How verdicts are made
Every venue gets a written, versioned memo with observable kill criteria — the specific events that would revoke the verdict. Superseded memos record their errors rather than editing them away; the audit trail is the product. Whole categories we will not touch — leverage, impermanent-loss pools, exchange IOUs, off-chain credit sold as stablecoins — are dismissed by published class rules. A class rule may reject; it may never approve.
Coverage is reported split — researched memo versus class rule — and never merged into one flattering number. A position is graded as the weakest of three layers: the asset (who can freeze it), the protocol (what its governance can do), and the chain (who orders transactions and holds upgrade keys). For lending venues we report withdrawable liquidity, not headline market size, because it answers the only question that matters in a hurry: could your client get out today?
Verdicts are not annual filings. The Board refreshes hourly and the Digest lands weekly; every approved or under-review verdict is re-examined at least quarterly, and every memo's kill criteria are monitored continuously — a trigger reopens the memo the week it fires, not at the next scheduled date. Rejections carry the longest scheduled looks because their kill criteria do the watching.
Ketju accepts no compensation from any protocol, chain, or issuer it covers. Yield rankings use base yield, never reward-token headline rates.