directly execute upgrades.
Exits: Forced inclusion and self-proposal exist, but an immediate upgrade can bypass an exit window.
Authority, not a maturity stage, determines D7. Later council changes require a fresh review of actual on-chain powers.
Seaport 1.6 · D0
The canonical nonproxy Seaport 1.6 settlement core has no administrator, pause or implementation replacement path. Order makers choose assets, zones, conduits and contract offerers; those selected dependencies are separate reviews.
Bewertung geprüft:
Canonical immutable Ethereum settlement core; excludes unreviewed zones, conduit channels, NFT contracts and contract offerers.
sfrxETH · D0
The yield wrapper inherits frxETH and its staking system.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
Sky / Maker · D3
Governance controls issuance, collateral policy, and system changes through executive actions.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Soneium · D8
Permissioned state proposals and challenges make ordinary exits depend on designated operators, in addition to immediate Foundation/council upgrades.
Bewertung geprüft:
Soneium mainnet, chain ID 1868; protocol authority, not website terms alone.
Validation: Only designated proposers/challengers participate. The reviewed discovery reports a placeholder dispute prestate, not an independently executable fault-proof route.
Upgrades: Optimism Foundation and Security Council control upgrades without an enforced exit window.
Accountability: Shared Optimism governance does not make Soneium validation permissionless.
Exits: L1 inclusion exists; withdrawals can still stop when designated proposers stop.
The deployment review carries an upstream change warning; the permissioned validation and exit dependency is the controlling D8 finding.
Spark Liquidity Layer · ≥ D3
Governance controls allocation across destinations; each destination can add further administration or custody.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Spark Savings · ≥ D3
Savings and allocation contracts inherit Sky governance; destination-specific custody may add stronger restrictions.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
SparkLend · D3
Governance can upgrade the pool and execute changes after the governance delay.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Starknet · D8
Validity proofs constrain state correctness, but users still need permissioned operators or a council minority to get censored transactions processed.
Bewertung geprüft:
Starknet mainnet core and mapped canonical asset routes; ancillary bridge escrows may have separate administration.
Validation: STARK-based validity proofs; state updates require a designated operator.
Upgrades: Core normal route: StarkWare multisig with eight-day delay. A 9/12 appointed council can act immediately; other bridge escrows have separate immediate administrators.
Accountability: Foundation-appointed council; token votes do not create permissionless execution rights.
Exits: L1 complaints cannot force execution. A 3/12 council minority can intervene, so independent exit still depends on that group.
D8 follows the exit/validation dimension despite stronger safeguards on the ordinary core upgrade path. Bridge-specific rights and proof assumptions remain separate risks.
stETH · ≥ D0
The stETH claim inherits Lido governance, oracle and withdrawal arrangements.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
sUSDe · D9
The staking receipt retains USDe’s custodial-backing dependencies.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
sUSDS · ≥ D3
The savings contract inherits USDS governance, collateral backing and its own upgrade arrangements.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
tBTC · ≥ D2
BTC redemption relies on an external threshold-signing network; governance and bridge safeguards add dependencies.
Bewertung geprüft:
Canonical token mechanism; deployment-specific custody adds inherited bounds.
0x Protocol token · D0
Nonproxy ZRX initializes a fixed supply and exposes holder-authorized ERC20 transfers and allowances. No privileged mint, freeze or replacement path exists. Exchange protocol contracts are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
1INCH token · D0
Matched nonproxy OneInch code restricts mint and ownership changes to onlyOwner. The live owner is zero, making those paths permanently unreachable; the complete inherited ERC20/permit/burn code has no alternative mint, freeze, upgrade or controller path. Runtime was independently matched at the recorded block. This token holding is separate from router pauses and orders.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Aave token · ≥ D3
AAVE is an admin-upgradeable token, currently resolved to AaveTokenV3. The EIP1967 admin slot is nonzero. Implementation replacement can change balance/transfer rules; complete the admin execution, delay and emergency paths before assigning a complete grade. Aave lending versions are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Aerodrome Finance token · ≥ D1
Native AERO on Base chain 8453 has a changeable minter and mint path. This is not an Ethereum-mainnet ERC20. Close minter/controller roles and compose Base chain authority; Aerodrome pools and bridged representations are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 8453; excludes protocol positions and unreviewed representations.
Arbitrum token · ≥ D3
Ethereum ARB is an upgradeable L1 bridge representation with a nonzero proxy admin. Its gateway can mint and burn balances. Close gateway custody, native ARB backing and DAO/council upgrade timing; Arbitrum chain governance is a separate reviewed dependency.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Balancer token · ≥ D1
BAL has fixed token transfer code. Live enumeration found zero default admins and one minter; the initial admin-grant power is therefore absent. Close the remaining minter contract and its reachable issuance/controller path before a complete holding grade. Balancer vaults, pools and emergency roles are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Basic Attention token · D0
Nonproxy BAT is irreversibly finalized: live isFinalized() returned true and source provides no reset. Crowdsale creation/refund paths are disabled thereafter. Ordinary transfers have no administrator, freeze or replacement path. Brave services are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Chainlink token · D0
Fixed-supply nonproxy LINK transfer code has no privileged mint, pause, confiscation or implementation replacement. ERC677 callbacks are selected by the sending holder; Chainlink oracle and staking contracts are separate mechanisms.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Compound token · D0
Nonproxy COMP mints its fixed supply in the constructor. Transfers and governance delegation do not give a controller power to mint, seize, pause or replace token balances. Compound lending markets are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
CoW Protocol token · D1
COW has nonproxy transfer code and a fixed CoW DAO authority for minting, capped at 3% per year. The simulation delegatecall always reverts, including state changes; it is not an implementation upgrade path. Settlement solvers and orders are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Curve DAO token · ≥ D1
CRV source bounds emissions by its supply schedule and once-set minter. Admin can change token metadata/admin, not replace transfer code. Close the live minter and admin identity path before completing the holding review; Curve pools and gauges are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
EigenCloud (prev. EigenLayer) token · ≥ D3
EIGEN is a transparent proxy with a nonzero live admin. Current Eigen code wraps bEIGEN and contains issuance/transfer-restriction state. Complete proxy admin timing, restriction state and the bEIGEN backing/controller path before a complete holding grade.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Ethena token · D1
ENA is a nonproxy token with owner issuance capped at 10% of supply per mint after a 365-day interval. The source provides no owner freeze or replacement of ordinary transfer balances. ENA is separate from issuer-controlled USDe backing/redemption.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Ether.fi token · D0
Nonproxy ETHFI has constructor-only issuance. Burn and permit require the holder or their allowance/signature; vote delegation does not control transfers. No external administrator or upgrade entry point exists in the reachable token implementation. Ether.fi staking is separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Ethereum Name Service token · D1
ENS has fixed nonproxy transfer code and owner minting capped at 2% of supply per mint with a 365-day interval. Registrar, resolver and DAO execution powers are separate from the token holding.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Golem token · ≥ D0
GLM inherits a minter role that can add minters and issue tokens. Constructor grants the migration agent that role and renounces the deployer role. Active minter membership and migration-agent authority are unresolved: neither permanent D0 nor an active inflation controller is established by this source review.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Synthetix token · ≥ D3
SNX uses legacy ProxyERC20 owner-controlled target replacement and optional delegatecall. Live owner and target are nonzero even though the source provider reports no detected proxy. Close target, TokenState and governance timing before a complete holding grade.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Lido DAO token · ≥ D3
LDO MiniMe token delegates transfer/mint/burn/enableTransfers controls to a controller. The live controller is the Lido Aragon TokenManager, whose implementation can change through governance. Close governance delay/veto/emergency paths; LDO is separate from stETH and staking custody.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Loopring token · D0
Nonproxy LRC_v2 has fixed constructor supply. Batch transfers spend the caller balance and burns spend the holder balance or allowance. No privileged mint, pause or upgrade path exists. Loopring exchange and L2 custody are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Morpho token · ≥ D3
MORPHO is an ERC1967/UUPS token. Current MorphoTokenEthereum code permits owner minting and owner-authorized upgrades; live owner() is nonzero. Controller execution and timing remain unresolved. The immutable Morpho Blue lending core does not make MORPHO token D0.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Optimism token · ≥ D1
Native OP on chain 10 has owner-only minting. This is not an Ethereum-mainnet ERC20. Close the owner/issuance path and compose Optimism chain authority; an unknown bridged OP deployment cannot inherit this address review.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 10; excludes protocol positions and unreviewed representations.
Pendle token · ≥ D1
PENDLE governance can alter emissions, inflation, destination and voluntary burn configuration after a hardcoded seven-day config delay. The live governance path remains unresolved. These issuance/configuration powers are separate from Pendle markets and yield-bearing positions.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Rocket Pool token · ≥ D1
RPL token inflation consults RocketStorage and protocol settings; constructor-fixed token code alone does not close that dependency. Review live inflation settings, RocketStorage authority and the reachable replacement paths. RETH backing and node staking are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Safe token · D0
Nonproxy SAFE has fixed constructor supply and can only unpause once. The live paused() check returned false; no function can pause again. Owner rescue operates on assets accidentally sent to the token contract, and SAFE transfers to that contract are prohibited. Safe wallets and governance are separate.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Sushi token · ≥ D1
SUSHI token has an owner-only mint path without a token-level supply cap. The live owner and its reachable controller powers remain a monthly closure task. Sushi pools and farms have separate identities.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
The Graph token · ≥ D1
GRT exposes governor-controlled minter membership and minting in nonproxy token code. The governor/minter authority path still needs live closure. Graph staking, indexing and curation are separate mechanisms.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
Uniswap token · D1
UNI has fixed nonproxy transfer code but a changeable minter can issue at most 2% of supply per mint, with at least 365 days between mints. These issuance settings prevent permanent D0 for UNI; Uniswap v1-v4 cores are separate identities.
Bewertung geprüft:
Ordinary holding of the recorded token deployment on chain 1; excludes protocol positions and unreviewed representations.
TUSD token · D9
Issuer controls reserve custody and redemption and can restrict/freeze accounts. The legacy OwnedUpgradeabilityProxy is replaceable even when automated proxy detection is negative.
Bewertung geprüft:
Ethereum-mainnet issuer-backed token, including material offchain reserve custody and redemption.
Unichain · D5
Council and Foundation approval are required for upgrades. The documented three-party owner also includes Unichain; a proposed two-party transition does not remove the Foundation/council trust.
Bewertung geprüft:
Unichain mainnet, chain ID 130; both documented owner arrangements retain the same D5 authority category.
Validation: Permissionless fault proofs and self-proposal; Ethereum data availability.
Upgrades: Current documented 3/3 owner: Unichain, Foundation and Council. September proposal removes Unichain from that owner set; execution is not independently confirmed here.
Accountability: Optimism governance/council model with Foundation safeguards and fallback roles.
Exits: L1 forced inclusion; immediate upgrades have no enforced exit window.
A proposal is not treated as an executed upgrade. The classification is unchanged under either documented owner arrangement.
Uniswap, unspecified version · D?
A version and pool scope are required; a brand-wide tier would conceal hook and wrapper differences.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Uniswap V1 · D0
Canonical v1 exchanges have fixed exchange and withdrawal code, with no protocol administrator able to replace the core. Token controls remain separate.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
Uniswap v2 · D0
Core pool custody and LP exits are immutable; token controls are assessed separately.
Bewertung geprüft:
Authentic v2 core pairs; excludes token issuers, routers with custody, hosted interfaces, and external staking wrappers.
Uniswap v3 · D0
Core pool custody and LP exits are immutable; token controls are assessed separately.
Bewertung geprüft:
Authentic v3 core pools; excludes frontends, managed positions, and asset-issuer dependencies.
Uniswap v4 · D0
The Uniswap v4 PoolManager core is D0: its custody and settlement code cannot be upgraded. Protocol fees do not permit replacement of principal or withdrawal logic. Optional hooks can change a pool’s behavior; the aggregate holdings feed does not identify them, so those positions retain incomplete dependency reviews.
Bewertung geprüft:
Canonical immutable PoolManager core. Pool hooks and token controls are assessed separately for each position.
USD1 token · D9
BitGo issuance, custody of reserves and offchain redemption establish issuer-controlled backing. Current proxy/source adds privileged mint/freeze/upgrade powers.
Bewertung geprüft:
Ethereum-mainnet issuer-backed token, including material offchain reserve custody and redemption.
USDC · D9
Circle controls token blocking and the offchain reserves needed for redemption.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDe · D9
Backing depends on custodial and exchange operations with permissioned direct redemption.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDG · D9
Paxos controls reserve redemption and can freeze or wipe token balances.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDP · D9
Paxos issuer custody and asset-protection controls remain part of the asset.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDS · ≥ D3
Upgradeable issuance inherits Sky governance and the collateral backing used by the system.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDT · D9
Tether can freeze and destroy balances and controls redemption of the backing.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDY · D9
A permissioned issuer claim backed by Treasury assets and bank deposits; redemption depends on Ondo and its custodians.
Bewertung geprüft:
Canonical token mechanism; deployment-specific custody adds inherited bounds.
USYC · D9
Tokenized fund shares depend on the fund manager, custody, investor eligibility and redemption rules.
Bewertung geprüft:
Canonical token mechanism; deployment-specific custody adds inherited bounds.
WBETH · D9
The token represents ETH staked through Binance and inherits its custodial service.
Bewertung geprüft:
Canonical deployed product; additional asset and chain dependencies compose separately.
WBTC · D9
BTC backing is held by institutional custodians and redeemed through authorized merchants.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
weETH · D0
The wrapper preserves eETH staking and restaking dependencies.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
WETH · D0
The canonical WETH9 wrapper has fixed deposit and withdrawal rules and no privileged owner.
Bewertung geprüft:
Canonical Ethereum WETH9 only; same ticker on another chain or contract is not covered.
World Chain · D8
Permissioned dispute participation and immediate upgrades leave ordinary settlement and exits dependent on privileged actors.
Bewertung geprüft:
World Chain mainnet, chain ID 480; chain protocol, not World ID biometric privacy.
Validation: Permissioned fault-proof games; one entity may propose and challenge in the reviewed deployment.
Upgrades: Immediate proxy upgrades and guardian powers remain.
Accountability: No permissionless participation is inferred from OP Stack or Superchain membership.
Exits: L1 inclusion exists, but designated proposers are still needed to advance withdrawal state.
The upstream review flags ongoing changes. This is a chain-authority review, not an assessment of identity products.
wstETH · D0
The fixed wrapper preserves the stETH and Lido dependencies underneath it.
Bewertung geprüft:
Ethereum mainnet deployment; asset-level dependencies assessed separately.
XAUT · D9
Tether controls issuance and redemption of claims on physical gold held in custody.
Bewertung geprüft:
Canonical token mechanism; deployment-specific custody adds inherited bounds.
Yearn V3 · ≥ D2
Allocator vault managers select strategies, debt allocations, accountants and withdrawal-limit modules. The fixed vault code alone does not make the managed position D0; at least D2 until each deployment and strategy is resolved.
Bewertung geprüft:
Ethereum L1 protocol mechanism; assets and integrations are separate dependencies.
ZKsync Era · D8
Delayed governance and a joint emergency board coexist with operator filtering and permissioned proposals that can block ordinary exits.
Bewertung geprüft:
ZKsync Era, chain ID 324; includes shared Gateway and operator filtering dependencies.
Validation: Validity proofs constrain state; batch proposal and approval remain permissioned.
Upgrades: Normal DAO path has delays; Council, Guardians and Foundation can jointly execute an immediate emergency upgrade.
Accountability: Multiple governance bodies constrain upgrades, without removing operator-level censorship powers.
Exits: L1 queue cannot compel processing. An operator-installed transaction filter can censor withdrawals without delay.
The stronger upgrade process is recorded, but the controlling exit dimension is D8.
Datendownloads
Älteste datierte Beobachtung: 29.09.2026, 00:55 UTC.
Einige Quelldaten haben kein Datum.
Bilanzierungshinweise · Quellennotizen (Englisch)
- Aave and Morpho positions use provider-adjusted underlying reserves, excluding borrowed funds and specified recursive or issuer claims. These are reserve estimates rather than gross supplied balances.
- Stablecoin circulation is already USD-valued and adjusts canonical source-chain escrow. Bridge backing is not subtracted a second time.
- Asset identities come from reviewed source IDs and chain-specific evidence. A matching ticker alone does not establish token identity.
- Uniswap and selected vaults can allocate directly measured token balances by chain, contract and owner address. Synthetic compositions, pool TVL and fully diluted values never create monetary inventory.
- Negative or conflicting source balances are excluded. Asynchronous source observations and provider rounding limit attribution precision.
- ETH in wallets & exchanges on L1 is the residual estimate after identified protocol, staking and bridge positions, not an address census. It includes ETH held by centralized exchanges and other custodians, and untracked contracts and bridges can remain in it. Native ETH has on-chain rating D0; holder custody is outside the rating scope.
- Circulation uses a $1 million asset/chain cutoff. Protocol feeds use a $5 million TVL cutoff; selected pool discovery starts at $1 million. Direct custody balances add detail independently. Coverage is partial, not exhaustive.
- L2 represented ETH uses the greater of covered canonical backing and directly located protocol reserves, with protocol positions carved out of the same inventory. It is a partial coverage bound, not total rollup TVS.
- The staking halo subtracts tracked liquid-staking ETH backing once. Conversion uses provider LST/ETH price ratios as estimates, not audited redemption rates. Untracked backing may remain in the halo.
- The staking aggregate sums validator balances from a finalized Ethereum consensus state, including balances awaiting withdrawal. Its slot determines the observation timestamp; price changes and failed requests do not renew it.
- Tokenized Bitcoin counts the supply issued on each chain, read from its token contracts at one pinned block per chain. Copies bridged from Ethereum count where they circulate and are netted out of Ethereum’s supply. Selected utility/governance tokens cover measured reserves, not full minted supply, global market capitalization or complete wallet balances. New contract identities do not imply completed control reviews.
- Financial observation dates, collection time and control-registry review dates are separate. Failed source requests retain prior useful observations.
- ETH supply uses dated CoinGecko circulating supply, with ultrasound.money’s dated supply estimate as an independent fallback. The selected source remains attached to the residual inventory. Stablecoin bulk circulation has no measurement timestamp and remains explicitly undated.