How we annotate
Every review is an adversarial exercise. We assume the project is losing until the position proves otherwise, score it across four pillars, and translate the result into a single rating out of 5 and one chess annotation.
The four pillars
Security
Audit history, upgrade authority, key custody, incident record and disclosure speed.
Decentralization
Validator and sequencer distribution, client diversity, credible exit paths.
Tokenomics
Float versus unlocks, insider allocation, revenue against emissions.
Transparency
Documentation accuracy, responsiveness to adversarial questions, reporting cadence.
The annotation scale
Exceptional execution. Few structural objections remain.
Sound position with identifiable but manageable weaknesses.
Interesting sacrifice of safety for initiative.
Playable, but the compensation does not convince us.
Refuted on inspection. We advise against participation.
Ethics policy
Analysts disclose every position held in a covered asset before publication and may not trade a project within 72 hours of a review going live. We accept no payment from reviewed projects, and no project sees its rating before publication.